Black History Month: How This Tool Shaped My Financial Education
In honor of Black History Month, our wonderful Financial Trainer, Chandra Savage, shares with us about her first financial education experiences as a young black woman.
Before the rise of blog, vlogs, and Instagram, there was Black Enterprise Magazine. Have you ever heard of it? Well let me tell you a little more about it...
Black Entreprise was established in 1970 by Earl Graves Sr. to promote African American business and highlight the accomplishments of African Americans in fields such as finance, technology, education, lifestyle, and politics. It is in this publication that I learned about Jerimiah Hamilton, the first Carribean American Millionaire, and Madame CJ Walker, the first African American millionaire.
I started reading the magazine when I received a subscription as a gift to help me prepare for adulthood. Black Enterprise helped me understand how business was growing in our communities. However, I did not realize the impact the publication would have on my life until much later.
After I started reading Black Enterprise Magazine, I found that people weren’t as familiar with the publication as for instance, Essence Magazine (a lifestyle magazine targeted at African-American women). If I ever mentioned an article in Essence Magazine, everyone knew what I was talking about. However, if I mentioned an article in Black Enterprise Magazine, I often received many blank stares in response.
Through reading Black Enterprise, I learned about all of the top black businesses at the time, as well as stocks, credit management, franchises, mutual funds, and investors. Before I fully knew what a side hustle was, I remember trying to figure out if I could buy a Molly Maids franchise or maybe become an independent contractor with Avon. Reading the magazine inspired me to be financially fit.
Every year, they would release the “Women of Power” edition, showcasing some of the most powerful women of color. These women were often in boardrooms across America in fields such as robotics, finance, medicine, entertainment, and entrepreneurship. I learned so much through these editions, as they showed me not only what women could do but what women of color could do.
In addition to the magazine, Black Enterprise also sold books. I still have my first book on Investing written by James A. Anderson, from Black Enterprise.
In these pages I learn about DRP’s,--Dividend Reinvestment Plans-- and DSP’s--Direct Stock Plans. Both of these plans allow the buyer to buy stock directly from the company without a broker. This was a great way to build up a portfolio before the rise of Robo Advisors.
I purchased my first stock with Sharebuilder.com, which was later acquired by Capital One. My very first stock purchase was Netflix (NFLX). With Sharebuilder, I was able to buy fractional shares and that allowed me to get in the stock game.
In 2013, the printed publication focused on the future with their digital debut and rise of their website. At one point, readership reached 4 million. The digital editions are now released on a quarterly basis.
I can only imagine how many more African American doctors, lawyers, chemists, inventors, stock brokers, and financial advisors there are as a result of the stories and knowledge shared in the pages of Black Enterprise. I have spoken to so many clients about the importance of financial literacy. I was lucky enough to start early because of the financial education found in the pages of this publication.In every edition, they continue to promote excellence in Black Enterprise Magazine, not just for Black History month.