In the spirit of the old saying “think global, act local”, here are some ideas for people starting out on the journey of individual financial divestment. The goal of this post is not to distract from the amazing systems level work our members are doing, but to give new members some tangible personal experience that they can bring with them as they start to collaborate with others at a higher level.
Hopefully this topic can also act as a collaboration space for people who are taking steps on the journey of individual financial divestment to ask questions, share ideas, and give productive feedback.
Some things I’ve been thinking about (apologies in advance that this is US focused, I don’t have much experience outside of the country):
Where does your money sleep at night?
A lot of people don’t think twice about their primary checking or savings account. But banks do a lot more than just hold your money. How they reinvest with your deposit can have a huge impact on how accessible financial instruments are to different stakeholders of our economies. If you’re thinking about switching to a new institution, mutual or community banks are a great place to start. Some things to consider (beyond interest rates and fees) as you start your search:
What community programs does the bank have in place?
Take a look at their lending page, what type of organizations / individuals is the site geared towards?
Does the bank have a sustainability or values page? Have they made substantive claims about how they leverage capital?
Alternatives to Index and Target Funds
Here in my home country of the US, many retirement account providers push novice users towards index funds or target year retirement funds. Some occasionally will offer an ‘ESG fund’ or similar approach, but as you drill down into the companies in the portfolio, they still don’t look great. Assuming you an employee choose to opt in (more below), how can you make sure you are investing responsibly? I like tools like fossil free funds, but would love to hear strategies others have used
Alternative Investment Opportunities
There are often opportunities to invest more directly into local organizations that offer a return and ensure dollars are staying in your local economy. In my metropolitan area of Boston, two organizations come to mind. Walden Local Meat at one point offered fixed rate 6 year bonds to help finance sustainable agriculture investments in New England. The Ujima project ran an offering for an investment round in 2018 to fund economic democracy efforts for BIPOC owned businesses in the area. What opportunities exist in your neck of the woods?
This is an interesting topic. I’ve been actively looking for alternative investments, but have found few. One that I was interested in was Livestock Wealth in South Africa https://livestockwealth.com/. Although they seem to be having some challenges with the regulator, they have a good reputation among those who have used them.
Hello, I am trying to create an in-depth example of what a degrowth economy could look like in practice (in terms of how the economy would run, with central banks, public funding, interest free loans, a shortened working week, equal pay for everyone in the workplace etc.). Does anyone know if this has been done before or has any suggested reading to help me?
I’ve just been presented with this article 'Money dysmorphia' searches are rocketing - here are telltale signs you have it | Money News | Sky News by whichever algorithm was watching me at that moment (which was fair enough, as I did click it). I’d not come across the term ‘Money Dysmorphia’ before, but does seem to describe the way money-as-a-concept can disrupt personal wellbeing when it becomes a focus of existence rather than a useful tool for lubricating community life… could ‘Money Dysmorphia’ be a trending topic that would benefit from a WEAll framing? @francesrayner@KatePetriw
@Oliver wow, that sounds like a pretty accurate term for describing one extreme way that money can have too much power in people’s lives, which social media can accentuate. If I understand you and the Sky News article correctly?
I wonder if this could also be an avenue to talk more broadly about the disproportionate amount of power that money has in people’s lives.
Hi everyone, do you think it is fair to say that research on post-growth/degrowth/sufficiency in UK businesses is lacking behind elsewhere, especially German speaking countries? and if so, why do you think that this is the case? Thanks!
It’s felt to be more important, and significant to consider what can be done without money. Specifically looking at the ‘3 R’s’ - concepts of Reuse, Recycle, Reduce; Of course we all want to reduce waste, but when useful resources are being discarded (in so many ways, worldwide) the other two can kick in more.
This has been a major part of our operations here, i.e. accessing local resources that were destined for bins or re-cycling, and together with other resources are provided to a local SEN Charity.
When there’s little or no money available we must think about the ‘power of creativity’.
I am trying to flesh out just such a world in my fiction. I have a few short stories all set in 2500 where I have done away with money entirely, so no central banks or loans of any kind. The working week is whatever you choose, but not more than 3 days a week and there is no pay. Food, resources and the results of production are shared. It’s an ongoing project, but one I’d love to get into a discussion about.
I find this question fascinating. I have always had five or six projects on the go, alongside my employment and never had the time to devote to them. The idea of not having anything to do is just weird to me. People would dance, write poetry, garden, invent things, play sport, go hiking, sleep, perform plays, swim, have long lunches, read books, talk to each other, build cathedrals, sew magnificent quilts, make art, play chess, write novels, make movies, brew beer, play with their dogs, go snorkelling, study insects, climb rocks, raft on rivers, make music, play board games, drink tea… All the wonderful things that humans already do to fill their precious leisure time.
I love this question Judy, thanks for this!
WEAll has a 4 day week already (although we obviously still operate within monetary systems ) and honestly I’d find it very difficult to go back to a 5 day working week now. As a parent of two small children I don’t ever have to wonder how to fill my non working time but I certainly would never be at a loss to do so!
I’d love to hear more about your fiction work. I’m a lover of utopian sci fi as well as dystopian.
I think that as AI and automation take on the boring repetitive work, demand for artisanal skills and the creation of beauty in all its forms will become highly prized. Developing those skills and joining in for the delight of it as the reward, will help people exercise their spiritual callings and fill their time with worthwhile pursuits. People will value uniqueness and live simpler more fulfilling lives. Enjoying the beauty created by others. Here’s hoping. I’ll be long dead.
) and honestly I’d find it very difficult to go back to a 5 day working week now. As a parent of two small children I don’t ever have to wonder how to fill my non working time but I certainly would never be at a loss to do so!
