Today, Robert F. Smith and Goalsetter announced “One Stock. One Future.” – a call to action for organizations and corporations to create the next generation of financially free Black and Latinx Americans.
The initiative will be powered through Goalsetter’s family investment platform designed to get every kid in America investing and on the path towards financial freedom.
The program was kicked off this month by Vista Equity Partners Founder, Chairman and CEO and philanthropist Robert F. Smith gifting five shares of stock – equivalent to nearly 15,000 total shares – to each of the 2,900 students, educators and staff members at the Eagle Academies for Young Men, a network of public, all-boys schools serving young men of color in New York City and Newark, N.J.
“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 served as the catalyst for the creation of the larger “One Stock. One Future.” movement to turn one million Black and Latinx kids into shareholders. The goal of the initiative is to help bridge the wealth gap affecting communities of color by introducing investments and financial education as critical components to building broader and generational wealth.
“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.
As part of the effort to reach one million Black and Latinx youth, Robert F. Smith and Goalsetter are calling on Fortune 1000 companies and CEOs to take the “One Stock. One Future.” challenge by donating a minimum of 1,000 shares (or the cash equivalent) to be distributed to Black and Latinx kids across America. To date, leading technology, banking, and Fortune 1000 companies and executives have already committed to leading the way on this initiative by donating 1,000 shares each, including Adtalem Global Education, Citizens Financial Group, Comcast NBCUniversal, Delta Air Lines, Fiserv, HP, Lyft, Twitter, and UBS.
“Building long-term financial stability remains an uphill battle for far too many, and it’s a problem driven by systemic inequity and lack of access to capital,” said Dalila Wilson-Scott, Executive Vice President and Chief Diversity Officer of Comcast Corporation. “Today, we begin to change that reality by putting real tools into the hands of individuals, helping them to build stronger financial futures. We’re honored to partner with Goalsetter to invest in innovative programs like this one that will drive new, lasting equity in financial opportunity and generational impact for decades to come.”
“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.
“It’s an honor for Delta to be part of this initiative, which will benefit countless young people as well as our communities nationwide.”
The call to corporations to participate will be bolstered by 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.
Together with Goalsetter, The ELC is challenging both their members and their members’ corporations to donate shares in support of the movement. Additionally, The ELC is directly contributing $100,000 to the “One Stock. One Future.” initiative to sponsor kids with both stock and Goalsetter accounts, which will include 52 weeks of financial education each year for five years.
Goalsetter, the first Black female-owned saving and investing platform for the whole family, will be the platform used to host the shares of stock but will also provide every kid who receives stock with game-based, culturally relevant financial education, rooted in memes and gifs from popular culture.
Corporate shares donated to the “One Stock. One Future.” 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.
Founded in 2016 by former Nickelodeon and Discovery Education executive Tanya Van Court, Goalsetter was designed to put financial education, saving, and investing in the hands of America’s youth through age-appropriate and culturally relevant materials and tools. By helping young people become investors and savers rather than just consumers, the “One Stock. One Future.” initiative aims to break the curse of 2053, a study that suggests that Black and Latinx communities are on track to have zero net worth in the next 30 years.
HOW THE PROGRAM WILL WORK
- 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 in their child’s name to hold company stock.
- Management of the stock donation will be overseen by the Goalsetter Foundation, and youth groups in need will be identified by the Goalsetter Foundation 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.
Schools, non-profits, and other youth-focused organizations who wish to be designated to receive shares can contact the Goalsetter Foundation at OneStockOneFuture@goalsetter.co to get more information about signing up.
Founded in 2016 by Tanya Van Court, a former Nickelodeon and ESPN executive, Goalsetter is a family saving, investing, financial education, and smart spending app that makes it easy for the whole family to go cashless while teaching them how to be money smart. Goalsetter’s smart money platform for families provides users with an FDIC-Insured Savings Account; an investment platform powered by Goalsetter Advisors, LLC (an SEC registered investment advisor); the Mastercard Cashola Teen and Tween Debit Card with parental controls, Game-based financial education quizzes; the “Learn before you Burn” parental control feature on the debit card and the “Learn to Earn” financial reward program; as well as the latest cybersecurity features to protect user privacy. For more about Goalsetter visit www.goalsetter.co.