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Melanin Million Movement FAQ's
Does Melanin Money invest my money for me? No. Melanin Money is not a Registered Investment Advisor. Investment advisory services are offered through Capitalwize, LLC. Acheampong Enterprises, LLC DBA "Melanin Money" is a marketing initiative for the purpose of bringing awareness to the movement. Currently, the brand sells lifestyle apparel, accessories and other tangible goods for the purpose of bringing awareness to building black wealth.
How Will my money be invested and how do I know that my money is managed properly? Capitalwize, LLC has proven strategies that have been around for decades and use technology to make them more efficient. Our goals are aligned: to increase your long-term returns. Our investment philosophy is backed by decades of research. Your money will be invested in a diversified portfolio of low-cost index funds. Which over the long term, is likely to outperform a high-cost, actively managed portfolio. We have several portfolio options, and we can help choose which is right for you. We have partnered with the largest online advisor to offer you world-class investment management. For a deeper understanding, you can learn more here.
What is the minimum amount I can invest to be apart of this movement? The goal is to have everyone invest $1,000 in a 365 day period. Whether that's 1,000 all at once, quarterly ($250.00) or Monthly ($84.00) however you can invest a minimum of $50.00 per month if that's all you can do.
Can I invest more than $1,000? Absolutely. The goal is to build wealth for everyone, regardless of where they are on their journey. We recognize that some people may be further along on their journey, or may simply have the means to do more, and if that applies to you, we certainly welcome the opportunity to help you build as much wealth as possible.
What type of account(s) will my money be invested in? This will be contingent upon your goal for the money and the time horizon associated with that goal. Whether it’s for a future major purchase, retirement, or general wealth building, we have account options that will work best for your goals.
Can you help me with other accounts that I may have such as my current 401(k) or one from a previous employer? Yes. If you have an account that you would like our firm to manage such as a 401(k) from a previous employer, we can help you roll that over into a new account with our firm. Also, once you have an account with us, you can even add accounts that we don't manage, such as your current 401(k) so that you can have an organized view of all your accounts to better track and manage your overall wealth.
What if I need to access the money I invested? You will have full access to your account(s) 24/7. Should you decide you ever want to make additional deposits or withdrawals, you can do that directly from your mobile app or online. You may want to consult with your advisor or a tax professional to understand if any tax implications or withdrawal penalties apply based on the nature of your account type.
How do I open up an account? Opening up an account is simple, to ensure that we get the right account opened up for you, we walk everyone through the account opening process. use this link to get started.
What's the purpose of the merchandise? The reason why we created merchandise was to create visual awareness for the movement. We wanted a way to spark a conversation that would ultimately drive people back to the real cause at hand. some of the profits that we generate from the merchandise aid in our efforts of putting together financial literacy initiatives that help educate those in communities who would otherwise not have access to the resources or information that can help change the trajectory of their financial situation.