(MONEY Magazine) – THIS MONTH:

--Fight slower check clearing. --Our poll: What Americans know about money --Use your PC to plan your retirement.

Americans' decisions about how to invest their money are as different as black and white. So says a new survey of African-American and non-African-American investors released exclusively to MONEY; it was commissioned by Chicago-based Ariel Mutual Funds and conducted by pollster Roper Starch Worldwide. The most intriguing finding in this first-of-a-kind nationwide mail survey is this: Black investors are often less willing than whites to take the risks necessary to achieve high returns from their portfolios. Says Sherry Thomas, 44, a speech pathologist in Columbia S.C. (shown with her husband Benjamin, 52, at right): "We grew up thinking stocks and mutual funds were out of our range. Now I see the returns and wish I hadn't waited so long to invest in stocks." Today she and Benjamin, a dentist, have $300,000 invested in growth and international mutual funds.

The Ariel study, conducted in November and December, polled 974 adults nationwide earning more than $30,000 (50% African American, 50% non-African American) about their investing habits. Margin of error: plus or minus four percentage points. The highlights:

--African Americans aim for higher returns than whites on average, but their investment choices fall short. Blacks said they seek an average 14.7% annual return, more than three points higher than the 11.2% anticipated by non-African Americans. But African Americans are less likely than whites to have investments like stocks and stock mutual funds that are most likely to achieve such returns. "African Americans are often inhibited from plunging into the stock market because many of our parents and grandparents were not involved in investing," says Ariel president John Rogers.

--Women are much more likely to call the financial shots in black households. Women are the primary financial decisionmakers for 21% of African-American married couples, while wives play that role for just 10% of white couples. "Particularly in African-American families, middle-class status is maintained with both paychecks," says Brooke Stephens, author of Talking Dollars and Making Sense: A Wealth Building Guide for African Americans (McGraw-Hill, $14.95). "Women are more involved because we've had to work just as hard for it."

--African Americans are more likely than whites to rely on financial advisers and less likely to listen to friends or family members. "Since many blacks are first- or second-generation investors at best, there is no pattern of behavior to follow, so they often feel more secure relying on professional help," says financial consultant Daron Fullwood in Greenbelt, Md., who has a large number of African-American clients. That may explain why a full 54% of blacks surveyed said that they would rely on a financial adviser or planner when making savings and investment decisions (vs. 46% of whites). By contrast, 31% are inclined to ask friends or family for money advice, compared with 39% of whites.

Based on the poll results, experts we've interviewed offer these three tips to help African Americans increase their wealth--their median net worth ($4,418) remains a mere fraction of whites' ($45,740)--and approach the high returns they anticipate:

--Boost your ownership in stocks and stock funds. Start by investing through your employer's professionally managed 401(k) or 403(b) retirement savings plan. If you want to buy individual stocks, consider joining or starting a local investment club. Call the National Association of Investors Corporation (810-583-6242) for details.

--If you want to hire a financial planner, choose one who understands your needs and financial temperament. For referrals, call a trade group like the International Association for Financial Planning (800-945-4237) or the National Association of Personal Financial Advisors (800-366-2732). Interview at least three certified financial planners, and be clear about your primary goal.

--Even if ethical investing and seeking stocks with integrated management are important to you, don't lose sight of profit performance. According to the survey, blacks are twice as likely to favor socially responsible investments as whites. And 51% of blacks say the diversity of a company's management is very important when they invest; only 10% of whites feel this way. Socially conscious mutual funds tend to underperform their peers, though comparisons are difficult since many of these funds are new. The top performer, Domini Social Equity Fund (800-762-6814), returned an admirable 17.95% a year on average over the past three years. But remember: If you're going for 14% returns, you're better off scrutinizing a company's earning potential and its strategic plan than, say, its diversity. A company's work force might be black, brown and white. But the only color that pays is green.