Late last month, the 58-year-old businessman and philanthropist Robert F. Smith and Goalsetter announced the “One Stock. One Future” initiative. A call to action for organizations and corporations to create the next generation of financially free Black and Latinx America.
He was challenging them to support the cause by donating a minimum of 1,000 shares (or the cash equivalent) to be distributed to Black and Latinx kids across America.
On his part, Vista Equity Partners Founder, Chairman, and CEO and philanthropist Robert F. Smith last month launched the program by donating five shares to each of the 2,900 students, educators, and staff members at the Eagle Academies for Young men—a network of public and all-boys schools serving young men of color in New York City and Newark, N.J.
The initiative is a collaborative effort with Goalsetter, whose family investment platform will power the initiative. Goalsetter is a female black-owned investment platform that will power the initiative by hosting all the stock and shares donated to children in the program. Additionally, Goalsetter will provide these beneficiaries with financial education in a way that they will understand—through memes, GIFs, and pop culture.
“In partnership with corporations across the country, we are creating a turning point for America’s Black and Latinx kids. From today forward, they will no longer solely be consumers who make every company in America wealthy by what they spend. Through this initiative, we are creating a generation of investors and owners who can pave their way to wealth by owning a piece of the companies that make the American economy great. They, too, can learn to be participants in our flourishing economy, not just bystanders, and the companies they love can help them get there,” said Robert F. Smith.
Robert F. Smith’s gift of nearly 15,000 shares went a long way to galvanizing towards the creation of the “One Stock. One Future” movement. The movement aims at challenging other Fortune companies to donate at least 1000 shares or cash equivalent that will be distributed among children across the country.
Company participation in the “One Stock. One Future” is expected to rise with the involvement of the Executive Leadership Council (ELC), the preeminent global membership organization for Black current and former CEOs, senior executives, and board members of Fortune 1000 and equivalent companies, top-tier entrepreneurs, and global thought leaders. The ELC has so far made a contribution of $100,000. On top of that, ELC will sponsor minority children with Goalsetter accounts and stocks; included in their sponsorship is a 52-week financial education that will happen every five years.
Shares and stock donated to the program will be distributed to youth through current and future partner organizations, including Alpha Phi Alpha Fraternity Inc. and the NAACP, to identified youth organizations such as Black Girls Code, BUILD, Boys & Girls Club, Coded by Kids, Genesys Works, Girls Inc. of Alameda County, Phalen Leadership Academies, Philadelphia Youth Network, Saint Augustine High School, 100 Black Men of Chicago, Inc., and others.
It is important to note that leading technology, banking, Fortune 1000 companies, and executives have already committed to the initiative by donating 1,000 shares each. These companies include Adtalem Global Education, Citizens Financial Group, Comcast NBCUniversal, Delta Air Lines, Fiserv, HP, Lyft, Twitter, and UBS.
“We are both energized and humbled by the leadership of Robert F. Smith and other business and community leaders who are at the forefront of this effort to change the paradigm for the next generation of Black and Latinx kids in our country. I truly believe that together we will rewrite the course of history for all communities that have been marginalized due to their lack of access to financial education and investment tools that uniquely engage them,” said Goalsetter CEO Tanya Van Court.
A white household has ten times more wealth than a black family at $171,000 in 2016—pointing towards a staggering wealth gap between the two races. To bridge the gap, radical action must be taken. The initiative launched by Robert F. Smith aims at narrowing the ever-growing wealth gap among people of color by introducing investment and financial education that will equip the younger generation with the necessary tools to build generational wealth.
“This innovative partnership addresses an important and often-overlooked need by establishing young Black and Latinx Americans as direct owners and investors in our nation’s wealth and helping equip them with the tools to participate in our nation’s economy throughout their lifetimes,” said Delta Air Lines CEO Ed Bastian.
According to Blackenterprise.com, the program is said to work in the following way:
- Participating corporations and individuals will be able to contribute stock or cash for the “One Stock. One Future.” initiative through the Goalsetter Foundation, Goalsetter’s non-profit arm.
- The Goalsetter investment feature will allow participating parents to open custodial brokerage accounts to hold company stock in their child’s name
- The Goalsetter Foundation will oversee the management of the stock donation, and the Goalsetter Foundation will identify youth groups in need through their affiliate networks and partners.
- Stocks will be distributed to youth custodial brokerage accounts via Goalsetter’s investment feature. Priority will be given to sign-ups via “One Stock. One Future.” corporate partner organizations.
- As part of the program, youth will have access to Goalsetter financial education tools through the Goalsetter app, which will provide them with culturally relevant and age-appropriate tools for learning about saving, investment, and ownership.
The program in itself will be beneficial in introducing children of Black and Latinx communities to financial literacy that will help them build generational wealth that will bring them at least a step closer to closing the existing wealth gap between them and their White counterparts. For schools, NGOs, or companies looking to participate in the program, they should Goalsetter Foundation at OneStockOneFuture@goalsetter.co to get more information about signing up.
About Eric Frazier:
Eric Lawrence Frazier is President and CEO of the Power Is Now Inc. The Power Is Now is a multimedia company specializing in real estate and mortgage education for consumers and real estate professionals on various topics in real estate, lending, economics, and government policy since September 1, 2009. The financial and real estate information is distributed through BlogTalkRadio, iTunes, TuneIn, and other online radio platforms nationwide, as well as online TV and eMagazines. Connect with Eric Frazier DRE 01143484 | NMLS 461807 | Office: 800-401-8994 x 703 | Direct: 714-361-2105 and start your real estate investment journey or homeownership in safe hands.
About the Power Is Now Media
The Power Is Now Media is an online multimedia company founded in 2009 by Eric L. Frazier, MBA, headquartered in Riverside, California. We advocate for home ownership, wealth building, and financial literacy for low to moderate-income and minority communities. The Power Is Now Media corporate office is located at 3739 6th Street Riverside, CA 92501. Ph: 800-401-8994 Website: www.thepowerisnow.com
Eric Lawrence Frazier, MBA.
President and Founder,
The Power Is Now Media
Work Cited:
https://www.brookings.edu/blog/up-front/2020/02/27/examining-the-black-white-wealth-gap/
