Finance
Finance
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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…
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OneUnited Bank Launches BankBlack X Campaign to Tackle Racial Wealth Gap, Encourage Financial Literacy
The black dollar is big business. With $1.3 trillion in annual buying power, the influence we wield on the global economy is undeniable. Yet far too often, we’re unable to fully capitalize on our collective monetary might. Looking to break this cycle is OneUnited Bank—the largest black-owned bank in the country—with their commitment to garnering…
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Poor People Are Already Financially Literate. They Just Need More Money
I don’t remember when exactly I first realized there was such a thing as class. I think I might have been 10 or 11, but I’m not certain. But even before I possessed the language to articulate class distinctions, I understood them. I knew where my family existed on that spectrum. I knew what where…
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With $200 Million in Investment, JP Morgan Chase Hopes to Make Black Detroit Flourish
If you google how Detroit is doing, one of the first words you’ll find in the headlines is “comeback.” The city has bounced back from bankruptcy and its downtown area, in particular, is now booming. But the question of economic recovery is also one of equity: Namely, will longtime black Detroit residents, who stayed in…
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Everyone Knows There's a Racial Wealth Gap. How Do We Fix It?
This country has always had a wealth gap, and America usually fixes this problem…for white people. To cure widespread poverty during the Great Depression, the New Deal guaranteed jobs, reformed banking, built infrastructure, reimagined education and literally built entire towns filled with affordable housing… For white people. Because of segregation, Jim Crow and the newly…
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How Will the New FICO Scoring System Affect Blacks and People With Lower Incomes?
How good is your credit? Do you know your FICO score? How do you measure up when it comes to paying your bills and managing your debt? For the last two decades, the three major credit reporting companies—Experian, TransUnion and Equifax—have relied heavily on a scoring system created by the Fair Isaac Corporation—FICO—when reporting consumer…