"The truth of the matter is, you have to start somewhere. The lockdown message was very straightforward - it was just stay at home. Now as we start to unlock, of course, there have to be decisions made," says UK transport minister Grant Shapps. Easy for him to say though, you might think.
And it is here that the questions come up: where do we start again in a so called ‘new normal’? Many people are thinking about securing their financial future in a damaged and uncertain economy. But how do we do that? Is it too risky? Will I be able to keep going? What if something goes wrong? These are only a few of the many questions that keep running through your head when wondering if the post-lockdown era will be doom an gloom or, finally a much-needed fresh start for your finances and an opportunity to build a new business.
Yet, when you turn the idea of starting a new business, the mixed feelings of hate, tiredness, and everlasting disappointment that your job brings with it make you wonder again. Shall I take a chance? And what if the answer this time would be yes, but not in a steady and boring space in front of your laptop trying to decode numbers and statistics. What if for once your personal needs, ideas, and desire for explanation would intertwine in a course where experts talk and directly follow you all the way through the beginning to the end of your idea until it becomes concrete plan?
Data shows that, in the last year for which figures are available, 90% of black and ethnic minorities businesses had requested governmental financial support and almost 50% of them declared they need support to apply to financial schemes. However, how many times have you thought that the government seems not to listen to the much-needed liquidity businesses you are craving for, as cash doesn’t arrive in time?
Yet, this is not it. This distressing data adds to the highest unemployment rate for BAME people who are most likely to have a household income below £400 a week. For instance, only 8% of black pensioner families drew any income from a personal pension.
And the situation is not better for young people either. The Resolution Foundation thinktank found black male graduates were being paid 17% less than white male graduates – the equivalent of £3.90 an hour or £7,000 over a year. For black women, the “pay penalty” was 9%, or £3,000 over a year.
Black African and other ethnic minorities groups, as the Bangladeshi community highlighted, have only 10p of savings and assets for every £1 of white British wealth. Isn’t this a call to earn some extra money quickly without expensive costs?
The strategy introduced by The Profit Room is based on founders - Latoya and Ernest’s, - individual success as investors and traders. Their goal is to help everyone who enrols in their classes to at least make an additional $100-$200 a day trading live with them, and they already have four full time black and ethnic minority traders trading and moderating daily in the futures and Forex room. The Profit Room supports Black and ethnic minority traders all over the world and have finally started operating in the UK.
“We wanted to come together for the culture, show our people that there is another way to earn money. Where I come from, NO one teaches you this – not in high school or in college,” says Latoya.
“There are so many new claimed traders who preach trading and investing, but they do not trade for a living,” says Ernest. The Profit Room, however, trades live daily. One of The Profit Room’s greatest asset is the willingness from Latoya and Ernest to trade live with their clients to show them how they can make money through seeing.
They have created successful students, some in which they have hired to motivate and inspire by assisting and training new beginners, a true result of what is possible. They have also helped retirees, like George, build and grow their Roth IRAs, and have created youth programs to teach inner city youth about the importance of financial literacy. Forming The Profit Room also allowed them to expand in other areas to help people achieve wealth, by having Black real-estate experts, tax experts and credit builders a part of their team.
George, a 71-year-old man from North Carolina reached out to the Profit Room to pay his bills and finally get some cash flow and liquidity, therefore becoming a business owner of colour and self-employed man. And from that moment on, everything changed in his and his family life.
“What interested me is that I had never seen anyone who could teach me how to trade and who looked like me”. George served a long career in the military for about 30 years, but his salary was only enough to make a living, no savings were in for him. He tried to learn how to trade by reading books and getting informed, but he said: “it didn’t work. I tried to talk to some folks, but the process was expensive, and I wasn’t satisfied with how my life was going in terms of finances.
“The Profit Room teaches you exactly what to do, and it simply enlightens you. The cost is absolutely not overwhelming. I got the fundamentals on the trading process already in the first class. I then started learning how to read charts, and what to look for. I am in the silver trade now, and able to decipher and see on my own.”
“Latoya gives me alerts for the week and I look out for them to trade and do my little.
“It pays the bills!”.
George also explained that all the stereotypes about the over complicated calculus and maths have been overcome by The Profit Room as they “taught me how to train my mind and to see things the way they are, and only use the skills that they taught me. Even at my age it became pretty easy,” says George. And then everything is set, as the profits comes in.
The impact of COVID-19 is unprecedented, and we will not know the full effects for some years yet. What is clear for now is that, unless the economic policies put in place to help us recover are able to account for the ways in which the coronavirus impacts differently on different communities, they could actually make disparities worse.
So “Between Stimulus and Response, there is a space … in that Space is our power to choose our response. In our response, lies our Growth and our Freedom” Viktor Flankl would say. So, during 'COVID-19 moments', where the 'Stimulus' we have received is similar to a tsunami, one thing is clear: The Profit Room teaches everyone from any background to have a turnaround in life, with a specific attention and care for all the minority communities who deeply need to get a change and earn savings. Will you finally give yourself the opportunity to be self-sufficient and empowered? Urban Kapital bets on The Profit Room, and so should you.