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Do you ever feel like you’re drowning in debt, even though your bank account tells a different story? Are you constantly chasing the next promotion or a sense of financial security? If so, you might be struggling with money dysmorphia. Just as body dysmorphia warps our perception of our physical appearance, money dysmorphia can create a skewed view of your financial reality. You may get jealous when you see someone posting on Instagram about their vacation or new car. LinkedIn exists to give you the impression that your career potential is much greater. This lesser-known condition isn’t about how much money you have but rather a distorted perception of your financial reality that can lead to stress, anxiety, and unhealthy financial behaviors. Let’s delve into the world of money dysmorphia, exploring its symptoms, root causes, and, most importantly, how to break free from its grip and cultivate a healthy relationship with your finances. What Is Money Dysmorphia? Money dysmorphia or...
When it comes to getting your finances in order, Tierra Jae should be your girl! After the realization that there weren’t many people in the finance industry who not only looked like her but truly catered to the community, Tierra took matters into her own hands. From there, New Beginnings Community Consulting & Restoration (NBCCR) was born. “This was a personal journey for me,” she said in an exclusive interview with AfroTech. “I started NBCCR back in 2015 when I found myself helping my family and friends restore their credit. I realized that I can create a business out of this because it’s something that we needed within the community. At the time, that we launched, my sole service was credit restoration.” Along her journey, Tierra created a first-of-its-kind planner that focuses on an individual’s current credit status and goals. LivePix Media She says one of most common misconceptions that our people have when it comes to debt management is that credit cards are a bad thing....
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...
Your paycheck helps you live, but accumulating wealth takes more than a steady 9 to 5 with a nice salary. The average millionaire has seven streams of income. Rather than solely earning a salary from a single occupation, financial prosperity is generated by multiple investments that earn money without requiring active work, also known as passive income. If you’ve ever heard someone say, “it takes money to make money,” or something along the lines of, “rich people make money in their sleep,” you’ve heard about passive income. Take a look at the first Black female and male musicians to reach billionaire status, Rihanna and Jay-Z. Rihanna went nearly bankrupt then grew a $600 million net worth. The majority of Jay-Z’s income is the result of smart investments and business ventures, such as clothing lines, sports teams, music streaming and restaurants. The path to wealth building is rarely that straightforward, however. The racial wealth gap offers some proof. According to the 2019...
Fintech is quickly becoming the way of the digital future, and Atlanta-based startup Qoins is using its company’s model to repair finances for consumers looking to save money and pay off debt. Qoins — a financial wellness app that helps people pay down their credit card debt — was founded by tech entrepreneurs Christian Zimmerman and Nate Washington with a sole purpose of helping people get out of credit card debt faster. Since the app’s launch, it has helped pay off and save more than $15 million of debt for users. This week, the fintech startup announced that it raised a $1.5 million round of investment to continue expanding its platform and product offerings. This latest round of funding was led by venture capital firm Front Row Fund, and also supported by other funds such as Rise of the Rest (Led by Steve Case) , Carolina FinTech Ventures, Rebel One and Service Provider Capital, according to CEO and co-founder Zimmerman. “Almost every one of today’s popular fintech companies are...
By this point, the economic effects of the coronavirus aren’t news. If anything, there’s been so much coverage surrounding the topic that it’s hard to ascertain the right thing to do. From job loss to quarantine retail therapy, you may feel like your financial life has been in a tailspin since March. So we put together this post offering several simple steps to help you navigate the coronavirus outbreak and the havoc it may have wreaked on your personal finances. 1. Cut spending When lockdown first went into effect, many of us thought we’d be spending dramatically less — after all, quarantine means we can’t blow our paychecks (or blow off steam) at the local bar or take a luxurious vacation. And while certain types of spending are down, others have risen — including money spent on video streaming, food delivery, gaming, and alcohol, according to a New York Times analysis of data from Earnest Research . If you find yourself with less disposable income these days, it’s important to...
Many Americans have found themselves in compromising financial situations brought on as a result of COVID-19 and may be facing financial burdens with long-lasting effects. Black communities, in particular, are feeling the weight of COVID-19’s wrath on their finances. In response, Black people are turning toward financial influencers to get sound advice on how to rebuild their finances for the future. From advice on how to improve your credit and money management to a breakdown of financial literacy, our list of Black money experts below have all the information you need to make better financial decisions. The Finance Bar View this post on Instagram A post shared by The Finance Bar®️ (@thefinancebar) Financial expert and founder Marsha Barnes started The Finance Bar to close financial gaps in the Black community and help women strive to reach their personal financial goals. Barnes’ committed effort to meet individuals on their financial journeys and emphasize the value of being...
The digital revolution is upon us and the future of money as we know it could potentially involve a transition to digital currency. Cryptocurrency, the internet-based asset designed to act as a medium of exchange, is a fairly new concept we’ve been introduced to in recent years. It offers an alternative method of payment online that can be used to purchase goods and services. As the demand for virtual money increases, the Black community has an opportunity to get ahead and take advantage of its potential benefits. According to Investopedia , Bitcoin, a decentralized form of cryptocurrency without the use of a central bank between online users, is unique. Bitcoin helped usher new radical forms of digital money that can operate outside of corporations and the government. Its popularity rose in 2017 starting a trend of people buying bitcoin. Black Enterprise reported that author Isaiah Jackson published a book last July called “Bitcoin & Black America,” which delves into how Bitcoin...
For business owners who need help funding their venture, loans from the U.S. Small Business Administration can be a popular financing option. The SBA aims to help small business owners who have trouble qualifying for traditional business financing , said Terri Denison, SBA Georgia district director. However, that doesn’t mean everyone with less-than-perfect credit can receive SBA loans. “What we’re looking for is that middle section — the borrower that has a good, solid business plan and idea, but maybe there’s something that’s not quite meeting all the requirements of a lender’s conventional loan,” Denison said. If you fit that description, keep reading to explore the pros and cons of SBA loans. We’ll dive into the benefits of an SBA loan, as well as some downsides you could expect. What are SBA loans? Pros and cons of SBA loans The bottom line What are SBA loans? The SBA doesn’t directly lend to small business owners — rather, it backs loans made through partnering lenders,...