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When you first think about the stock market, most people picture white men in suits. However, over time, the stock industry has become more diverse through the actions of brave men and women.
In 2022, Financial Planning shared that the number of Black investors in the stock market has increased to 58%. And one of these trailblazers is none other than Celeste A. James.
James is an investor at The Dream Exchange, which is known as the first-ever minority stock exchange in the country. The company name stems from the late Civil Rights activist Martin Luther King Jr. and his memorable “I Have A Dream” speech. For the past few years, the company has been vigilant in eradicating the access gap by utilizing the 2015 Main Street Growth Act.
Celeste A. James brings late father’s vision to life
While she provides her skillset to anyone in need, Celeste has a passion for educating the Black community on financial literacy. Unfortunately, this form of education is infrequently taught to people of color. This focus comes from the legacy of her late father.
“He saw it as a pathway to generational wealth, but he never had a platform to support Black and Brown business owners, who often struggle to get growth capital,” she explained via a press release. “We have no doubt he’s smiling down from above at this game-changing venture.”
With a background in working with major U.S. companies like USA Today/Gannett Co. and NPR, Celeste is more than equipped on how to excel in the professional industry.
The Dream Exchange supports Celeste and her mission to grow the financial mindset of others, especially the company’s founder and CEO, Joe Cecala.
“Her involvement with our mission will undoubtedly shape the path forward, fostering change, growth, and prosperity for those who have historically been underrepresented in the public capital markets,” he shared about their new hire via a press release.
It’s All About The Numbers
TIAA reported that when a group of African Americans was chosen to take the standard p-fin index assessment to test their knowledge of finances, the average person only managed to answer 38% percent of the test correctly. In addition, only 5% of the group answered 75% of the test accurately. This report puts the dire need of teaching people of color the ins and outs of finances into perspective.
Imagine what this percentage would be with a larger population scale. That said, there is a desperate need for the Dream Exchange and companies alike to share their knowledge. Moreover, those shocking statistics are not specific to Black people. They can also be accounted for when looking at the data on Hispanic Americans, who also, on average, scored much lower than white people on financial literacy.
With groundbreaking people and companies like Celeste A. James and the Dream Exchange, it shows that there is no industry where people of color cannot make their mark.