24 Oct Pharmacist uses Hip Hop to encourage investments within urban populations
“The Pharmacist That Teaches Urban America How to Invest”
Who is Dr. Eric Patrick?
I am a pharmacist by trade, but on my platform, I teach finance courses for African Americans. I am a hip-hop head, so I use lyrics to teach about investing in stocks and bonds. Outside of that, I have a family. I am a laid back guy, who is not always in doctor mode. I’m just Eric.
Why is it important for you to teach your generation about investing properly?
I think it’s important because it corresponds with wealth. In the Black community, we look at real estate and sometimes CDs (Certificates of Deposits), which are only high interest savings accounts, but we never look at forex (foreign exchange), commodities (silver/gold), stock options, exchange traded funds ETX for short, or REITs (real estate investment trust).
I hear people say too often that they want their money now, but that isn’t always best. We veer towards mutual funds, but they are expensive! Also, it’s not really hard to invest. I get asked how to buy stocks and what stocks to buy. It’s the same with anything else, do your research. Utilize Google and Yahoo Finance; all publicly traded companies have free information posted about their finances. My goals are to expose and convey this information in a fun, relatable way that’s not so boring.
What’s the biggest misconception most have about investing?
That you have to have a lot of money to get started. I wrote a study called “Black Paper,” a manual on how to invest your first $100 with no experience. Think about your cell phone bill; half of the bill could purchase two shares of stock. I feel it’s truly about taking an honest effort to budget and invest.
On my platform, I created a workshop to help discipline my customers on budgeting. If they don’t utilize it for investing, at least they can use it for themselves in everyday life.
Any beginner advice you would like to share with someone looking to start investing, but has no experience?
Find somewhere to get sound information; of course http://www.theBmex.com is great, but there is nothing new under the sun. Take advantage of your resources! Also, pay attention to your surroundings and find out what companies own the smaller companies you shop at (in thoughts of owning shares of multiple companies). Watch the gas and see if the prices are fluctuating in any direction, up or down. Gas is determined by oil; if oil is usually 50 then drops to 40, think about the global scale. Because gas is going down, airline stock prices may go down as a result. At this point, we can begin to recognize and follow a shift in the entire market.
Due to your platform, most people know you as the Doctor of Finance in the social media realm. Would you like to talk to us about your day-to-day work in your job as a pharmacist?
I am a pharmacist at a pediatric hospital in Texas. I receive typical orders from doctors, making sure everything is safe, regulated, and that we have no recall on meds. Most of my clients are doctors and nurses instead of patients like a pharmacist at a storefront
How and where can readers keep up with your platform?
Www.thebmex.com – I have a fresh finance blog, a mixtape about investing, lessons on how to build portfolios, investing starter packs, and I sell clothing items as well. Follow me on Instagram, Twitter, and Facebook @Black_Market_Exchange.
Checkout the clip below to see Dr. Patrick’s response to the #SoGoneChallenge!
This article was written by Justin Sims, (IAMMRMENTOR), In hopes of not only inspiring entrepreneurs, but young black males to be the best and the truest version of themselves.
If you like this article and find yourself interested in more positive stories about black millennial age males, please visit WWW.IAMMRMENTOR.CO and follow him on his social media pages IAMMRMENTOR on Facebook, Instagram and Twitter.
Editing By: Ciara Dawson