enRICHed: Volume 31
Thawing Out
Waiting for the subway on Friday night, I heard a sound fill the station. Usually, this isn’t a good thing - it’s someone playing loud beats and rapping poorly over them, or preaching about Dooms Day. But Friday, someone had plugged in their violin and was doing an instrumental version of “A Thousand Years” by Christina Perri. It was one of those moments where strangers started to look at each other and smile. Someone next to me started humming, multiple people took out their Airpods. It was a reminder of what happens when New York is thawing out from winter. Our moods are elevated, we’re more willing to accept something a little out of the ordinary, something that might have bothered us in the depths of January’s chill. I thought it was a nice reminder for the BFF’s as we enter spring at full force, wherever you are reading from. Keep your ears open, your eyes up, and be open to something new. You never know what’s going to make you smile today!
Happy Sunday Y’all!
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.
Apple’s New Savings Account
Apple announced that they will offer a new high yield savings account, with a 4.15% annual yield.
Apple is partnering with Goldman Sachs on this initiative. You must have the Apple Card in order to sign up for the savings account, which you can access through the Apple Wallet app. The savings account is also a way to grow unused Daily Cash, which results from using Apple’s cash back rewards program.
The account has no fees, or minimum deposit, making it very accessible to the general population.
HYCU; the annual percentage yield for savings accounts is ~0.4%, so this new Apple product is obviously enticing. But, the biggest play for Apple here is loyalty - they are expanding their ecosystem beyond tech products like the iPad and iPhone, and if you buy into the new financial world they are creating, it significantly increases the difficulty of you leaving Apple for someone like Google or Samsung.
Fox News Settles Up
In huge news this week, Fox News will pay more than $787 million to Dominion Voting Systems in the settlement of a two-year defamation lawsuit in relation to the 2020 election.
The settlement allows Fox to avoid a 6-week public trial, which would have required their news talent to testify about lying on-air.
The news opens the door for Smartmatic, who has also sued Fox for defamation related to the 2020 election, to reach settlement as well. Smartmatic is seeking $2.7 billion, while Dominion was only seeking $1.6B.
HYCU; this is the largest publicly known defamation settlement for a US media company in history. While the payout is only half of what Dominion was originally looking for, the settlement does admit wrongdoing by Fox News. Reports have stated that Fox News may increase carriage fees in order to pay the settlement over time, which would mean as a cable subscriber, you might be helping Fox whether you watch or not.
AI Music
A song by Drake and the Weeknd went viral online, but it turned out that neither one of them created the song. AI did. A user named “ghostwriter” used AI to bring their own lyrics and beats to life using the famous rappers’ voices - and everyone seemed to love it as much as the real thing.
Universal Music Group, the label who represents Drake and the Weeknd, has used copyright law to get platforms to take down “Heart on My Sleeve.” Though if you do a quick Google search, it seems to continue popping up regardless.
HYCU; the conversation of AI has been surging for months, but the laws around its use are nowhere near caught up. There is a large ethical component around using someone else’s voice as the face of your own composed song - shouldn’t someone get paid royalties in this situation? can you sue someone for derivative work of your own? It’s a grey area that will continue to be challenged, as it becomes more and more possible to produce music in the style or likeness of someone else.
Social media influencers are known for showing off gifts from brands on their platforms. It’s one of the known ways they make money - but Bud Light could not have known the impact of sending Dylan Mulvaney a swag bag of her own.
In celebration of 1 year being out as trans, Bud Light sent Dylan a care package which she opened on her Instagram. 5,600 articles were written in response, receiving 6 million engagements online - everyone had an opinion.
Two sides emerged: in trying to become a brand that promotes inclusivity, part of their base felt alienated. While in 2022 among all of Anheuser-Busch’s political contributions, candidates and the NRCC, so some are questioning the depth of this partnership with Mulvaney and whether or not it was performative.
HYCU; in the week following the controversy, Bud Light’s parent company traded down 5%, the equivalent to a 6 billion dollar loss in market value (though the stock is still up YTD). The story shows the difficulties brands face in attempting to change their identity, and the impact that this type of uncontrollable online activity can have on shareholders.
The Fast Fashion Replacement Cycle
Do you find yourself shopping in your mom or grandma’s closets, because your clothes only seem to last one season? You’re not alone.
Fast fashion brands, more than ever, prioritize quantity and profit over the durability and longevity of the clothes they produce. This means of production has resulted in poor quality outputs ending up in your dresser drawers.
The trend cycles we are seeing in the era of Instagram and TikTok are rapid, with the term “micro-trend” being highlighted often on fashion blogs and online magazines. This culture of disposable, wear-once-for-the-photo outfits is contributing massively to waste and pollution.
HYCU; while you think that buying 5 new workout sets from Amazon is a great deal, buying 1 set from a company that prioritizes quality and durability will save you money in the long term. When shopping, look for good quality materials, sturdy hardware, and clean hems. As Slone writes in the Harpers Bazaar article, “by educating ourselves about what good-quality clothing should be, we’re less likely to play the fool.”
Rich Tip of the Week: How to Avoid and Identify Scams (video link w/ sound)
Speaking of dupes last week, this Trader Joe’s sunscreen has been touted as a Supergoop! dupe. We’ve tried it, and the hype is real. No white cast, no smell, and a great everyday SPF 40 that can act as a matte primer.
In honor of Earth Day: 12 Ways to go Green with your Finances
Your Phone is Ruining Your Vacation (be like Viv and go touch grass)
Obsessed with all Architectural Digest tours but Troian Bellisario and Patrick Adams’ home has to be my most recent obsession.
Wondering why Viv left Wall Street? She breaks it down in this week’s episode of Networth and Chill!
