BY SIMONNE J. SMITH
One of the best ways to build wealth over time is to invest and starting at a young age can improve success down the road. In order to set Black children up for future success, helping them learn about investing can be a great step forward. The question is, what is the best way to do this in a time that is dominated by social media, and other distractions?
Quickly establishing themselves as community leaders, Brothers Who Care are collaborating with One Voice One Team, CIBC Wood Gundy Group (specifically the McDonald Group & Commerce Valley Financial Group) to educate young Black children about the power of investing and building wealth. Let me share with you a little about these groups and then speak on the impressive work that they are doing together.
Brothers Who Care (https://brotherswhocare.com) is committed to changing the social, financial and psychological health of the Black community through stories, images and engagement. This group of brothers, led by David Griffiths, provides an opportunity for Black men in Toronto to rally together around causes that are important to families in the community. Their efforts continue to amplify the voices and the impact of leaders in our community through the use of mentoring, coaching, and sponsorships.
Their community partners One Voice One Team (https://onevoiceoneteam.org) is a non-profit organization providing youth leadership workshops, assemblies, and community service programs created to empower the youth of today for a better tomorrow. Their programs help youth make the necessary decisions that move them towards success in their personal lives and allow them to have a positive impact in the lives of others.
Assisting financially with this upcoming initiative is: CIBC Wood Gundy Group, the McDonald Group, and Commerce Valley Financial Group. With over 1,000 investment advisors in more than 80 locations across the country, the CIBC Wood Gundy Group (https://www.cibc.com/en/personal-banking.html) is committed to building relationships with the community based on trust and integrity. The McDonald Group (https://www.woodgundy.cibc.com/en/home.html) is a premier wealth advisory team that provides personalized investment portfolios, wealth strategy, and financial stewardship for private investors and institutions across Canada. Finally, the Commerce Valley Financial Group (https://commercevalleyfinancialgroup.com) helps their clients better integrate their strategies for their business, with those for their wealth. This helps improve financial efficiency while gaining clarity on where their business is headed.
At the beginning of this article, I asked the question, what is the best way to get our youth involved in wealth building during a time that is dominated by social media, and other distractions? The answer: the “I SEE ME” Youth Investment Competition for students grade 4-6. It runs March 7th, 2022, through to June 3rd, 2022. The competition is an excellent opportunity for students to learn about money and apply it to real-world situations in the stock market. Students will be using the application, The Stock Market Game™ that introduces young people to saving and investing through a simulation of the stock market and bond market. Students will get to trade and manage their own virtual $100,000 investment portfolio.
“The possibilities that Canada has to offer are boundless. inspiring, empowering, exposing, and teaching our BIPOC community to capitalize on their potential is a personal mandate of mine”, said Andrew McDonald, FVice President and Portfolio Manager at CIBC Wood Gundy. “A successful life requires that you make smart decisions with your money. The earlier you start, the better your lifetime results will be. To share our vision, we have partnered with OVOT and BwC to launch the I SEE ME Youth Investment Competition.”
Participants will have an opportunity to win a total of $10,000 to invest in RESP. There are five $1,000 prizes that will be awarded to five students, a 2nd place prize of $2,000, and finally, the grand prize of $3,000. All winners will receive advisory services to support their brand-new investments!
“We are excited to get this competition going,” explains David Griffiths, founder of Brothers Who Care. “Financial literacy can empower youth to break cycles of poor wealth management and poverty. By sparking an interest in financial literacy, we are cultivating bright futures for our children ensuring they have financial tools to enable their success.
Strong involvement from parents and/or caregivers is a requirement for student entry in the competition. We will host weekly 1-hour sessions to teach and engage students in a fun-filled way trading money in the stock market.” Investment Competition winners will be announced the third week of June 2022 just before school breaks for the summer holidays.
“OVOT equips youth to see beyond their current circumstances and see possibilities and then act on those possibilities. The competition will equip students to learn and make educated decisions with money,” said Orlando Bowen, Executive Director, One Voice One Team. “Students will learn about financial literacy and incorporate that knowledge in their everyday life.”
To find out more about the ‘I SEE ME” Youth Investment Competition, contact info@brotherswhocare.com
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