enRICHed: Volume 27

Written By Rich BFF

March Madness

March is in full swing, which means the NCAA men’s and women’s basketball tournaments are off to the races. On Friday night, Fairleigh Dickinson University, which opted to enter the tournament as FDU, made history by beating #1 overall seed Purdue. Purdue has a guy over 7’, and the average height of the FDU team is 6’1”, but that didn’t stop them. FDU executed their game plan perfectly, and out hustled Purdue on every play. It was a reminder of why we always play the game, even if the odds are stacked against us. It was what March is all about: grit, teamwork, and the determination to prove everyone wrong. Lessons to be learned even if you aren’t a basketball fan… Happy Sunday BFFs!

The Remnants of COVID

  • The pandemic affected everyone, everything (all at once! sorry we had to) as people and businesses had to pivot quickly to stay afloat. Innovation was key as outdoor dining, cocktails to-go and curbside pickup surged.

  • HYCU; so after 3 years, what’s in and what’s out? Curbside pickup is here to stay, with buy-online-pickup-in-store helping customers avoid delivery wait times and return charges. Companies like Walmart are also keeping membership perks like free delivery for orders of $35 or more. We might even see drive-thru pickup lanes at big box retailers to keep the convenience coming.

  • What’s out? QR code menus… this is not shocking, we hate them too.

The Current State of The Economy

  • After news of the SVB collapse last week, the global economy is in a state of uncertainty, creating a whisper network of recession rumors.

  • In the face of rising debt levels and weaker profits, banks are under pressure. As we saw with First Republic and Silicon Valley, runs on the bank created by consumer panic can be detrimental.

  • The above NYT article explains that though policymakers and central banks could work together to stabilize the economy, the current political climate makes it difficult to implement coordinated policies quickly.

  • HYCU; the recent economic news can impact you in a multitude of ways. Investor sentiment has been bleak, which impacts your personal investing accounts and any wealth you hold in company stock. If banks tighten their lending policies, it might be harder for you to obtain necessary loans. Further, economic instability often means wage cuts and even job losses, making it more difficult for you to save for the future while affording your current bills. All reasons to keep an eye on the news!

Taxes in the WFH Era

  • As companies compete for talent, remote work has become less of a perk and more of the norm, but it can create tax issues for individuals who work in different locations.

  • A new generation of “digital nomads” means a rise of employees who work remotely from a state or country where they are not a resident. This means they may be subject to income taxes in that place, depending on its tax laws.

  • Officials are unsure how to treat people living abroad temporarily and how long those trips can last before they are classified as permanent. The Organization for Economic Cooperation & Development is apparently working towards a solution, though the conversations are very long-winded.

  • HYCU; we all fear being penalized for accidentally getting our taxes wrong, but these rules can be legitimately confusing. With 30% of Americans planning to take “workcations” this year, individuals need to be aware of the tax implications and seek advice from tax professionals to ensure compliance with their state tax laws.

A Green Tax in Hawaii

  • Hawaii is one of those places that you see on the Internet and it looks otherworldly. But, that beauty attracts hundreds of thousands of tourists each year, which is disrupting Hawaii’s delicate ecosystem.

  • To help fund conversation efforts, sustainable tourism initiatives and community programs, Hawaii is planning to introduce a $50 green fee that travelers must pay for access to the islands.

  • The green fee is expected to generate $40 million annually, which will be used to support projects that directly restore Hawaii’s reefs, animal life, energy resources and more.

  • HYCU; this small cost to travelers could have a huge impact on sustainability and preservation. Environmental fees like this are not common, but this program could encourage similar models in high traffic states and countries struggling to keep up.

Verified

  • Meta, the parent company of Instagram and Facebook, is launching a new verification program in the US, which allows users to pay for the blue checkmark that influencers everywhere have been chasing for years.

  • Creators and businesses still have to meet Meta’s criteria for verification: certain follower thresholds and providing government-issued identification.

  • However, instead of waiting and one day waking up to a surprise blue checkmark, they can now pay for it. The cost of verification will range from $50 to $500.

  • HYCU; the program is supposed to help creators combat issues like impersonation and misinformation, but there are some concerns that the new system favors those with financial means, while potentially not even addressing the issues of authenticity on both Instagram and Facebook.

Rich BFF
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