TYM members, discouraged by the financial limitations of self-directed IRAs, turned their attention to the work of Michael Shuman and the Next Egg (a co-creation of Shuman, the Sustainable Economies Law Center, and the LIFT Economy). Through Next Egg, TYM members can collaborate with others across the nation who have the same mission to transition their money from Wall Street to Main Street.
Another problem that TYM members are trying to address is lack of liquidity for local investments, which is a big challenge for older people who want to invest their retirement money for awhile but who may need their funds for nearer-term living expenses.
Pat said: “Traditional savings and retirement investments are pretty liquid but if you invest in real estate, or small local companies, you may not be able to sell it if no one is able to buy it. So we’re looking for ways to develop a secondary market – like a stock market.
“If we’re serious about the idea of real local investing replacing national extractive investing, we need a secondary market to be part of the solution. We don’t know how to create one. We hope that’s part of what Next Egg or the National Coalition for Community Capital is thinking about
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