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Authentic Brands Group, With Shaquille O'Neal As Its Second-Largest Shareholder, Agrees To Buy Champion In $1B Deal

Shaquille O’Neal’s Authentic Brands Group (ABG) deal continues to pay off. As AFROTECH™ previously mentioned, O’Neal’s agreement with the brand management company in 2015 allowed the group to profit from his name and likeness in merchandise and endorsements. The Hall of Famer joins its roster of other prominent names such as Marilyn Monroe, Elvis Presley, Muhammad Ali, and Michael Jackson. “We’re thrilled to have a true business partner in Shaq,” Nick Woodhouse, ABG president and chief marketing officer, told ESPN at the time. “Through his bigger-than-life personality, he has turned himself into one of the strongest sports brands in the world.” In return for signing onto the deal, O’Neal became ABG’s second-largest shareholder, and to date he credits this as his turning point in business. “My Authentic Brands deal, I was able to ensure that hopefully I can stay around after I’m no longer on this earth,” O’Neal explained to AFROTECH™ . “And I was walking down the street one day and...

Apr 24, 2024

Chris Paul Partners With Black-Woman-Owned Fintech Company To Create Savings Accounts For 1,400 Oakland Middle-School Students

Chris Paul has entered into a partnership that considers the financial futures of the youth. Goalsetter, a fintech company founded by Tanya Van Court, has shared results from a study it conducted with Ivy League university students revealing a significant lack of understanding when it comes to personal finances. When surveying 1,065 undergraduate students from Harvard University, Stanford University, and the University of Pennsylvania, t he study revealed that the students answered on average only 51% of its financial education questions correctly. The questions were at the high school standard, and the percentage of acuity decreased even further when looking at only underclassmen, with scores of 48%. Furthermore, only 13% of students who took the quiz scored above a C-. To create better outcomes, Goalsetter is committed to targeting financial initiatives towards the youth, and the company is strengthening its efforts through a partnership with NBA player Chris Paul, Oakland Fund...

Apr 15, 2024

10 Power Players Using Their Platforms On Social Media To Encourage The Black Community To Level Up Their Finances

Musiq Soulchild penned a song with the lyrics, “Soon as I get my money right, I’ma take good care you.” While the neo-soul singer talked about the financial responsibility of supporting a romantic partner, there is a conviction in the song centered around taking the necessary steps toward financial health. The internet is bombarded daily with thoughts and ideas on obtaining wealth and what it means to get in your financial bag. And with the freedom the internet provides, there is little to no guidance on who can share what type of information. However, in the flurry of folks vying for attention, several people have the dedicated goal to offer practical, tried, and factual information that can take a person from where they are to where they want to be financially. The next time you seek advice around budgeting, investing, estate planning, and saving, here’s who you need to tap in with.

May 4, 2023

Opinion: Will NIL Deals Help Better Black Athletes' Futures?

NIL deals are here to stay, whether you like them or not. After all, the NCAA generated over $1.15 billion in revenue in 2021, and up until then, it was illegal for athletes to be compensated.

Oct 18, 2022

7 Keys To Building A Seven-Figure Business

Around here, Financial Literacy Month is every month, and I’ve applied financial hacks to help seven-figure businesses. Without resources, applying hacks may not be the most beneficial, but in this article, I’m going to outline resources you can apply to your daily life. So, let’s get started!

Apr 30, 2022

SoLo Funds Becomes The Only Black-Owned Fintech Startup To Acquire B Corp Certification

SoLo Funds is a capital marketplace reimaging how traditional lending platforms should operate in communities. Founders Rodney Williams and Travis Holoway created a solution to financially empower underserved communities. The fintech company was launched after witnessing the economic hardships of close peers and family members that arose during an unplanned emergency.  In fact, most Americans can not afford a $1,000 surprise expense, according to a new survey. For cash-strapped Americans who do not have aid from family members or access to financial solutions, the founders pondered, “Where can they go for assistance?” This question served as the premise for SoLo Funds’ inception in 2015. The company prides itself in offering equitable solutions to build minority communities. Now through the company’s mobile app, individuals looking to acquire emergency capital can acquire a loan in less than 30 minutes. “For us, this is huge. I think about what the community bank is supposed to do...

Dec 2, 2021

Are You A Black Entrepreneur? Here's Some Financial Resources Designed For Your Success

Black Americans own 2.2 percent of the nation’s 5.7 million employer businesses, according to U.S. Census data. Yet, many lack the proper financial tools, guidance, and resources to succeed. States like Georgia saw a big jump in business growth last year with a 57 percent increase in new business formations. While this may seem exciting, Black businesses historically bring in less revenue because they face challenges related to funding, business models, financial understanding, and leadership. McKinsey & Company reported that while approximately 15 percent of white Americans hold some business equity, only five percent of Black Americans do. Octavia Conner, a virtual CFO and founder of Say Yes to Profits, told AfroTech that for Black business owners to succeed, they’ll also need more support from corporate America. She said corporate America needs to stop limiting opportunities for entrepreneurs based on the color of their skin, offer more programs and financial resources, and grant...

Oct 1, 2021

We're Lovin' It: McDonald's In El Salvador Now Accepts Bitcoin As Legal Tender

You can now pay for your McDonald’s meal using Bitcoin …so to speak. According to Forbes, the fast-food giant is now the first-of-its-kind to accept Bitcoin as a form of payment in El Salvador. The move comes shortly after the Central American country announced that it accepts the cryptocurrency coin as a form of legal tender. The deal was made through the California-based payment processor, OpenNode, which has formed a partnership with McDonald’s to allow these types of transactions to take place. There are currently 19 McDonald’s throughout El Salvador, and payment using Bitcoin can be accepted in person, online, or through any delivery app. This is the first major corporation to accept Bitcoin in the country, but it certainly won’t be the last. A spokesperson for OpenNode confirmed to Forbes that they are currently in the process of onboarding several corporations who do business in El Salvador onto their Bitcoin platform. Just walked into a McDonald's in San Salvador to see if I...

Float Is Providing Capital To Small & Medium Sized Businesses In Africa

Float, a start-up company with offices in Nigeria and San Francisco, is here to solve the problems that many African companies say they have with cash flow. According to TechCrunch, 85% of African SMBs have zero access to financing, which creates issues in the supply chain. Jesse Ghansah and his co-founder Barima Effah founded Float — originally named Swipe — 18 months ago with the hopes of closing the gaps in the funding. ” Cash flow [is] the number one problem that [businesses] face,” said co-founder and CEO Jesse Ghansah to TechCrunch. “Because you’re waiting for your revenue to come in, they sometimes fall behind in meeting certain expense payments like payroll, inventory, utilities. That’s what really causes a lot of these cash flow issues, and because of that, businesses can’t grow.” For Float, solving cash flow problems involves providing the users with credit when they need it, and working capital when possible. The founders say that this approach to extending credit and...

The Scoop On Forex Trading From Money Team Investment Group Founder Christopher Raxton

What is forex trading and what’s the hype about it right now? Forex is short for foreign exchange, which is the trading of one currency for another. These trades happen on the foreign exchange market which is operated electronically through banks, brokers, and other financial institutions, Investopedia reports . Christopher Raxton first got his experience with forex trading during his undergraduate career at Michigan State University when he came across TradeHouse Investment Group. TradeHouse is a community of financial leaders who educate people on how to properly invest in the foreign exchange market. The group champions itself for being all about financial literacy while giving its members access to resources and tools to earn money. Raxton is 24 now, living in Atlanta and leading his own company called Money Team Investment Group . While he was in law school, he decided to switch careers when he found himself finding much success trading in the foreign exchange market. AfroTech...

Jun 9, 2021

3 Things You Need to Know About Investing in Stock

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...

Feb 12, 2021

4 Reasons Why You Should Hire an Accountant

When you started your business , you may have been looking for ways to save as much as possible. Perhaps you’ve considered hiring an accountant but can’t seem to justify the extra expense. However, you could actually be saving your business money in the long run. Below are 4 reasons why you should hire an accountant for your small business. 1. SAVE MONEY Accountants are experts in taxes. That means when tax time rolls around, you’ll be able to save money through tax breaks and deductions. In fact, in a survey of about 400 small business owners, over half of them believed they overpay in taxes each year. That same survey showed that accountants are the most important professionals for small businesses — ahead of attorneys. 2. REAP BENEFITS FROM GOOD BOOKKEEPING There are likely lots of other things you’d rather do than perform the mundane tasks of collecting records, reconciling accounts, and everything else involved in bookkeeping. Hiring an accountant can save you from this work...

Dec 1, 2020

Understanding Forex: A Beginner's Guide

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,...

Nov 24, 2020

Applying for a Business Loan Effectively

Are you in need of extra capital? Perhaps you’ve just received a large purchase order that you’ll need additional cash to fulfill. Or maybe local or regional economic uncertainty is taking a bigger bite out of your margins than anticipated. A business loan may be necessary, but applying for one may feel overwhelming, especially if you’ve never done so before. However, you can successfully apply for a business loan by thoroughly researching your options, organizing your financial records, maintaining impeccable credit, and demonstrating your repayment ability. Apply for the Right Loan If you don’t carefully review the eligibility requirements or loan terms, you may waste time applying for loan products for which you do not qualify or that don’t meet your needs. Or you may find yourself applying for a large loan that has hidden fees or charges or onerous repayment terms that put you behind the eight-ball. Research your options thoroughly to find the right loan for your business....

Nov 4, 2020

Five Tips for Investing Beginners

It’s never too late to start investing. And with today’s online discount brokerage options, you don’t need thousands of dollars to get started. You can actually invest with as little as $5 using some app-based brokerage platforms and start down the road to achieve your financial goals. Here are five tips to help you get started. Establish an Emergency Savings Account Make sure you have some cash aside for common emergencies when you begin investing. Relying on your investment portfolio for relatively common but sudden expenses like emergency car repairs is a bad idea because it will take time to access your money — time you may not have. You’ll also lose out on potential gains, and if you withdraw your funds from a retirement account, you may have to pay penalties to the IRS. Set Clear Investment Goals Don’t let that hot stock tip you saw online guide your investment purchases. Instead, look at your finances, your personal and professional goals, and your budget. Then write down...

Oct 14, 2020