1150: How a Black-Owned Trading Firm is Helping to Narrow the Racial Wealth Gap

So Money with Farnoosh Torabi

Farnoosh Torabi

Entrepreneurship, Business

4.7 • 1.9K Ratings

🗓️ 20 January 2021

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

There are many reasons for the existing racial wealth gap. The fact that most Black households don't invest does not help. According to the Federal Reserve only 33.5% of Black households owned stocks in 2019, according to data released recently by the Federal Reserve. Among white households, the ownership rate is nearly 61%. Guests Ernest Gains and Latoya Smith are expert investors and the founders of a Black-owned stock market and trading education company called The Profit Room, which seeks to educate students on how to confidently invest in the market and build wealth. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	So Money, episode 1150, Latoya Smith and Ernest Gaines Curry, co-founders of the
0:06.6	profit room, a black-owned day trading firm.
0:09.6	You're listening to So Money,our Farnu Shkorabi.
0:15.0	Each day get a 30 minute dose of financial inspiration from the world's top business minds,
0:21.0	authors, influencers, and from Farnuus herself.
0:24.4	Looking for ways to save on gas or double your double coupons?
0:28.8	Sorry, you're in the wrong place.
0:31.0	Seeking profound ways to live a richer, happier life. Welcome to So Money.
0:37.6	Ignore the money aspect of the whole investing or trading.
0:44.0	Yes, it's about money in the sense of making it,
0:47.1	but you don't have to be good at money
0:50.7	in order to invest or trade trade if that makes any sense.
0:55.0	Welcome to So Money, everybody.
0:57.0	I'm your host, Farnush Tarabi.
0:59.0	It's inauguration day.
1:00.5	Someone told me the other day that they are considering January 20th as the official
1:06.8	start to the New Year 2021 and you know what I can get behind that.
1:12.0	Today we're talking about the racial wealth gap.
1:14.8	And you know what?
1:15.4	It's a topic that we have talked about quite a bit
1:18.1	on this show, and it never seems like there's
1:20.2	enough to talk about.
	...

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