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A new report has shown celebratory news for Detroit, MI. “The Growth of Housing Wealth in Detroit and its Neighborhoods: 2014-2022,” a study by the University of Michigan Poverty Solutions, has been released showing that Black homeowners in Detroit have “gained $2.8 billion in home value,” per a news release. View this post on Instagram A post shared by City of Detroit (@cityofdetroit) Beginning in 2014, the study was conducted after Detroit’s municipal bankruptcy. In July 2013, Detroit became “the largest U.S. city to file for bankruptcy,” per AP News. The news release details that the study had a goal of finding out if the city’s housing values had seen growth across those nine years, and if these improvements had been fairly distributed across Detroit neighborhoods and racial/ethnic groups. With an 94% overall increase in home value, and 80% increase for Black homeowners specifically, since the study started, Detroit Mayor Mike Duggan credits residents stabilizing...
Apr 22, 2024
Cash Money Records Founder Birdman experienced several losses by the age of 16, and he was determined to steer clear of any losses in the music business. Birdman, born Bryan Christopher Williams, started the label in 1991 alongside his brother Ronald “Slim” Williams, according to BET. They were able to gain traction and had the support of independent distributors such as Gonzales Music and SouthWest Distribution, XXL Magazine reports. Building popularity in the South, the label caught the attention of Universal Records and signed a deal with the company on May 10, 1997, per a Max Volume Media interview Birdman gave. He later discussed the deal during an interview on the “Wilde Ride!” podcast, revealing that he was looking to retain ownership of his music due to his upbringing. “I felt like I lost everything already. I lost my family,” he explained on the podcast. “Nothing can repay me for what I already lost. I lost my mama, my daddy, my brother, my sister… I lived a hell of a life...
Apr 19, 2024
Sundial Media Group is adding another media conglomerate to its portfolio. According to a news release shared with AFROTECH™, Richelieu Dennis’ Sundial Media Group (SMG) has officially acquired Refinery29 (R29), a creative digital media and entertainment platform focusing on multigenerational women. The company previously belonged to the Vice Media umbrella. “We’re very excited about the expansive ecosystem we’re building at Sundial Media Group. R29 is an incredible brand with a phenomenal team that will play an important role in reimagining how media serves the need for connection, culture, and commerce in these distinct, but complementary communities of the New General Market,” said Dennis in a press statement. In addition to the acquisition, it has also been announced that Cory Haik will serve as R29 CEO and the company will operate as a standalone business within SMG. “We’ve been admiring the work of this R29 team for a while, and we’re excited to see what they will now do...
Apr 19, 2024
Damon Dash’s shares in record label Roc-A-Fella Records may soon be no more. According to a report by Rolling Stone, despite his estranged relationship with fellow Roc-A-Fella owners — music mogul Shawn “Jay-Z” Carter and Kareem “Biggs” Burke — all have remained connected to the label on paper. However, this could all change soon. The latest development in ownership occurred in February 2024 when “a New York judge ordered Roc-A-Fella Inc. to deliver Dash’s company shares to the US Marshals to satisfy a $823,000 judgment from movie producer Josh Webber and Muddy Water Films.” The judgement was the result of a 2019 lawsuit against Dash led by Webber and the production company, accusing him of defamation and copyright infringement related to the movie, “Dear Frank,” according to Rolling Stone. Dash had been fired as its director and allegedly attempted to sell the movie on his own under a new title, “The List.” Manhattan lawyer Richard Roth of The Roth Law Firm stated that the most...
Apr 10, 2024
Not saying yes to the first offer could likely benefit you in the long run. For the “Million Dollaz Worth of Game” podcast hosts, this led to a more favorable business outcome. As previously mentioned by AFROTECH™, Gillie Da King and Wallace Peeples, otherwise known as Wallo267, signed a podcast deal with media company Barstool Sports in 2020. The deal is reportedly worth $3 million for 50% ownership in the show. Two years later, the duo signed a new contract with the company. Wallo267 expressed on an Instagram post, “From the bottom of my heart I want to thank all of y’all for being apart of my journey. 🙏🏾💪🏾cuz @gilliedaking WE DIT IT!” At the time of this writing, the “Million Dollaz Worth of Game” podcast appears to be doing well, garnering 1.53 million subscribers on YouTube. Their guests include some of the biggest names in the business — Alicia Keys, Cardi B, Shaquille O’Neal, and Michael B. Jordan. Unsurprisingly, Barstool Sports was one of many companies interested in securing...
Apr 9, 2024
Terrence Howard is set on pushing forward with a legal battle regarding his Hollywood earnings. As previously shared by AFROTECH™, the Oscar-nominated actor filed a lawsuit against the Creative Artists Agency (CAA) in December 2023. Howard claims that the agency prompted him to accept talent fees that were less than what he should’ve received. For starring in the hit TV series, “Empire,” he allegedly earned 30% to 50% less than what he should have earned per episode. “We expect our agents and our lawyers to look after us, and therefore we’re free to do all of the work that you guys enjoy so much,” Howard expressed during a press conference that year. “I trusted CAA to look after me, and they looked after themselves.” During the press conference, Howard noted that he wasn’t entirely certain that the lowball pay was due to a “racial issue.” However, now, he has come forward to not only further address the elephant in the room but also detail what he believes he’s owed. In an interview...
Apr 9, 2024
Fat Joe has gotten very candid about his view on record labels. During an Instagram Live, the New York rapper elaborated on why he previously told Forbes that he believes record labels are Ponzi schemes. He claimed he noticed a trend where music companies will find talented artists who come from less fortunate backgrounds and fund their music careers. However, Fat Joe emphasized that to him it’s a tactic for record labels to swindle musicians. In addition, he shared how he thought the majority of the time ownership is in the labels’ hands. “Though they make the profit of the records, they charge you whatever they spend on the video,” Fat Joe shared on Instagram Live. “It ain’t like we 50/50 partners.” He added, “You could bring a scientist who wins the Nobel Peace Prize to do the accounting on major labels’ math, and they always can’t figure it out. So it’s robbery, all the way through.” View this post on Instagram A post shared by THE HIP-HOP WOLF® (@thehiphopwolf) In short,...
Apr 5, 2024
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....
Jan 19, 2024
This article is sponsored by Marcus by Goldman Sachs. Financial freedom means so much more than feeling free from your expenses. We believe financial freedom is the peace of mind you get from knowing your money is taken care of. When you partner with trusted financial institutions to help your money work for you, you can focus on being the CEO of your life. For the go-getter visionaries who are excited about building personal wealth, digital tools and products from trusted institutions like Marcus by Goldman Sachs can help you get ahead in achieving—and overachieving—your most ambitious goals, financially and personally. No matter the next step in your future, there are tools and tips that can help set you up for financial success so you have more time to focus on other money matters like planning that vacation of your dreams or securing the capital to fund your next venture. Together with Marcus by Goldman Sachs, we wanted to share a few of our favorite tips of the trade to help...
Sep 16, 2022
A California man went to deposit $33,000 in Bank of America — and never saw the money again. According to ABC7 Bay News, the California man in question — Brian Leonard — had a certified check for $33,000. The check was drawn from Leonard’s Wells Fargo account, so that he and his wife could get their kitchen remodeled. He drew a certified check in the hopes that it would “clear quickly,” as typically, certified checks clear within 24 hours of deposit. But the next day, when he checked his account to make sure he had enough money to pay his contractor, he was in for a big surprise — and not in a good way. “The woman said that there was no record of the transaction. So as far as she was concerned, no transaction happened,” he said to the outlet. And it got worse. When the California man drove over to the bank’s branch in Oakland, CA, to see what was going on, the branch was closed . Getting aggravated yet? Don’t worry — so was he, and rightly so. “When I realized the branch was closed,...
Feb 4, 2022
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
Although he’s a newcomer to Los Angeles, Anthony Davis is already uplifting the surrounding community. According to Variety , the Lakers basketball star partnered with First Entertainment, the official credit union of the team. The partnership introduces the new Lakers Debit Card for which fans can sign up now . The aim is for fans’ passion for the team to connect to their need to manage finances. “From the moment I joined the Lakers, I’ve looked for ways to build stronger connections to the city and to our dedicated fans,” said Davis. “The First Entertainment partnership has been a great way for me to be able to share the passion that has brought so many of us together, no matter where we are or where we’re from.” https://www.instagram.com/p/CE8DXjbDJMo/ In addition to the Lakers-themed debit card, Davis and First Entertainment also designed a first-look, Limited-Edition Lakers Kit. Fans who sign up for the card automatically enter for a chance to win the bundle. “We explained our...
Sep 15, 2020
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...
Jul 27, 2020
When it comes to personal finance advice, it can often feel difficult to find information that is relevant to the black experience. Black Americans often face financial hurdles such as pay inequality, predatory lending and hiring discrimination, all of which have contributed to a racial wealth gap. “People are working hard, but if every part of their life is discounted, how can they catch up?” says financial educator Tiffany “The Budgetnista” Aliche. According to the most recent data from the Federal Reserve, as of 2016, the median black household net worth was just over $17,000, while for the same year the median net worth for white households was over $170,000. And while the median household income for black Americans has risen between 2013 and 2018, it is still 33% lower than the national average . Marcus Garrett, co-host of the podcast “Paychecks & Balances,” says the answer to closing the wealth gap between black and white Americans is multifaceted. “First, we must address what...
Jul 23, 2020
What would you do with an extra $500? Kickstart your emergency fund ? Finish paying off one of your credit cards? Or would you need the money to pay your bills? According to the Federal Reserve, 44 percent of American adults would have difficulties handling an unexpected expense of $400. I remember the days when I looked ahead to the end of the month with disappointment, knowing that my money would run out before I got there. To stave off some of those feelings of fear, I began looking for ways to make money. Quick ways to make money in 30 days When facing a difficult financial situation, you might have a bit of time to make ends meet. If you have 30 days to get back into good standing — or even if you’re just looking for a regular way to make an extra $500 each month to meet your goals faster — there’s good news. The following ideas can be quick ways to make money. Do two or three items on this list, and you could earn $500 by the end of the month. Start by selling something Some...
Apr 10, 2020