Dallas-based non-profit organization Project Still I Rise aims to close the generational wealth gap amongst African Americans by gifting 500 students with Roth IRAs and stock as first-time shareholders through their signature financial education program.
The program is multi-tiered: The Gift of Home Ownership, and The Gift of Stock, Tech, and Entrepreneurship (S|T|E). The goal behind the financial education program is to build a continuum from pre-K to high school in financial literacy.
“It’s clear that there is a gap in knowledge of basic financial principles related to saving, retirement, credit, taxes, banking fundamentals, and mortgages but there’s also this knowledge gap on stocks, bonds, risk, inflation, and interest rates that we wish to close, beginning at an early age, through education and exposure,” says Project Still I Rise’s Executive Director, Kevin Mondy, Sr. Financial management companies like Fidelity Investments, Charles Schwab and E-Trade have provided support and assistance with onboarding, education, and investment strategies.
“It’s critically important that we equip youth with the essential skills needed to make sound financial decisions because the lack of financial education and opportunities have been barriers to economic freedom,” says Irvin Ashford, Jr., Managing Director at Charles Schwab.
Through the PSIR Gift of Home Ownership tier of the program, parents and children from the age of four are gifted custodial Roth IRA accounts with the idea that upon maturity, these savings will springboard participants into home ownership — which is one proven tool for wealth-building.
Comerica Bank, also headquartered in Dallas, TX, has been a major underwriter of this tier of the program by providing an investment of $25,000 to gift participants with IRA seed funding, books, and other financial tools. The cumulative investment of Comerica Bank in this program and related PSIR programs such as Books and Banking, totals over $45,000.
Through the Gift of Stock, Technology, and Entrepreneurship (S|T|E) tier of the program, middle and high school students will participate in an interactive 12-week cohort featuring Investopedia Stock Trading simulations, field trips, and hands-on mentorship provided by partners including the Dallas Alumnae Chapter of Delta Sigma Theta Sorority, Inc., through their EMBODI program.
The initial cohort kicked off on Sunday, February 28, 2023, with graduation slated for the end of April, and the second cohort began on March 20, 2023. Participants are gifted weekly copies of the Wall Street Journal as well as $100,000 of stock to practice what they’ve learned with hands-on experience investing through the tech platform, Investopedia.
S|T|E culminated with the 2023 Spring Youth Entrepreneurship Symposium on Friday, April 14, 2023, at Comerica Bank’s new Business HQ Center. At the Symposium, founders and business leaders shared their insight into how the pursuit of an entrepreneurial path is a viable way to financially invest back into our communities — building sustainable businesses that positively impact society.
“We stimulate the development of our children’s mental and ethical growth through mentorship. Our program helps to not only lead youth towards the necessary financial resources but also build a supportive eco-system for youth entrepreneurship,” said PSIR Program Manager Marcus Robinson.
