enRICHed: Volume 30
Never Too Late
If you haven’t listened to this week’s episode of Networth & Chill, you’re missing out. Especially if you are in the midst of a career change, or a life change. Joanne Lee Molinaro of the Korean Vegan joins Viv in a discussion about how she went from being partner at a law firm to a NYT best seller. It is insightful, empowering, and the type of conversation you didn’t know you needed to hear until you take a listen.
Shoutout to BFF SofieAnneMarie who left a review saying “As a young girl who’s parents did NOT teach her about financial responsibility (uh hello lots of debt) - I’m thankful Vivian simplifies and shares her ways of becoming financially responsible, literate, and smart. In an entertaining way too! A great listen… and if you aren’t a podcast person - her Instagram is with a follow!”
A few administrative reminders below:
HYCU, pronounced ‘haiku’: how the news impacts you and your wallet, aka How You Can Use
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.
Americans Aren’t Ready to Retire
A new report from Fidelity was published on America’s 401(k) plans. The news: 52% of Americans of not on track to retire comfortably.
55% of people between the ages of 18 and 35 have put planning for retirement on hold, as a result of the economic conditions in the past year.
HYCU; one of the things Your Rich BFF always tells us is that you would be surprised how many of your friends aren’t maxing out their 401(k). While the extra money each paycheck may seem enticing, your 401(k) is one of the most important vehicles you have to get rich later in life. Aim to save at least 15% of your pre-tax income each year, and if that isn’t possible, increase your contribution rate by 1% each year until you get there.
The Hollywood Writer’s Strike
The Writer’s Guild of America (WGA) is considering a strike related to issues with streaming services.
In the era of streaming, companies have been underpaying their writers regardless of the profitability of the content they are helping to create. It seems that when faced with the question, how can we get this done at the lowest cost possible, the first cut comes in the form of writers’ salaries and working conditions.
This would be the first writers’ strike since 2007, which lasted 100 days.
HYCU; our world is changing quickly, and sometimes policies and existing structures can’t keep up. The writers are asking for a new pay structure that adjusts to the shorter seasons and longer production times behind streaming television. If the strike does occur, release schedules for late night television and SNL would be some of the first shows to feel the affects.
Amazon Wants Less Returns
The ease of ordering from Amazon often means that customers order more than necessary and then return what they don’t end up needing. The move by Amazon is seen as a way for them to grapple with this increase in volume and reduce the costs associated with returns processing.
The fee will be $1.99, and will apply to items that are returned to UPS stores, a popular option for Amazon returns because they are so readily located.
HYCU; don’t worry! you will still be able to make returns for free at Amazon's retail locations, such as Amazon Books or Whole Foods. But in a world where things feel too good to be true, like the ease of Prime, it’s not surprising that Amazon needs to make changes, that potentially upset the consumer and their sense of convenience, to manage costs.
Stamps are Getting Pricier
If you are a fan of snail mail, or you’re like me and have to send 100 physical wedding invitations, it might be time to stock up on stamps.
USPS announced that starting July 9th, stamps will cost 66 cents - a 4.8% increase in price from their current 63 cents, but a 32% increase in price since 2019.
The prices have been proposed to offset inflation cost.
HYCU; the USPS has been struggling for a while, and this price increase is part of their 10-year plan to increase financial stability. However, the plan also changes standard delivery to six-days vs. three, so there has been pushback that Americans are now paying more for worse mail service. It’s a bit of a conundrum: will stamp price increases deter people even more from using snail mail? Or will they really set up the USPS for success?
Tax Day is Here…
HYCU; The tax deadline is Tuesday, so here is a round up of tax related news you might need or want to know about:
How Taxes Work (with Viv!)
In New York and San Francisco, you need to make 300K to bring home 100K after taxes
When can you expect to receive your refund this year - a delay update
Rich Tip of the Week: Family Inheritance - How Far Would You Go? (video link w/ sound)
What’s what all of the high-fashion Dupes??? (I spy Your Rich BFF)
How shorter baseball games are affecting beer sales - and what should be done about it.
Michael Jordan’s sneakers sold at Sotheby’s for $2.2 MILLION
Wired tested all of the laptop stands for you - and there is one for every budget
Have you heard about Lemon8? Intrigued if any of the BFFs are on it…
