Dallas Non-Profit Gifts 500 Kids Roth Iras and Stock Options

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.

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 through their EMBODI program. The initial cohort kicked off on Sunday, February 28, 2023, with graduation on April 23, 2023, and the second cohort will be held in Summer 2023. Participants are given weekly copies of the Wall Street Journal as well as $1,000,000 to practice investing based on what they’ve learned in the cohort with hands-on experience through the tech platform, Investopedia.

S|T|E also hosted its 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,” states PSIR Program Manager Marcus Robinson.

This news first appeared on blacknews.com.