Hi Stanley, welcome to Fintech Interview Series. Please tell us about your fintech journey so far.
I like to view my fintech journey as a personal one. It really began from wanting to start investing in the stock market back in 2020. I struggled for like a month to find reputable sources and just figure out the learning curve of how to day trade. It wasn’t until I fell across an investing group of 1,000 members on a slack channel where I started to see the value of investing with a community. I was able to make money with the group but it made me curious to how many more communities like this existed? The answer was thousands and they all varied on different platforms like Discord, Telegram, Whatsapp, Reddit and so on.
I didn’t grow up learning about investing. In previous generations – Traditionally in black and brown households we are conditioned to believe we could save enough money to build generational wealth but the truth is, you have to invest in yourself in more ways than one. The medium stock ownership in white households compared to black is roughly 180,000 to 24,000.
When the idea of Renavest came about, I began to get excited about creating equitable opportunities for the next generation and making it easier to discover and find resources that were a struggle for me to access for years. I finally bought my first stock at 30 years old. That’s a little too late compared to my friends that were taught and made plans to own stock when they were teenagers.
I went from not knowing anything about investing to day trading every day and diversifying my portfolios and personal finances. By building Renavest, we create a marketplace of aggregated communities focused on financial literacy and investing, making it easier to discover and vet these communities that will help anyone get one step closer to obtaining financial freedom.
Please tell us something about your company Renavest. What services does it provide?
Our marketplace app helps new & experienced investors find any chat community, vetted professional or influencer best suited for them.
By aggregating social investing and financial literacy communities on one platform, we make it easy to discover and vet through crowd sourced reviews that will help anyone get one step closer to obtaining financial freedom, all while having access to market trends and personalized files and content.
Can you explain a little the organic concept of “financial freedom”?
The concept of financial freedom is honestly subjective and varies from person to person. For some, it may mean having enough savings to retire early and pursue their passions.
For others, it could involve having sufficient income to support their desired lifestyle or being debt-free. It’s the opportunity to do what you love, what you’re passionate about without being stressed by financial barriers that could stop you from doing so. It also doesn’t have to correlate to extreme levels of wealth but instead having the freedom to choose how to allocate your time.
Also Read: Global Fintech Interview with Manish Bhai, Founder and CEO at UNO Digital Bank
How can AI help aggregating financial literacy? What can be the probable strategies?
AI has the potential to impact financial literacy for people in a positive way by making it more accessible, personalized, and engaging. By leveraging AI technologies, individuals can enhance their financial knowledge, make better financial decisions, and ultimately work towards achieving financial freedom. Real examples could be chatbots, virtual assistants, an optimized search or personalized financial planning.
Is predictive analytics possible for the stock market? If yes, can you name a few.
Yes, It can be applied to the stock market to analyze historical data, identify patterns, and make predictions about future stock prices and market trends. With that being said, that takes time, years to be really good at it and a proven track record considering how unpredictable the stock market can be year after year.
Data collection, analyzing market trends, economic conditions to name a few.
How is AI contributing towards the Digital Payments space and in other relatable industries that you plan to dive into?
AI has made significant contributions to the digital payments space from enhancing efficiency, security, and customer experience which is a favorite; voice activated payments and transactions.
Also Read: Global Fintech Interview with Kevin Doerr, Chief Product Officer at DailyPay
What investment advice would you like to give to our billions of investors out in the market for 2023-2024?
Practice risk management, even if you’re an experienced investor. Sometimes you have to scale back to regain consistency, confidence in the market. High returns come with higher risk a lot of the time. Diversify your portfolio and consider long term strategies. A couple things I wish I did more of when I started investing.
Thank you, Stanley! That was fun and we hope to see you back on globalfintechseries.com soon.
[To share your insights with us, please write to sghosh@martechseries.com]
Stanley Rameau is a creative enthusiast who merges the intricate details of life into my visions as a fashion designer and tech founder.
Launching a fashion brand Paul Rameau in 2019; in honor of his father’s passing to myeloma; his creativity stems from my commitment to unlocking untapped potential. In all the projects he inspire others to take on the risk and embrace any journey that leads to recognizing one’s best self.
From features in the Boston Globe & Boston Magazine, his goal is to help progress the narrative of black creativity and entrepreneurship in Boston. April 2022, we launched Renavest, a marketplace for chat communities, focused on financial literacy, investing and building businesses.
Renavest is a marketplace that helps new & experienced investors find any chat community, influencer or vetted professional best suited for them.
