Modern Blk Girl, a website devoted to helping women of color develop their wealth, was co-founded by Sharlea Brookes, 26.
Modern Blk Girl's objective is to get 500,000 women of color into the stock market and close the gender investment and racial wealth imbalances.
She claims that efforts are being made to address the underrepresentation of Black women in the stock market. Investment programs are available through the educational community Modern Blk Girl. Its free Teen University program, which is a four-week, accelerated financial literacy course for young women aged 14 to 19, teaches them how to navigate the stock market and make investments. Every student starts out with a $500 cash wallet. Two individuals are chosen at the end of the year to each receive a $10,000 award for college. Every other month, ten young individuals are selected to take part in the program.
A network of more than 150,000 people, Modern Blk Girl has assisted women of color in making more than $3.5 million in the stock market.
She answers some of the frequently asked topics from the neighborhood and offers advice to women who are hesitant to begin investing.
The two most frequent queries she receives about investing
“Where do I start?” is one of the most often requested questions in the MBG community, according to Brookes.
Her response? "Take a moment to scan your surroundings. What kind of automobile do you drive, what kind of cell phone do you have, and what video games do your kids play? Invest in businesses that you are familiar with."
“We are quick to spend money on vacations or pricier purses,” says Brookes. "But we need to adopt an ownership mentality as opposed to a spending mentality. Okay, if you purchase the bag, you will be rewarded if you also hold shares in the firm that produced the bag. Every aspect of your life has a stock."
Another frequent query is, "How much money should I start with?" According to Brookes, there is no typical response to that question. It actually depends on the individual's financial situation. "You can begin with a tiny sum, between a few hundred and a few thousand dollars. Before investing real money, we advise clients to practice trading virtually,” she explains.
Learning everything you can is the first step to successful investing
Since investing wasn't discussed at the dinner table when they were growing up, many MBG members are novice investors. Brookes understands. She also initially experienced some trepidation. "It was one thing when I was spending my summer camp money I made in high school, but when I started working, it was another thing," she added.
She advises folks who are afraid that the greatest way to combat fear is with information. "You'll feel more confident when you do your study and put in the work." She credited the internet as being her best friend in overcoming her own phobia, citing websites like Yahoo, the Wall Street Journal, and CNBC as her go-to resources.
She also emphasizes that investing is a long-term strategy. She remarked, "Patience pays off. People have the false impression that if they trade and invest, they will become successful quickly. But to believe that after just one class in school you have learned the material is absurd."
She claims that education can aid in making sense of a complex environment. "Big words can be challenging to understand. When teaching the stock market, industry insiders need to be able to communicate ideas so that students may grasp them. We dissect things, therefore that's why we took off," says Brookes.
She continues by saying that discipline is essential for successful investing. "You are not allowed to feel anything. To succeed in the stock market, you must possess emotional restraint. While having a bad day is discouraging in the short term, it is only one bad day in the grand scheme of things."
She didn't have the support system that MBG offers when she first began out. "We are a family. We make jokes. We also discuss fitness and spirituality in this community, so it's not just about money. It's a secure environment where one may learn, share, "says Brookes.
Although changing people's attitudes toward money and investing is difficult, Brookes perseveres in his efforts. She describes MBG's work as a godsend and adds, "We remember the greater picture."
"We are acting with a purpose. The generational and racial wealth gap is being closed by a movement. Our community's education will remain as part of our heritage."