CBX Daily 9/25/2024

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CultureBanx Team
September 25, 2024

Today, student loans are burdening the young generation severely, but let’s start with how African American millionaires are increasing yearly…

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How 5.2 Million People Joined The Millionaires Club 

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Millionaire’s are on the rise with 5.2 million people achieving this status last year globally, and nearly half of them residing in the United States. Credit Suisse’s latest annual wealth report found that “this is the largest increase in millionaire numbers recorded for any country in any year this century.” There are about 1.79 million African American millionaires in the country, according to Statista. Just how much has the wealth gap opened up with this new batch of millionaires?

Student Loan Debt Is The Roadblock To Homeownership & Deferred Dreams

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Millennials and Gen Zs are feeling the growing burden of student loan debt, which is blocking their path to major financial goals like buying a home, starting a family, or saving for retirement. According to Forbes Advisor, 45% of borrowers are struggling financially, and 36% are delaying career plans and homeownership as they grapple with the long-lasting effects of debt. This mounting debt has turned student loans into a hidden roadblock, forcing many to defer their dreams of homeownership and long-term stability.

Climate Change's Fury Compounds Black America's Struggle

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The severity of the economic impact that Black folks are experiencing due to climate change cannot be hidden anymore. A report published by the McKinsey Institute for Black Economic Mobility stated that Black Americans are disproportionately exposed to environmental health risks. Black people are roughly 75% more likely to reside in neighborhoods near high-emission or toxic industrial processes. This subjects them to air pollution levels that surpass equitable standards by at least 56%.

Tune-in Tuesdays!

Nigeria began a Crypto crackdown and a Binance executive was caught in the crossfire. However, six months down the line, his health is declining and he has not been given access to legal counsel. So, where do we draw the line on unconstitutional and unjust disregard for human rights?

A. ‘Fight the Power’ by Public Enemy – Is it time for the people to stand up for the fundamental rights of the people?
B. ‘Chained Up’ by VIXX – Is this the norm? Being trapped in an unjust system, where basic rights are ignored?
C. ‘Change Is Gonna Come’ by Sam Cooke- Although there is pain in adversity, it is the beginning of a revolution and change is coming soon.

What are your thoughts on this? Tune in next Tuesday to see which jam captures the prevailing sentiment!

A  |  B  |  C

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Last week’s results are in and it looks like we're living in the present. ‘Don't worry be happy’ is how you're feeling about Ghana’s inflation situation.

Is Tulum, Mexico Becoming The Money Mecca For Black Expats?

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Tulum, Mexico, is a paradise usually saturated on our Instagram feed with beautiful, mostly models and influencers showcasing their fun on beaches, in neutral beige-colored boutiques, and with rainbow-colored elixirs. Many don’t see the significant migration of Black expats seeking business opportunities in this Mexican utopia. In a country with nearly two million Afro-Mexicans, mostly in Guerrero, Oaxaca and Veracruz states, business opportunity abounds for Black people in the country.

Coach Prime Keeps Blenders Eyewear In The Spotlight

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Deion Sanders is not just a successful coach and when he's not on the field, he's out there influencing diverse admissions at colleges and making big bucks for companies. The proof in the pudding is with his Prime sunglasses collection with Blenders. Having Coach Prime on your team has proven to be a good business move. Just before their release, the Prime sunglasses collection attracted over 70,000 preorders and made $4.5 million in revenue.

Vibes of the Week

African American millionaires are rising "Some How Some Way" as Jay Z, Beanie Sigel, and Scarface tell it in our CBX Vibes!