WHAT? The New Street
The New Street is a collective platform to redirect from traditional "Wall Street" and promote the talents and ideas of minorities, women and millennials. We are the newest players on the “Street" who are constantly reshaping the financial landscape, yet who don’t receive proportional equity for the value we create.
the Mission:
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To encourage investment in diversity and innovation in financial services
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To promote economic empowerment for all
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To provide relatable financial literacy for millennials and people of color
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To tackle racial and gender inequalities that persist with access to venture capital and funding
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To capitalize alpha on minority-based investments
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To create equal access to investment opportunities
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To break down systematic, informational and cultural barriers to building sustainable wealth
the Motto, simply:
Our Ideas. Our Culture. Our Influence. Our Wealth.
HOW?
NEW STREET WEALTH
Follow the blog!
Financial literacy, specifically for Wealth and Investing.
Catered to the urban millennial. For us , by us!
NEW STREET CAPITAL
New Street advocates for culturally diverse, forwardly mobile and socially conscious investment conduits.
Additionally, promoting equitable access to capital for minority and women entrepreneurs is a top priority.
NEW STREET CONSULTING & ADVISORY SERVICES
Contact us at hello@newstreetwealth.com
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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Median black wealth is projected to fall to $0 by year 2053
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Consumer studies show that black Americans influence 73% of mainstream culture. Yet Blacks constitute for only 1% of American wealth
Women Inequality and Gender Gaps
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Females in the US earn approximately 80% of the average male salary.
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For Startup funds ( 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). Yet black women receive only 0.2% of venture capital funding.
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Only one in 9 investment portfolios are run by women fund managers.
Millennials and Moneyt
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66% of Millennials have nothing saved for retirement
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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
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3 in 5 millennials lack stock market exposure. They are on track to have less wealth than previous generations
WHO? A Note from The Founder
Mirandy Worthy
Founder
I've spent my entire career (10+ years) on Wall Street, almost entirely as the only black girl on the trading floor. I used to pride myself on the fact that I was the only one, as if it were a prestigious badge of honor. Today, I cringe. The lack of diversity and opportunities for people of color and women in finance are quite shameful to say the least. I see how important our contributions are to making others extremely wealthy, and how disproportionate our opportunities are to build wealth ourselves. So I created The New Street. For people like me. For the "New" players ( minorities, women, millennials) who in are shaping culture, finance and the economic landscape as we know it.
One major focus of this platform is to provide education and financial literacy, specifically around wealth and investing. I decided to start the NEW STREET WEALTH blog after many inquiries from my peers about money and investing. It always shocks me how my very successful friends (lawyers, doctors, marketing execs, fellow bankers, etc — the talented tenth, I’d call them) know very little about building wealth outside of their salaried income. Meanwhile, It seemed so natural to me. I come from humble beginnings, and despite my day job, I have done very well building substantial wealth through proper lifestyle management and successful investing. The gracious feedback I receive from my friends has really been a testament to how hungry this audience is for this information, and it also showed me how few resources are out there, FOR THEM. And merely for the sake of representation, it really does matter that the messenger look like me. It matters! They continue to give me constant reinforcement that this content is needed and appreciated. And I thank them for their continued support!
As a black millennial woman, I represent everything that traditional Wall Street is not. But my unique perspective comes with just as much advantage as it does disparity. Our society is so rich from the ideas of millennials, the influence from black culture and the unrelenting contributions of women. As a member of all of these groups, I recognize possibilities as the financial landscape changes that traditional Wall Street would never even acknowledge. In my world of, we call these arbitrage opportunities! So I stand with New Street to promote investing that move us forward, to challenge the status quo for a more inclusive access to capital , and to break wealth barriers. We, simply, must to do better. Thank you for trusting me to do the work. Welcome to The New Street!