Esusu: Save More Money with Your Friends and Family
In cultures around the world families and friends pool their money together into a single pot of money. The process is called esusu, and a new app has adopted the name and making the process easier than ever.
Abbey Wemimo is the co-founder of Esusu. As an immigrant himself, Wemimo's mother practiced esusu and used that financing strategy to send Wemimo to school.
Wemimo explains that the main focus is to create a platform for immigrants and people of color, but of course he would be happy for all Americans to use the platform. Accessibility was a key factor in developing Esusu, which is why Wemimo says the company built a phone-based app.
A survey by the BMO Real Financial Progress Index found that 25 percent of Americans are pulling back on retirement contributions to offset the cost of inflation. This comes as market volatility reduced retirement savings with the S&P 500 shedding more than 12 percent this year alone.
Meta's announcement that COO Sheryl Sandberg will be stepping down from her role after 14 years with the company has left investors wondering about the tech giant's future. Doug Astrop, a managing partner at Exponential Investment Partners (an investor in Meta), joined Cheddar News to discuss what the personnel change to Javier Olivan means for investors and the future of the Meta. "They are bringing somebody up who's been there a long time, who has been the chief revenue officer, and so I don't think it means major changes," he said. "but symbolically it's important and significant."
Pinky Cole, founder and CEO of Slutty Vegan ATL, is helping college grads start new businesses. She is providing Clark Atlanta University grads with LLCs. Cole joins Cheddar News to discuss giving grads a financial boost and the success of her vegan food chain.
According to a survey, 45% of LGBTQ youth seriously considered attempting suicide in the past year. Amit Paley, CEO and Executive Director of The Trevor Project, joins Cheddar Pride to address LGBTQ youth mental health.
Reepher is a Salt Lake City-based company that offers a prepaid legal defense plan for cannabis DUIs. CEO and co-founder Justin Kahn joined Cheddar News to break down the business model, explaining how lawful users may be in trouble when being pulled over by police. "The reason is because cannabis users have THC and cannabis cannabinoids in their system regardless of the last time that they consumed," he said. "Any regular cannabis user is at risk, or they're one mistake away from having an interaction with a police officer that could lead them to be suspected of being under the influence of cannabis."
