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.
David Bowie's entire catalog of songs has officially been sold to Warner Music Group by his estate for an estimated $250 million. This means the group now has the full rights to almost all of David Bowie's recordings. But Bowie, just the latest music mega deal. Just last month, Bruce Springsteen sold his entire catalog to Sony Music Entertainment at what in fact maybe be the biggest transaction ever for a single artist's body of work. In addition, John Legend also cashed in by selling rights to his songs from 2004 to early last year. Culture Correspondent at NPR, Anastasia Tsioulcas, joined Cheddar to discuss more.
Treasury officials say that filing taxes this year could be frustrating due to staffing shortages at the IRS and paperwork backlog. Cheddar News speaks with Brent Weiss, certified financial planner and co-founder of Facet Wealth, on how to best file your returns in 2022.
As the need for COVID-19 testing increases, so does the price of the tests themselves. An agreement with The White House and several major companies to sell the tests at a lower cost has now expired, sending prices up as retailers struggle to keep kits on shelves. Dr. Thomas McGinn, executive VP of physician enterprise at Common Spirit Health, joins Cheddar News to discuss.
With no end in sight to supply chain snarls, some companies are reconsidering the way they manufacture goods. Harry Moser, founder and president of Reshoring Initiative and Jennifer Smith, logistics and supply chain reporter for the Wall Street Journal, joined Cheddar News' Closing Bell to discuss some of the ways companies are trying to solve their supply chain problems in the long term.
Stocks closed higher Tuesday with the tech-heavy Nasdaq rising for a second straight day as tech stocks rebound. Investors also felt some relief after Federal Reserve Chair Jerome Powell today said the central bank is prepared to raise interest rates 'more over time' if inflation continues to run hot. Ross Mayfield, investment strategy analyst at Baird, joins Cheddar News' Closing Bell to discuss today's market close, whether and how markets are pricing in Fed activity, and more.
Bitcoin dipped below $40,000 this week amid a broader slump to begin the year. Some speculate that as cryptocurrencies correlate closer to traditional assets that factors like the Federal Reserve tightening monetary policy will weigh on digital coins. Jalak Jobanputra, managing partner at Future Perfect Ventures, joins Cheddar News' Closing Bell to discuss why crypto markets are feeling pressure from the Fed's potential 2022 rate hikes, broader crypto market predictions, and more.
