Doctoral candidates Seung Hyeong Lee of Northwestern University and Younggeun Yoo of the University of Chicago project that people born in the 1990s will retire with homeownership rates nearly 10% lower than their parents’ generation.

The numbers are stark. Over the past five years, typical mortgage payments have increased by 82%, while median incomes have grown by just 26%, according to John Bruns Research and Consulting. For millions, math simply doesn’t work anymore.

Marcus Thornton, a 32-year-old D.C.-based computer scientist, represents this exhaustion. After years chasing a “sold” sign that moved further away with every rent hike, he stopped volunteering for overtime. “Why am I killing myself for a landlord?” he told The Final Call.

“Buying a home was a long-time dream that became a nightmare because it just seemed to always be out of my reach.” He explained that, though his wife still wishes for a home with a picket fence, it may be difficult to achieve unless something changes.

The report shows that 43% of Millennials (those born between 1981 and 1996) are now “spending for today” because they can’t see a “tomorrow.” With homeownership out of reach for some, many redirect savings toward luxury travel, designer clothing, and instant gratification—what some economists  have coined “doom spending.”

“Despite their similar starting points, the discouraged renter quickly falls into a near-zero wealth trap, while the hopeful renter gradually accumulates assets,” Lee and Yoo write. “As housing affordability declines, more households fall into the discouraged group, producing a more polarized and unequal wealth distribution.”

The “Giving Up” report concludes grimly: America is bifurcating into a “landed gentry” and a “permanent renter class.” Yet this division is not inevitable.

What some economists call “reduced work effort” among the discouraged is actually strategic withdrawal—people refusing to sacrifice health, family, and spirit for a system that withholds the most basic human need: shelter.

But strategic withdrawal is different from building alternatives.

Hope Copeland, a government employee from Virginia and her family are not withdrawing. They are redirecting their energy toward land, community, and legacy. They understand that if the individual cannot buy a home in what many see as a rigged market, the collective can—and must.

When a family friend asked if she and her best friend from boarding school would be interested in buying land in Littleton, North Carolina—the area where both their mothers are from—she did not hesitate. “I said yes,” Ms. Copeland told The Final Call.

Together, they purchased 75 acres. The land, primarily used for growing trees, came with practical advice: “The previous owner told us the land was primarily used to grow trees.

We should continue to cut them down when they mature and sell them because no matter what, you’re going to make money on the timbers,” she said. But Ms. Copeland’s vision extends far beyond timber. She and her husband, a builder, are working on plans for the land.

The roadblocks outlined in the “Giving Up” report are all too familiar to Black people. For Black Americans, a systemic exclusion from housing security is neither new nor surprising and it echoes a long history of economic disenfranchisement.

The Honorable Minister Louis Farrakhan has repeatedly pointed out that social and economic structures in the U.S. are built in ways that limitBlack economic empowerment and keep many Black people in subservient economic roles.

For example, in “Policies for Empowerment: The Struggle for a New Economic Order”delivered March 10, 2006, at the National Black People’s Unity Convention held at Westside High School in Gary, Indiana, Minister Farrakhan explained that the educational system was designed to fit people “into a socioeconomic, political paradigm where you actually are slaves,”

Aather than cultivate their true potential—and that Black people were trained “to serve” rather than succeed in equitable economic participation.

Ms. Copeland’s story is an example of what Minister Farrakhan has advocated and taught for decades, based on the Teachings of the Most Honorable Elijah Muhammad, the Eternal Leader of the Nation of Islam: land ownership as the foundation for Black economic self-sufficiency.

In His book, “Message To The Blackman In America,” published in 1965, in the chapter, “Land of Our Own Qualifications,” the Most Honorable Elijah Muhammad writes, “What we must understand today is the importance of acquiring land of our own.

We are no longer a mere handful of people. We are a little better than 22 million in population and still increasing. We cannot forever continue to depend upon America to give us a job, send us to school, build our houses and sell us her food and give us nothing in return.”

If housing unaffordability functions as a form of social control—promoting transience, preventing wealth accumulation, and eroding community—then land ownership is its antithesis.

This model breaks the cycle, builds intergenerational wealth, and creates a sanctuary. It proves that “giving up” on a rigged American Dream is not surrender; it is the first step toward building a better one.

—Nisa Islam Muhammad, Staff Writer

The post Decreasing housing affordability and challenges to homeownership appeared first on Final Call News.

“I knew I wasn’t going to sit in a classroom,” Mr. Smith told The Final Call. His path reflects a seismic shift in American higher education, as more young Americans are rejecting traditional degrees, particularly those that lead to high student loan debt.

The power of hands-on learning

For many, it is not just about finances; it’s about how they learn. Newark’s Majied Muhammad, who has been teaching masonry and carpentry in Chicago and New York since 2013, sees this daily.

He is also a member of the Nation of Islam and serves as the Student Eastern Regional Fruit of Islam (F.O.I.) Captain responsible for the training of men and boys. 

He explained that many young Black men between the ages of 16 and 40 may experience challenges when it comes to sitting in a classroom all day and study and that sometimes they do not do well. “However, when you put a tool in their hand, something happens,” he said.

Mr. Muhammad’s own journey mirrors the students he now mentors. He discovered his calling while watching masons at work on a job site. His father was a mason, and Mr. Muhammad says the skill is “in my DNA.” He eventually mastered carpentry, plumbing, electrical work, and mechanics simply by watching and doing.

“When you put a power tool or a hand tool in their hand, you see a different individual,” Mr. Muhammad observes of his students, including the increasing number of women entering the field.

The data tells a stark story. Trade school enrollment is projected to grow 6.6% annually through 2030, vastly outpacing the 0.8% growth expected for traditional higher education, according to market research firm Validated Insights. From 2020 to 2023, trade school enrollment surged by 4.9%, while conventional college enrollment declined by 0.6%.

Community colleges saw enrollment jump 5.4% to 6% in 2024-2025—the highest growth among all sectors. Most revealing: certificate programs grew 6.6% in fall 2024, double the 3.1% increase in associate degrees and far exceeding the 1.2% growth in bachelor’s programs.

“Sixty percent of trade school enrollment is concentrated in non-degree tracks,” explained Brady Colby of Validated Insights to Slate. “That tells you where students think the value is.”  This includes culinary arts, beauty and wellness schools, and cosmetology.

Colleges lowering the bar

Traditional colleges are making admission easier even as fewer students choose to attend. According to Slate, universities facing declining enrollments offer one-click applications, waive fees, provide direct admission to students who haven’t applied, and recruit past traditional deadlines. During a recent fee-waiver month in New York, applications to public universities jumped 41%.

According to Kevin Krebs, founder of the college admission consulting firm HelloCollege, “the overwhelming majority of universities are struggling” to fill classrooms, he told Slate.

The demographic reality is stark: high school graduates face a projected 15-year decline in college enrollment. Four-year institutions have seen enrollment drop 13% over the past 15 years.

Trade schools are booming. According to data from the National Center for Education,healthcare programs grew by 10.1%, mechanical and repair technologies jumped by 10.4%, and beauty schools enrolled 240,000 students nationally. Search traffic for trade schools is up 27% in 2024.

Other educational and training routes are also becoming more popular, including career certificate programs. Some take only three to six months at a nominal cost. These programs include certificates in IT Support (Information Technology).

Community colleges, where students can receive a two-year associate’s degree, also serve as an option. According to National Education Statistics, enrollment among Black students increased by 10.3% in spring 2025, Hispanic enrollment rose by 4.4%, and enrollment among students aged 30-plus increased by 4.3%. Average tuition: $4,150 per year versus $11,950 at four-year institutions.

While young people have often been taught that a four-year degree is best in order to “find a good job,” a recent analysis by career site Resume Genius, using data from the U.S. Bureau of Labor Statistics (BLS), identified 15 high-paying roles that do not require a bachelor’s degree and pay over $59,228 a year. 

Elevator installers top the list at $106,580 and require only a high school diploma, an apprenticeship, and certification. Transportation managers earn $102,010, and electrical power-line installers make $92,560.

Nearly six million workers without degrees earned $100,000-plus in 2023—9% of non-college graduates. The unemployment rate for associate degree recipients is just 2.1%.

High-paying careers span skilled trades, transportation (commercial pilots: $176,000; flight attendants: $67,000), healthcare, technology, sales, and public service.

So, while traditional colleges scramble to increase enrollment by lowering admission bars and waiving fees, the “toolbelt generation” is heading elsewhere. They are choosing certificate programs, which grew 6.6% in 2024, and community colleges.

For Majied Muhammad, the proof is in the work. His Chicago students recently applied their skills and training on a Chicago-based project. He believes the accessibility of information today—from YouTube to Google—allows anyone with the drive to succeed.

“I was unsure from the beginning,” said Mr. Smith. “I started with a warehouse job, but I knew I was going to the top. I knew I wanted my own business.  I knew once I had more skills, I didn’t need a college degree or the debt.” 

The Federal Reserve reports that in 2024, only 42% of young adults who attended college took on student loan debt, down from 55% in 2017, suggesting growing avoidance of student loan debt.

The toolbelt generation is betting on skills over credentials, hands-on training over lecture halls, and manageable debt over decades of loans. As colleges scramble to fill seats, these young people are heading to trade schools, community colleges, and online certificate programs instead.

The post Young people are choosing trade schools, certificates over expense of four-year degrees appeared first on Final Call News.

The dollar system is under unprecedented strain, largely due to the behavior and actions of the United States itself, says a world-renowned economist.

In an interview with the Press TV website, Paulo Nogueira Batista, Jr. a Brazilian economist and former Executive Director at the International Monetary Fund (IMF), noted that the dollar has been weaponized by the United States.

“It (U.S. dollar) is no longer seen by many as a safe haven. Moreover, the fragilities of the U.S. economy also undermine trust in the dollar,” said Batista, Jr. who was one of the founding members of the New Development Bank (NDB) in Shanghai.

“In my view, the most probable scenario is the continuation of a gradual decline in the dollar. This decline may be accelerated if a new major financial crisis occurs in the U.S.”

The process of de-dollarization has gained significant momentum in recent years with the emergence of new regional alliances such as BRICS, led by China and Russia.

Since the outbreak of the war in Ukraine and the subsequent freezing of Russian assets in the United States and Europe, the global push toward de-dollarization has grown exponentially, with countries in the Global South increasingly seeing it as essential to reduce their dependence on the U.S. dollar.

Many countries are already conducting international transactions in their national currencies or adopting alternative payment systems. There is also a growing discussion about a potential BRICS currency.

Batista, Jr. however, said he does not believe that a BRICS currency can become a reality in the near future but feels the need for a new reserve currency as “undeniable.”

“It is a complicated endeavor, from a technical as well as a political point of view. But the need for a new reserve currency seems undeniable. Let us hope that the BRICS can rise to the challenge,” he told the Press TV website.

There is also a widespread belief that emerging blocs like BRICS, which includes China, Russia, Brazil, India, and Iran, will challenge and ultimately reshape the existing global financial architecture, with institutions such as the New Development Bank poised to play a central role.

The Brazilian economist and author of several books, including The BRICS and the Financing Mechanisms They Created: Progress and Shortcomings (2021, Anthem Press), said the Global South “expects a lot from the BRICS.”

“This group of countries needs to take this into account. China, Russia, Brazil, India, Iran, and the other BRICS members have a role to play in reshaping the international financial architecture,” he told the Press TV website.

“But we have yet to act accordingly. The New Development Bank has great potential but is still struggling to play a global role. I was one of the founders of the institution and can tell you that many of those involved in the project expected much more from the Bank in its initial 10 years.”

He said Iran was the first country to ask formally to join the New Development Bank.

“But, a decade has gone by and Iran is still not a member. It is a member of the BRICS political formation, but not of the development bank the group created.”

The Trump administration recently released the new U.S. National Security Strategy, which emphasizes that the Western Hemisphere, not China or the Middle East, is Washington’s new priority. Many interpret this as a signal of the end of the U.S.-led unipolar order.

Batista, Jr. said the unipolar order has been “dead for quite a while now.”

“It was actually a unipolar moment, historically speaking. It lasted basically a decade, during the 1990s. The NSS articulates the geopolitical views of the Trump administration. With respect to the Western Hemisphere their main concern is to counter the growing presence of China in the region,” he stated.

“The NSS tries to revive the 19th-century Monroe Doctrine – ‘America for the Americans.’ At the time, this doctrine was directed at European powers. The new Monroe Doctrine is directed mostly at China. It remains to be seen which countries in Latin America will submit to this Monroe Doctrine 2.0 and which won’t. I believe Brazil will not accept this.”

On the U.S. military buildup around Venezuela and threats against several countries in the South American region, which have grabbed headlines worldwide in recent months, the Brazilian economist and author said narcotics is “a mere pretext.”

“The main driver here is Venezuela’s immense oil reserves. The U.S. government wants to install a puppet regime in Caracas.”

The post Dollar no longer safe haven, U.S. economic fragilities erode trust in it appeared first on Final Call News.

The English pound and the American dollar have been the power and beckoning light of these two great powers. But when the world went off the gold and silver standard, the financial doom of England and America was sealed.

The pound has lost 50 percent of its value. America’s dollar has lost everything now as power backing for her currency, which was backed by gold for every $5 note and up. All of her currency was backed by silver, from a $1 note up.

But today, the currency of America is not backed by any sound value—silver or gold. The note today is something that the government declares they will give you the value in return, but does not name what the value is. But they definitely are not backing their currency with silver or gold.

This is the number one fall, and it is very clear that the loss of the power of the American dollar means the loss of the financial power of America. What will happen, since there is no sound backing for her notes, we do not know.

What should we expect even in the next twelve months under the fall of the power of America’s dollar? This means that we have 100 percent inflation. What could happen under 100 percent inflation? Your guess is as good as mine.

The power of gold and silver was once abundant in America. But the touch of the finger of God against the power of so mighty a nation has now caused the crumbling and fall of America.

We can easily and truthfully liken the fall of America to the prophetic symbolical picture given in the (Bible) Revelation of John 18:2. The name Babylon used there does not really say whether it is ancient Babylon or a picture of some future Babylon.

The description it gives is as follows:

“And he (angel) cried mightily with a strong voice (with authority) saying, Babylon the great is fallen, is fallen and is become the habitation of devils, (Allah has declared the people to be a race of devils) and the hole of every foul spirit and a cage of every unclean and hateful bird.” The description here given to Babylon by the prophets compares with the present history and people of America and their fall.

The picture shows the cause of her fall. Number one, she had become the habitation of devils, and being the habitation of devils makes her a haven for every people that love the works and doings of the devil. Here the prophet refers to them, symbolically, as being a hole of every foul spirit, and a cage of every unclean and hateful bird.

People are referred to as birds, snakes, beasts, fish and other animals to tell or represent the characteristics of that person. It is universally known that the very beginning of the American people was from the lower class of European people.

And their first ruler (President Washington) was a fugitive from England. And the common, dissatisfied and lower grade of European people followed and boosted his authority. This filled and inhabited America with a very low class and low-based people.

And then this type of people went into Africa and purchased slaves from among our people who were also uneducated, most of them; but there were a few who were highly educated.

All of these began to mix with the low-based, evil-minded, real citizens of the Western Hemisphere (Whites). And when America began to get strong in power, she opened her doors to the underprivileged (laborers) in overpopulated countries such as China, Japan, and in Europe to seek citizenship in America.

This brought into America one of the most mixed people, who were granted the freedom to live any kind of life they chose. They were not forced to serve the God of the universe who made heaven and earth, nor any religion.

They had freedom of worship. This made America a haven for any people who wished to be free of the compellers of religion and just rule and authority. This people, for the past five hundred years, have put into practice every evil that is imaginable.

The freedom of uncleanliness is granted and is worshiped. The percentage of sexual worship of the same sex is greater than any government on the face of the earth. Little children are being taught sex almost from the cradle, making the whole nation, as one man put it, “nearly 90 percent freaks of nature.”

It is common to see on the streets of any metropolitan city of America men sweethearting with men and women sweethearting with women. Little boys with boys and little girls with girls.

It is common that a decent family is puzzled as to where to send their children for schooling. There are no all girl schools as there once were. They are all girls schools of sweethearts; the same sex falling upon their own. Boys’ colleges are breeding such filthy practice; the jailhouses, prisons, and the federal penitentiaries are all breeding dens of homosexuals.

As the Prophet says in the 18th chapter:“She is a cage of every unclean and hateful bird.” There are types of hateful birds. This is why a symbolical name is given. It means human beings.

There are birds of prey and birds that are unclean such as crows, owls, buzzards and ravens who live and thrive off the carcass of others. And there are unclean people living and thriving off the unclean.

It is time that God intervenes to bring about an end of such people as the wicked of America. She offers the same filth to all of the civilized of the earth, and she hates you if you are against her way of life and will threaten you with death as the Sodomites did Lot and his followers. But I say to you as the 4th verse of Revelations, Chapter 18 says: You that want to be a better people than this, “come out of her.”

The so-called American Negroes are referred to here in the 4th verse as being God’s people (“My people”) “Come out of her…that ye be not partakers of her sins and that ye receive not of her plagues.”

This is a call to the American so-called Negroes to give up a doomed, wicked people that has destroyed them from being a people worthy of recognition, and who have now become lovers of their enemies and destroyers.

The 5th verse tells us that “Her sins have reached into heaven and God has remembered her iniquities and is ready to destroy her.” Her destruction cometh quickly, according to the 8th verse, that plagues of death, mourning and famines which cometh in one day (one year) then after that she shall be destroyed by fire, utterly burned.”

This is backed up by the words: “Strong is the Lord God who judges her.” Here it gives us a knowledge that He who judges is well able with power, with wisdom, and with deliberate and careful maneuvering to make judgment against her.

(Reprinted from “The Fall of America,” 1973, page 87.)

The post Decline of the dollar appeared first on Final Call News.

by Ezekiel J. Walker – The Black Wall Street Times

The word “budget” often conjures images of restrictive spreadsheets and difficult conversations. While it’s true that budgeting requires discipline, when embraced as a family activity, it transforms from a chore into a powerful tool for financial security, shared goals, and invaluable life lessons.

Family budgeting isn’t just about managing money; it’s about building a stronger financial culture together. At its core, a family budget is simply a spending plan that ensures your income covers your expenses while helping you achieve your long-term objectives.

But the most significant benefit comes from the transparency and communication that this process fosters. When all family members—parents and children alike—understand the household’s financial situation, it eliminates secrecy, reduces stress, and creates a sense of shared responsibility.

The benefits for children: financial literacy in action

Involving children in the budgeting process is perhaps the most crucial element. It moves financial education out of a textbook and into the real world. By participating, kids learn fundamental concepts they will carry for life:

Understanding trade-offs: When presented with limited resources, children quickly grasp the concept of opportunity cost. They realize that choosing a new video game might mean delaying a planned family trip, sparking conversations about needs versus wants.

Goal Setting: Whether saving for a new bike or contributing a small amount to a large family vacation fund, setting and tracking financial goals teaches patience, delayed gratification, and the rewarding feeling of accomplishment.

The value of money: Assigning age-appropriate “jobs” within the budget—like tracking a specific expense category (e.g., groceries or entertainment)—gives them a tangible understanding of how much things actually cost; and where the family’s money goes.

Strengthening the family unit

For couples, budgeting together necessitates aligning on financial priorities. It requires sitting down regularly to discuss dreams, fears, and spending habits. This practice is a cornerstone of a healthy relationship, as financial discord is often cited as a major source of marital stress.

By creating a unified financial vision, couples move past “my money” and “your money” to focus on “our money” and “our future.”

Furthermore, a family budget acts as a shield against emergencies. When everyone is aware of the emergency savings fund and the goals it protects, there is collective motivation to maintain it. This shared commitment provides an immense psychological relief, knowing that the family can weather unexpected financial storms together.

Tips for making a successful budget

Making family budgeting effective and fun requires a thoughtful approach:

Make it a regular ritual: Schedule a weekly or monthly “money meeting.” Keep it light, perhaps with snacks or dessert, to make it something to look forward to rather than dread.

Use visual tools: Use whiteboards, colorful charts, or digital apps that are easy for everyone to see and understand. Seeing a goal fund grow visually is incredibly motivating.

Be age-appropriate: Give younger children simple tasks, like counting coins for a goal jar. Give teenagers more responsibility, like managing their own allowance or researching the best price for a family purchase.

Focus on progress, not perfection: There will be overspending months. Use these as learning opportunities, not reasons to assign blame. The goal is consistent effort and open discussion.

Budgeting together is a powerful investment—not just in your family’s financial stability, but in its future happiness and cohesion. It teaches responsibility, encourages teamwork, and cultivates a generation that is financially literate and confident. It’s an act of love, planning, and preparation for the journey ahead.

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“In 2025, we’ve seen a consistent pattern of foreclosure activity trending higher, with both starts and completions posting year-over-year increases for consecutive quarters,” said Rob Barber, CEO at ATTOM Data Solutions, which is a leading provider of property and real estate data. “While these figures remain within a historically reasonable range, the persistence of this trend could be an early indicator of emerging borrower strain in some areas.”

The numbers tell the story. During the third quarter of 2025, a total of 101,513 U.S. properties had at least one foreclosure filing—a 17% increase from a year earlier.  In September alone, 23,761 properties initiated the foreclosure process (“filings”)—up 20% year-over-year, although down approximately 2% from August. 

Lenders repossessed (bank-owned) 11,723 properties in Q3 2025, an increase of 33% from the prior year. 

The average time for completing a foreclosure fell to 608 days, a 25% year-over-year drop and a 6% decline from the prior quarter.  Nationally, one in every 1,402 housing units had a foreclosure filing in the third quarter of 2025. 

States with the worst foreclosure rates were Florida (one in every 814 housing units with a foreclosure filing); Nevada (one in every 831 housing units); South Carolina (one in every 867 housing units); Illinois (one in every 944 housing units); and Delaware (one in every 974 housing units), the report noted. 

What’s driving the increase?

The pressures confronting homeowners remain severe: mortgage interest rates remain elevated; homeowners’ insurance and property taxes continue rising; major repairs and utility costs hit older homes harder;

And many purchased during the pandemic-era buying boom now face tighter budget margins. The drop in average foreclosure duration suggests that lenders and servicers are also moving more quickly into default and repossession stages.

The increases in bills came with no increase to D.C.’s Harold Richardson’s paycheck as a construction worker.  His wife was a stay-at-home mom in their dream house with three small children. “I guess I was in denial about foreclosure,” he told The Final Call.

“I didn’t think it could happen to me, happened to my family, but it did.  It took 18 months for me to get the message that the bank would take my house if I didn’t get my act together. I had an emotional attachment to this house and didn’t want to let it go.” 

Disproportionate impact on historically underserved communities

For Black, Latino and lower-wealth households—already facing structural barriers to homeownership and building wealth—this rise in foreclosure activity is especially concerning.

Many residents in underserved neighborhoods live in older homes that require more frequent and costly repairs. With higher repair costs and fewer savings set aside, these households become more at risk.

Insurance premiums and property tax burdens often increase more quickly in urban and majority-minority communities. These additional costs cut into household budgets and add stress to mortgage payments.

Access to credit and borrower support services is disproportionately weaker in low-wealth areas. Delays in seeking assistance or navigating loss-mitigation programs can cause borrowers to fall behind sooner or have fewer options to stay afloat.

Regions with high foreclosure rates—such as Florida, South Carolina, and Nevada—include significant populations of Black, Latino, and other non-White homeowners. The failure to sustain homeownership in these areas threatens not just individual households but also entire communities’ ability to build generational wealth.

Policy implications, strategic interventions

Given the sustained increase in foreclosure filings and completions, targeted policy responses are essential. Recommendations provided by the ATTOM report include increasing culturally competent housing counseling and outreach efforts in underserved communities and educating homeowners early about options such as modification, short sale, or refinancing.

Other recommendations included providing home-repair grants or subsidies in neighborhoods where older housing dominates and repair burdens are concentrated;

Monitoring and reforming insurance- and tax-valuation practices that disproportionately raise costs in majority-minority neighborhoods and keeping home-ownership expenses manageable.

Strengthening protections and support for borrowers in the early stages of delinquency, especially in regions with high filings or short timelines to repossession, was also recommended.

“This situation is difficult at best.  I wouldn’t wish it on anyone,” said Mr. Richardson about foreclosures. “Banks need to offer more options for families to save their homes.”

The post U.S. housing foreclosures on the rise appeared first on Final Call News.

However, at what cost to consumers?

These services offer short-term loans that enable consumers to purchase products and services, with the option to repay the amount in a set number of installments over a predetermined period.

The most prevalent BNPL model is known as “4-in-6” or “pay-in-four,” where consumers settle a purchase in four equal, interest-free payments: The initial payment is made at the point of sale, followed by the remaining payments in three bi-weekly intervals.

This service can seem like a quick convenience. During tough economic times, something you need but can’t afford can easily be purchased using credit products like Affirm, Afterpay, or Klarna. Your payments are spread out over several weeks to months, typically consisting of four payments over a six-week period. You can select when and how you pay it off.

However, the Most Honorable Elijah Muhammad, Eternal Leader of the Nation of Islam, warned Black people about unnecessary spending or spending beyond one’s means. “The first step the so-called Negro wage-earners should take is to spend only when necessary and according to their income.

They should save as much of their salaries as possible—weekly, biweekly or monthly,” the Most Honorable Elijah Muhammad wrote on page 195 of His book, “Message To The Blackman in America.”

He continued, “We, as wage earners, should always plan to save something from whatever we are paid. Do not become extravagant spenders like the rich, who own the country and everything in it. It is sheer ignorance for us to try to compete in luxury with the owners.”

A recent survey found that approximately half of the population views the cost of groceries as a significant stress factor in their lives, with 19% of those worried having utilized deferred payment services for groceries at some point. In total, 29% of people have used deferred payment services, with a higher prevalence among individuals under 45 compared to older adults.

The AP NORC (Associated Press) National Opinion Research Center) survey found that 53% of adults reported that grocery expenses are a major source of stress, and another 33% said they are a minor source of stress.

About half also identify housing costs  as a significant concern—additionally, 43% express stress related to their income and savings. Healthcare costs are also a significant source of stress for four in ten adults. 

Increasing prices and more days left in the month than Harrison Thompson had money to cover seemed to be a recurring source of stress. His paycheck used to stretch further and do more for his family, but lately, with rising rent, gas, and occasional outings with his wife, by the middle of the month, he was broke until his next paycheck.

Mr. Thompson said though he has tried these services he did express caution because these services do not solve the problem of rising prices.

BNPL options may be too good to be true for some people. A recent survey by Lending Tree asked people about their behaviors and perspectives regarding these popular loans. It found that more than four in 10 (41%) users of BNPL loans reported paying late on one of them in the past year, up from 34% just a year ago. 

The survey found that, surprisingly, high-income borrowers are among the most likely to pay late, along with men, young people, and parents of young children. Other key findings include that nearly one in four BNPL users (23%) report having three or more active BNPL loans at the same time. 

A closer look at these products reveals that they often come with hidden costs and risks, including late fees, higher interest rates, and increased overdraft fees.

By breaking down purchases into smaller installments and providing access to interest-free credit, the smaller, interest-free installments may also lead some consumers to perceive purchases as more affordable than they are, increasing the risk of overspending, debt accumulation, and even default.

What happens if you don’t make your payment on time? Mounting late fees will accrue. Fumiko Hayashi and Aditi Routh from the Federal Reserve Bank of Kansas City examined the financial challenges and payment behaviors of people utilizing Buy Now, Pay Later. They found that BNPL users are often more financially at risk than non-users.

Their study also showed a strong connection between late payments on BNPL loans and financial difficulties. This suggests that some BNPL users who pay late may have overspent or taken on too much debt with BNPL.

According to Consumer Reports, BNPL comes with several risks, including negatively impacting a person’s credit score for missed payments.

The Honorable Minister Louis Farrakhan, National Representative of the Most Honorable Elijah Muhammad, has cautioned Black people in several public addresses that “debt is slavery.” The Most Honorable Elijah Muhammad also stressed to, pay your debts!

The post Be careful of buy now, pay later plans appeared first on Final Call News.

The analysis, conducted by economists Akcan S. Balkir, Emmanuel Saez, Danny Yagan, and Gabriel Zucman, used administrative data from 2010 through 2020, matching Forbes’ list of the 400 richest Americans with individual, business, estate, and gift tax returns.

It found that the top 0.0002 percent of households—roughly the “Forbes 400”—paid an average total effective tax rate of 24 percent from 2018 to 2020. That compares with 30 percent for the overall U.S. population and 45 percent for top labor income earners.

The authors define the effective rate as all taxes paid relative to “economic income,” which includes labor income, business profits, and capital gains. The report concludes that billionaires “appear less taxed than the average American” when all sources of wealth are considered.

Why the wealthiest pay less

The findings point to structural features of the U.S. tax code. C-corporations owned by billionaires distribute relatively little in dividends, which minimizes individual income tax unless the stock is sold. Passthrough businesses—such as partnerships and S corporations—often report negative taxable income despite high profits, further limiting tax bills.

The researchers found that between 2010 and 2017, billionaires’ effective tax rates averaged about 30 percent, but that fell to 24 percent in the years after Donald Trump’s Tax Cuts and Jobs Act of 2017.

The law slashed the federal corporate rate from 35 percent to 21 percent and expanded provisions like full expensing of investment, allowing companies to reduce taxable income even with high book profits.

Estate and gift taxes also make little difference. Decedents in the Forbes 400 paid just 0.8 percent of their wealth in estate tax when married and 7 percent when single. Annual charitable giving by the group equaled 0.6 percent of wealth and 11 percent of economic income in 2018–2020.

The corporate tax’s outsized role

Corporate taxes remain a major source of government revenue from billionaires. About 9 percentage points of the top 400’s 23.8 percent effective rate comes from corporate tax. By contrast, their individual income taxes amounted to just 11 percent of economic income.

When measured against wealth instead of income, the richest Americans paid only 1.3 percent of their holdings in taxes annually in 2018–2020—down from 2.7 percent in 2010–2013.

International comparisons

The United States is not alone in seeing ultra-rich households taxed at lower rates. Similar studies show billionaires in the Netherlands pay less than 20 percent of economic income, while in France, the top 0.0002 percent paid 26 percent in 2016.

Still, U.S. billionaires’ individual income tax rates—about 11 percent of economic income—are higher than those in parts of Europe, where personal holding companies allow greater avoidance.

The researchers caution that the effective rate at the very top is heavily dependent on how economic income is defined, but across multiple approaches, the results remain consistent:

The richest households are taxed at lower rates than most Americans. “Ultra-high-net-worth individuals appear less taxed than the average American,” the authors wrote.

Stacy M. Brown is Black Press USA Senior National Correspondent. This article was distributed by NNPA Newswire.

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According to the report, globally, just 4% of individuals who fall victim to scams manage to reclaim their losses. The the U.S. and U.K. had the highest rates of recovery but the report states these figures are still low on a worldwide scale, leaving most scam victims without a solution.

This situation underscores the pressing need for enhanced consumer protection strategies and more efficient financial recovery systems, the report notes. Additionally, 70 percent of victims choose not to report the scam.

Even with persistent efforts to fight scam activities through awareness initiatives, scams continue to pose a major and increasing threat, with almost half of consumers worldwide encountering a scam attempt at least once a week.

Some regions are more severely affected, with countries like Brazil, Hong Kong, and South Korea experiencing nearly daily scam exposure. Vietnam, Saudi Arabia, and China reported a significant decrease in scam incidents.

Shopping scams and investment scams were the most prevalent types, the report, released November 2024, noted.

“Phone calls and text/SMS messages remain the primary methods through which scammers operate, with text/SMS scams being particularly common in the Philippines, South Korea, and Brazil. Platforms like WhatsApp, Instagram, and Gmail are also frequently exploited by scammers, with a notable rise in WhatsApp scams across several regions,” the report stated.

In the report, Jorij Abraham, managing director of GASA, explained, “Very little has changed in the last 12 months, as the world’s consumers bear the weight of another $1.03 trillion stolen by scammers. We must do more to combat these crimes, as they continue to erode trust in our systems and cause immense harm to individuals and economies.”

The financial impact of scams is substancial. The U.S., Denmark, and Switzerland experienced the highest losses per individual, as Americans face an average loss of $3,520, the report states. Scams in Pakistan had a significantly larger effect, amounting to 4.2% of the nation’s Gross Domestic Product (GDP).

Kenya and South Africa reported GDP impacts of 3.6% and 3.4%, respectively. The financial burden that scams place on both individuals and national economies highlights the critical need for improved protections and global collaboration, the report states.

Report authors also stated that scam and fraud victims have found some assistance with the Identity Theft Resource Center (ITRC). It offers education and research efforts designed to help people protect themselves from traditional identity crimes, scams and fraud. The center notes that irrespective of age, income, education, gender or race, every person and every business can be a victim of a scam.

The most recent “Trends in Identity Report” found that identity thieves are better at looking and sounding “legitimate” thanks to generative AI. Victims are facing more severe types of identity misuse with higher impacts. Identity thieves already have enough information to open new lines of credit and other types of accounts for most U.S. adults.

Recommendations for people to protect themselves include identifying red flags, such as asking or requesting personal information, like bank information or a social security number.

The Federal Communications Commission states there are four signs that something may be a scam including: scammers pretend to be from an organization you know, they say there is a problem or a prize, scammers pressure you to act immediately, and they tell you to pay in a specific way.

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Consumer advocates applauded last month as the Consumer Financial Protection Bureau finalized a rule aimed at making it easier for people to switch financial institutions if they’re unhappy with a bank’s service, without the bank retaining their personal data—

But on Nov. 15, more than a dozen groups warned the CFPB that major Wall Street firms are trying to stop Americans from benefiting from the rule.

Several advocacy groups, led by the Demand Progress Education Fund, wrote to CFPB director Rohit Chopra warning that major banks—including JP Morgan Chase, Bank of America, Citi, TD Bank, and Wells Fargo—sit on the board of the Financial Data Exchange (FDX), which has applied to the bureau for standard-setting body (SSB) status, which would give it authority over what is commonly known as the “open banking rule.”

Standard-setting authority for the banks would present a major conflict of interest, said the groups.

The banks are also on the board of the Bank Policy Institute, which promptly filed what the consumer advocates called a “frivolous lawsuit” to block the open banking rule when it was introduced last month, claiming it will keep banks from protecting customer data.

At a panel discussion in November, Bank of America CEO Brian Moynihan also said the open banking rule, by requiring financial firms to unlock a consumer’s financial data and transfer it to another provider for free, would cause “chaos” and amplify concerns over fraud.

The groups wrote on Nov. 15 that big banks want to continue to “maintain their dominance by making it unduly difficult for consumers to switch institutions.”

“The presence of these organizations on both the FDX and BPI boards undermines the credibility of FDX and presents various concerns relating to conflict of interest, interlocking directorate, and antitrust law,” they wrote.

Upon introducing the finalized rule last month, Chopra said the action would “give people more power to get better rates and service on bank accounts, credit cards, and more” and help those who are “stuck in financial products with lousy rates and service.”

The coalition of consumer advocacy groups—including Public Citizen, the American Economic Liberties Project, and Americans for Financial Reform—urged Chopra to reject FDX’s application for standard-setting authority so long as the banks remain on its board.

“It would be a flagrant conflict of interest for the same banks who are suing to block the open banking rule because it threatens their market dominance to also be in charge of implementing it,” said Demand Progress Education Fund corporate power director Emily Peterson-Cassin.

“The American people are fed up with Wall Street controlling every aspect of their lives and the open banking rule is an opportunity to give all of us some financial freedom. The CFPB must stop this ploy by the biggest banks to keep us trapped under their thumbs.”

The groups called the open banking rule “a historic step forward for the cause of giving consumers true freedom in their financial lives.”

“For this reason, it is imperative that SSB status not be granted to an organization whose board members are, either directly or through a trade association they are participating in, suing the CFPB to stop the rules from taking effect.

Particularly when such members may be ethically conflicted from such dual participation,” said the groups. “By rejecting SSB status for FDX or any other organization with similar conflicts of interest pertaining to Section 1033, the CFPB will help prevent big banks from sabotaging open banking rules.”

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