Nationwide — Beginning in December 2023, Charles Schwab Bank and Project Still I Rise (PSIR) launched a landmark financial education initiative to assist students in initiating investment strategies. Through the partnership, Charles Schwab provides Schwab Starter Kit accounts for students to jump-start their investment portfolios with a match of $101, following the initial seed provided by Project Still I Rise.PSIR and Charles Schwab work together in tandem to educate program participants on paths to create and build wealth through an “Investing 101” series. The series provides an introduction to stock market investing basics, as well as fundamentals in budgeting, credit management, and a diverse array of other financial tools. Additionally, students receive a custodial ROTH IRA and receive hands-on, one-on-one financial education from Charles Schwab financial advisors and online platforms. “Time is your ally. The earlier you start saving and investing, the longer your investment has to grow,” says Kevin Mondy, Sr., Executive Programs Director of PSIR.
A chief goal of the series is to promote saving, investing, and homeownership. “Early homeownership can set the stage for passing down valuable assets to future generations. Homeownership provides a tangible asset that appreciates over time,” says Kevin Mondy Sr., PSIR Executive Programs Director.
This financial education and empowerment program falls in line with other Project Still I Rise initiatives that educate students about the stock market, such as the Gift of Stock and Technology, launched in 2021. “We believe that everyone should have the opportunity to build wealth and achieve financial independence, regardless of their background,” says PSIR Board Member, Arthur Gregg.
A recent report by the FINRA Foundation, the 2021 National Financial Capability Study (NFCS), revealed that amongst people of color, “the majority of Black/African American and Hispanic/Latino investors have less than $50,000 in their nonretirement portfolios” and are “are more likely than white investors to be motivated by reasons [aside from] long-term profit.” (Source: The FINRA Investor Education Foundation).
Further, the report shed light on cultural issues that impact people of color, as hindrances to investing, citing the lack of investment knowledge provided by previous generations in their family, as well as policies that historically limited access to opportunities to invest. This partnership will ensure that young people of color will gain the access and knowledge needed to explore investing and move towards creating a lasting financial legacy.
Who: Project Still I Rise Inc. and Charles Schwab
What: Wealth Building Educational Series
When: Ongoing
Where: Dallas, Texas
Why: To initiate financial management tools and wealth-building strategies via the Schwab Starter Kit
About
Project Still I Rise (PSIR), a nonprofit organization based in Dallas, Texas, has served the Dallas community and beyond for over twenty years — empowering youth in underserved communities with the tools to succeed in today’s competitive landscape. PSIR’s signature programs include the Urban STEM Initiative, National Youth Chamber of Commerce, Financial Literacy series, Urban Scholars and more.
For more information, visit PSIR.org or contact its headquarters at 972-546-0977.
Also, be sure to follow PSIR on Facebook, Twitter, or Instagram.
For press inquiries, contact Michelle London-Bell, MBA at 832-736-7547 or urbanmediagroupoftx@gmail.com