( ENSPIRE Business ) Join Doirin’s Black Women Invest Accelerator Program
ENSPIRE Contributor: Gabrielle Maya
According to investment expert Schelo Doirin, having representation and a community are keys to financial growth and success. Growing up in the melting pot of Miami, her goal was to build a community in investing for Black and Brown women in the financial game. Doirin earned her degree in finance years ago, which landed her in a real estate position that helps investors learn how to build real estate investment portfolios. She realized that only a few people looked like her or had similar financial experiences while traveling across the country. This is why she is the creator and founder of Black Women Invest.
Black Women Invest provides Black women with the knowledge, resources, community, and confidence in investing. Investing can be intimidating and scary; few people know where to start. However, Doirin’s company has over 14,000 members nationwide. It provides a safe space to pursue financial freedom, build generational wealth, and enhance or start their investment portfolio.
Doirin delves deep into building Black Women Invest, tips on being an investor, why investing can be intimidating and the challenges that come with it, the gap in Black women being investors, the Accelerator Program, and more.
How did you get started building Black Women Invest?
My dream job ended unexpectedly, but it opened the door to a bigger dream that week: Black Women Invest. Witnessing the underrepresentation of Black women in the investment world over the years ignited a spark within me. I knew I had to create a platform where financial education, opportunity, and community could converge.
What are some basic steps to remember when becoming a successful investor?
It’s important to remember that an investor differs from a trader. Traders (Day or Swing traders) typically hold investments for a short period, such as a few days or weeks. However, investors are different. We aim to do the proper research on a company to buy them for the long run. I was taught the first strategy when I heard about investing, but I quickly learned it wasn’t my investing style. Becoming a long-term-buy and-hold-Warren-Buffett-styled investor was more of my speed and typically an excellent option for most new investors.
Another step to remember is that there will be good and bad days – and we can not predict which day will be which. There is virtually no way to time the market. Focus on educating yourself on why you select each investment and stick to the plan!
Don’t chase trends. Have you ever invested and thought, “Dang, why is it that whenever I buy a stock, it immediately drops?” Typically, when most people hear about a trending stock, its price is inflated. FOMO can lead you to make hasty decisions—research thoroughly before investing in anything trendy.
What are some common challenges that make investing intimidating to individuals?
Lack of knowledge and understanding: Investing involves concepts and terminology that can overwhelm beginners. Understanding things like stocks, bonds, mutual funds, and asset allocation can feel like learning a new language. The best way to overcome this is to get educated! I run a 6-week investment program that helps women plan for their retirement and invest with confidence. Classes are one of the many ways beginners can learn.
The fear of losing money also intimidates people. This fear is reduced when you become more educated. Surrounding yourself with others who are on the same journey is also helpful.
Why do you think there is a huge gap for Black women in financial investing, and what are you doing to make it more accessible?
There are several reasons for the massive gap in the number of Black female investors. Systemic inequities such as discriminatory lending practices and the gender pay gap. Limited access to financial services and lack of role models with relatable investment stories. BWI is actively combating the gap by providing services, resources, and connections to investors of all levels, led by Black Women.
How do you plan to increase the percentage of Black women investors?
I’m doing this by first addressing the root causes such as financial education and lack of capital. I’m also providing reliable education and fostering a supportive community for all Black Women.
You are all about the importance of community. Tell us about the support you received when starting your journey as an investor and entrepreneur.
As an investor, I didn’t receive much support in my beginning years. It always felt like I was missing something, even after receiving advice from people around me. I later realized that those same people couldn’t answer the questions I had regarding investing, they were simply following what they were told by others or some YouTuber. Things have changed since then. I now receive tons of support from the women in my community. I’m constantly learning from them and others.
As an entrepreneur, I have received a tremendous amount of support from my husband, Rob Collier from Day 1. He was the first person I called when I decided to start Black Women Invest. He is a successful coach to entrepreneurs and executives, so I am very fortunate to receive his insight daily!
According to Black Women Invest, you can register for the Accelerator Program. Explain the six modules and their significance for financial success.
Each module is a deep dive into the concepts I believe help create a successful portfolio.
Module 1 begins with some homework. In this module, students learn to set tangible goals and learn how to work backward to achieve them.
Module 2 is my step-by-step guide on how to develop the right mental framework to be a successful investor. Because most of this is mental. This Module goes through practices that have worked in helping hundreds of students create routines and plans they can stick to.
Modules 3-6 are the meat and potatoes of the course. Students learn how to research individual stocks, and index funds, pick the best investment accounts for themselves and their children, as well as balance their portfolios. This program is designed to help investors feel comfortable enough to do it on their own.
What are the Black Women Invest Chapters and their significance? What does becoming a member entail?
Our Chapter membership is similar to joining a sorority of sisters. However, at the center of every meeting is financial education. We bring in financial experts to lead the conversations monthly in various cities throughout the country, as well as online.
What is the overall future and mission of Black Women Invest? Will there be future programs that dive deeper into investing and financial decision-making?
Yes! Our goal is to help 1 million Black Women become stronger investors by 2035. We have several programs that are helping us get there. Including our International Real Estate Tours. In 2024 we are hosting tours in Ghana, Italy, and Bali for anyone who wants to experience real estate and culture abroad. We are also hosting our first conference in April 2024 at a winery in Southern California where attendees can expect to wine and dine at this incredible weekend-long experience, bringing together Black Women investors from all over the country. Also, we are continuously providing support through our chapters and investment accelerator program. Expect more activities to come!
Tell us about your Vision of Wealth Brunch in Washington, D.C. What did the attendees learn, and how has it impacted the way they view investing?
At our last brunch attendees learned what it takes to achieve lasting wealth through investing, and setting up systems for themselves and their families. Many guests have gotten started on their investment journeys as a result of attending. Our 2024 Conference will be 3 days of detailed education and strategy sessions to help guests walk away feeling confident in their financial future.
Schelo Doirin is paving the way for us to help our communities invest and have financial freedom. Follow her Instagram or Black Women Invest to find out more information. Visit the Black Women Invest website to join the Accelerator Program.