business

Financial coach Damon Carr argues that being broke isn't simply about lacking money, but rather encompasses ten distinct financial situations that require different solutions. These range from overspending despite adequate income and earning too little to cover basic needs, to emotional spending patterns and generational cycles of poor money management. Each type of "broke" stems from losing control over different aspects of personal finance, whether that's controlling spending habits, income generation, or beliefs about money. The article emphasizes that breaking free from financial struggle requires awareness, discipline, and consistent action tailored to each person's specific situation, with the ultimate goal of building wealth rather than merely appearing wealthy. # Key Takeaways

The article examines how homes in predominantly Black neighborhoods are systematically undervalued compared to similar properties in white neighborhoods, with an average disparity of $48,000 per home resulting in over $156 billion in cumulative losses nationwide. This devaluation stems from historical redlining policies during the New Deal era that designated Black neighborhoods as "hazardous," creating biased valuation frameworks that persist today through comparable sales methods that embed racial prejudice. The undervaluation perpetuates the racial wealth gap by limiting Black homeowners' ability to refinance, invest in improvements, or build intergenerational wealth, while also causing psychological harm by signaling that Black communities are worth less. The author proposes solutions including reforming appraisal processes through oversight and audits, increasing Black representation among appraisers, implementing community reinvestment policies, and educating homeowners about their rights to challenge unfair appraisals. # Key Takeaways

Detroit's bus drivers will receive a $6 per hour wage increase under a newly ratified contract between the city and Transit Union Local 26, approved by 98% of voting members. The agreement raises starting wages from $19.56 to $25.38 and maximum pay from $26.18 to $32.18, bringing Detroit Department of Transportation compensation closer to neighboring transit systems that have historically paid more. City officials believe the substantial raise will help retain experienced drivers and attract new operators, addressing chronic staffing shortages that have plagued the transit system with service delays and missed routes. The contract includes performance bonuses for attendance and safety, annual cost-of-living adjustments, and will be funded partly through new state transportation revenue and savings from reduced driver turnover. # Key Takeaways

The Black homeownership rate has declined to 43.9% as of Q2 2025, marking its lowest level since 2021 and maintaining a nearly 30-point gap below the white homeownership rate of 72%. This disparity stems from historical policies like redlining and discriminatory GI Bill implementation, which created lasting barriers including neighborhood undervaluation, higher mortgage denial rates, and reduced access to financial resources. The gap perpetuates wealth inequality, as homeownership represents roughly 68% of average household net worth, with white families' median net worth reaching $285,000 compared to just $45,000 for Black families. Contemporary challenges including rising home prices, student loan debt, appraisal bias, and limited generational wealth compound these historical disadvantages, making homeownership increasingly difficult for Black first-time buyers. # Key Takeaways

The City of Detroit has launched the Detroit Tech Founder Residency Fellowship to retain entrepreneurial talent and strengthen its startup ecosystem. The year-long program provides participating founders with $2,000 monthly stipends and complimentary coworking space at three major innovation hubs throughout the city. Funded by a $210,000 state grant and administered by the Detroit Economic Growth Corporation, the fellowship targets early-stage founders who graduated from Michigan universities after May 2022 and commit to residing in Detroit for 12 consecutive months. Up to eight founders will be selected for the inaugural cohort beginning in early 2026, with applications due December 1st through the MakeMyMove.com platform. # Key Takeaways

Paradise Valley, Detroit's historic Black business district, is experiencing a cultural resurgence as a vibrant hub celebrating African American heritage and creativity. The neighborhood features landmarks like Fixins Soul Kitchen, a soul food restaurant emphasizing community and employment opportunities for African Americans and Latinos, and Spectacles, a fashion boutique operating since 1984 that helped define Detroit's creative identity. The area attracts diverse visitors through its murals, music venues, authentic cuisine, and locally-owned businesses that honor the district's legacy while fostering contemporary Black excellence. Paradise Valley serves as both a historical touchstone and living community space where culture, entrepreneurship, and inclusive belonging converge to showcase Detroit's enduring Black cultural contributions.

WGPR-TV 62, the first television station in the United States owned and operated by African Americans, celebrated its 50th anniversary since its historic launch on September 29, 1975. Founded by Dr. William V. Banks in Detroit, the station served as a revolutionary training ground for Black media professionals and pioneered technological advancements like portable video cameras and 24-hour broadcasting. Despite being sold to CBS in 1995, WGPR's legacy continues through the WGPR-TV Historical Society and the William V. Banks Broadcast Museum and Media Center, which was designated as a National Historic Site in 2021. The station's 50th anniversary celebration featured prominent speakers including Detroit Pistons Hall of Famer Isiah Thomas and ESPN executive David Roberts, highlighting WGPR's enduring impact on Black representation in American broadcasting.

Detroit city leaders have launched the $700,000 Detroit Startup Fund to support local entrepreneurs and strengthen the city's tech economy. Announced by Mayor Mike Duggan, City Council President Mary Sheffield, and Detroit Economic Growth Corporation (DEGC) officials, the fund will award 26 grants totaling $700,000 over the next year to help startups scale products and services that can improve city life and economic opportunity. The initiative includes 20 seed grants of $15,000 and six scale grants of $50,000, with specific eligibility requirements including Detroit-based operations and potential civic applications. City officials estimate the program will generate more than $1 million in local economic impact, with applications for the first round open through August 25 at detroitmi.gov/startup.

Detroit City Council has unanimously approved new business licensing ordinances designed to reduce bureaucratic barriers for small businesses. The reforms extend license renewal periods from one to two years, introduce a provisional license option, and establish a dedicated "business concierge" team to provide personalized assistance to entrepreneurs. These changes follow a year-long review of licensing practices and community feedback from business owners who struggled with the previously complex, costly, and time-consuming compliance processes. City officials believe these reforms will support business growth while creating a more equitable landscape for entrepreneurs, particularly in historically underserved communities.