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Being in the NFL shifted Brandon Copeland’s perspective on money. Entrepreneur reports Copeland was raised in an environment that supported his journey in sports as a child. However it came because his mother chose not to spend money on extras like soda from a fast food restaurant or candy at the store. His understanding of money would be shaped while he attended the University of Pennsylvania’s Wharton School of Business and interned at Union Bank of Switzerland, but it was further strengthened when he signed on to play for the NFL’s Baltimore Ravens in 2013. The league’s Players Association informed him about benefits that include a matched 401(k). “I had to make it to the Baltimore Ravens to learn what a 401(k) is,” Copeland told the outlet. “This is a tool that most people who interact with an employer may have the ability to use, but who taught my mom about a 401(k)? Who taught my brother about a 401(k)? Who taught anyone I love about these things that are just real facts of...
Founders Olajuwon Ajanaku and Earl Cooper are shaking up the golf sector. As previously mentioned by AFROTECH, the Morehouse College graduates behind Eastside Golf kicked off 2024 with stellar news, raising $3.4 million in a funding round led by EP Golf Ventures. The investment is based on a partnership with the Professional Golfers’ Association of America (PGA) and Elysian Park Ventures. The funding will support the founder’s plans to expand their team in light of their New York City, NY, headquarters. Before this, it was announced that the company generated $4 million in annual revenue after initially generating $100,000 within its first year. Reflecting on their growth, Ajanaku shared with AFROTECH, “I feel like the progress that we made last year, the people that we have to hire, processes that we have to put all together, but we clung to that last year, we’ve come so far. It’s honestly remarkable, and I get a chance to run a business with my best friend, and we get to influence...
When people think about building wealth, many are drawn to the immediate gratification that they may see via social media, celebrities, etc. And many are consistently looking at diverse ways to increase their current worth, from earning a top salary, strategically investing, to starting a business or side hustle. And rightfully so. Today’s job market and economy are in flux. With major layoff announcements occurring almost weekly, earning all you can seems to be at the top of people’s minds. Considering the aforementioned, having a wealth building plan is crucial to the pathway towards building and maintaining financial wellness that leads to creating generational wealth. It all starts with developing positive savings habits and learning how investments and insurance can be wealth-gaining tools, providing security for the future – for yourself and for those you love. What is important for many is breaking down the stigma that financial health and generational wealth are only...
Black people have a long and complicated history with wealth. From free labor imposed by the shackles of slavery to the systemic challenges that still create hindrances to wealth accumulation, the complexity of money has become a pervasive norm for those in BIPOC communities. While there are countless examples of individuals who break down the barriers to accumulating wealth, there is still a hesitancy and trust with how Black people, particularly, deal with and invest their coin. Antiquated saving and investing methods, like a traditional corporate-sponsored 401k plan, still work. However, with the entry of digital currency and the technology of non-fungible tokens (NFTs), the options for investment are becoming more broad and accessible.
Lendtable — a Black-led fintech startup — has raised an $18 million Series A funding round led by O1 Advisors with other participants including SoftBank’s SB Opportunity Fund , Valor Equity Partners, and the CEOs of Complex Networks and Social Finance, Inc (SoFi), Socii Capital and Streamlined Ventures. Founded in 2020 by former Dropbox product managers Mitchell Jones and Sheridan Clayborne, Lendtable offers cash advances to allow employees to take full advantage of their 401(k) match all at once without needing to use any of their own money. Once their money has been vested, the San Francisco-based startup takes a portion of the profit earned. Jones and Clayborne were inspired to solve the problem of underutilized 401(k) matching by their own families’ financial struggles. “I’m obsessed with trying to help people save and invest their money. I come from a lower-middle-income Black community in Dayton, Ohio,” Jones told AfroTech. While an undergraduate at Yale Unversity, Jones...
Last month, NIKE, Inc. announced a $40 million commitment to support Black initiatives in the fight against racial injustice over the next four years in a formal statement . Today, they continue their dedication by donating a $1 million grant to Black Girls CODE. Excited to announce that as part of @Nike 's $40M, four-year commitment to fight systemic injustice, the brand has donated $1M to support @BlackGirlsCode ! It's an honor to be recognized alongside @NAACP @NAACP_LDF two organizations driving impactful change. https://t.co/HsOuNKYtat pic.twitter.com/BlidQOa0iT — Black Girls CODE (@BlackGirlsCODE) July 29, 2020 Black Girls CODE — an organization dedicated to changing the narrative surrounding racial and gender diversity in STEM by educating and empowering girls and young women of color — is now considered an official partner of NIKE as they both work together to create long-lasting change for the Black community. “Our goal is to train 1 million girls by 2040, but that’s the...
Today, millions of people are unemployed, suffer from self-doubt, and have built walls of “what-ifs” around them. The underrepresented community has been hit especially hard by the Coronavirus lockdown, which is why there’s no better time to start learning new skills and improving your career prospects. In 2016, Ruben Harris and Timur and Artur Meyster set out with a mission to demonstrate the possibility of breaking into tech, regardless of background. The trio wanted to break existing stereotypes around hiring individuals from non-traditional backgrounds through education, mentorship, and other resources. They created the Breaking Into Startups Podcast to feature inspiring stories of those who turned their perceived disadvantages into advantages, and their limitations to strength. The podcast today has over one million downloads and has helped thousands of people from non-traditional backgrounds embark on various opportunities and paths in tech and land jobs at some of the best...
The fear of ditching a 9 to 5 job is all too real for those contemplating freelancing full-time. A predictable pay schedule, health insurance, and a 401K afforded by a day job are securities that rebuttal the option of freelancing. However, as a freelancer, you can have all of the aforementioned and other perks like flexibility in your schedule, avoiding hostile work environments, and the stresses of dealing with your nagging boss. If you are afraid you won’t be able to make ends meet as a freelancer, think again. It’s possible to not only survive but to thrive as a freelancer. Start by understanding what you’re good at. You would be surprised at the niches available to freelancers and how well they pay. Think about your hobbies and side hustles that you enjoy doing for fun. Chances are your niche is totally outside of the scope of your degree, but you’re passionate about it and would do it for no pay. Then there is the possibility that it might be tailored to your degree, and you...
It’s no secret that millennials face a more uphill battle financially than the boomers who came before them. They’re weighed down by college debt, careers that don’t put them on a pathway to paying off that debt, and a bleak job market that hasn’t been right since the Great Recession. But what can an entire generation that’s lived their lives based on the promises of America do now that those pacts are broken? We spoke to Lynnette Khalfani-Cox , a personal finance expert and author of the New York Times best selling book, Zero Debt to get some answers. Here are the biggest financial challenges she thinks millennials are facing and how they can overcome them. Student Loans: Student loan debt is one of the biggest challenges millennials face. Currently, there’s about $1.5 trillion in outstanding student loan debt nationwide. Now, we’re at a point where it’s hurting their ability to buy homes and other purchases that push the economy forward. Cox says the big problem with student...
You’ve got a great, world-changing idea and you’ve finally made the choice to venture out on your own. No one’s ever truly prepared for all the ups and downs their entrepreneurial journey brings, but there are ways to make sure your personal finances are in order when you finally do make the leap. Lynnette Khalfani-Cox is a personal finance expert and best-selling author. We talked to her about a few things entrepreneurs can do to make sure their personal finances are together before launching their business: Throw the fear out the window Cox says the first thing that people jumping into business for themselves should do is negate the fear that their personal finances will be ruined if they don’t have a traditional nine to five gig. She says any financial benefit you have as an employee can spill over into your life as a business owner. “Just like you might have a 401k plan, a 403b, a 457, depending on who you work for, there’s a thing called a solo 401k for entrepreneurs and it’s...
Amazon is getting rid of monthly bonuses and stock rewards for warehouse workers to help fund its new $15 minimum wage for its employees, Bloomberg reports. Amazon announced last week that it is raising its minimum wage for all of its hourly employees. By discontinuing its Restricted Stock Units Program, Amazon said it is able to offer employees “the predictability and immediacy of cash.” The company said that phasing out of its RSU program will result in more total compensation for its employees. Amazon employees could previously make hundreds of extra dollars with monthly bonuses; however, the bonuses were not guaranteed. The company is also lobbying for an increase in the $7.25 federal minimum wage. “We intend to advocate for a minimum wage increase that will have a profound impact on the lives of tens of millions of people and families across this country,” said Jay Carney, Senior Vice President of Amazon Global Corporate Affairs. Amazon employees will continue to...