October 25th 2023.
Meet Black Women Invest, a sisterhood formed around the mission to turn one million Black women into high-level investors.
Schelo Dorin founded Black Women Invest after her sudden end to her “dream job.” It began as a Brunch Tour taking place in four cities across the U.S. which brought together the online Facebook community of over 12,000 women. The cities included Atlanta, Miami, Dallas, and Houston.
Since the establishment of the investor community, Dorin has been helping Black women gain knowledge about investing in stocks and developing an investment portfolio.
“I was trying to find women like me who were also on their investment journeys,” she told BLACK ENTERPRISE. “I wanted to be a part of a supportive community; however, my research revealed a shocking lack of platforms for Black Women dedicating to investing. Most groups were focused on saving and budgeting – not investing. That’s why I started Black Women Invest – to give Black women a place to grow and learn tangible investing strategies together.”
With chapters in Columbus, Georgia, Charlotte, North Carolina, Houston, Texas, Louisville, Kentucky, and an online chapter, Black Women Invest is now adding Washington D.C. to the list. Dorin is passionate about eliminating the stigmas that Black women may have about investing.
“One of the biggest stigmas I hear is the misconception that you need a lot of money to invest. That’s so wrong!” she said. “Women need education first, and then consistency. I teach people that even $50 a month can make a big difference in your long-term portfolio.”
Dorin has been hearing women compare investing to gambling. She says that couldn’t be further from the truth.
“The fear of financial loss comes from a lack of knowledge,” she explained. “I recently taught an investing class and showed my students how to properly analyze a stock. After the session, one of the members said, ‘This is what people mean when they say ‘do your research.’”
The most recent BWI brunch was held in Washington D.C. where members were gifted with 15 free stocks to begin their investing journey and were invited to join the new D.C. chapter. With membership costing only $25 a month, BWI is fulfilling its mission of providing Black Women with a safe space to learn about money and make friends along the way.
“Community is so important. You get the opportunity to learn from each other, gain a diverse perspective on investing, see what’s working for other members, gain the confidence to take action, and so much more,” Dorin shared. “Plus, seeing someone who looks like you investing successfully gives you the confidence to make a move as well!”
Dorin shared three tips for those interested in investing but unsure of how to get started. First, understand your risk tolerance level. Ask yourself questions like, how would I react if my investments lost a significant amount of value? How much money can I afford to lose? When will I need access to my money? How do I feel about market volatility?
Second, set your goals. Are you investing to buy a house, planning for retirement, or paying for your children to go to college? That should help you determine the types of investments you get into; such as real estate, index funds, or passively or actively investing into stocks, etc.
Third, choose the right investment strategy for you. Dorin provided an example of a woman who wanted to invest further in her stock portfolio, but she was already at retirement age. When they discussed the best strategy for her goals and timeline, they concluded that it would make the most sense to convert her basement into a new living quarters and rent it out.
“Investing is not just about stocks,” she said.
With Black Women Invest, women are able to gain the knowledge to start their investing journey and build a community of like-minded individuals. So if you’re looking to get into investing, don’t hesitate to join the Black Women Invest movement!
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