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Residents of the housing projects where rap mogul Jay Z grew up in Brooklyn, NY, say his latest endeavor is just a waste of their time.

He often reminisces about his humble beginnings and drug dealings in his rap songs.

"Where I'm from, Marcy son, ain't nothing nice," he raps in "Where I'm From."

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He used to return to the projects bearing gifts for the younger residents, but he has since stopped, says a resident.

Now Jay Z has come up with a new venture - the Bitcoin Academy - a 12-week series of free "financial literacy" courses to teach low-income Marcy residents how to trade in Bitcoin.

The course will start at a time when Bitcoin investors have lost nearly $2.7 trillion since November 2021. Bitcoin crashed below $26,000 this week and is currently priced at $20,582.44 per coin.

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After residents complete the course, they will receive a small amount of bitcoin worth around $20-$25 in their own digital wallets.

Most Marcy residents weren't aware of the bitcoin classes when a reporter dropped by on Wednesday afternoon.

A Twitter user posted an image of Bitcoin Academy flyers that were tossed in a pile on the floor in one building.

"This is how Jay Z's Bitcoin Academy is being distributed in Marcy Ps... Just throwing it in the lobby... lol," @Coach_HugginsJr wrote in the caption.

Nyashia Figueroa, a 24-year-old resident, agreed to speak with a reporter from The Guardian. She said Jay Z's Bitcoin Academy was a waste of the residents' time.

"Half the people that's going to go to that class, probably just going to go to the class for the $25 that you get," she said. "The other half of the people, they'll probably take what they learn and forget it down the line."

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Figueroa said the classes show how out of touch Jay Z is with his people.

"If you want to do something, fix this place up," she said. "We have a basketball court with no hoops. Our parks is broken up in here. He should be doing more for his community, not no Bitcoin Academy."

She added: "The only thing I could say he really did for us was the Christmas stuff. Every Christmas he would come around and he would give out free toys to the kids or like pocketbooks, perfumes and little MP3 players. That was good; the bitcoin ain't."

She continued: "He stopped coming around, and then it was just his mother that was coming around for a long period of time. And now I don't even know if they do it any more. This is where he rep he's from and all that, but he don't do nothing for us."

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Russell and Ciara Wilson provided students in West Seattle with sound financial advice and cash to help break the cycle of poverty.

The A-list couple surprised students at the Denny International Middle School via a virtual visit. They talked to the students about financial literacy and building wealth.

They also donated $40 seed money ($36,000) to 900 students so each student can open their own bank account.

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Russell, 32, and Ciara, 35, taught the students about investing and compounding interest in their savings accounts. The children were told they can't touch the funds in their bank accounts until they turn 18 years old.

"All these things can pay back tremendously if you invest in them in the right way," Ciara said. "Investing is very powerful, and it will also allow you to create an opportunity to build legacy for your family."

The virtual event was arranged in partnership with the NFL Player's Association and Goalsetter, the New York-based financial technology company.

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After days of arguing back and forth, the Senate finally reached a bipartisan agreement on President Donald Trump's $2 trillion economic stimulus package deal early Wednesday.

The bill contains checks ranging from $1,200 to $4,500 for individuals and small business owners. Families will receive an additional $500 for each child.

Checks for $1,200 will be sent directly to taxpayers who earned less than $75,000 a year in 2018.

But before you start spending money you haven't received yet, Tamar Braxton's fiancé, David Adefeso is sharing financial advice on his Instagram account.

The stock market is soaring on the news of the economic stimulus deal. David thinks you should take some of that federal money and invest it for your future.
 


 

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Small businesses including retailers, restaurants, real estate and personal care professionals, comprise the largest employer pool in the U.S. They are also some of the hardest hit during this shutdown because many haven’t built up enough cash reserves to account for the plunge in revenues they are currently experiencing, with no end in sight. Mass furloughs and layoffs by small businesses could drastically drive up the unemployment rate and cause consumer spending to plunge precipitously, thereby extending the inevitable recession. To make loans cheaper the Federal Reserve reduced interest rates to close to zero and Congress is currently debating measures to aid small businesses, including loan guarantees. For those who need immediate assistance, a growing list of programs exist to help small businesses, including emergency funding from the government, protection from eviction and business loan deferment. The Small Business Administration’s website (www.sba.gov) is a good place to start for information on some of these programs. “Together We Stand; But Divided We Fall”.

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