June 21st 2024.
The partnership between 100 Black Men of America and Wells Fargo continues to thrive as they work together to make a positive impact on the lives of children. Their focus is on teaching young ones about investing and providing them with the necessary tools to succeed in this area.
For over 35 years, 100 Black Men of America has been dedicated to mentoring minority youth and helping them achieve economic advancement. Now, they are taking this mission a step further by expanding their Junior Investment Club. Through this program, young people are taught the fundamentals of investing through a curriculum-based simulation game. And thanks to a generous $600,000 grant from the Wells Fargo Foundation, this program will now reach 30 markets across the United States.
In an official statement, Chairman Milton H. Jones expressed his gratitude to Wells Fargo for their support and belief in their shared mission. He also highlighted the positive impact the Junior Investment Club has had on their mentees, providing them with valuable knowledge and skills for a brighter financial future.
The Junior Investment Club, now in its fifth year, is utilizing technology to make learning about investing more accessible and engaging for young people. Through the SIFMA Foundation Stock Market Game, program participants are given $100,000 to invest in a virtual stock market simulation. This allows them to learn about the value of capital markets and how to diversify their portfolios.
This year's 14-week competition included 750 high school students who were mentored by 36 volunteers from local chapters of 100 Black Men of America. The program has been a great success, with many students gaining a better understanding of investing principles and strategies.
Darlene Goins, head of Philanthropy and Community Impact at Wells Fargo, expressed their excitement about expanding the Junior Investment Club and providing more youth with the tools to achieve their financial goals and build generational wealth.
The news of the expansion and grant funding was revealed at the 38th Annual Conference of 100 Black Men of America in Atlanta. The event also included the announcement of the winners of the 2024 Junior Investment Club Competition. Three student teams were recognized for their outstanding performance, with the Long Beach, California chapter taking first place, followed by Madison, Wisconsin in second, and Las Vegas, Nevada in third.
In a surprise twist, all 128 students from the top five finalist teams were given a $200 reward. This unexpected gift will surely motivate them to continue learning and growing in their understanding of investing.
The expansion of the Junior Investment Club is just one of the many initiatives taken by Wells Fargo to support and empower communities. They recently launched a startup accelerator program to help small businesses thrive. It's clear that both 100 Black Men of America and Wells Fargo are committed to making a positive impact and creating a brighter future for all.
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