Whats going on everyone? It’s time for another side hustle series post. In today’s installment, I interviewed Dr. Eric Patrick owner of the Black Market Exchange. This brother knows about investing.
Dr. Eric Patrick is a Certified Financial Educator also known as the “Hip-Hop Stock Doc.” He uses hip-hop and modern media to teach urban millennials how to invest with his company Black Market Exchange. He believes that music is a universal language and when coupled with everyday ideas and tasks, investing can seem a lot easier than it appears. Eric is also a registered pharmacist in Dallas, TX.
How did you come up with the idea of the Black Market Exchange?
After sharing some investing moves and tips on social media, I figured why not create a platform for people of color to come to and learn more about investing. People ask me, “Is it just for Black people?” I think that also has to do with the word being in the name. I tell everyone that it was created for Blacks out of need; however, everyone wants to be in the black financially, so the information applies to all ethnicities. I originally wanted to call it Black Market because that’s where people go to get something they couldn’t anywhere else, but I didn’t want that negative connotation. I also didn’t want it to get lost in search results. So I named it Black Market Exchange. It deals with the stock market (think stock exchanges).
How long has the Black Market Exchange been around?
I officially launched the first BMEX website back in December 2014 with 2015 being a big filler year. The site you see now was launched in February of 2016 and has done wonders for helping my audience in conjunction with social media. I’m glad you never saw the first few drafts, lol. They were good…at the time, but BMEX has definitely grown since then.
Where do you see the BMEX in 2-3 years?
I see it as a major partner media outlet such as HipHopDX and Complex. A big goal of mine is to push the movement with artists like Nipsey Hussle and Nas because they consistently speak of money and ownership in their lyrics and interviews. In addition, I want to create some type of online network blending elements from CNBC and Fox Business with Rap City (for those that remember).
I love the hip-hop aspect of your business. Do you think the younger generation gets a better understanding of stocks because of that?
Definitely! I get emails and messages all the time about how much people like the delivery of the content. Music is a universal language, and you can’t go to any sporting event without hearing hip-hop music. You may have heard of “trap yoga” and “trapscat.” This is just “trapvesting.” Lol.
You also design shirts. How did you come up with the “Money Stack” design?
I’ve seen this design numerous times with different themes, especially within the Black and entrepreneurial communities. I knew it would be good to use a design that was familiar but makes it my own at the same time. People feel economically empowered and want to look the part as well.
Did you have any obstacles when starting the BMEX?
I want to say no because I just put it out there. But of course, there were as I look back. Some said the hip-hop thing wouldn’t last, but we’re still going strong two years later. The biggest challenge was actually time. I’m a full-time pharmacist, so having a 5 to 9 to go with my 9 to 5 is time-consuming. I had to learn about automation, online software, and productivity tools. It’s more to BMEX than just talking about stocks that’s for sure.
What is one piece of advice that you would give someone that is thinking about starting a side hustle or side business?
I always take the Nike approach. Just do it. Someone will pay you for something, you just need to find out what that is. I have a guide talking about ten steps to starting and growing a side hustle. The first two steps are the most important to finding out what your side hustle(s) is. I’d love to share it with your audience. They can grab it here.
How can people get in contact with you?
They can simply visit my website at www.thebmex.com to reach out and connect to all my social media accounts.