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The latest TikTok challenge taking over our timelines, the #NoSpendJanuary challenge, is a new approach to savings that urges individuals to resist unnecessary spending. Scrolling through the #NoSpendJanuary hashtag, you see a sneak peek into people’s regular spending habits. Although we’re almost through the month, it’s never too late to learn valuable financial lessons and collect helpful resources to mend unhealthy spending habits. It’s not just about the challenge itself, but a space for learning the diverse financial habits of entrepreneurs, business owners, content creators and professional’s financial habits in the new year . Creator of the award-winning “Millennial In Debt” web series, Melissa Jean-Baptiste is a testament to financial wins through a frugal lifestyle . A first-generation Haitian-American, she paid off $102,000 in student loans on simply a teacher’s salary. According to the U.S. Bureau of Labor Statistics, the average American household spent $72,967 in 2022....
If there’s nothing else that the GameStop stock drama taught us, it’s that the stock market is there for, literally, everyone to get a piece of, regardless of how much — or little — money they have. For FinTech rock star Rosetta Bryson, however, investment in the stock market isn’t wise unless there’s sufficient education, and intent to build generational wealth, behind it. “Thanks to recent events, of course, we’re under the impression that we can day-trade our way into riches,” she told AfroTech exclusively. “And, yes, that’s true. But for those of us that think in the long-term — in terms of generational wealth — there are other ways to get into the ‘game’ of the stock market, mutual funds, and other investments.” Thus, Bryson created Simple Trader Pro. Unlike other apps, Simple Trader Pro prides itself on providing accessibility — specifically, by providing access to knowledgeable traders. Rather than casting people to the proverbial wind when it comes to investing, Bryson says...
New year. New resolutions. New winning habits. If it hasn’t been on your list, investing some of your money in the stock market should be. People all over the country are making real money in the stock market every day, and you can too. Maybe you’re skeptical, having heard horror stories from others about large losses. Or maybe you think you need to know a lot or spend time or money you don’t have to be a successful investor. Don’t let these thoughts and feelings stop you. Here are three things to think about as you consider buying your first share. Risk and Reward Few investment options rival the stock market. Some people, wary about its risks, park their money in savings accounts or investment properties. However, over time, the stock market has returned approximately 7% (post-inflation) each year since 1940. Compare that to a 1.5% post-inflation return for real estate. You can earn more than that by parking your money in certain savings accounts, and without the headaches of...
Looking for new investment opportunities, have some disposable cash, and possess a healthy risk tolerance? Well, currency and currency derivatives trading may be a good fit for you. Investors, large and small, trade currencies and derivatives in a massive global marketplace known as the foreign exchange market (also known as forex or FX). To understand forex and the opportunities it may present for you, you need first to understand a bit about currency trading. Currency Trading Say you travel to Japan and need to pay for your food, hotel, and other items while there. You’ll need to exchange your dollars for Japanese yen at a ratio known as the exchange rate. Exchange rates change relative to one another due to central bank manipulation of interest rates, deficits in a country’s current accounts, national debt, and a host of other factors. Institutions and individual investors speculate on the variations in currency prices by buying (or selling) a currency pair — in this case,...
Actor and community activist Jesse Williams has become the latest investor to join Greenwood’s financial empowerment efforts. Greenwood — the new digital banking platform for Black and Latinx entrepreneurs and small businesses — recently launched to help repair the hole in Atlanta’s finance market with the help of rapper Killer Mike, former Atlanta Mayor Andrew Young, and Bounce TV founder Ryan Glover. Williams has now signed on to help the digital bank carry out its mission to strengthen the economy for communities of color. “I’m excited to join the Greenwood team and work to advance economic prosperity for people of color,” he said in a statement . “The time has come for Black and Latinx communities in America to strengthen our economic condition and influence. By increasing access to essential banking services and financial education, Greenwood is a key part of that movement.” View this post on Instagram A post shared by Greenwood (@bankgreenwood) Williams is most known for...
The financial struggles and needs facing Black and brown Americans have significantly increased in the wake of COVID-19. Outside of health concerns, financial shocks have altered life and our economy as we know it. In an April survey conducted by the Pew Research Center , 73 percent of Black adults and 70 percent of Hispanic adults said they did not have emergency funds to cover three months of expenses. In turn, it made it even more difficult to pay their monthly bills. To help alleviate the financial burdens of Black and brown Americans, Black-owned fintech company MoCaFi has announced the launch of an upgraded banking platform with “features and services designed to address financial inequality in Black, Hispanic, and historically disenfranchised communities,” a press release said. View this post on Instagram A post shared by MoCaFi (@mocafiapp) MoCaFi — which stands for Mobility Capital Finance, Inc. — serves American residents who exist between the economic margins as either...
Building generational wealth has become a key value in the Black community as of recently with an added emphasis on buying and owning our own platforms and institutions. In an effort to resolve the racial economic divide that plagues underserved communities across America, Netflix has announced a plan to invest $100 million into Black-owned banks with a focus on helping the Black community. The New York Post reports that the streaming giant will shift two percent of its cash holdings to Black-owned banks and lenders to “directly support Black communities in the US.” According to Variety , Netflix claims that banks led or owned by Black people represent only a small portion of the country’s banking assets. “We believe bringing more capital to these communities can make a meaningful difference for the people and businesses in them, helping more families buy their first home or save for college, and more small businesses get started or grow,” the streaming platform wrote in a blog...
One way to get consumers to become more financially literate? Add a little hip hop. Inspired by the pandemic, financial educator Ash “Ash Cash” Exantus launched “ The Ash Cash Show ,” a daily digital finance show that empowers people to achieve financial freedom and build wealth, reports Black News . The culturally relevant feature also focuses on business news. In each episode, Exantus uses a culturally responsive approach to teaching financial literacy and entrepreneurship. “I once heard, when the country catches a cold, black folks get pneumonia and with the current coronavirus pandemic, this has been nothing but facts,” Exantus, also known as the Hip Hop Financial Motivator, said. The aggressive spread of COVID-19 has disproportionately affected Black communities. Despite the overall drop in the unemployment rate, the rate for Black workers has increased . Exantus—who has been featured on “Sway in the Morning,” CNNMoney and The New York Times — wants to be the financial voice...