Story here. The details haven’t come out yet. I’m suspecting it’s going to be tied to seniority. But let’s say for the sake of discussion that each worker is going to get offered something like 60 grand to walk.
My dad just retired from Ford. He told me once about an older (white) worker he used to talk to. They stopped talking when my dad casually asked him about investing. We know what the black/white wealth gap looks like. What we don’t know is how much of this gap is due to a knowledge deficit rather than a pure resource deficit? Whites living in suburban Detroit can make money just off of their house, because as long as their neighborhood is 90% white or more, people will want to move into it. The only piece of knowledge the average white homeowner needs to know here is the knowledge he has as soon as he recognizes that “white” is more than the absence of color.
But how much of this knowledge comes from older co-workers telling him what do to with his money? Telling him how to invest, what to invest in?
I’ve already heard about one brother who quickly went belly up after taking a buyout from GM.
I’m thinking a WHOLE lot more are soon to follow.