Today's episode features Julien and Kiersten from Rich & Regular.
The name is a play on Rich & Famous where they talk about how they never want to be disconnected from regular people.
They share their personal and professional journey. Julien and Kiersten also share the unique challenges that face the black community and wealth-building.
Most people can think of white people who are wealthy but not famous, yet when we think of black wealth, we conjure names like Oprah, LeBron, or Obama, and Julien and Kiersten want to show that it doesn't have to be that way.
Listen, learn, and let us know what you think about this incredibly important topic.
Episode Summary
Julien and Kiersten's Background
Julien grew up with a scarcity mindset
This was during the crack era in 1980's Brooklyn
He knew that money existed but never saw it in real life
This led him to believe he could never be rich
Kiersten's background was very different
She grew up in the suburbs of Atlanta
Kiersten says she was comfortable and never worried about money
Julien credits mentors at all stages of his life for his ability to make it in life
He says these people would always push him further
In 2005 he was graduating from Georgia State University and spending time in Europe
This trip changed his world view and made him realize what's possible
Difference's in Spending Come to a Head
Julien and Kiersten go on a vacation to Panama
Julien expected they would really cut back on spending after returning
His focus was on getting the credit card back to zero
Kiersten was on a totally different page
She wasn't looking to slow down spending
This caused some friction but obviously they got through that
Kiersten realized she just always had income coming in so she felt like there was always more
Wealth Disparity of the Black Community
Julien highlights the median net worth of black members of the Boston community
The median net worth at the time was $8
He talks about the problems society we will see as this gap grows
He cautions that there will be violence and crime as people get restless
Julien also quotes a study that project the median net worth of black families in the U.S. will be $0 by 2053
How Do We All Help
Kiersten urges people to support black-owned business
She talks about how this allows you to vote with your dollar
This also trickles down to other families
She says that for any product you can buy at a big store, you can probably buy from a black-owned business
No FIRE Number
Julien doesn't find a lot of value in focusing on a FIRE number
Kiersten jokes that it has bounced around by 100s of thousands
Hitting that number wouldn't radically change how they operate
They're very motivated to keep that number climbing
With this money, they can make more of an impact on social activism
Resonating with the Black Community
Talking about the FI path in a non-linear way
Often times people of color don't have the benefit of predictability
Then we talk about the book The Real Pepsi Challenge
In this, it's highlighted that black people aren't just white people with darker skin
The experiences and interests there are just different
You wouldn't market to a mother of three the same way you would to a man with no children
So it should be familiar that different people need messages in different ways
Julien and Kirsten feel like they're meeting people where they are and speaking to people who haven't been spoken to
Rich and Regular Get Published
They didn't expect to be writing a book this soon
This process has involved agents and a writing coach
There were 13 different versions as they tried to pull this together
Julien describes it as part financial love story, part financial inspiration, and part an invitation to the black community to come to join the FI movement
It is also targeted to help couples get on the same financial page.
Key Takeaways
Vote with your dollar: You can make a direct impact with who you do and don't support with your hard-earned money.
Gas Tank Analogy: We often feel like we have to hit our FI number before we can make these decisions but imagine if we wouldn't drive our car unless we had a full tank of gas?
Call to Action
1) Support business owners and entrepreneurs in the black community 2) Make your workplace or organization more inclusive and open 3) Speak up! Nothing gets solved if it isn't brought to light.
Join the Community
We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community!
Sign up for our exclusive newsletter
Join our Facebook Group
Leave us a voicemail
Send an email to contact [at] TheFIshow [dot] com
If you like what you hear, please leave a rating/review!
The FI show on iTunes
The FI show on Android
Check out our Partners
Sign up to Proptech Conference for a Cause hosted by igloohome. Your ticket fee will be donated to Team Rubicon for Covid-19 relief efforts.
Julien and Kiersten's Information
Website - Rich and Regular
Twitter - Rich and Regular
Instagram - Rich and Regular
Learn More About Your Hosts
Fly to FI (Cody’s Blog)
Saving-Sherpa (Justin’s blog)
