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.
As life inches toward a post-pandemic world, many people are trying to navigate how to transition from their work-from-home look to a new back-to-office style for the first time in two years. Dina Scherer, the owner of Modnitsa Styling, joined Cheddar News to provide some styling suggestions for those returning to the office. 'I do hear this from a lot of my clients that they just have no idea how to transition from sweat pants, athleisure, into a work office environment outfit that's both appropriate and comfortable,' she noted.
Kelly Johnson, Portfolio Strategist, Charles Schwab, joins Cheddar News' Closing Bell, where he breaks down the results of the 2022 Ariel-Schwab Black Investor Survey. In doing so, he dives into why White American investing activity is at an all-time low and why more Black Americans are gravitating toward cryptocurrencies.
U.S. stocks closed Friday's session mostly lower to end the first full trading week of April. For the week, the S& 500 dropped 1.26%, the Dow fell 0.27%, and the Nasdsaq saw a more significant decline of 3.86%. Melissa Armo, founder and owner of The Stock Swoosh, joined Cheddar News' Closing Bell to discuss.
U.S. stocks saw a jump in the final hour of Thursday's session, and ultimately closed slightly higher for the day. Tim Pagliara, Chief Investment Officer of CapWealth, joined Cheddar News' Closing Bell to discuss. "The markets have had to digest a lot of action from the federal reserve this quarter and it's affecting everything from mortgage rates to how they value stocks," he said.
Herold Meyerson, Editor at Large of 'The American Prospect,' joined Closing Bell to discuss the recent uptick in unionization efforts across the U.S. and what it might mean for large corporations like Amazon and Starbucks, where workers are increasingly pushing to unionize.
Alma Angotti, a former SEC Enforcement Attorney and Global Regulatory Risk Leader at the consulting firm Guidehouse, joined Closing Bell to discuss the SEC probe of Amazon's business practices related to third-party seller data, and whether it will have any impact.
The month of April is also known as financial literacy month, and Investopdia marked the occasion this year by surveying 4,000 U.S. adults - 1,000 each from Generation Z, millennial, Generation X, and baby boomer generations - to try to get a better sense of where each generation stands when it comes to their understanding of all things money. The survey found that while many Americans have invested in crypto, most have much more to learn about digital currency. Investopedia Editor in Chief Caleb Silver joins Cheddar News' Closing Bell to discuss.
