The huge disparity is wealth between the proverbial 1% and everyone else is a huge social problem, but no less egregious is the wealth gap between white families and Black families in the US. As recently as 2019, on a per capita basis, the average white person had six times more wealth than the average Black person, and the pandemic probably expanded that gap. Social Currencies is a black family-owned business, founded by Dr. Tamarra Allen, Markus Turner, and Alexander Turner, that is tackling the wealth gap by helping both black and brown families to start family-owned businesses and invest their profits.
It’s often said that startups need to offer a solution to a problem, and the wealth gap in America is as big a problem as anyone could try to solve. We asked the founders of Social Currencies about their business goals, what they offer clients, and if they are daunted by the historical reasons for their wealth gap they are working to bridge.
Grit Daily: In the press kit I was given to prepare for this interview it says you created Social Currencies “to help average people” to control their finances, and on the top of your website it says “discover how we help & empower the top 1% investors.” Those two different groups of people. Who are your clients?
Social Currencies: So, we actually help black and brown entrepreneurial families build true wealth by coaching them on how to create a family business. Our ideal client is black and brown entrepreneurial single parents with children who want to leave a legacy for their children.
Grit Daily: Please explain your F.I.D Formula.
Social Currencies: Our FID Formula teaches our members and students How To Fund, Invest & Diversify their portfolios. As a result our members learn how to gain access to unlimited funding through good credit, then they gain a premium skillset via investing, and show them hours to create and scale their business via diversification.
Grit Daily: Your vision is to help 1,000 minority families generate an extra six-figures within one year of learning the F.I.D Formula. How is it going?
Social Currencies: The vision to impact 1,000 black and brown families are going very well. We have helped 3 people generate an extra 6 figures per year & 18 people generate an extra 5-figure per year so we are on the way and super excited to impact even more people.
Grit Daily: Most of the household wealth in the US comes from the slow, steady process of buying a house and accumulating retirement savings. How do those figure into your coaching?
Social Currencies: One of the biggest things that we talk about in our family business is investing i.e. retirement accounts, trusts, life insurance, savings &, etc. So, we like to make sure that everyone is aware of everything that involves how to budget and leave a legacy for our families.
Grit Daily: You website says “We will educate you on how to fully break generations’ poverty by teaching you unlimited passive income strategies.” It seems to me, admittedly as a white guy, that the wealth disparity between white and black families is no accident – enslavement, Jim Crow, job discrimintation, housing discrimination, and red lining were all deliberate efforts to impoverish black people, and mass incarceration has had the same result, whether intended or not. I don’t even know exactly what my question is, except that it seems a lot to ask people to overcome all that in a single generation. Is it?
Social Currencies: We are the last people to get any information for generations. So we know that it needs to start somewhere. We know that if we can plant the seed in this generation and impact as many families as possible that we will have a lasting legacy, throughout multiple generations. For example, if we impact 1 family in this generation then we know that it will impact multiples afterward.
Grit Daily: The internet has created big opportunities for launching a business without much capital, affiliate marketing being one example, yet the internet is also full of scams, (see “cryptocurrency”). How do you teach people to tell one from the other?
Social Currencies: We do not entertain scams but what we do to make sure that our information is legit, is to show our results to not only us but our students. We also have millionaire mentors and are connected with heads of companies to make sure that we are giving truthful and accurate information to our people.
Grit Daily: Are there any points you want to make that I haven’t asked about?
Social Currencies: If anybody wants to get in contact with us or get more information on what we do to create a true legacy for their families then you can follow us on Instagram or book a call here with us HERE.