Episode•March 28, 2024•15 min

Creating a Community for Black Women Investors with Schelo Collier | Ep. 312

In this episode of Money Talk With Tiff, Tiffany Grant sits down with Schelo Collier, the founder of Black Women Invest, to discuss the initiative's origin and importance. Schelo shares her journey of being laid off from her dream job and realizing the need for financial independence. They delve into the topics covered by Black Women Invest, the resources available, and the diverse range of levels catered to within the community. Schelo also provides insights into the business side of starting and growing the community and offers valuable advice for entrepreneurs. Tune in for a dynamic conversation about financial empowerment and the power of community in guiding individuals toward financial success. About Our Guest Schelo Collier has a background in finance and real estate investing. After years of witnessing the underrepresentation of Black women in the investment space, she knew it was time to scrap the idea of finding a seat at the table—it was time for Black Women to build our own table! Prior to starting BWI, Schelo built her career in real estate investment. In a former role, she traveled across the country, helping thousands of investors build their real estate portfolios. Schelo also snatched her first investment property at the age of 24 and has since helped hundreds of members in BWI learn how to invest in real estate and stocks to build a diversified portfolio. Connect with Schelo Website: https://www.blackwomeninvest.com/ Instagram: @investwithschelo Facebook: Black Women Invest Connect with Tiffany Website: https://www.moneytalkwitht.com Facebook: Money Talk With Tiff Twitter: @moneytalkwitht Instagram: @moneytalkwitht LinkedIn: Tiffany Grant YouTube: Money Talk With Tiff Pinterest: @moneytalkwitht TikTok: @moneytalkwitht Timestamps [00:00] Lost dream job spurred financial independence journey. [03:09] Creating a community for black women entrepreneurs. [09:29] Chapters cater to all with varied resources. [10:48] Enthusiastic endorsement of a diverse community for investors. [13:59] Weekly podcast on financial advice and tips. Key Themes Black...

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Key Takeaways

1
Financial independence requires moving beyond saving and budgeting into active investing
Schelo realized she was still dependent on a paycheck despite her expertise in real estate investing
Many existing resources focus only on saving/budgeting, leaving a gap for those ready to multiply money
Black women specifically need targeted education since they retire at lower rates than others
2
Community and accountability dramatically improve investing success
Joining a community prevents falling behind or abandoning courses
In-person chapters and online membership provide different touchpoints for support
Having a 'sisterhood' helps members stick to financial goals similar to Weight Watchers groups
3
Build your own table rather than seeking a seat at someone else's
Schelo witnessed underrepresentation of Black women in investment spaces during her travels
The community started as a way to find friends who looked like her and shared her interests
BWI now serves as a full business helping hundreds of members invest in real estate and stocks
4
Start communities with free tools before investing in paid platforms
BWI began as a free Facebook group and remains free as the primary touchpoint
Schelo advises entrepreneurs: 'You don't need any fancy tech... until you start making money'
Transitioning to a dedicated platform is happening now to accommodate non-Facebook users

Intro

Tiffany Grant interviews Schelo Collier, founder of Black Women Invest, about creating a community for Black women seeking financial empowerment through investing education.
Schelo Collier has a background in finance and real estate investing. After being laid off from her dream job, she founded Black Women Invest to address the underrepresentation of Black women in investment spaces. She snatched her first investment property at age 24 and has helped hundreds of members build diversified portfolios.

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– Origin Story: From Layoff to Launch

Schelo shares how getting laid off from her dream job became the catalyst for Black Women Invest. Despite helping others build real estate portfolios, she realized she was still dependent on a single paycheck.

I realized that one, I was very dependent on the income. And I also realized that I never wanted to be in that position again, where someone basically told me where my money was going to come from.
– Schelo Collier

When searching for investment communities, she found mostly saving and budgeting groups, revealing a gap for those ready to multiply their money.

– Why Target Black Women Specifically

During her previous role, Schelo traveled and noticed investment education rooms were dominated by white men and older demographics. She wondered, 'Where are the Black women who share this interest?'

It was a no-brainer for me to target this. And in all honesty, when it started, this community was really formed so that I can create, so I can make friends, basically.
– Schelo Collier

What began as a personal search for community evolved into a thriving business serving Black women investors nationwide.

– Topics Covered: Investing Beyond the Basics

Black Women Invest covers stock market investing, real estate investing, and retirement planning. Retirement education is emphasized because 'Black women specifically are retiring at an even lower rate than others.'

The community offers programs for all skill levels, from beginners to those with existing foundations who want advanced training like conferences and masterminds.

– How to Get Started: Two Key Recommendations

Become a member of the community (in-person chapters or online membership) for accountability and connection

Seek investment knowledge by assessing current position and goals, then choosing appropriate programs like conferences, real estate tours, or courses

– Accommodating All Experience Levels

Chapters welcome members at all stages. Monthly meetings feature professionals offering resources for various experience levels. Online programs allow members to self-assess and select appropriate training tiers.

There's really a place for everyone.
– Schelo Collier

– Building a Community: Business Insights

BWI started as a free Facebook group, which Schelo recommends for new community builders. She advises using free tools until revenue begins, then transitioning to dedicated platforms for better focus and organization.

You don't need any fancy tech. You don't need to pay for anything just yet until you start making money.
– Schelo Collier

Resources

Topics

Black women investingFinancial independenceReal estate investingStock market educationCommunity buildingRetirement planningEntrepreneurshipInvestment educationAccountability groupsWomen in finance