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.
Beth Ann Bovino, the U.S. chief economist at S&P Global Ratings, joined Cheddar to break down the March CPI data and outline the bright spots of consumer spending amid rising costs. She noted that with consumers switching more to services coming out of quarantine rather than purchasing goods, it could create a lessening of demand that will help reduce inflationary pressures going forward, but the Fed will still have to move aggressively. "We expect now that the Fed is going to raise rates about 6 to 7 times — a 50-point basis hike is basically baked in the cake right now," Bovino said. "Could there be a second 50-point basis? Certainly, we wouldn't be surprised."
Catching you up with what you need to know on Apr 12, 2022, with Russia concentrating forces in eastern Ukraine, rising inflation, severe weather from Minnesota to the Gulf Coast, Philadelphia brings back its indoor mask mandate, PG&E pays $55 million for wildfire settlement, and more
President Joe Biden is visiting corn-rich Iowa to announce he’ll suspend a federal rule preventing the sale of higher ethanol blend gasoline in the summer.
The March consumer price index showed a 1.2 percent month-over-month increase and 8.5 percent increase from a year ago, which was the highest reading since 1981.
