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Entrepreneur Tiffany James says women need to invest to create wealth

Building wealth is cool.

It’s a mantra from Modern Blk Girl, a community that aims to teach black women the importance of investing and creating wealth, which was founded by Tiffany James when she was only 25.

Like most recent college graduates, James had student loan debt and was barely living when a colleague suggested she use one payslip to buy shares in Tesla in 2019, where shares were $ 60 to $ 70 each.

That was my first real taste for investing, “she said.

Tiffany James

Source: Tiffany James

Since then, James, now 27, has turned her initial investment of around $ 10,000 into more than $ 2 million by adding a mix of long-term growth companies, S&P SPDR exchange traded funds and semiconductor chip stocks among other investments (she still owns some Teslas). ).

But James, daughter of Jamaican and Haitian immigrants, continues to see himself as an outsider in a world of mostly white men with “fancy degrees”.

“For people of color, it was something that was not talked about,” she said of investing. “It’s very scary, it has its own unique language, and if you are not familiar with that language, it can be very difficult to understand.”

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Here are several stories that touch on divorce, widowhood, equality in earnings and other issues related to women’s investment habits and retirement needs.

In fact, the stock market was the main source of wealth creation in America during the pandemic – as well as the main driver of inequality in wealth.

The richest 10% of U.S. households now own 89% of all U.S. stocks, which is at a record high, according to Federal Reserve data.

Nearly 70% of their wealth growth over the past two years – one of the fastest wealth booms in recent history – came from equities.

Millions of new investors entered the market for the first time during the pandemic (partly thanks to stock trading apps like Robinhood), and yet 59% of black women and 48% of Latin American women do not own individual stocks, mutual funds, bonds, exchange traded funds, cryptocurrencies or fixed property compared to 34% of white women and 23% of white men, according to a recent CNBC / Momentive Invest in You survey.

James and a group of other millennial women aim to change that with practical investment advice that is spoken in a way that is engaging and accessible – what James likes to call “girlfriend talk, but learning stocks.”

“You have people like myself to tell you ‘hey, that’s what’s possible’.”

You have people like me to tell you “hey, that’s what’s possible.”

Tiffany James

founder of Modern Blk Girl

Her approach catches on – fast. Now with a community of more than 225,000 (mostly) women, James considers herself a “bird’s-eye retailer” at a time she calls “a wealth renaissance.”

The advice does not come for free – classes including “1k to 100,000K in 1 year” start at just under $ 100 and a monthly subscription is $ 130, although introductory content is available free of charge.

But James also likes to share what she knows with other women.

“If you educate a woman, you educate a village,” she said. “If a mother starts investing, she tells her kids.”

Here are her three key strategies to get started:

1. Get ready

Although the war in Ukraine, inflation and rising fuel prices are rattling the markets, the best days are not necessarily over, James said.

“Every time you go through traumatic events, there is usually a recovery.”

However, it is important to learn some “technical techniques” to identify important levels of support and resistance and focus on companies with healthy fundamentals – so look for opportunities to buy.

Amazon’s upcoming 20-to-1 stock split, for example, could be a chance to get some affordable stocks in the retail giant.

2. Think broadly

Do not just stick to the names you know. For example, if you love Apple, go deeper, James said.

There are other components involved in building some of your favorite products, such as smartphones. “Chips are amazing,” James said.

An ongoing supply crisis for semiconductors has hurt the consumer electronics industry, but things could improve in the second half of the year.

3. Do not be afraid

“There are more scary things we deal with every day as women,” James said.

To build wealth, “investing is a necessity not an option,” she said, and making money in the market will open doors to greater financial freedom and independence to do what you want.

“We can live the lives we want to live.”

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