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How To Inspire And Create 100,000 Millionaires Of Color?

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How To Inspire And Create 100,000 Millionaires Of Color?

Martin Braithwaite, a soccer player for FC Barcelona, and Philip Michael, author of “Real Estate Wealth Hacking: How To 10x Your Net Worth in 18 Months,” are the founders of NYCE Companies, an organization that offers shares of real estate investments through IPOs, and a new app that will help democratize real estate investing.

What Is Happening? The development comes alongside disparities in social and economic justice amongst different classes and demographics.

“A lot of the issues you see in America are really manifestations of classism," Michael told Benzinga. "And the lower rung of the economic hierarchy has been inhabited by black and brown people."

As part of an effort to help inspire and create 100,000 millionaires of color, the two founders recently filed for a $50 million real estate IPO that will launch on Nasdaq’s marketplace services platform. The overarching goal is to offer stock in real estate opportunities when the firm’s app launches in September.

“The wealth travels through the black community,” Michael said. “Simple shifts in individual behavior could reduce the wealth gap we have today.”

How Does It Work? Simply put, NYCE’s app is a holistic way to invest in real estate.

“The vision for our app is to be the Robinhood of real estate allowing micro-investors to buy into real estate for $100, or even as low as $10,” Michael told Benzinga. “Both through our own portfolio, but also through the major properties users will invest in through our platform.”

The broader goal shared by the founders, however, is to create a movement, backed by awareness around the importance of investing among minorities and younger generations.

“We’re on track to hit $1 billion in AUM,” the co-founder said. “Our goal is to be the largest minority-owned asset manager, through our app, in the next 36 months. I believe the app, as well as our growing community, helps us accomplish that.”

Thus far, with no marketing, the company has secured over 500 micro-investors since May, and over $460,000 in investments from 96% first-time investors of color.

“One investor pledged $1.2 million, though that has yet to clear,” Michael added.

To learn more bridging the socio-economic divide with real estate investing, visit 100Kmillionaires.com.

NYCE Companies Courtesy Photo.

 

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