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.
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.
Read the source article at blacknews.com
