Amara La Negra Has Plans To Become A Real Estate Mogul And Wants To Help Latinas Cultivate Generational Wealth
Photo via Getty Images
Post-COVID, Amara La Negra the singer has reintroduced herself as Amara La Negra the businesswoman. Like many of us, Amara La Negra did some soul-searching during the pandemic. After some thought, she realized she no longer wanted to rely solely on the music industry to pay her bills. So Amara La Negra decided to get educated about her financial future. And now she wants to help others do the same thing.
Last Monday, Amara La Negra announced that she has plans to become a real estate tycoon. The “Love and Hip-Hop: Miami” star has launched Amara Residencies, a luxury property in Samaná, Dominican Republic.
The lavish building has 48 apartments and 12 penthouses. Some units will be available to rent via Airbnb and others will be available for long-term rent.
Amara explained to Essence that during COVID, she recognized that she wanted to break their family’s cycle of poverty and cultivate generational wealth. “We know that the entertainment industry is like a roller coaster, sometimes you’re up, sometimes you’re not,” the “Love and Hip-Hop: Miami” star told Essence.
“That’s why during the pandemic, I decided to not put all my eggs in one basket, do my research, do a little bit of homework,” Amara La Negra told Essence. “I’ve always been curious about real estate. I’ve always been a big believer in generational wealth. I don’t come from it because I come from a very poor family. So I wanted to break that generational cycle and be like, ‘Well, then I’m going to sacrifice. I’m going to learn.’”
According to Investopedia, generational wealth refers to “assets passed by one generation of a family to the next.”
For marginalized communities like Latinos and African Americans, institutionalized racism in the form of redlining and mortgage discrimination have prevented them from owning real estate. Not to mention, Latinos are less likely to be financially literate than white Americans are.
Because Latinos are less likely to own property than white Americans, Amara La Negra is passionate about educating Latinos — and especially Latinas — on financial literacy.
“I do everything possible to encourage people — women and Latinas especially — to become financially educated; to not just think about today but to think about tomorrow,” she explained to PopSugar Latina. “You’re young, you’re pretty, and you might feel youthful now, but 20-30 years from now, you might not have the same energy.”
Amara wants Latinas to know that investing in real estate when you’re young will help you be financially secure down the line.
“…You’ll have that money somewhere [rather] than if you were just spending hard-earned money on a Birkin bag or expensive things that are trending because that doesn’t add any value to your future,” she said to PopSugar Latina.
Amara La Negra is also proud of her real estate venture because she is generating income for her home country. Amara La Negra is investing in Samaná — an area largely unknown to tourists. The area holds a dear place in her heart, as her mother was born there and her entire family is from there. “I’m bringing new job opportunities and I’m bringing tourism to my country as well,” she told PopSugar Latina. “I’m very proud of that.”
