Finance
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OneUnited Bank Creates OneTransaction Campaign to Help Black Americans Close the Racial Wealth Gap
You’ve likely heard of the racial wealth gap, and you may have already seen its impact on your own family’s ability to accrue generational wealth. It’s the phenomenon of the average white family having about 10 times the net worth of the typical Black family in America. That gap has persisted due to disparities in how…
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Chris Paul, Goalsetter Have Big Plans to 'Draft' One Million Black and Brown Kids Into a Path of Financial Freedom
When sports heads hear the term “drafted,” we typically think of the moment when amateur athletes transition from making their coaches and colleges millions of dollars to when they can finally see that kind of money themselves. But as part of its Black History Month initiative, Black-owned finance app Goalsetter is focusing on an entirely…
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10-Year-Old Wins Big on GameStop Shares His Mother Got Him for Kwanzaa
Here’s a heartwarming story that’s come out of the drama between hedge funds and retail traders (many of them from Reddit) who drove GameStop shares up in the stock market this week. The rise and fall and rise again of the stock price for GameStop (or GME) over the past couple of days sent everyone…
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Why Your Education and Job Could Mean You’re Paying Too Much for Car Insurance
Editor’s Note: This story was produced by Consumer Reports, an independent, nonprofit member organization that works to create a fair and just marketplace. Sign up for CR’s free newsletters. Cuqui Rivera bought car insurance from Liberty Mutual for nearly a decade before she started shopping around for a cheaper policy in December. She hadn’t planned…
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Robert Smith, Billionaire Who Promised to Pay Off Morehouse Student Loans, Committed Tax Fraud
Remember last year when billionaire Robert Smith told students graduating from Morehouse College he was going to pay their student loans? Remember how good that felt to see? Well, you might want to hold on to that feeling because it turns out dude committed tax fraud. According to the Hill, Smith admitted to participating in…
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Tyler Perry Presents: A Billionaire
Tyler Perry is the family that pays. On Tuesday, Forbes announced that it estimates the Hollywood mogul’s net worth is $1 billion and stated that he was on a “clear path to future membership in The Forbes 400.” The finance site breaks down his cash and investments ($300 million), stake in BET+ ($60 million), his…
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Retail on the Rebound? Trump Touts 17.7 Percent Boost in May Retail Sales—Conveniently Ignoring April's Record Drop
It’s safe to say that the retail landscape as we once knew it will not recover with a COVID-19 vaccine—in fact, much of it was on the decline well before the coronavirus reached our shores, with traditional brick-and-mortar locations proving unable to keep up with the increase in online shopping. And as the pandemic imposed…
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Trump Supporter Wants You to Know He Isn't Just Worth a Measly $1.3 Billion, but $3.3 Billion
Spoiler Alert: La La La Laaaa, you don’t have to wait until Kanye West gets his money right anymore. Oh, and you definitely can’t tell him nothin’. According to Forbes, Kanye’s official net worth is $1.3 billion. Forbes calculated that his stake is worth $1.4 billion, but since it is “private [and] highly illiquid]” their…
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The Racial Wealth Gap Is Dizzying. Its Best Solution, Less So
The racial wealth gap is larger today than it was when The United States passed the Civil Rights Act of 1964. The average white family currently holds about 10 times the wealth of a black one, and the average income from the labor of white families stands at about two times that of black ones…
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A Chronically Successful Decade: Dr. Dre Is the Highest-Earning Musician of the 2010s
Racking up coins? Oh, that ain’t nothin’ but a G thang for Dr. Dre. Forbes has named the 54-year-old rapper, producer, executive, entrepreneur and all-around music mogul as the highest-earning musician of the 2010s. That’s right, over the past decade Dre racked in an estimated $950 million. Of course, most of that is due to…