I trust that today finds you in good spirits as we get ready to wrap up Black History month. 

I want to draw your attention to a young Black entrepreneur making history by trading non-fungible tokens, or NFTs. I know, NFTs have been at the forefront of the news over the last year, and for good reason. If you need a primer on NFTs, watch this 17-minute YouTube video by Johnny Harris on how NFTs work. I often go back to this video when I want to refresh myself as it’s one of the most thorough, yet simple explanations out there. 

Last year around this time, a 29-year-old Black female named Iris Nevins launched NFT studio Umba Daima, which promotes artists and educates people about how Blockchain is changing the internet. Recently featured on CNBC, Iris’s team consults and manages artists who want to build online communities for selling their work using NFTs. Artwork is the perfect item for the NFT marketplace because artwork is one-of-a-kind, and therefore highly non-fungible, or as I like to call it - non-replaceable. Nevins started Umba Daima because she has a passion for art and Black artists. Before starting her business in the NFT space, Nevins was an art collector. She views the NFT market as a means to help close the wealth gap since traditional financial institutions are rife with inequitable policies and provisions that have prevented Black people from gaining wealth. Said another way, Nevins is looking outside traditional asset classes such as stocks, bonds, and real estate to build generational wealth for herself and her community.  

If you want more info on how Black and Latinx communities are leading the charge on the crypto marketplace, I encourage you to follow some of the research by The National Policy Network of Women of Color in Blockchain. The organization’s mission is to advocate for inclusion in the crypto ecosystem while partnering with blockchain enterprises, the private sector, and institutions to promote female industry leaders building products and services on the technology. 

If you’re still on the path to generate wealth through one of the more traditional routes - home ownership - I want you to be aware that mortgage rates are at a 3-year high, and hovering around 4%. Please be mindful of how the increase in rates might affect your home buying or refinancing decisions. In the face of the potential increase in the fed funds rate, it’s hard to imagine a world where mortgage rates decrease in the coming months. As such, if you do have plans to scoop up a home, pay close attention to that rate and you might want to expedite that buying decision in the coming months!

A Wealthy Girl Corner

In celebrating President’s Day this week, I share a quote from America’s first Black President, Barack Obama: 

“We need to internalize this idea of excellence. Not many folks spend a lot of time trying to be excellent.” 

Whatever your wealth goals are this year, I encourage you to pursue them with the excellence they so deserve.