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Here's what I'm doing: Chris Gardner
Chris Gardner, investor and inspiration for the film "The Pursuit of Happyness."
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TEXT OF STORY
Scott Jagow: On all the Marketplace programs, we've been asking a simple question: What are you doing? What are you doing with your money in this economy?
Today we're going to hear from Chris Gardner. You may know his story. He went from living on the streets with his son to running an investment firm. Actor Will Smith played him in the movie "The Pursuit of Happyness."
The real life Chris Gardner lives and works in Chicago. We caught up with by phone and asked him what's he doing.
Chris Gardner: I won't say that I've been doing anything differently. I've missed big run-ups in the stock market, I've missed big run-ups in real estate because I was concerned that levels were just too high. And the truth of the matter is, I'll bet it turns out, I've missed some of the upside, but I've missed all of the downside. I'm not smart, I got lucky.
I talk to a lot of people around the country and I miss hearing people say that, well, we're concerned. No matter how high the stock market marched, a lot of people were saying "I'm afraid," "I'm not certain," "I'm not sure." That encouraged me to continue my path, which was, do nothing but stock up cash -- cash is key.
I saw a survey in the paper -- I can't remember where -- but the survey says that 41 percent of people in America consider themselves to be part of the "have-nots," not the "haves." Who would have ever thought?
Do I think we'll be able to get out of this thing? Yes, we will. We've gotten out of previous situations, thought we've never seen anything quite like this. And all of these smart guys that you see on television telling you what the market is going to do, what the Fed should do, nobody knows.
My tips for or suggestions to anyone in this environment right now, which is all of us: Let's get rid of all the debt that we can. Let's think long term. Keep it tight.
This country is in mess, yet while the rest of the country deals with the crash of the market we are in addition to that still dealing with Katrina and the last two hurricanes. To top it off we are a poverty stricten, one with low education scores and high crimes.
With the counrty in a mess some how we still have billions for pork. we still find money to help save others when we are in hell's kitchen oursleves.
when this counrty honestly invest in people and their lives are whole, they will rebuild america.
Our children are failing and dropping not just out of school but life and society and on our streets. we have sold the boat to save Iraq, and the life jacket we owe to China, now we are drowning and there's is no one to help us.
We have bailed out the banking and automotive industry, now who's coming to bail the American people out?
Chris Gardner is correct. Get rid of debt, think long term in terms of investments & stock up cash. Same message Dave Ramsey has been sending. If you look at the history of the USA, credit & the current consumption levels are a relatively new thing and we are now starting to pay the consequences/price in all areas of our lives, including pollution in environment. Chris...I'm concerned.
Chris Gardner is so cool!! His book was way better than the movie, which I thought was let down. He has a way of writing which is very very unique, and it just didn't come across in the movie. I hear his style in this interview. Great job Scott!!! You are lucky to get to talk with him. I was definitely thinking of him when I saw all the havoc at Bears Stearns this year since he was a "maverick" at that company. Its interesting to hear that he missed the downside. Go!! Go!! Chris Gardner!!!! By the way when is his next book coming out???!!! You didn't get that in the interview?
