It’s no secret there is a massive wealth gap between Blacks and whites. For every $1 a white family has, Black families only have 23 cents according to “The State Of U.S. Wealth Inequality.”
To make matters worse, Black people are major consumers in America, spending almost $2 trillion dollars annually and the majority of those dollars are not being spent on things that will increase Black Wealth. In fact, Black Wealth is decreasing while spending is increasing as reported on CNBC by Frank Holland.
There are three proven wealth creators: Real Estate; Owning A Business; and Investing and Trading in the Stock Market (not in any particular order).
Of the three major wealth creators, the stock market has been called “America’s Great Wealth Equalizer and those who are not in the stock market are much poorer as a result” as stated in an Investor’s Business Daily article.
Blacks are involved in real estate and business ownership in increasing numbers, but the wealth creator they are ignoring and missing out on is the stock market.
The stock market has risen to historic levels over the past years and Blacks continue to miss out. This has been well documented in articles such as,“Stocks Are Soaring And Most Black People Are Missing Out,” reported in AP by Stan Choe.
“Black Americans’ lack of participation in the stock market is likely to widen the post pandemic wealth gap,” reported on CNBC by Yun Li.
“Many Black Americans missed out on the hefty gains from the stock market” as reported by CNBC.
While 30% of white wealth is comprised of stock ownership, only 4% of Black wealth is comprised of stock ownership” as reported on MSN by Rachel Christian.
As the Founder and CEO of FLip That Stock, my mission is to change those headlines and drastically increase the percentage of Black participation in the stock market. FLip That Stock is a leading stock market education and technology company that specializes in teaching beginners (particularly Black people and minority groups) how to become active investors and traders in the stock market using our fun and easy education platform, live mentoring sessions and a community chat board.
Our “Shop For Stocks Online” platform and app teaches how to easily buy stocks just like shopping on Amazon.
Since we have already mastered shopping, we just need to re-direct some of our shopping dollars into buying ownership in the companies we are making rich and our Shop For Stocks Platform and App make it easy and fun to do that.
I came up with the idea for Shop For Stocks Online while shopping on Amazon and realized how easy it was to shop there and be a big consumer. I thought to myself, what if there were a platform similar to Amazon where I could “shop for stocks online” as easy as it is to shop on Amazon and that’s when I created “Shop For Stocks Online.”
But I’m not stopping with just creating the Shop For Stocks Online Platform, I’m also planning the 1st Annual “Shop For Stocks Day” on Monday, November 25, 2024. This is the Monday before Thanksgiving and Black Friday.
Before spending one penny on Black Friday and being just a consumer on Shop For Stocks Day, we plan to buy some stock in those companies whose products we plan to buy on Black Friday and over the holidays. That way when we buy those products on Black Friday and over the holidays, we will be owners in those companies, rather than just consumers!
Each week in October, I will contribute an article to The Baltimore Times to help people further understand the stock market and the importance of being active participants in the stock market. Tune in next Friday to continue learning about the stock market.
Additionally, on Saturday, November 16 from 10 a.m. – 1 p.m., I will be hosting a live seminar to teach how to Shop For Stocks, so people can prepare for Shop For Stocks Day on Monday, November 25.
CLICK HERE to Register for the LIVE Seminar with J.R. Fenwick, November 16 from 10am to 1pm at The Baltimore Inner Harbor to learn “A FUN and EASY Way To Start Buying Stocks”
J.R. Fenwick is founder and CEO of FLip That Stock has been trading and investing in the stock market for over 20 years.