Greater Harrisburg's Community Magazine

Lessons in Money, Life: With the Nubians, you’ll learn a lot more than how to pick a decent stock.

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Allow me to introduce you to a group of dynamic, well-seasoned ladies—oh, and one gentleman—who have quietly and successfully been running an investment club in Harrisburg for more than 10 years.

Until the addition of the lone gentleman in the club, the group was affectionately known as “The Nubian Ladies.” They are now known as The Nubians—natives or inhabitants of Nubia (an ancient region of northeastern Africa).

Now, let me give you a bit of a historical perspective.

For the majority of our history in America as black women, talk of investing, purchasing stock, reading the stock pages was largely unheard of. Black women were busy being “the help,” with little time to care for their own families and households. Yes, money was made, but very little, and every cent of it was used to exist, not prosper.

Well, that certainly has changed, granted from the countless sacrifices and unyielding determination to improve our socioeconomic status. However, let’s be clear: the ebb and flow of contemporary life has stagnated conversations on the importance of financial literacy for many in our urban communities.

Recently, I had the immense pleasure to speak with a founding member of the Nubian Ladies, Mrs. Phyllis Britton.

Mrs. Britton was born in Uptown Harrisburg in 1936 and attended Edison and John Harris, graduating in 1954. After high school, she graduated from Cheyney University and earned her master’s degree in Special Education and Supervision from Bloomsburg University. She then taught in the Harrisburg public school system for 42 years.

None of the investment club members had formal training in investing or financial services. They did, though, attend college, many obtaining their master’s degrees, and two became members of the Delta Sigma Theta sorority. In other words, they are all self-taught in the area of investing.

Mrs. Britton said she was inspired to start the club by the wise words instilled by her grandmother, who always said that you should own something.  She also recalls a workbook The Patriot-News ran in the 1960s, when she was teaching at John Harris. It gave children lessons by using imaginary money to invest.

Years later, when a fellow church member mentioned she was interested in starting an investment club, it was a no-brainer for Mrs. Britton.

The 15 original members drew up the bylaws and began to read Carolyn Brown’s book, “The Millionaires Club.”

“This was a good jumping off point for us,” said Mrs. Britton. “When we began, our members ranged in age from 40 to 68. We didn’t make much money at first, but now it’s paying dividends.”

The club has a president, vice president, recording secretary, corresponding secretary, financial secretary and treasurer. Members had their first meeting at a local library and still meet there. Meetings last about an hour.

“Everyone is given a specific stock to report on,” said Mrs. Britton. “We follow that stock and bring our information to the meeting. Our reports are due quarterly. We research the stocks we have, as well as new ones to consider.”

The group’s portfolio consists of 13 stocks, including retailer Dollar Tree, which was an early investment for the club and has, over time, proven to be one of the more successful buys.

“We are now in search of the next Dollar Tree!” said Mrs. Britton.

The year is capped off by a June dinner for all members before they take a much-needed summer break in July and August.

The social aspect of the club, in fact, is a big part of it.

“We call it an investment club, but it may be a social club as well,” she said. “We love our meetings and always look forward to them. We enjoy our meetings because we have common interests of family, education, self-reliance and pride.”

The group tries to keep membership to around 15 people, which is large enough to ensure a well-functioning club, but still is manageable. Prospective members must have some computer knowledge, a strong willingness to read, the ability to get along with members and the means to pay the monthly $25 contribution.

What advice does this veteran investor have for younger people?

“Start saving early!” she said without hesitation. “There is something more important than material things. Young people spend too much money on material things that lose value. Those of us who are older must pass these values down to our children and grandchildren. We hold on to our stocks—you just can’t sell at the first dip. Have patience.”

Interested in your own investment club? Mrs. Britton suggests checking out www.betterinvesting.org as a starting point, as well as seeking the advice of a certified professional.

My visit with Mrs. Britton took me back to those years as a child sitting around my older “kinfolk” listening to their stories with big eyes, just soaking everything in. I treasure those times and now have another story to add to my “treasure chest” of memories and life lessons.

Thank you Mrs. Britton and all the members, past and present, of The Nubians.  Oh, did I mention that my mom is a founding member too? Thanks Mom… I’m so proud of you!

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