2023 Recap

The Financial Family Reunion Summit 2023 was held online on February 11, 2023, and we are humbled and energized at the fabulous turn out! If you missed it you can visit our page dedicated to the Summit and learn more about our speakers and what we discussed. It was an amazing time with a marvelous group of people. Let’s take a look.

Attendance, Speakers, and Sponsors

Can you believe we had 632 Black and brown households register for our Summit? Of that number, 122 Black and brown households were in attendance. We can’t tell you what a blessing and an honor it was to educate these households about investing, building generational wealth, and so much more. 

Our speakers included well-known Black voices such as Ryan Boyles of the NFL, Ollen Douglass of The Motley Fool, Karrie Carden of Equip Advisory, Joshua Samuel of Coins for College, Raine Sellers, a financial analyst, and our very own Ruby Taylor of Financial Joy School. 

We were able to keep the event free of charge for the public due to our fantastic financial sponsors, and we’d like to give them a special thank you. Our sponsors include Trust & Will, the Nasdaq Entrepreneurial Center, and the Navy Federal Credit Union. 

Congrats to the Winners!

During our Summit, a few lucky households won our cash investment prizes. Let’s give a big round of applause to our winners:

• 1st Spin: Wayne Wheatley
  • $200
• 2nd Spin: Zhane Broomfield
  • $150
• 3rd Spin: Daniel Rayford
  • $200
• 4th Spin: Dr. Jackman
  • $1300
• Book Winner: Danielle Phillips; Book: Me Power by Dr. LaNysha Adams

What Our Attendees Had to Say

It is so good to hear from the Black and brown community with events such as these, to encourage and applaud all of us for getting educated together and taking that first step to growing our generational wealth. Here is some of what our attendees had to say about the Summit:

“Thank you for having events like this to help our communities learn about amazing companies like Financial Joy School!” ~Bria 

“My son and I really enjoyed the event. It was very informative.” ~Marie Roker-Jones

“This was amazing, Ruby! I enjoyed every moment. The kids are excited to sign the Pledge. My husband had started conversations about money: savings, investing, earning, and donating, and they really got into. Thanks for your leadership in this space.” ~Dr. Charmain Jackman

“Thank you so much for the awesome seminar!!” ~Wendy Hammond

A Financial Success

We’re calling our Financial Family Reunion Summit 2023 a huge financial success! If you didn’t get a chance to register or attend, don’t worry—we hold our Summit every February during Black History Month. What better time to celebrate our future by remembering how far we’ve come? Thank you to everyone who made our Summit great, and congratulations to all our winners. 

Here’s to next year!

To learn more about investing, closing the racial wealth gap, and growing generational wealth for Black and brown families, please visit Financial Joy School and become a part of our financial family.

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During a Recession

When the economy is in a downturn and headed toward a recession, what can you do to keep your investment dreams alive? Our advice? Don’t stop investing. There are several viable stocks that don’t wildly fluctuate with the economy and are sure to continue to grow even when a recession is on the horizon. Let’s take a look at some of the stocks you can purchase that will continue to grow your wealth even through a recession.

Health 

Even though the economy seems to be losing ground, one industry that continues to thrive is the healthcare industry. No matter the state of affairs, people still get sick and need medication. Investing in healthcare companies and medicine manufacturers is one of the strongest decisions you can make for solid stocks. Some of your options include:

• UnitedHealth Group (NYSE: UNH)
• Pfizer (NYSE: PFE)
• Johnson & Johnson (NYSE: JNJ)
• CVS Health (NYSE: CVS) 
• Walgreens Boots Alliance (NASDAQ: WBA)

Retail

Believe it or not, retail companies are also a smart buy, considering people in a recession still shop, however, they shop smart. They shop at cheaper stores as well as stores that offer items in bulk. If you purchase your stocks with this in mind, you’ll tap into the vast potential of stable retail companies. These retail stocks include:

• Dollar General (NYSE: DG)
• Dollar Tree (NASDAQ: DLTR)
• Costco (NASDAQ: COST)
• Walmart (NYSE: WMT)
• Home Depot (NYSE: HD)

Utilities

Utility companies are also a good bet, as there is always a demand for utilities such as water, sewer, electricity, gas, waste management, and so on. Families might cut corners as far as spending goes, but they still want their lights on at night and a hot shower in the morning. Companies that you might consider investing in would include:

• Waste Management (NYSE: WM)
• American Water Works (NYSE:AWK)
• Brookfield Infrastructure (NYSE:BIPC)(NYSE:BIP)
• NextEra Energy (NYSE:NEE) 
• Williams Company (NYSE:WMB)

Goods

Companies that deal with goods include goods people cannot live without. These staples consist of household products, personal products, and food people prepare at home. Eating out at restaurants is one of the first expenses to be scratched off the budget, so investing in the food industry is a smart move. These stocks include:

• General Mills (NYSE:GIS)
• Kroger (NYSE:KR)
• Tyson Foods (NYSE: TSN)
• Procter & Gamble (NYSE:PG)
• PepsiCo (NASDAQ:PEP)

Diversify

When it comes to investing, holding a diversified portfolio is key. Having a diversified portfolio doesn’t mean you hold a lot of stocks, but that the stocks you do hold represent a cross-section of several different industries, including those that can withstand a recession. In fact, it is highly recommended by investment firms to hold stocks such as these, as they are financially strong. You might look into holding a few blue-chip stocks as well, which are stocks from high-quality companies that continue to do well and hold strong in the stock market year after year.

The threat of a recession doesn’t mean you have to pump the brakes on your investment plans, rather it means you’ll need to change tactics. Take a look at investing in industries people absolutely cannot live without, and you’ll continue to build wealth even in an economic downturn.

To learn more about investing, closing the racial wealth gap, and growing generational wealth for Black and brown families, please visit Financial Joy School and become a part of our financial family.

The post Stocks to Buy and Hold During a Recession appeared first on Financial Joy School.

for Black Families

In today’s financial climate, every Black family in America has been hit hard by inflation and the rising cost of living. When money is tight, it’s tempting to cut back on extra expenses that might not be essential. Looking at your budget to figure out where you can make some cuts and have more money in your pocket is a smart thing. While it might be tempting to cut back on investing, you could be taking a huge step backward by doing so. Let’s find out why.

Money Grows

One of the biggest reasons to continue investing is that your money grows over time. Investing, no matter the state of the economy, is playing the long game. You are not investing today to have money tomorrow, rather, that you and your family will have money many years from now. In other words, your investing decisions today will affect your future wealth. It doesn’t matter how much you invest, even if only $1 a week. The key is not necessarily the amount you’re able to invest, it is staying consistent and investing regularly. Even a small amount can grow. It might not grow as fast or as much as you’d like, but it will eventually become more money than you have right now. 

Building Generational Wealth

While skimping on investing might save a buck right now, it takes away what could one day become vast generational wealth. You’re not only investing your money, you’re investing in the future of your family. This includes your immediate family, yes, but the ripple effects of your investment decisions will also affect your grandchildren and great-grandchildren as well. What you set aside today will become the financial survival of generations to come. 

Building generational wealth is essential and should be viewed as a necessity when going through your finances. You might not be able to build your wealth quickly, but if it’s steady and consistent, you’ll one day stand amazed at how much you were able to gain in the stock market by simply committing to $1 or more a week.

Keep On Investing 

The fact remains that no matter the amount you invest now, it will one day affect your family’s future wealth. If Black families cut investing from their tight budgets altogether, there is no other guarantee they’ll ever be able to scrape themselves out of poverty. Investing in stocks, mutual funds, ETFs, and the like is the path to greater wealth for Black families. We owe it to ourselves, our children, and our grandchildren to invest in the stock market and secure their financial future. 

Tighten your budget and commit to investing. Both can be done, and both will greatly benefit you. One day you’ll look back at hard times and be so glad you continued investing even when it seemed the odds were stacked against you. The wealth you’ll accumulate will speak for itself.

To learn more about investing, closing the racial wealth gap, and growing generational wealth for Black and brown families, please visit Financial Joy School and become a part of our financial family.

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Let’s face it, most of us are in debt. Whether it’s charges on a credit card, a car loan through the bank, or both, chances are we owe someone somewhere a sum of money. How do you navigate investing when you have bills to pay? How can you tuck away money when you’re barely making ends meet? Let’s take a look at the difference between secured debt and unsecured debt and how you might approach each one with an eye for investing.

Strategic Investing When You Have Debt

Secured Debt

Secured debt is any debt you absolutely have to pay or they come to repossess your car or foreclose on your house. You’ll want to continue making payments on these debts to ensure you still have a place to live and a way to get to work. If there is some type of merchandise or collateral involved with a bank loan, a car loan, or a mortgage, repay it or risk having your possessions taken away.

Unsecured Debt

Unsecured debt is debt such as purchases on a credit card or taking out a cash loan. These types of debts do not have any valuables or merchandise to “take away” if the debt is not paid, and therefore they do not need to be paid down right away, even though a monthly due date looms. It is not a good idea to rack up more unsecured debt, but it is a good idea to take the following advice when it comes to investing while having these debts at the same time.

Be Financially Strategic 

STEP ONE

If unsecured debt doesn’t have the added stress of someone repossessing your goods, there is no need to tear out your hair paying them back right away.

Truth be told you can negotiate your monthly debt. Call your creditors and explain your situation and see what options they have available. If the representative you received was not helpful, call back and speak to a different representative. If they were not helpful call back again and ask to speak to a supervisor and see if you can get your interest rate and monthly payments lower.

If that step does not work, you should consider this action, only if it works for you and your family.

STEP TWO

Consider taking the money you would have paid to your unsecured debt and invest it. A few late payments will not hurt you, and while it might reflect on your credit score, the idea here is not to ignore your unsecured debt forever. It is to get the credit company to work with you, and sometimes the more late payments, the more help. 

I know this suggestion is unconventional and it must be. In order for us to build generational wealth we must think of ways to help us invest more. Once you invest your money for a period of time and let it grow, you’ll then have more money, and with that money, you’ll be able to decide how to use it for the betterment of your family. 

Don’t worry too hard about your credit score, as paying off these debts in full will help your credit score go back up. It might seem scary at first to allow your credit score to take a hit, but it will only bounce back in the long run. 

IN CONCLUSION…

Being strategic with how you pay your debt will help you later on down the road. You can become a strategic investor.

Investing your money is the best way—and the fastest way—to build wealth. By investing what you can in the stock market, you’re giving yourself a shot at a brighter future. Don’t stress about all your bills right now. When you find ways to put your money in your investments, you’ll eventually have a substantial nest egg that pays off—in the long term, not tomorrow or 3 years from now but decades from now your investments will pay off more than you can dream.

Let’s Build Generational Wealth for the betterment of our future, LET’S GO!

To learn more about investing, closing the racial wealth gap, and growing generational wealth for Black and brown families, please visit Financial Joy School and become a part of our financial family.

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-educational purposes only-

Over the past couple of months, Financial Joy School has recommended fifteen of our favorite companies to invest in. In today’s blog, we’re going to recap all of them and offer a small blurb about each. Don’t worry if you’ve missed any, we’ll link back to each blog. Without further ado, here are our choices for the best companies on Wall Street. Here are the Top 15 Stocks for Black Families to Buy:

Apple 

Our entire world runs on systems and hardware built by Steve Jobs and his empire of Apple. These stocks aren’t likely to tank, which makes them some of the most rock-solid stocks on Wall Street. Don’t be afraid to take a bite out of this Apple.

Amazon 

Jeff Bezos has proven himself to be one of the smartest entrepreneurs in the world, by taking what began out of his own garage and turning it into the largest online retailer in the world. Now with a fleet of trucks, a gigantic workforce, and the guarantee of getting your goods to your front door quickly and efficiently, Amazon is a giant, not only in the real world, but also in the world of investing.

Microsoft 

At almost 50 years old, Microsoft has proven itself to be a company that has staying power. Through the genius innovation of Bill Gates, Microsoft has grown to make a mighty name for itself. There is no worry of these stocks completely tanking as the world’s computer infrastructure is built upon the software—and the hardware—of Microsoft.

Berkshire Hathaway 

Berkshire Hathaway has been around longer than even Warren Buffett himself has been alive. He took the company from a modest textile firm and built it into a worldwide conglomerate that doesn’t merely buy a failing company’s stock, it buys the whole company and turns them around. Buffett has been doing this for a very long time, 57 years to be exact, while Berkshire Hathaway itself is roughly 135 years old. 

United Health Group

As one of the largest names in healthcare, UnitedHealth Group is here to stay. Healthcare is a basic human need, which means these stocks will be relatively strong and likely only increase in value as the years go on. With their commitment to excellence, well-known services, and bringing healthcare to you through their Optum program, it’s no wonder UnitedHealth Group has made our list of reliable stocks.

Bank of America

If you’re looking for a stock with staying power, that stock is Bank of America. It won’t make you rich overnight, but it is consistent, steady, and reliable to invest in. Everyone has heard of it and it’s a smart move if you’re just starting out. It’s not too expensive, which means you’ll be able to purchase several stocks at a time, and then sit back and watch your investments grow.

General Electric

GE is a company that’s almost 150 years old. It was birthed in the 1870’s by Thomas Edison himself and has always had its eye on the future. They are constantly innovating, they are not merely a stagnant utility company, nor do they simply make household appliances. This historic company, founded by a genius, has stuck around through perpetuating that genius with its forward thinking.

Coinbase

Coinbase goes the extra mile for its customers by making sure your investments are secure. The photo ID verification process ensures that you’re you. This means you won’t have to worry about identity theft or fraud with Coinbase. Additionally, 98% of client funds are stored in “cold storage,” meaning the funds are not accessible through the internet. Just like assets in your checking or savings accounts, Coinbase carries crime insurance on the funds, giving you peace of mind.

IBM

In 1980, Bill Gates was asked to help IBM with a brand new project—personal computers. Gates developed the software Microsoft Disc Operating System, more commonly known as MS-DOS. It wasn’t long before both IBM and Microsoft became synonymous with computers and technology. IBM was asked to pay a licensing fee for their copies of the software and the rest is, quite literally, history.

Tesla 

When it comes to buying stock, it pays to invest in companies with a mission you believe in. Tesla, Inc. is one such company. Not only do they build cars with no emissions, they also innovate creative new ways to harness energy, and they do so cleanly. Their company’s mission aligns with the good of our planet, and that makes Tesla, Inc. not only a fantastic stock to purchase, but a smart one as well for building generational wealth.

American Express

Considering Amex’s fantastic staying power since 1850, it’s safe to say this company is here to stay long into the future. Everyone has heard of Amex all around the globe and as far as credit cards go, it is one of the most celebrated and established. Amex has learned how to adapt as the years have gone by, and this element is crucial for establishing themselves not only as a rock-solid stock, but one that will last through generations. 

Under Armour

For almost thirty years, UA has been the name you recognize for athletic apparel. Their garments are quality which means their products are trusted by everyone who wears them. They haven’t stagnated on one specific product, but rather have branched out to embrace all kinds of options, including shoes. This innovation keeps UA at the top of their game as a company that listens to their customers’ needs and provides for them accordingly. 

Pfizer 

With their glowing reputation and their jaw-dropping longevity as a company, Pfizer has proven itself to be a stock worth owning. Chances are if you’ve ever needed a prescription, you’ve taken drugs manufactured by Pfizer. It’s their innovation coupled with their willingness to step up to the plate should there be a health crisis that makes them an attractive stock to invest in. 

CVS Health

The CVS brand is solid and continues to outperform most competitors. CVS Health has continually changed with the times, making services convenient and reachable for customers. They proudly boast brick and mortar stores as well as online pharmacies and shopping, making themselves accessible to anyone. Though the CVS brand has seen many changes over the years, all the changes have proved to have a positive impact on the company.

JD.com

JD.com is a promising stock for both new and seasoned investors alike. While it may not be the stock that will make you rich overnight, there is good reason to believe the stock will continue its steady climb. Steady increase makes it a great long-term stock to consider. Being based in an incredibly large country like China means that it will continue to reach hundreds of thousands of people.

In Review

When looking for a stock, keep your eyes open for any stocks that have been around for awhile and companies you’ve heard of. Choose companies that align with your own personal values and stocks that are doing well overall. With our recommendations, you won’t go wrong. 

To learn more about investing, closing the racial wealth gap, and growing generational wealth for Black and brown families, please visit Financial Joy School and become a part of our financial family.

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Fidelity is an investment company and a wildly successful one. However, popularity doesn’t mean they’re easy to use. Learn investing with Fidelity here.

How to Invest with Fidelity?

Fidelity – GRADE: B+

Fidelity provides several different accounts to invest your money from brokerage accounts to retirement funds, however due to being somewhat hard to manage, we have given them a grade of B+. 

Who They Are

Fidelity is an investment company and a wildly successful one. Chances are you’ve heard of them or seen commercials on TV. However, popularity doesn’t mean they’re easy to use. Fidelity has a website that’s often confusing for new investors, as it can be hard to navigate their platform as well as deposit money. 

While their fees are minimal and some mutual funds have no fees, there are a lot of steps to set up these accounts online. You also need to have a certain knowledge of what type of account you wish to set up. You might need to watch a few YouTube videos to learn how to deposit funds or even how to use the website. Your best bet is to know what you’re doing in the first place before approaching Fidelity for opening a new account. Obviously that is a ding against Fidelity for first-time investors.

What They Offer

Fidelity is so big, the better question is what don’t they offer? You can find any kind of investment account here: mutual funds, ETFs, stocks, bonds, CDs, IRAs (both Roth and traditional), 529 Plans, Annuities, and online trading. Depending on what you’d like to do with your money, Fidelity can easily be your one-stop-shop when it comes to investing.

Not only does Fidelity offer every investment account under the sun, they also offer planning and advice, investment products, news and research, as well as online help to know which account is best for you. 

Why Choose Fidelity?

For newer investors, their planning and advice can be invaluable to lead and guide you through your investing decisions. They also do not take commissions on ETF, stock, or options trades. There is no expense index ratio for mutual funds, and they might be able to save you up to fifteen dollars for each bond you buy. 

They are also light on fees. There is no account service fee, no fee for insufficient funds, no fee for low balances, no account ATM fee, no minimum initial investment, among many more options with no fees. For some investors, the absence of nickel-and-dime fees are a huge draw to Fidelity despite their cumbersome web platform. Even so, Fidelity promises identity protection for their Fidelity Rewards+ members, which includes advanced monitoring, identity theft insurance, and concierge restoration support through a service offered from Experian, called IDnotify.

At the End of the Day

At the end of the day, Fidelity is an excellent choice for investing your money. They offer any kind of investment account you may want or need. Their commitment to having no fees is certainly a draw. Yet the hard-to-navigate website and steep learning curve has earned them a B+ from Financial Joy School.

To learn more about investing, closing the racial wealth gap, and growing generational wealth for Black and brown families, please visit Financial Joy School and become a part of our financial family.

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