CBX Daily 6/3/2024

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Claire Moraa
June 03, 2024

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Today natural disasters take a toll on minorities leaving them in a financial hole, but let’s start with how high rollers can be on a low bankroll…

Cultural Intelligence Download

The Tethered Tales Of America's High Rollers In A Financial Funk 

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It's a paradox how you can put high earner and financial strain in the same sentence but believe it or not, this is the reality of most Americans. In fact, the situation is shocking with 62% of Americans living paycheck to paycheck. 36% of this segment earn above $200,000. And despite being high earners, most of Americans in this group would be unable to cough up $1,000 in an emergency situation. This situation is very telling and proves that a high income does not translate to wealth.

Natural Disasters Continue To Worsen Minorities Net Worth 

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Natural disaster damages from 2023 cost the U.S. $92.9 billion, and nowhere are the economic and racial inequities of disaster aid more evident than in areas that have experienced urban flooding. Nearly 50% of U.S. counties experience a disaster each year, and areas that are particularly disaster prone rapidly diminish wealth in those communities. While damage caused by natural disasters may be indiscriminate, the process of recovery, especially depending on who you are, will not be.

Are Riskier Transactions Narrowing The Investment Gap? 

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Black Americans have faced systematic exclusion from a number of American institutions including investment opportunities, though that could be changing. The investment gap between Black and white Americans has recently narrowed, with higher stock market participation among young Black people under 40. In an effort to take back power, interest in investing has grown as this demographic has developed a propensity to take on riskier investments.  

AI-ighty Potential

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And thanks to The Motley Fool, the full narrative of this extraordinary tech trend has been compiled into an exclusive report, designed to arm you with the insights needed to make informed investment decisions.

Biden Forgiving Another $7.7 Billion In Student Debt Helps Close Racial Wealth Gap 

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President Biden's latest step forgive $7.7 billion in student debt for Americans carrying heavy financial burdens from college will help more than 160,000 borrowers through existing programs. The burden of student loan debt has reached crisis levels, disproportionately affecting students of color and amplifying the racial wealth gap. Unfortunately, student loan debt is not distributed evenly across populations, it falls disproportionately on students of color and their families who are actively trying to close the racial wealth gap.

Inflation Is Throwing Hands And Gen Z's Are Catching Them

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Members of the Generation Z demographic, which typically refers to those born between the late 1990s and early 2010s, are experiencing the negative impact of inflation. Gen Z are facing the challenges of high inflation as they are entering adulthood. This significant increase in prices comes at a time when many individuals from this generation are graduating from college, moving out on their own, and starting their careers, making it even more difficult to manage their finances effectively. The situation is dire that at least 90% of Gen Z's are worried about their financial situation.

Vibes of the Week

Trapped in “Survivor’s Remorse” even after inflation’s wrath has passed? Roddy Ricch starting off our week with a banger only in in our CBX Vibes!