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https://www.blackenterprise.com/black-millennials-reduce-debt-yet-affordability-5-tips/

Originally Published Jan. 26, 2023.

In 2023, 34% of Black millennials had at least $10,000 in non-mortgage debt this year, a staggering 60% drop from 2022.

The finding raises the question of whether those millennials erased their debt. It’s possible, but real estate expert Jaime Seale explained it’s more likely that as inflation pushed up home prices and interest rates, millennials with large amounts of debt dropped out of the home search and postponed their purchase.

Contrarily, 46% of all millennials had a minimum of $10,000 in debt in 2023, down from about 71% last year.

Seale, author of the Millennial Home Buyer Report: 2023 Edition, told BLACK ENTERPRISE that more non-Black millennials will continue their home search while prices and interest rates are high.

Individuals quizzed in Seale’s report were asked about their homebuying plans this year. Black millennials (30%) are more concerned than their non-Black peers (29%) about qualifying for a mortgage. Seale said Black millennials tend to have lower credit scores than their white counterparts and are 2.5 times more likely to be rejected for mortgage loans.

“It’s important for Black millennials to get mortgages to help them afford homes because owning a home is one of the best ways to build generational wealth,” she notes. In 2019, Black homeowners had a median household wealth of $113,130—more than 60 times higher than Black renters.

To help attain homeownership, Black millennials are putting down less of a down payment.

A key reason: Debt is a major hurdle to saving for a down payment, and saving such is one of the top three barriers to buying a home for Black millennials. Some 42% report interest rates are too high and 38% cite both homes being too expensive and saving for a down payment as obstacles.

Around 73% of Black millennials plan to put down less than 20% for a down payment, versus 62% of all millennials. Seale says it is possible that saving for a down payment is more difficult because Black millennials typically earn less than their white counterparts and have more debt.

She made clear Black millennials who don’t put down a full 20% may have a higher interest rate because banks assume more risk. And with less money spent on a home purchase, Black millennials are more likely to buy less costly homes. Seale says nearly 23% of millennials plan on buying a home that costs more than the national median of $455,000, but only 8% of Black millennials plan to do the same.

More specifically, she says, 18% of Black millennials (versus 13% of all millennials) plan to buy a home in the $100,000 to $149,999 range this year. Some 16% of Black millennials (compared to 9% of all millennials) plan to buy a home in the $200,000 to $249,999 range.

Black millennials also are less inclined to risk their money given inflation and high-interest rates make home-buying even more unaffordable. For instance, Seale added  65% of all millennials would buy a fixer-upper, but only 58% of Black millennials would take that gamble. Some 40% of Black millennials fear having to make major repairs, and 39% worry about the hidden costs of homeownership.

Here are some tips Seale offered for buying a home:

  • “Expand your search: To stay within budget, Black millennials may need to look at smaller properties or in rural areas or less [in-]demand neighborhoods.”
  • “Improve your credit score: In a high-cost environment, qualifying for the lowest possible interest rate will lower your monthly mortgage payment. To improve your credit score, pay down debts and avoid any late payments.”
  • Choose a shorter loan term: If you can afford a higher monthly payment, a 15-year loan usually has lower interest rates than a 30-year loan, meaning you’ll pay less in interest over time.
  •  “Shop around: Talk with several different lenders to make sure you’re getting the best deal and the lowest rate. As interest rates rise, the number of home buyers who need a mortgage has dropped, so lenders will be eager for your business.”
  • “Alter your timing: Interest rates fluctuate, if you postpone your search, they may be lower in the future. However, that’s not without risks. Interest rates may continue to rise, as well as inflation. If inflation continues to increase, you’ll save more money by buying now than in the future, when money may hold less value.”

RELATED CONTENT: 23-Year-Old Allegedly Stole $200,000 From Victims In Real Estate Fraud

May 14, 2024

Black Millennials Greatly Reduce Debt Yet Struggle With Home Affordability: 5 Tips To Help Trim the Cost Burden

https://www.blackenterprise.com/black-millennials-reduce-debt-yet-affordability-5-tips/

Originally Published Jan. 26, 2023.

In 2023, 34% of Black millennials had at least $10,000 in non-mortgage debt this year, a staggering 60% drop from 2022.

The finding raises the question of whether those millennials erased their debt. It’s possible, but real estate expert Jaime Seale explained it’s more likely that as inflation pushed up home prices and interest rates, millennials with large amounts of debt dropped out of the home search and postponed their purchase.

Contrarily, 46% of all millennials had a minimum of $10,000 in debt in 2023, down from about 71% last year.

Seale, author of the Millennial Home Buyer Report: 2023 Edition, told BLACK ENTERPRISE that more non-Black millennials will continue their home search while prices and interest rates are high.

Individuals quizzed in Seale’s report were asked about their homebuying plans this year. Black millennials (30%) are more concerned than their non-Black peers (29%) about qualifying for a mortgage. Seale said Black millennials tend to have lower credit scores than their white counterparts and are 2.5 times more likely to be rejected for mortgage loans.

“It’s important for Black millennials to get mortgages to help them afford homes because owning a home is one of the best ways to build generational wealth,” she notes. In 2019, Black homeowners had a median household wealth of $113,130—more than 60 times higher than Black renters.

To help attain homeownership, Black millennials are putting down less of a down payment.

A key reason: Debt is a major hurdle to saving for a down payment, and saving such is one of the top three barriers to buying a home for Black millennials. Some 42% report interest rates are too high and 38% cite both homes being too expensive and saving for a down payment as obstacles.

Around 73% of Black millennials plan to put down less than 20% for a down payment, versus 62% of all millennials. Seale says it is possible that saving for a down payment is more difficult because Black millennials typically earn less than their white counterparts and have more debt.

She made clear Black millennials who don’t put down a full 20% may have a higher interest rate because banks assume more risk. And with less money spent on a home purchase, Black millennials are more likely to buy less costly homes. Seale says nearly 23% of millennials plan on buying a home that costs more than the national median of $455,000, but only 8% of Black millennials plan to do the same.

More specifically, she says, 18% of Black millennials (versus 13% of all millennials) plan to buy a home in the $100,000 to $149,999 range this year. Some 16% of Black millennials (compared to 9% of all millennials) plan to buy a home in the $200,000 to $249,999 range.

Black millennials also are less inclined to risk their money given inflation and high-interest rates make home-buying even more unaffordable. For instance, Seale added  65% of all millennials would buy a fixer-upper, but only 58% of Black millennials would take that gamble. Some 40% of Black millennials fear having to make major repairs, and 39% worry about the hidden costs of homeownership.

Here are some tips Seale offered for buying a home:

  • “Expand your search: To stay within budget, Black millennials may need to look at smaller properties or in rural areas or less [in-]demand neighborhoods.”
  • “Improve your credit score: In a high-cost environment, qualifying for the lowest possible interest rate will lower your monthly mortgage payment. To improve your credit score, pay down debts and avoid any late payments.”
  • Choose a shorter loan term: If you can afford a higher monthly payment, a 15-year loan usually has lower interest rates than a 30-year loan, meaning you’ll pay less in interest over time.
  •  “Shop around: Talk with several different lenders to make sure you’re getting the best deal and the lowest rate. As interest rates rise, the number of home buyers who need a mortgage has dropped, so lenders will be eager for your business.”
  • “Alter your timing: Interest rates fluctuate, if you postpone your search, they may be lower in the future. However, that’s not without risks. Interest rates may continue to rise, as well as inflation. If inflation continues to increase, you’ll save more money by buying now than in the future, when money may hold less value.”

RELATED CONTENT: 23-Year-Old Allegedly Stole $200,000 From Victims In Real Estate Fraud


May 14, 2024

10 Ways To Be ‘Water Wise’ Even In The Workplace

https://www.blackenterprise.com/hydration-water-wise-workplace/

Originally Published April 13, 2020.

Water.

We all need it—and know we need it—for optimum health and wellness, but a shocking few live daily life (and those work hours) in a properly hydrated state and certainly not with appropriate consistency. One doctor-driven report revealed that a staggering 75% of Americans may suffer from chronic dehydration.

“Over time, failure to drink enough water can contribute to a wide array of medical complications, from fatigue, joint pain and weight gain to headaches, ulcers, high blood pressure and kidney disease,” the report read.

Apparently, this is the tip of the proverbial dehydration-induced illness iceberg.

“During a normal day, we lose about two liters of water just through breathing, sweat and other bodily functions,” notes board-certified internist Dr. Blanca Lizaola-Mayo. “Even while sleep, we can lose over one kilogram (2.2 pounds) of water-weight not just through sweating, but respiration as well. Even air conditioning has drying effects on our body. The health implications of dehydration are vast and can range from mild to severe, including problems with the heart, blood pressure and breathing, headaches and cognitive issues like concentration…just to name a few. Those who’ve felt that ‘afternoon slump’ should know that dehydration is the No. 1 cause of daytime fatigue. And, it’s important to understand that when we first start to sense thirst, we are already close to 2% dehydrated.”

For all of its importance, proper hydration is a delicate balance to uphold. An Institute of Medicine report cited the fragility of keeping the body duly hydrated, noting, “Over the course of a few hours, body water deficits can occur due to reduced intake or increased water losses from physical activity and environmental (e.g., heat) exposure.” So, a perfectly hydrated body can tip the scales into a dehydrated state in a fairly short amount of time, whether actively (as with exercising), or passively (as with breathing).

Here are some insights and tips from preeminent health experts to help you stay happily hydrated:

How Much Water Do You Need?

According to the Academy of Nutrition and Dietetics, “Many factors impact how much water you need, including your age, gender, activity level, and overall health. For women, the amount of total water is about 11.5 cups per day and for men about 15.5 cups. These estimates, however, include fluids consumed from both foods and beverages, including water. You typically get about 20% of the water you need from the food you eat. Taking that into account, women need about nine cups of fluid per day and men about 12.5 cups in order to help replenish the amount of water that is lost.”

What Are Common Causes of Dehydration?

According to the Mayo Clinic, “Sometimes dehydration occurs for simple reasons: You don’t drink enough because you’re sick or busy, or because you lack access to safe drinking water when you’re traveling, hiking or camping.” While certainly not all-inclusive, known causes for dehydration can encompass sweating from exercise and playing a sport; air travel; traversing in overly hot, humid, cold or windy weather conditions; drinking too much coffee and other diuretic beverages; recovering from a hangover; and a litany of other relatively commonplace daily activities.

Do All Fluids Hydrate the Body?

No. The Cleveland Clinic is very clear with its advisory that “Some beverages are better than others at preventing dehydration,” and that “alcoholic and caffeinated beverages, such as coffee, teas, and colas, are not recommended for optimal hydration. These fluids tend to pull water from the body and promote dehydration. Fruit juice and fruit drinks may have too many carbohydrates, too little sodium, and may upset the stomach. Adequate hydration will keep your summer activities safer and much more enjoyable.”

What Are Some Benefits of Proper Hydration?

While the benefits of a properly hydrated body are copious, the CDC points to a few top-line health advantages, including keeping your temperature normal; lubricating and cushioning joints, protecting your spinal cord and other sensitive tissues; and getting rid of wastes through urination, perspiration and bowel movements. Healthline also offers a number of evidence-based health benefits of drinking plenty of water, which include maximizing physical performance; optimized energy levels and mood; and aiding digestion and elimination.

Be mindful of water intake, however, as Dr. Lizaola-Mayo warns, “Drinking too much water or fluid can lead to hyponatremia, which causes sodium in the cells to become diluted and too low and can be dangerous—and even life-threatening—if untreated.”

What Are Signs of Early or Mild Dehydration?

The Rehydration Project, a nonprofit organization, says that “the degree of dehydration is graded according to signs and symptoms that reflect the amount of fluid lost. In the early stages of dehydration, there are no signs or symptoms. Early features are difficult to detect but include dryness of mouth and thirst. As dehydration increases, signs and symptoms develop.”

According to the organization, symptoms of early or mild dehydration include the following: flushed face; extreme thirst; consuming more than normal or the inability to drink; dry, warm skin; the inability to pass urine or reduced amounts (dark, yellow); dizziness made worse when standing; weakness; cramping in the arms and legs; crying with few or no tears; sleepiness or irritableness; sickness; headaches; dry mouth or dry tongue with thick saliva.

What Are Signs of Moderate to Severe Dehydration?

According to The Rehydration Project they include low blood pressure; fainting; severe muscle contractions in the arms, legs, stomach, and back; convulsions; a bloated stomach; heart failure; sunken fontanelle—soft spot on an infant’s head; sunken dry eyes with few or no tears; skin loses its firmness and looks wrinkled; lack of elasticity of the skin (when a bit of skin lifted up stays folded and takes a long time to go back to its normal position); rapid and deep breathing (faster than normal); and a fast, weak pulse.

“In severe dehydration, these effects become more pronounced and the patient may develop evidence of hypovolemic shock, including diminished consciousness; lack of urine output; cool moist extremities; a rapid and feeble pulse (the radial pulse may be undetectable); low or undetectable blood pressure; and peripheral cyanosis,” according to The Rehydration Project. “Death follows soon if rehydration is not started quickly.”

Who is at Greatest Risk of Dehydration?

No one is immune to a dehydrated condition, but certain populations are at greater risk. The Mayo Clinic points to infants and children, older adults, those with chronic illnesses, and people who work or exercise outside.

Serious complications can ensue, which can include heat injury (ranging in severity from mild cramps to heat exhaustion or potentially life-threatening heatstroke); urinary tract infections, kidney stones and even kidney failure; seizures due to electrolyte imbalance, sometimes with a loss of consciousness; and low blood volume (hypovolemic) shock.

According to the Mayo Clinic, it’s time to call a doctor if you or a loved one “has had diarrhea for 24 hours or more; is irritable or disoriented and much sleepier or less active than usual; can’t keep down fluids; and/or has bloody or black stool.”

How Can You Be a Water-Wise Shopper?

The USDA recommends consumers shop smartly. “Use the Nutrition Facts label to choose beverages at the grocery store. The food label and ingredients list contain information about added sugars, saturated fat, sodium and calories to help you make better choices.”

There are also highly efficacious and economical dehydration avoidance and treatment innovations that can be integrated into one’s lifestyle and used on a daily basis. The experts at SOS Hydration explain that its medically-formulated drink-mix powder accelerates hydration equivalent to an I.V. drip, rehydrating the body fully three-times faster than by drinking water alone. This product’s heightened hydration process leverages the body’s digestive “sodium/glucose co-transport system”—an Oral Rehydration Therapy (ORT) endorsed by the World Health Organization (WHO) and UNICEF.

Can Foods Help You Stay Hydrated?

Yes, the body intakes hydration not only from water and other liquids but foodstuffs as well—some boasting as much 90% water content. According to the Academy of Nutrition and Dietetics, those in the 90-100% water content range include fruits like cantaloupe, strawberries and watermelon; as well as vegetables like lettuce, cabbage, celery, spinach, and cooked squash. Options with a 70% to 89% water content include fruits like bananas, grapes, oranges, pears, and pineapples; vegetables such as carrots, cooked broccoli and avocados; and dairy products like yogurt, cottage cheese and ricotta cheese.

For drinks, EatRight.org advise we focus on unsweetened beverages, like water, in order to limit calories from added sugars, and to use strategies to increase water intake—like adding a flavor enhancer.

Can Sports Drinks Actually Undermine Hydration?

Yes. Why pay extra money for excess sugar when what you really need are electrolytes?

“In truth, only a very small amount of sugar is required to help transport electrolytes and water into the cells as part of the sodium-glucose co-transport system,” Dr. Lizaola-Mayo says. “In fact, this system is most effective when it utilizes one molecule of sugar and one molecule of sodium in combination, which helps create the fastest and most effective way to transport water into the cells for hydration. Even water rehydration and other drinks that do actually claim to utilize the sodium-glucose co-transport system have been shown to contain excess sugar to enhance taste, apparently discounting the fact that that this added sugar commensurately increases calorie count and actually undermines cellular H2O absorption.

“If there is excess sugar in a drink, even one engineered as a rehydration solution, then you can trigger reverse osmosis,” the doctor continues. This process occurs when there is an incorrect balance of sugar to sodium. Sodium always follows sugar and water always follows sodium. In a drink that is correctly balanced (utilizing the sodium-glucose co-transport system) then the water and electrolytes optimally flow into the cells. In high sugar ‘rehydration’ drinks there is too much sugar for the quantity of sodium and, as such, sodium and then water is actually leeched from the cells and passed out of the body as urine. This can actually cause dehydration—the opposite effect for a rehydration or sports beverage one has spent their hard-earned dollars to purchase.”

So whether indoors or out, active or at rest, suffering illness or perfectly healthy, one thing is clear: Keeping your water sources well at hand and ingesting with regularity (and consistency) can have a profoundly beneficial effect on your health and well-being.

It’s one easy and highly accessible assist for a multitude of maladies.

Written by Merilee Kern


May 13, 2024

How Autumn Yarbrough Is Building On Family’s Pro-Line Legacy With Own Haircare Venture, NU Standard

https://www.blackenterprise.com/autumn-yarbrough-family-haircare-legacy/

Autumn Yarbrough, founder of NU Standard haircare is looking to revitalize the “textured hair” community. Her foundation in the industry is solid. Yarbrough’s family contributions to haircare is cemented in the the Black consciousness. Granddaughter of Comer Joseph Cotrell Jr., founder of Pro-Line Hair Products, and daughter of Renee Cottrell Brown, inventor of Just For Me brands, Yarbrough is Black Haircare royalty.

Yarbrough spoke with BLACK ENTERPRISE about how her family’s path influenced her future. The ability to observe production of Pro-Line products from start to finish inspired her at a young age. She was honored to play a role in the creation and implementation of the Just For Me campaigns created by her “marketeer mom,” and was even one of the iconic young girls on the Just For Me box. She is now the owner and founder of NU Standard haircare. While expanding her family’s legacy she is also creating a new one just for her.

Tell the BE audience about yourself and your mission. 

My purpose is to make sure that the Black community and textured community are no longer left out; are no longer last in line when it comes to hair. I want to continue to push everything to the edge and disrupt the industry in a positive way, really solving a lot of our pain points.

You come from an entrepreneurial family. Did you always want to follow this path?

Yes. I was that weird kid. I would go down the aisles looking at new products. I loved being a part understanding how products were made all the way down to the manufacturing, to packaging supplies, understanding suppliers, ingredients all of those things. I was very fortunate that my grandfather, actually, had a manufacturing plant.

The Jerry Curl and Just For Me products were innovative additions to Black culture. How does Nu Standard expand on haircare innovation? 

The innovation of NU Standard is exactly what it means, a new standard in the industry. We focus on how hair really works on the inside then bring the science into it.

We love traditional methods but it’s important as we advance to make sure we’re bringing along the science and focus on a lot of our pain points — which is the hair loss, the hair breakage.

Tell us more about alleviating pain points.

The pain points, the biggest one is wanting to make sure that we’re included in beauty in the proper manner. Not just through marketing and showing a good picture of us with our hair done but actually the products are being made with us in mind at the very beginning of the creation. That part.

Also, focusing on hair loss. That part.

Day-to-day demands for women. That part.

And then also focusing on a big one, dryness.

Your product comes in the form of a bar. Can you tell us how this makes a difference in quality?

It’s a one-wash bar and then that conditioner bar which we call the “butter bar.” It’s a rinse-out or leave-in. We realized that it makes it easy to travel and easy to use. The concentrated ingredients are absolutely safe even to leave in. We have the appropriate butter so they are not endocrine disruptors. The ingredients are not making any hormonal changes if you’re leaving it in your hair.

What is the greatest lesson you have learned as a grandchild and child of entrepreneurs?

Fail fast.

Build a proper infrastructure through early-on failures to be able to weather the storm. If you learn quickly where the failures are, then you will know where your successes are. Embrace that failure is not a bad term and it’s not a permanent term.

Use failing moments, embrace them, learn from them, and pivot; don’t be ashamed that you’re failing.

Entrepreneurship is an infinite game. There is no long game and definitely no short game. 

If you could give your children advice about entrepreneurship what would it be — not coming from the businesswoman, coming from their mom? 

My mother gave me advice. It was a beautiful gift. Integrity. My mother has always had integrity in business, her life, her friendships, as a wife, as a mother, and as a diehard marketeer. All I can ask my daughter and my son to do for me is to live their life with integrity. It will serve you. It will outlive your life and it will help your children’s children. Look where it’s landed me.

RELATED CONTENT: Pioneering Haircare Entrepreneur Joe Louis Dudley Sr., 86, Dies; Leaves Legacy Of Success And Inspiration


May 13, 2024

PODCAST: X-Men’97 Episode 9 Recap

https://blackgirlnerds.com/podcast-x-men97-episode-9-recap/

In this week’s episode of the Black Girl Nerds podcast, we recap episode 9 of the Disney+ series X-Men ’97. We also welcome special guest actor and filmmaker Damien D. Smith.

A band of mutants use their uncanny gifts to protect a world that hates and fears them; they’re challenged like never before, forced to face a dangerous and unexpected new future.

Host: Ryanne & Jamie
Music by: Sammus
Edited by: Jamie Broadnax

New episodes air weekly on Disney+


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