“One of the results of Florida’s foreclosure crisis that will affect the future of African American wealth building is that fewer families will have a home to pass from generation to generation. Amid rising inflation, crooked subprime loan sharks that targeted Blacks and an escalated unemployment rate, financial experts say it is imperative that Black household s think seriously about saving to maximize their dollars and to hold on to what they have. “Everyone has already learned to become a homeowner is the No. 1 way to build wealth and transfer it. Now things will change, Bernard Lee, managing director of Miami’s Laurus Wealth Management, told the Florida Courier. Invest in mutual funds. “If you are a person who can spend $100 and not know where it went, you have enough money to invest. The average tax return is about $1,900.Most people just spend it. But you work hard every day, you’re 40 years old and have no IRA, contribute your refund every year to an IRA account and in 25 years you will have $165,000 at 8 percent. Belton and Lee also suggest investing in mutual funds. “Everything is a market cycle and 80 percent of retirement is left up to you, Lee said. “If you play the numbers, $10 a day, six days a week is $3,120 a year. If the money is placed in an average run-of-the mill mutual fund at just 8 percent growth, it will be $3,359 a year. At 8 percent, compound that and in 10 years you will be closer to $45,000. Making smart choices Belton says if something is expensive for you, it is probably doing well in the stock market. “If food is expensive for you, then you want to own some food companies. Buy shares in gold mining companies or those that are drilling for oil. I’m taking lemons and making lemonade for my investors. “The upsides are pharmaceuticals, mining, technology and the materials that are needed to do these jobs. Today railroads are doing fine. They were dying, but with oil prices it has become too costly to use planes to transport goods. These are areas that are doing well in spite of the downturn, Belton related. “Invest in mutual funds that own companies in these kinds of businesses and then you get the opportunity to own a group of stocks instead of one. For the small investor, mutual funds make a lot more.”