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I read a lot about saving and investing and use investing apps that make it easy to build wealth. While these numbers look discouraging, I've never been more encouraged to build wealth as Black woman in America. I have four siblings, and we often talk about how we want to be the generation to build wealth and pass something on to our kids. Editor's Rating 4.36/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 4.34/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 3.9/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Learn more On Public's website Learn more On Wealthfront's website Learn more On Acorns' websiteIn 2017, I opened an IRA for the first time, and just contributed whatever I could. Overall, putting in the time and money to learn more about finances has helped me make wise money decisions and have a better shot at building wealth as a Black woman.

☆ 12 million student-loan borrowers could benefit from Biden's debt cancellation in the districts of the House Republicans who urged the Supreme Court to strike the relief down
▼ + stars: | 2023-02-17 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

128 House Republicans filed an amicus brief to the Supreme Court opposing student-debt relief. New data found that nearly 12 million borrowers in their districts would benefit from the relief. On Friday, the department unveiled data showing the breakdown of student-loan borrowers who applied, and were deemed eligible, for President Joe Biden's up to $20,000 in debt relief by congressional district. Over the past few weeks, 128 House Republican lawmakers filed an amicus curiae brief to the Supreme Court ahead of oral arguments on February 28 urging it to strike down Biden's debt relief. As the Education Department has previously said, over 40 million borrowers in total would qualify for Biden's debt relief, and of the 26 million borrowers who applied for the relief before the online application closed in October, 16 million of them had been fully approved.

☆ Microsoft and Google promised to invest in these communities. Now they’re backtracking
▼ + stars: | 2023-02-14 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +11 min

Hyosub Shin/The Atlanta Journal-Constitution/ZUMA Press WireFacebook-parent Meta, Microsoft, Salesforce and Snap have each shuttered offices or announced plans to cut back on real estate, according to recent corporate announcements, filings and local news reports. But residents also had cautious optimism about the benefits Microsoft promised to the community, according to Hope. Hope’s community isn’t alone in confronting the whiplash of Silicon Valley’s real estate pullback. An office sits vacant on October 27, 2022 in San Francisco, California. The US Census Bureau reports an estimated 35% of employees in San Francisco and San Jose continue to work from home.

☆ 5 reasons so many people are moving to Tennessee, according to a 25-year-old broker who's helped Californians and New Yorkers relocate there
▼ + stars: | 2023-02-14 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +5 min

Taxes are lowerPeople leaving states like California or New York often cite high income and property taxes as key motivations for their departure. (It's not all cheap: some new Floridians have been surprised by rising property taxes.) Like Florida, Tennessee has no income tax, as well as a property tax rate well below the national average. According to financial information and advice company SmartAsset, Tennessee's median annual property tax paid is $1,317, which is about half the national average. "One of the reasons why they're considering Tennessee is because of the affordability in terms of taxes," Foster said.

☆ Columbia Savings and Loan Association Review: Black-owned Bank With CDs and Conservative Investment Accounts
▼ + stars: | 2023-02-13 | by ( Laura Grace Tarpley | Sophia Acevedo | Personal Finance Reviews Editor | ) www.businessinsider.com time to read: +11 min

Columbia Savings and Loan Association bank accounts Columbia Savings and Loan Association Certificate of DepositColumbia Savings and Loan Association IRA Certificate of Deposit Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. How Columbia Savings and Loan Association WorksColumbia Savings and Loan Association is designated as a minority-led financial institution (MDI) by the FDIC. Columbia Savings and Loan Association vs. Liberty Bank and TrustLiberty Bank and Trust has more types of banking products than Columbia Savings and Loan, including traditional and Roth IRAs. Columbia Savings and Loan Association: Frequently Asked QuestionsWhere is Columbia Savings and Loan Association? Columbia Savings and Loan Association has CDs and IRA CDs.

☆ Cities in Tennessee are constantly getting named the best places to move. Are they?
▼ + stars: | 2023-02-09 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +3 min

Tennessee cities like Chattanooga and Knoxville often show up on lists of the best places to live. Even smaller Tennessee cities have experienced an influx in movers. Even Nashville dwellers are turning their back on city life and spreading out in smaller Tennessee towns like Clarksville, Pleasant View, and Ashland City, according to Frate. "In 2017 my average sales price was in the $180,000s," Frate said. "Now my average sales price is in the low to mid $300,000s."

☆ Low-income renters are frustrated by Biden's new plan to make housing more affordable because they don't think it does enough to combat surging rents
▼ + stars: | 2023-02-04 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +6 min

The White House outlined actions it's taking to protect tenants amid rising rents and evictions. Tenants' groups told Insider that they wanted decisive legal and financial action from the president. In addition to that, the White House also published a "Blueprint for a Renters Bill of Rights," endorsing fair housing practices and a tenants' right to organize. "On the one hand, we are encouraged that the White House has released this Blueprint as a statement of values," Martin said. "As a blueprint, the document's statements don't do anything to materially help improve conditions for renters," he said.

☆ The Biden administration could exclude North Africans and Middle Easterners as 'white' in the 2030 Census. New categories will prevent undercounting of MENA people, advocates say.
▼ + stars: | 2023-01-30 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +3 min

It includes categories for Middle Eastern and North African people previously considered white. The proposed changes come after years of reviews on the way the US Census Bureau collects its data. Last year, President Joe Biden continued the review effort after former President Donald Trump's administration stalled on decisions regarding the implementation of proposed changes for the 2020 census, NPR reported. The new MENA category would also help with allocating resources to these groups, the document notes. A MENA category was supposed to be added to the 2020 census, but the bureau announced in 2018 that would no longer be the case until further research on the categories was done.

☆ When it comes to dating, earning less than $30,000 is a deal breaker, a new survey shows
▼ + stars: | 2023-01-30 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

That number's $29,878 a year and lower, according to a Western & Southern Financial Group survey. The top deal breaker for this generation was personal loans. Millennials listed credit card debt as the generation's top deal breaker, while irresponsible spending and personal loans came in the second and third place, respectively. While nearly 23% of those surveyed said "too low a salary" was a deal breaker — personal loans were the top turn off. 31.5% of respondents said it was a deal breaker, followed by credit card debt, lack of financial literacy, and irresponsible spending.

☆ The pandemic created an American entrepreneurship boom — and it looks like it's here to stay
▼ + stars: | 2023-01-28 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

The pandemic may have given a "lasting, positive shock to American entrepreneurship." Americans filed 5.1 million new business applications in 2022, according to US Census Bureau data, equating to roughly 14,000 new business applications filed every day last year. It marked the second-highest year on record — down slightly from 5.4 million in 2021 — and remained well above the 3.5 million filed in 2019. This also marked the second-highest year on record and exceeded the 1.3 million filed in 2019. Experts have pointed to several explanations for the spike in new business applications in recent years.

☆ How much money you have to make to be in the top 1% of earners in 10 US states
▼ + stars: | 2023-01-26 | by ( Aditi Bharade | ) www.businessinsider.com time to read: +3 min

Households need an annual gross income of $597,815 to be considered the highest-earning 1% in the US. The threshold to make the 1% of top earners varies drastically by state. Connecticut, Massachusetts, and New York lead the list of the highest thresholds. The study found that eight of the 10 states with the highest 1% thresholds are located along the eastern and western coasts. Here's a roundup of the states with the highest and lowest income thresholds, respectively, needed to be the cream of the crop.

☆ Florida man and Insider global editor-in-chief Nich Carlson wondered what the heck was going on in his home state. Sunshine State readers unloaded on him.
▼ + stars: | 2023-01-25 | by ( Jacob Zinkula | Kelsey Neubauer | ) www.businessinsider.com time to read: +7 min

They expressed polarizing opinions about the state's housing, taxes, weather, politics, and more. Rising housing costs and traffic, for instance, drew almost universal disdain, while opinions on the state's weather, politics, taxes, and overall cost of living were mixed and highly polarized. Insider's Global Editor-in-Chief Nicholas Carlson (left), who grew up in Tampa, at a Tampa Bay Buccaneers game in January 2022. The state's politics are unsurprisingly divisiveFlorida Governor Ron DeSantis at a press conference after Hurricane Ian passed through the Cape Coral area. Joe Raedle/Getty ImagesSome Floridians love the state's politics, some aren't fans, and some don't care all that much.

☆ Bad news for millennials: Things have never looked bleaker for first-time homebuyers
▼ + stars: | 2023-01-22 | by ( James Rodriguez | ) www.businessinsider.com time to read: +13 min

For first-time homebuyers like Talej, the outlook has never been bleaker. This unfortunate combination means first-time buyers are waiting longer to purchase homes and winning out with less frequency than ever before. And during that year, first-time buyers accounted for just 26% of all home purchases, the lowest percentage ever, according to the NAR. The percentage of first-time homebuyers who were white hit a two-decade high of 88% last year, up from 83% in 2003. These trends only compound the bad economic news for millennials, who make up the majority of today's first-time buyers.

☆ First-time homebuyers are 'royally screwed'
▼ + stars: | 2023-01-22 | by ( James Rodriguez | ) www.businessinsider.com time to read: +13 min

For first-time homebuyers like Talej, the outlook has never been bleaker. And during that year, first-time buyers accounted for just 26% of all home purchases, the lowest percentage ever, according to the NAR. The racial makeup of first-time homebuyers also set records in 2022, but the lack of progress in Black homeownership was perhaps most shocking. The percentage of first-time homebuyers who were white hit a two-decade high of 88% last year, up from 83% in 2003. Hope is a fickle thingThere's some slight relief on the horizon for first-time homebuyers.

☆ Nanny sharing, co-parenting, and the YMCA are helping parents meet their childcare needs as costs rise and shortages persist
▼ + stars: | 2023-01-22 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

They're turning to a variety of options to get by, including nanny sharing and co-parenting. Unable to find or afford childcare, many parents are exploring all their options on the table. While she told Insider this is meeting most of their childcare needs for now, it's costing them $1,000 to $1,500 per month. Some families have tried "nanny sharing" — when two or more families hire one nanny to watch their children at one of their homes and split the expense. "It seems that it eases the cost a bit," said Wilson-Demarco, who says she knows some families that have nanny shared.

☆ Millennials are living with their parents at higher rates than past generations, and they're not ashamed
▼ + stars: | 2023-01-17 | by ( Zoe Rosenberg | ) www.businessinsider.com time to read: +11 min

Since 2020 adults aged 25 to 34 are living at home at higher rates than past generations, said the Census Bureau. According to the US Census Bureau, about 18% of men and 12% of women ages 25 to 34 were living with their parents in 2022. Barwig estimates she's saving about $30,000 a year. "I don't really spend a lot of money," she said. She's been able to maintain the job as a mostly remote employee at the Jersey Shore, where her parents live.

☆ Meet the 'zillennials,' who grew up online, live with their parents, and have retailers chasing their disposable income
▼ + stars: | 2023-01-17 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +3 min

'Zillennials' are the consumers at the cusp of the millennial and Gen Z generations. As many as 48% of zillennials live with their parents, meaning they don't pay a mortgage or rent. That means that a large share of young consumers aren't paying for rent or a mortgage. Add that to their steady income and the fact that they grew up on the internet, and zillennials are becoming savvy shoppers with plenty of disposable cash. Morgan Stanley analysts wrote recently that young consumers living with their parents are helping to fuel the luxury boom because they're saving on bills and necessities like groceries.

☆ Rolling back laws that set minimum wages for construction workers meant pay shrunk, jobs got more dangerous, and workers had to rely more on public assistance
▼ + stars: | 2023-01-16 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

A new study looks at the impact of rolling back prevailing wage laws on wages and workers. Prevailing wage laws set pay standards for government contract workers, particularly construction workers. Researchers Frank Manzo, Robert Bruno, and Larissa Petrucci examine the impact of repealing prevailing wage laws — laws that essentially set minimum wages for construction workers on government contracts. Historically, prevailing wage laws have helped plug labor shortages, and contractors could have trouble competing with higher-paying competitors across the country. Indiana, West Virginia, Kentucky, Arkansas, Wisconsin, and Michigan all repealed their prevailing wage laws between 2015 and 2018.

☆ They say it takes a village to raise children. But millennial mothers are taking to TikTok to say 'there is no village' as their childcare struggles persist.
▼ + stars: | 2023-01-14 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

People say "it takes a village to raise" children. But many millennial parents are raising children without anything resembling a village to help them. "Stop telling us 'it takes a village to raise a child,'" one TikToker wrote in a video caption. New ways to find your villageWhile some politicians are advocating for legislation that could help make childcare more accessible and affordable, this doesn't help parents today. In the meantime, there are a few potential childcare solutions for families without a traditional village to help them out.

☆ Floridians can blame vacation homes and 'oppressive' homeowners associations for their high rents, economist says
▼ + stars: | 2023-01-13 | by ( Robert Davis | ) www.businessinsider.com time to read: +5 min

Too many vacation rentals and strict homeowners associations are pushing up housing costs, a study said. According to Johnson, there are too many vacation rentals in the Sunshine State. It's this particular combination of strict HOA rules and the sheer number of vacation rentals is a mixture that is affecting housing affordability negatively, he said. According to Johnson's study, Florida is now home to 9 of the 21 most overpriced rental markets in the US. The number of vacation rentals in the state is only making it harder for people to find affordable places to rent, the study suggests.

☆ First-time homebuyers are pretty much screwed in 2023
▼ + stars: | 2023-01-12 | by ( Alcynna Lloyd | Andy Kiersz | ) www.businessinsider.com time to read: +4 min

Starter homes are typically more affordable houses that are purchased by new home buyers. Their absence has made it difficult for many first-time buyers to afford homeownership. The stark indicator only illustrates that starter homes are vanishing from the US real-estate market. Starter homes are typically smaller, more affordable houses that are purchased by first-time buyers or those on a tight budget. With higher home prices, mortgage rates and property taxes, as well as a possible recession looming in 2023 — that could trigger mass job losses — the odds are stacked against many would-be first-time buyers.

☆ It's official: Remote work is going to make it easier to buy a home
▼ + stars: | 2023-01-04 | by ( James Rodriguez | ) www.businessinsider.com time to read: +12 min

Remote work pushed housing trends into warp speedIn some ways, the pandemic's housing shifts were a long time coming. The shift to remote work also hastened many people's desire for more space. Across the country, remote workers chose to part ways with roommates or seek out larger homes. Elon Musk asserted his authority at Twitter by putting an end to remote work. On the other hand, as my colleague Aki Ito previously argued, a recession could further ingrain remote work as employers look to cut spending on real estate.

☆ Here are 3 big luxury retail trends for 2023, according to experts
▼ + stars: | 2022-12-31 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +4 min

Luxury resale will boom in 2023 as more brands take control of their second-hand markets. The personal luxury market is expected to grow 3%-8% over the next year, according to Bain & Company. This year, without those stimulus checks, and amid a possibly pending recession, there will be a shift in who is buying luxury items, according to Oliver Chen, a managing director in the retail and luxury section for investment bank Cowen. Insider chatted with four experts, from former merchandisers to retail analysts, to understand how the luxury retail market is bound to change in 2023. Next year, experts expect to see more luxury brands taking control of their own second-hand markets.

☆ Black homeowners pushed out of one Baltimore block show how Wall Street banks failed to lend money they had promised, a Bloomberg investigation shows
▼ + stars: | 2022-12-26 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +6 min

Banks promised to invest in Black communities after they were hit by the 2008-2009 financial crisis. The block stands as a glaring reminder of the broken promises made by some of Wall Street's biggest banks to support America's Black homeowners, a recent Bloomberg investigation shows. As of October 2021, according to the US Census Bureau, 45% of Black Americans owned homes, which is nearly 30 points below the rate of white Americans: 74.6%. On Walbrook Avenue, the absence of large lenders has left many locals without a lifeline. After the 2008-2009 financial crisis, several financial institutions made pledges to invest billions of dollars to support Black homeownership.

☆ New home sales rose in November, defying expectations
▼ + stars: | 2022-12-23 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Meanwhile, the median price for a new home dropped to $471,200, down from $493,000 the previous month. But it was still higher than the median price a year ago, which was $430,000. “New home sales rose more than expected, but the big picture still is bleak for most Americans looking to buy,” said Robert Frick, corporate economist at Navy Federal Credit Union. In early November, mortgage rates reached their high for the year – an average of 7.08% for a 30-year fixed-rate loan – and have been falling since. But for the first time since April, builders registered an increase in future sales expectations this month, according to the National Association of Home Builders.

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