Welcome to The NEW STREET
WHAT?
New Street aims to transform the limited ideology of traditional Wall Street concepts, as we acknowledge the newest players (minorities, women and millennials) on the “Street" -- who are constantly reshaping the landscape, yet who typically don't benefit economically from the substantial value we create.
Therefore, our motto is very simple:
Our Ideas. Our Culture. Our Influence. Our Wealth.
The mission is To encourage investment in diversity and innovation. To promote economic empowerment for all. To tackle racial and gender inequalities that persist with access to capital and venture funding. To create socially responsible investment opportunities . And To break down systematic and cultural barriers to building sustainable wealth.
Founder's Story
WHO?
Mirandy Worthy, CFA
Founder, Managing Partner
I've spent my entire career ( 10+ years ) on Wall Street, almost all of those years as the only black girl on the the trading floor. I used to pride myself on that fact... that I was the only one. I would take it as some type of badge of honor, indicating that I made it somehow, Those were my younger, self-serving days. Today, I cringe. Now I am truly disheartened at how few people of color and women lack the opportunities to join the party I;ve been priviledged to play in for so long.
I see how important our contributions are to making others extremely wealthy, and how disproportionate our opportunities are to build the wealth ourselves. So I’ve created New Street. For people like me. For the new players ( minorities, women, millennials) who in reality are shaping culture and Wall Street as we know. it.
New Street is a reflection of me, Its the intersection where all things urban, black, cultured, young meet old Wall Street . And New Street is here to even the playing field, and this is very important because quite frankly, the numbers don't add up:
The data doesn’t add up.
Black culture defines mainstream consumer patterns, yet
Only %% women run portfolios, but the returns are equivalent or equal to men.
Millinials come up with the ideas, we created Facebook, but who owns most of the stock?
One major focus of this platform is to provide awareness and education about wealth and investing and to encourage active participation for those who have traditionally sat on the sideline as the wealth inequality gaps in this country continue to grow. The WEALTH blog is meant to be timely, culturally relevant and impactful for an urban demographic.
I decided to start The New Street WEALTH blog after many, very many, inquires from my peers about money, finances and investment advice. I’ve always been 'that' friend you go to with those questions (because what other cool chicks on Wall Street would you know?1!). But the truth is, regardless of my job title, I've been addicted to money management for as long as I can remember. It’s ingrained it me
It would always shock me how my very successful peers ( lawyers, doctors, marketing execs, fellow bankers, etc — the talented tenth, i'd call them) knew very little about building wealth outside of their salary income. Meanwhile, It seemed so natural to me.
I would have candid conversations with my friends about the stock markets and investing, and they would always be in awe. This has really been a testament to how hungry my peers are for this for information,, but also how the resources are simply not there - sat least not for THEM.. For the messenger to look like me, for the sake of representation and reliability, It matters.. They've helped give me received constant reinforcement that content like this is needed and appreciated. And the del
Wealth is a mindset.
I've come from humble beginnings, and have done very well building substantial wealth through proper lifestyle management and successful investing across multiple asset classes. I am a fundamental believer in financial freedom, and struggle with the powerlessness that comes from economic inadequacy. As a black millennial, i see how rich our culture is and how much value we add to society. So its quite devastating to see how little that influence correlates with wealth. As a people, I simply just want better for us. Equally as a millenial, i recognize the new age of opportunity that will help make concepts of wealth building easier and accessible to everyone and way more transparent that then the last decades.
It is my life's mission to do what I can to close the gap, Thank you for trusting me to do the work. Welcome to The New Street!
WHY?
NEW STREET facts
Black Wealth Statistics
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Between 1983 and 2013 Black and Latino median wealth has declined by 75% and 50% respectively. White median household wealth has increased 14% to $116,800 ( compared to $1,700 for black and $2,000 for Latinos).
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Black and have less in liquid retirement savings. in 2016 whites had $130,000 more ( 6 times)) in liquid retirement savings than black and Latinos
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Median black wealth is projected to fall to $0 by year 2053
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Women Inequality and Gender Gaps
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In the US, female's annual salary is 78% of the average male salary
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In the Start Up community,, and the tech industry in particular, for every $1 in equity held by men, women hold 47 cents.
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Black women are the fastest growing group of entrepreneurs in the United States ( up 467% since 1997). And black women receive only 0.2% of venture capital funding
Millennials and Money
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3 in 5 millennials lack stock market exposure. They are on track to have less wealth than previous generations.
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Only 23% of millennials say the stock market is the best place to put money they wont need for 10 years or more
HOW?
New Street WEALTH blog
Resource tool for rAwareness, education and financial and investing literacy. For us, by Us.
New Street INVESTMENT
New Street advocates for investment in culturally diverse, forwardly mobile and socially conscious causes. Our vantage point as women and urban millennials of color allow us to identify market opportunities that have traditionally been overlooked or undervalued by Wall Street. Unanimous consumer research supports the notion that Blacks influence main stream opinion, which impacts consumerism, social change and policy.. Our diverse perspective alone, gives you an early movers advantage -- creating a tangible economic arbitrage
Additional, we believe in promoting equitable access to capital for women and minority entrepreneurs
New Street ADVISORY
We are help to help. Advisory and Consulting services are available upon request