Cassandra Cummings: Founder of Black Girls Invest Virtual Summit, wants to Close the Wealth Gap for African American Girls
For Cassandra Cummings; founder of The Stocks & Stilettos Society, expanding her wealth portfolio through the art of trading stocks is no new task for her.
Cassandra Cummings began her professional journey as a financial and investment adviser representative nearly 20 years ago. During this period, and she realized many of her clients did not look like her. Throughout her observations, she discovered that many African-American women were indeed leading busy lives, earning advanced degrees, and climbing the corporate ladder. However, a lot of African-American women were not actively a part of the investment industry. Championing for Black excellence; Cassandra Cummings decided to create a safe space for women ready to learn more about the stock market and the art of investing.
What is Wealth Gap?
Wealth is the collective value of assets, earnings, real estate, and retirement benefits a person possesses. The wealth gap for African American women in relation to their counterparts continues to rise. In 2007, African-American women had less than $10,000 in comparison to $40,000 in assets that their counterparts had. Getting African American women and girls to decrease their debt, maintain their earnings, and increase their wealth, seems to be a challenge. Participation in the stock market is one way to increase wealth among the African American community. Lack of participation in stock market trading is one of the major reasons for lack of wealth.
However, in recent years, the number of African-Americans investing in the stock market is growing. From 57 percent in 1998 to 67 percent, African-Americans with incomes of at least $50,000 have money invested in stocks or stock mutual funds. (Source: Marksjarvis, G. “Blacks participating more in stock investing, study shows,” Chicago Tribune, February 2, 2016).
Cassandra Cummings Black Girls Invest Virtual Summit
On Tuesday, the 21st of July, Cassandra Cummings & The Stock & Stilettos Society will host a virtual investment summit. The purpose of the summit is to educate, inspire, and empower young Black girls to learn more about the endless possibilities of investing in the stock market. Even during these times on uncertainty, it’s important to understand the importance of educating the future on wealth-building across various avenues.
Black Girls Invest, is a virtual summit for young women ages 16-22. They will be introduced & educated on personal finance concepts, such as; banking, budgeting, credit management, and stock market investing. Cassandra Cummings believes the earlier young women are financially literate, the better their chances are of building and maintaining wealth.
Black Girls Invest will include educational and interactive lessons from various financial professionals and investment experts. Each lesson will be age-appropriate and designed to help young ladies understand the complexity of finances with simple teaching moments.
If you’d like to know more and register for the event; click here.