I have 2 savings accounts, a mutual fund, and lots of bonds. My parents purchased some stocks for me but they manage them and to be honest I have forgotten what they are in. I don't do 401k now because I'm saving for a post-graduation home so I won't throw my money away renting. Actually I was reading an article in the Post about how not to depend on your 401K in lieu of the whole Enron thing. I think it's a good idea to spread your assets around so you don't have to worry about depending on one source of survival.
I'm thinking about a money market account, but I might hold off until the summer when I have more time. I got lucky and landed a job in a complex that houses both major retail and major financial institutions. I met my financial planner while she was getting a manicure (talk about luck!). It's feels funny being a 21 year-old undergrad sitting in the lobby of Merrill Lynch, but hey, her fees are good. Why not? It's also nice to be able to call someone up and ask questions when my parents or mentors are too busy to help me out.
I think blacks aren't investing for many reasons. Mostly it's because they think it's too hard, they think it's for rich people, or the they don't see the point. White people teach their kids how to make a financial cushion because whites have been in a position to do that for centuries. Now that black people are finally able to get into the money game we are finding that there are not many elders to teach us the tricks of the trade. Many people don't know where to start.
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