Allow your money to work for you.

Financial experts Carter Cofield and George Acheampong are bridging the gap in financial literacy among Black entrepreneurs and professionals. Through their platform, Melanin Money, they aim to close the $100 billion wealth gap and help their users achieve their first seven-figure net worth, its website notes.

As AFROTECH™ previously reported, the platform launched as an e-commerce brand but scaled into a financial social network in 2017. It offers courses on personal finance, wealth building, and entrepreneurship led by educators. In 2024, these workshops reached 20,000 people.

“We decided to create this hybrid educational model where every other month we’re basically doing a virtual conference where people who may be not in a position to hire an advisor or are curious if an advisor is right for them, they get to learn our top strategies over the course of five days,” Acheampong said on the “Black Tech Green Money” podcast, which AFROTECH™ Brand Manager Will Lucas hosts.

To get started on the platform, Melanin Money requires users to take a wealth health assessment. Through its technology, users can improve their scores and gain access by joining its club. In 2024, the platform aided its clients in increasing their net worth by more than $100 million.

“I think in 2024, we helped our clients increase their net worth by over a hundred million dollars, and we got to celebrate with them at the award show,” Cofield said on the podcast. “So I think it’s just taking money from being a taboo topic, and what Melanin Money is doing is taking it and making it something that’s worth talking about and something that’s worth celebrating.”

Beyond the platform’s impact, the founders also tackled existing taboos, such as allowing money to sit in a bank account. While it may seem impressive to have $5,000 in your account, it will lose its purchase power each year.

“Even though it seems safe and you can look at it, you can touch it, and it doesn’t decrease unless you withdraw every year, the money that you have in your bank account is going to have less purchasing power in the following year,” Acheampong explained. “And so you’re losing the ability; it’s costing you more to live as time goes on. The reason why wealth is not created in the bank is because you’re quite literally losing wealth due to inflation when your money is in the bank.”

Instead, it’s suggested that earnings be invested in hopes of outpacing inflation. You don’t have to work to become the cream of the crop in the investment realm; instead, pay close attention to where successful investors are placing their dollars and do the same.

Their philosophy, known as the Burger King Investment Strategy, is a prime example.  McDonald’s invests millions to determine the most profitable locations for its restaurants. Then, Burger King follows suit, placing its locations nearby, banking on the fact that if McDonald’s deems an area profitable, it likely will be for them as well.

“Fast food is fast food.’ Burger King knows that somebody’s going to be running late for work, and even though they want that McGriddle, they are going to settle for the French toast sticks at Burger King,” Acheampong explained.

The idea is that if companies with millions—or even billions—at their disposal are using this strategy, you can apply the same approach to your investments.

He later added, “So if you just copy the right cat…And you just close your laptop and don’t do anything else for the next 12 months on average…Your money would’ve made you nearly 25%. And so that’s step one, just not trying to be an investing expert and look at the charts, just copy the right cat. You need to focus. If you are going to focus some time on something, focus your time on figuring out how you can invest more than $5,000 IE, how can become more valuable to the marketplace to have more disposable income to invest versus trying to become a world-class investor.”

To check out the full podcast episode click here.