According to the Selig Center for Economic Growth, the Black buying power was $1.4 trillion in 2019. However, that figure doesn’t translate into dollars that are put back or stay circulating continuously within Black communities versus others–causing a true generational economic crisis. But many are finding more ways to teach Black people financial literacy, investing, and for Tiffany James, her prized bull is the stock market and helping Black girls and women get their generational coins up.
The global stock market is $85 trillion, which the United States market represents 40% of the overall figure. Unfortunately, the Federal Reserve reported that only 33.5% of Black households, hold any stocks versus white households which are at 61%. However, ModernBlkGirl was created to be a catalyst in shrinking the wealth gap by teaching stock market literacy–disproving that it was made for white men in wrinkly suits.
James sat down with AfroTech to explain why now is the best time to learn about and get in the market.
AfroTech: What made you create ModernBlkGirl?
James: I wanted to create MBG as a safe space for women to be ourselves and learn how to use the stock market. The stock market is a male dominated industry and representation of women in that space is extremely important. The stock market has been around for decades, however only 3% of Black women are represented. Once I learned this stat, I immediately knew it was my calling to educate and mobilize Black women on getting into the space.
AfroTech: What resources does MBG provide?
James: ModernBlkGirl is a community of women of color that educate women on building generational wealth. We talk primarily about the stock market, however we also cover bitcoin, asset management, and passive income ideas while building a sisterhood. We are currently in pre-launch where we teach the basics of the stock market on Clubhouse and Zoom. In February, we will launch our website, which will provide a Free Membership featuring exclusive access to videos, a trading dictionary, and fundamental tools to navigate the stock market.
AfroTech: How big has it grown since you started it on Clubhouse, November 20th?
James: Since Nov 20th, we have grown to a community of over 25,000 women.
AfroTech: What are the near future goals for MBG?
James: My goal for MBG is to get 500,000 women of color in the stock market in 2021. I started investing in the stock market with $2000 and now have a portfolio of over 6 figures. I want this for everyone. Building wealth is accessible for everyone.
AfroTech: How did the pandemic cause you to pivot into creating this space?
James: The pandemic is the true definition of a beautiful disaster. It’s devastating to witness the amount of lives we have lost to this tragedy and has changed many of our lives forever. Covid forced me to slow down and think about what’s really important. Although I’ve been trading for years, Covid pushed me to take trading seriously. Being in the market gives you a true chance at financial freedom and control over your life.
For more information on ModernBlkGirl and how to get in the movement, follow their Instagram here.