enRICHed: Volume 32

Written By Rich BFF

April Showers…

Bring May flowers, isn’t that the saying? Well, here’s hoping it’s the case after this dreary dreary weekend in New York. Meanwhile, in Miami, our Rich BFF has been trying to “touch grass” everyday. A term that has been used as an insult, but is now being flipped on its head as a mental health move to get outside and away from our screens. In tandem with her new health goal to get outside, Vivian spoke with the Nicolas Jammet this week for Networth and Chill. As the CEO of sweetgreen, the fast casual salad concept that is sweeping the nation, Jammet knows a thing or two about health and food. Tune in if you haven’t yet, to listen to their conversation on the cost of health.

Earth loves EVs

  • The Global EV Outlook for 2023, which provides an assessment of the current and future state of global electric mobility, was published by the International Energy Agency (IEA). Below are some of the findings:

  • Electric vehicle (EV) sales are increasing rapidly, but still represent a small fraction of the global vehicle market (only 14% of car sales globally).

  • Much of the growth in EV sales is due to government policy and incentive surrounding climate change. Subsidies and tax breaks are becoming key for EV buyers.

  • The second part of this growth is due to a decrease in battery costs, making EVs more affordable to the general population. Cities are also adopting electric buses for this reason, especially Chinese cities which account for 95% of global electric bus sales.

  • HYCU; the report stresses the need for coordination between governments and the EV industry to continue the acceleration of EV sales. Continued commitment and investment will help us achieve global climate goals, and make buying an EV a viable option for more people. So you can feel like you’re making a good financial decision while also make a good decision for your planet as well!

A Reminder to Renew Your Passport

  • Consumer travel continues to tick back up in the post-pandemic world, and while we know there are going to be airport delays this summer - we are becoming aware of another delay that could be very significant to your plans.

  • The US government has announced that new passports could take up to 4 months to process and be returned.

  • There is an unprecedented number of renewal requests, up 30-40% from last year. With International travel plans up 200% from last year, these applications are not necessarily surprising, but it doesn’t mean they aren’t a complete headache to deal with.

  • HYCU; check your passport now for its expiration date and plan accordingly. If you don’t have any travel plans soon, get your passport into the mail for renewal. If you need expedited processing, you can pay $60, though even that wait time has increased from 3-5 weeks to 7-9 weeks. Third-party actors like RushMyPassport are trusted partners of the system, but are charging up to $799 for same-week service. It pays to plan ahead people!!

Bye Bye BB&B

  • Bed Bath & Beyond announced that it will be filing for bankruptcy and liquidating its assets. But what does it really mean when a company files for bankruptcy, does it mean they are actually going out of business?

  • BBB declared Chapter 11 bankruptcy, which allows it to continue to operate in the hopes of returning to business as usual. During this time, the company has the option to restructure its debt and close some or all of its stores. It can also attempt sell its assets by spinning out brands like BuyBuyBaby.

  • When BBB declared bankruptcy, it was because they had defaulted on the $550 million loan from JP Morgan. This is due to a vicious cycle of BBB not being able to pay vendors, therefore not being able to stock shelves, and in turn not making any sales. This WSJ video explains more about the BBB downfall timeline.

  • HYCU; if you live near a brick and mortar store it might be worth stopping by. There is a chance that the shelves might be bare, but liquidation sales mean huge price cuts that could benefit you and your wallet. But this is also a good story to learn from: when you hear bankruptcy in the news, it doesn’t always mean the worst.

A New Age of Soda

  • Maybe you saw the article by Bon Appetit in February about “reaching peak beverage" with entire aisles of grocery stores being dedicated to cans and bottles of new age drinks. But even if you didn’t read it, there is a high chance you’ve seen Olipop in those refrigerators.

  • Olipop, a California-based beverage company that sells low-sugar gut-healthy soda, has experienced significant growth in the past year and is now nearing $200 million in annual sales. With vibrant branding and familiar flavors, consumers are reaching for it more and more.

  • Coca-Cola and PepsiCo have apparently expressed interest, potentially to acquire or partner with Olipop - but CEO Ben Goodwin has not reciprocated that interest. In his mind, the company is not for sale and will continue to operate independently.

  • HYCU; Olipop is a great example of a company working quickly to reflect consumer sentiment. Growth in beverage has been saturated with health and wellness trends, but Olipop has gone straight for a product that Americans know and love, soda, and made a healthier option. It remains to be seen whether or not Olipop will look to sell in the future, or whether Coca-Cola and PepsiCo will have to innovate on their own to stay competitive.

Rich BFF
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