On the Money

The High Cost of Looking Better

It’s no secret that Americans are spending more and more money to look better and the quest to retain a more youthful appearance as the demand for aesthetic enhancements continues to grow in the U.S. According to the latest data from The American Society for Aesthetic Plastic Surgery, Americans spent over $18.8 billion on cosmetic procedures in 2021. So much so that insurance carriers continue to adapt, with some now offering plans that help cover costs for commonly performed procedures, such as Lasik eye surgery.

Cosmetic surgery has become increasingly popular among African Americans in recent years as well, with nose reshaping, liposuction and breast augmentation among the most common procedures along with such non-invasive procedures such as laser hair removal, Botox injections and skin rejuvenation treatments.

To be clear, looking good is not cheap. Provided below is a list detailing the price ranges for some of the more commonly requested procedures:

Tummy Tucks: $8,000 — 20,000

Liposuction: $3,518 +

Nose Reshaping (Rhinoplasty): $12,800 — 16,449

Breast Augmentation: $5,000 - $10,000

Facelifts: $16,000 — 20,000

Eyelid Surgery (Blepharoplasty): $3,849 - $7,850

Chemical Peels: $673

Lasik eye surgery: 2,200- $3,000 per eye

Botox: $200-$800 per treatment

Forehead and brow lift: $5,325 — 12,175

Veneers: $925-$2,500 per tooth

Mommy Makeover: $18,650 -$44,000 operations. It's open to AKA members, their immediate families, AKA staff and credit union employees.

"Every member will be an owner of the credit union," said Terri Bradford Eason, FMO federal credit union executive director.

The first-of-its-kind credit union is based in part on the sorority's six initiatives, which include building economic wealth. Plans for the credit union began a few years ago with the idea to create economic health and financial stability for women of color.

L.A.-Based Black-Owned Fintech Firm Receives SBA Preferred Lender Status

Lendistry, a Los Angeles-based fintech firm that administered COVID-19 state grants to small businesses in California, announced that it has been granted Preferred Lender status by the Small Business Administration (SBA).

The Preferred Lender Program grants SBA lenders the ability to underwrite and approve SBA loans independently without waiting for the SBA to review them, resulting in faster and more flexible decisions for customers, according to a Lendistry press release.

“In a time when stricter lending rules are slowing the flow of capital to businesses and households, we’re determined to keep expanding financing opportunities,” says Everett K. Sands, CEO of Lendistry. “Technology is the key to equitable lending.”