Michigan Chronicle: Ranjan D'Mello on building wealth over time
Economists have long lamented the shrinking of the American middle class. In Detroit, the economic crises of the Great Recession, the COVID-19 pandemic and the persistent instability of an accessible real estate market has exacerbated the strain on the growing socio-economic divide between the top one percent and the struggling majority. In an economic climate that is steadily growing stronger, residents need to think about ways to build generational wealth to sustain themselves and the future of their family’s financial health. Ranjan D’Mello, professor of finance at Wayne State University, discussed how Detroiters can begin securing their future. “The idea is that you have to begin saving early,” said D’Mello. “For those that spend on things they don’t really need, there must be restraint and a long-term goal in mind.”
