In the Part I of this interview, we sat down with four ex-roommates who built one of the fastest-growing Instagram accounts on the internet. But there’s more to the quartet than going viral.
“We want this to go down in history as the movement that changed the narrative of Black people in America,” Jared Spiller, one of the co-founders, said in Part I.
We’re of course talking about the founders of @BlackWealthRenaissance.
Ex-roommates in college, Jalen Clark, David Bellard, Jared Spiller and Kelly Rhodes started this as a passion project; they’ve since grown this 209K+ followers in about a year, with one of the most engaging audience on the ‘Gram.
In part II of this Q&A, the four co-founders expound on their mission to change the “narrative of Black people in America,” why social media is important and what lies ahead.
(Editor’s note: This interview was done by WealthLAB editor-in-chief/real estate developer Philip Michael.)
How are you using social media — and why?
David: We mostly are using social media to build a platform that we feel is needed to highlight the people in our culture showing that what we are talking about is real—and attainable—if you are willing to put the work in.
Why does this work?
I feel like it’s been effective because it provides a mix of motivation, education, and culture in a way that is true to the message of normalizing black wealth and the conversations around building wealth.
As one of our friends told us its like The Shade Room but for financial literacy. (Laughs.)
I can see that! What say you, Kelly?
Kelly: Social media to me is not just an app, it’s a powerful tool that we can use to help network with people across the globe. I think for Black Wealth Renaissance we really started to grow when we used videos, because our videos consisted of people that are looked at as wise in the African American community such as Jay-Z, Oprah, and Will Smith.
This helped people relate because its someone that looks like them and someone coming from similar background who we deem as financially successful. It allows African Americans to dream which turns into goals motivating us to achieve similar success.
And that’s so much easier to spread on IG, I take it?
Jalen: We are using social media the way it was created and intended to be used. We are networking across the country and globe with people we would never had the opportunity to meet if it were not for social media. We are using it to spread positive messages and show the masses what is actually possible with self control and will power.
We are also shining light on parts of the culture the media does not shine light on. We are showing [black] entertainers that are doing work within their communities; that are giving back and making a difference for those that have less.
We are able to mix personal finance tips with memes and topics that are related to the average person thats the reason I believe it has been effective.
You guys talk about real estate quite a bit; that’s how I found your channel. So why real estate in the wealth-generation conversation?
David: We’ve all heard the quote that 90% of millionaires were created through real estate and one of our main focuses is generating wealth for future generations. So real estate is something we promote because it is one of the best ways to accomplish those goals. There are so many different ways to get in and win in real estate, it really all goes back to an abundance mindset.
Love that. I talk about that all the time. Wealth is really a mindset more so than a “tactic” that will work for you. That said, real estate is the pillar of every millionaire and billionaire’s portfolio.
Kelly: Yes, most millionaires own some part, or have some stake in real estate. Real estate is relatable to most people because everyone has a home whether you are renting or actually own your own home you can relate.
In my opinion, if 90% of millionaires made their money in the stock market it wouldn’t be as popular as real estate because it’s not something that your every-day person would be able to relate to.
Real estate is something everyone is already apart of and owning property could be as simple as owning your own home. Plus there is thousands of ways to make deals and structure deals to get into real estate.
Jalen: Real Estate has always been something in my mind as a young child. I wanted to own land for some reason but once we realized the benefits and advantages of owning real estate, it was solidified that this is something we need to do.
What are the benefits to real estate, in your opinion?
Jalen: Land is not being produced anymore so it’s going to constantly appreciate over time. There’s tax advantages to owning land. Lastly real estate is the foundation to building and creating wealth it’s not the end all be all but it definitely gives you the freedom to start focusing on different streams of income.
What’s the main thing you’d like to change and/or impact with BWR?
David: I would like to change black people’s perception of wealth and understanding of money—the process of acquiring it. From my experience, too many of us sum it up to a person “getting lucky”—and that’s just not the case.
By understanding the principles used to acquire wealth, we can spark a necessary change in our community. It has been predicted that the net worth of the black family is expected to be $0 by 2053.
And that racial wealth gap really comes from not owning real estate.
Yes. And that’s in my lifetime. So I want to do everything in my power to ensure that this doesn’t happen—and the best way to accomplish that is through education.
One of our major goals is to teach financial literacy to the youth so that they can avoid some of the pitfalls and mistakes that we’ve made on our own journeys.
Kelly: I would like for Black Wealth Renaissance to change, or at least create a movement, on a mindset that black people can actually achieve financial success without rap or going to the [NBA]. I want African Americans to understand that it’s OK to be an entrepreneur—and that you can become very successful doing it.
I just want at least one person to say hey those guys at Black Wealth Renaissance changed my perspective on money and I actually learned how to become financially literate. That in my opinion would be my ultimate success.
You, Jalen? What do you want to impact?
Jalen: One thing I would like to change or impact in my life time is the idea that the only way to obtain wealth with in our community is through becoming an athlete, a rapper, a drug dealer or anything else we have been stereotyped for.
I also want us to love and embrace our communities; we need to respect and take pride in where we are from. There’s no reason the “hood” should look run down. Just because we are not getting funding from the government does not mean we have to live in the worst possible conditions. We need to “beautify” and keep our neighbors clean.
I want to impose the will and spirit of self love within our community and teach our people how to love one another with compassion.