Financial Illiteracy cost Americans $1,279 in 2019. If the results of the study by the National Financial Educators Council (NFEC) are generalized to represent all of the approximately 240 million adults who live in the U.S., the lack of financial literacy cost Americans a total of more than $307 billion in 2019.
Furthermore, according to a recent MassMutual State of the American Family Study regarding African Americans: other than retirement accounts, only 37 percent own wealth generating products such as stocks and mutual funds. funds. Joining an investment club can help address financial illiteracy and investing in the stock market. An investment club is a wealth creation vehicle.
The primary purpose of an investment is threefold: 1) improve financial literacy if required; 2) invest in the stock market and/or real estate by pooling money together; and 3) opportunity to socialize amongst members. In other words, joining or starting an investment club creates applicable investment experiences by increasing financial investment knowledge and providing a platform for members to apply such knowledge. By working with a team of like-minded people, a club can help relieve the stress of trying to improve your financial situation alone. Finally, an investment club has the potential to increase your wealth, thereby meeting personal financial goals and/or easing financial worries.
Kevon L. Chisolm, Esq.
President, Black Wallstreeter Consultation Services
For assistance with establishing your investment club and Junior Wallstreeter youth investment curriculum, contact Black Wallstreeter Consultation Services by visiting www.Blackwallstreeter.com