Money·4 min read

Skimm Money: Student Debt Cancellation, Stimulus Talks, and Black History Month

Black coin purse
February 5, 2021

Hi there. It’s our first email of Black History Month. We’re celebrating all month long by giving you the money news, tips, and info you need to better understand, support, and honor the Black community.

Headlines, Skimm’d

Make Good (Money) Choices

If you’re looking to make an impact this month...

Give back to BIPOC communities or orgs that fight for them when you shop. From reusable face masks to Black Lives Matter-themed enamel pins, we rounded up a few of our fav buys.

If you want to show your Valentine you care...

Bare it all...about your finances. Money-related issues are often cited as a reason for divorce. So having open and honest discussions about money (from your income and debt balance to your future goals) from early on is an investment in your relationship. More on how to make money talks your love language here.

If you watch the Super Bowl for the commercials…

Check the score on Sunday, too. A Wall Street superstition called The Super Bowl Indicator says whoever wins the big game predicts the stock market’s performance. A win for the AFC team (that’s the Kansas City Chiefs this year) = stocks will fumble and end the year in the red. An NFC team (Tampa Bay Buccaneers) win = touchdown. If you’re throwing a flag on this non-scientific investing prediction, roll the tape: it’s been right 40 times over the past 50+ years. Just don't bet on it.

If you’ve finished Netflix…

Switch to PBS. On Monday, it aired a new documentary called “9to5: The Story of a Movement” about a group of Boston secretaries in the 1970s whose mission was to achieve better pay, more work opportunities, and an end to sexual harassment in the workplace. Spoiler: the 9to5 org is still working on these things today.

Thing to Know 

Black Tax: The cost of being Black in America. In homeownership, it can be seen as higher property taxes and mortgage costs totaling an average of more than $13K paid over the life of the loan vs. white homeowners – thanks to deep-rooted issues like redlining, biases in credit scoring models, and lending discrimination. In banking, it’s paying $7 more in monthly fees than white account holders (but $2 less than Hispanic Americans). And at home, it can look like an expectation to help family members financially. Add it all up and you get a huge barrier to building wealth.

Subscribe to Skimm Money

Your source for the biggest financial headlines and trends, and how they affect your wallet.