enRICHed: Volume 1
Let’s Get on the Same Page
This week, I hit two career milestones. One, I got invited to the White House and sat down at a table with President Joe Biden to discuss the Inflation Reduction Act. Two, I launched this newsletter! (I know, one of these things is not like the other) But seriously, we have been working hard to bring this newsletter to life, keeping you in mind every step of the way.
Before you dive in, let’s talk layout. Below you will find 5 stories from the past week and a bullet labeled HYCU, pronounced haiku, aka How You Can Use. We are here because we want you to better understand how the news impacts you and your wallet - this bullet gives you the tl;dr.
At the bottom you will find us spilling the Prosperitea, our hot tips for you on all things money. Think discount codes, hacks, non-boring finance articles, sales, etc.
Now that you’re up to speed, let’s get you enRICHed.
Visa to Start Categorizing Gun Store Sales
Before last weekend, gun store sales showed as “General Merchandise” on Visa credit card statements, but that is no longer the case after a huge win for gun control advocates.
While the receipts will not show individual items purchased, the hope is that this new coding will be used to flag suspicious, and potentially illegal, activity at these stores - making it more difficult to walk out the door with tens of thousands of dollars in ammunition without questioning.
HYCU; Visa is the world’s largest payments processor and with this type of insight, banks could stop unlawful gun store purchases from going through in the first place. Mastercard and AmEx have both announced that they are following suit.
Inflation News Continues to Spook the Market
Last Tuesday’s CPI data showed that consumers are continuing to spend despite inflation driven prices. This news put pressure on The Fed, which is going to have to work even harder to drive down inflation. And by work harder, we mean rate hikes.
HYCU; If the Fed increases rates to curb consumer spending, we will see a trickle effect with impacts across the board, from borrowing costs to unemployment rates. Bad news - mortgage rates & the interest rate on your credit card will likely go up. Good news - so will the interest rate on your high yield savings account.
Remote Work is Killing Your Florida Retirement Dream
A Business Insider article was trending on Twitter last week, reporting on how the remote-work-induced housing squeeze is affecting retirees
300,000 people moved to Florida between April 2020 and April 2021, which in turn saw a 33% increase in home value over the same year
HYCU; The rise of remote work is changing entire state economies. If high cost of living immediately follows high demand in sunny places like Florida, or Austin or San Diego, retirees will be forced to choose another option - changing those landscapes politically and economically. If you currently live in one of these cities, you may continue to see rents & the cost of living rise.
Patagonia Founder Yvon Chouinard Gives Company Away
Yvon Chouinard has created a $3 billion trust and nonprofit organization, ensuring that all profits will be used to combat climate change.
This move challenges other über wealthy business owners to contemplate their impact on our plant philanthropically, politically and environmentally.
HYCU; Over the past few years, we have seen a shift to consumers making purchase decisions based on company politics. Patagonia could see even higher profits going towards our planet if this move builds an even stronger community. You may not realize it, but when you make purchases you are supporting a brand with your dollars. Does your shopping align with your values?
West Virginia Signs Abortion Ban into Law
On Friday, Gov. Jim Justice of West Virginia announced that he had signed a new bill into law banning all abortions except in certain medical situations or in cases of rape or incest.
This law comes after the overturn of Roe vs. Wade in June, and adds to the growing map of Southern states where bans and restrictions will force women to travel hundreds of miles for abortion access.
HYCU; Abortion bans impact women in every area of their lives - from health care bills and travel costs to educational and career impacts, and cost of child care - the losses can be devastating and the setbacks immeasurable. For a different perspective, Forbes covered the impact of abortion bans on state economies - citing multiple studies that have been done in the US.
Wanna know how we access so much news on a budget? Check out this week’s TikTok tip to get over any Internet paywall (by me! Your Rich BFF!)
If you’re looking for sales roundups at the end of the week, our editor in chief swears by The Strategist by NY Magazine for finding the best sales on the Internet
This article by Ellevest gives a great argument for why you need a F*ck You Fund
The comments on this post by Brooklyn based blogger Cup of Jo are all about people’s splurges from around the world - kinda fascinating
