Black Investors Bullish On Market
Posted July 14, 1999 7:00 a.m. EDT
RALEIGH — In recent months, the stock market has made record losses and gains in part because more people are deciding to invest.
African Americans, in particular, are bullish on the market. The popularity of 401K and retirement plans has helped drive interest for investors like Brenda Lewis.
"We saw a need to do it because our kids are grown, and we thought we needed this just to start to think about retirement," Lewis says.
Lewis started investing in the market three years ago, and now she is hooked.
She and her husband even started an investment club.
Lewis is just one of the growing number of blacks investing in a market they use to avoid.
"We were very cautious about how we kept our money," says stockbroker Amos Mitchell.
Mitchell says there were very few African Americans investing when he started out. He says the numbers are now growing so fast that even pollsters cannot get a handle on them.
Mitchell attributes the growth to youth.
"It's because of the younger African Americans that are realizing that there is a means out there to increase and accumulate income and wealth investing in the stock market," Mitchell says.
Arne Morris is one of those younger, first generation investors.
"My goal, my dream has always been financial independence," Morris says.
Morris is passing what he is learning on to his kids. Lewis says that is the biggest advantage to the trend.
"We're first timers at it. We don't have parents to fall back on and get advice," she says. "If we can teach our children, I think that's a major accomplishment."