WASHINGTON – Studies have indicated that despite a significant increase in net worth among African Americans, they direct a smaller portion of income to long-term investments than other groups with similar incomes. As a result, many cannot reach their retirement and college savings goals. The primary reason African Americans cite for not investing is lack of knowledge.
The National Urban League and the Investment Company Institute Education Foundation (ICIEF) developed the Investing for Success program to
inspire African Americans to become more knowledgeable about investing and to take advantage of opportunities to accumulate wealth.
Marc H. Morial, president of the National Urban League, said, “The National Urban League
and ICIEF share an important goal of helping African Americans to become economically self- sufficient.”
Together, NUL and ICIEF recommend the following seven steps for investing: Get Started, Set Goals, Understand Risk, Ask Questions, Develop
Realistic Expectations, Take the Long-Term View, and Develop an Action Plan.
The Investing for Success workshops cover such topics as what it means to be an informed investor, dollar-cost averaging, the power of
compounding, planning for college, and saving for retirement.
ICIEF offers an award-winning web course at http://www.investingforsuccess.org that integrates all the workshop materials in an interactive, multimedia format.
