Nationwide, there is a crisis. Many people, and people of color in particular, have limited knowledge of basic banking, budgeting, investing, and money management. Consequently, these individuals overspend and now face unprecedented credit card debt, bankruptcy, and home foreclosure and rarely consider or take advantage of the investment vehicles that can lead to financial security.
The knowledge gap that fuels over-spending and impedes investment begins to take effect early in people’s lives. In 2004, American teens between the ages of 12 and 19 spent an astonishing $169 billion, mostly on tangible items with low investment returns like clothing, jewelry, computer software, and athletic footwear – this was especially true for teens of color, who spend 6% more on average.
Yet few programs are designed to reach Americans during their formative high school years, before car loans and credit card debts take hold. The typical classroom education, also fails to offer the depth of financial education, math and analytic skills truly required to help working class and newly middle class people participate as “equals” in the American investment world or to understand and plan for future financial responsibilities. Teachers and parents alike are often unequipped or unable to understand and practice the concepts themselves.
And still fewer classroom environments and programs are designed to address the deeper issues that particularly affect students of color, issues that may, in fact, fuel over-consumption and other forms of escapism, namely; poor academic preparation, resulting in lower-than-average achievement, especially in math; and lack of confidence in academic ability or regarding future prospects for schooling, career, and financial success.
Education is the solution.
I was fortunate enough to be exposed to investing and financial concepts as a teenager. The experience and skills I gained allowed me to develop a successful career in the financial industry, establish financial security for myself, and give back to my community.
That is why I started The Wall Street Wizards. I recognized that a hands-on education in finance and exposure to the financial industry would help students of color, in their formative years, build financial security, self-confidence, social awareness, and self reliance. They would also excel in other subjects, choose college, and pursue high paying, high growth rate career paths in the financial industry.
I began the Wall Streets Wizards in 2006. For four years, I have watched students thrive as their eyes open to a world they did not know existed, enthusiastic about their abilities, their futures, and their contributions to society. It works!
Education truly empowers!
Thank you for visiting our site and please join me in this critical mission.
