Understanding Systemic Oppression and Solving the Marketing Problem|Julien and Kiersten Saunders from rich&Regular - a podcast by Cody of Fly to FI and Justin aka Saving Sherpa
from 2020-06-02T19:06:48
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 mindsetThis was during the crack era in 1980's Brooklyn
He knew that money existed but never saw it in real lifeThis led him to believe he could never be rich
Kiersten's background was very different
She grew up in the suburbs of AtlantaKiersten 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 lifeHe says these people would always push him further
In 2005 he was graduating from Georgia State University and spending time in EuropeThis 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 PanamaJulien expected they would really cut back on spending after returning
His focus was on getting the credit card back to zeroKiersten was on a totally different page
She wasn't looking to slow down spending
This caused some friction but obviously they got through thatKiersten realized she just always had income coming in so she felt like there was always more
Wealth Disparity of the Black CommunityJulien highlights the median net worth of black members of the Boston community
The median net worth at the time was $8He talks about the problems society we will see as this gap grows
He cautions that there will be violence and crime as people get restlessJulien 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 HelpKiersten urges people to support black-owned business
She talks about how this allows you to vote with your dollarThis 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 businessNo 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 thousandsHitting 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 activismResonating with the Black Community
Talking about the FI path in a non-linear wayOften times people of color don't have the benefit of predictability
Then we talk about the book The Real Pepsi ChallengeIn this, it's highlighted that black people aren't just white people with darker skin
The experiences and interests there are just differentYou 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 waysJulien 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 PublishedThey didn't expect to be writing a book this soon
This process has involved agents and a writing coachThere 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
Further episodes of The Financial Independence Show
Further podcasts by Cody of Fly to FI and Justin aka Saving Sherpa