Generational wealth? Financial experts say Bally’s casino investment is risky

Because the Chicago’s Host Community Agreement requires the new Bally’s Chicago Casino to have 25% minority and women ownership, many local residents have considered investing, seeing potential in the low cost of initial investment. However, Professor Damon Jones advises readers of The TRiiBE that high risks and distant returns on investment make investing in Bally's Chicago Casino a bad idea. Looking at the history of how families have built wealth over time, Jones expresses caution as to whether investing is a viable way to grow wealth. He says:

When people have really good investment opportunities, they don’t advertise them. They keep them to themselves. A general financial rule, if someone is advertising it to you, question it. Some investment models are, ‘Come get these people and dump all the risk on them, take the money, leave them with a lot of risk.' During the middle of the 20th century, a lot of people got very cheap property and got their education subsidized, and the economy happened to be doing very well as well, and so a lot of people’s families became a more stable socioeconomic class. It was mostly white families, but that wasn’t through financial investment or financial markets, that was a government program to build suburbs, subsidize the housing, subsidize the highways that go there and subsidize people’s education.

Read the full article here