enRICHed: Volume 35
We’re Back!
Hope everyone had a wonderful Memorial Day Weekend - at least on the East Coast it was one of the few MDWs in memory that has actually felt like summer!
Now we are back to regularly scheduled programming, but of course when it comes to Viv - we know there is always something new and exciting. If you didn’t see the big announcement, our Rich BFF WROTE A BOOK!!!! Rich AF: The Winning Money Mindset That Will Change Your Life is a necessary add to your bookshelf at home, and you can pre-order it here in hardcover, e-book or audio format. Can’t wait to hear all of your reviews! NYT Best Seller List here she comes!
Wedding Spending Hits New Highs
The wedding industry is booming after a major hit during the COVID pandemic. But while that may be a good thing for the vendors, those who are hosting and attending are feeling the heat.
Inflation and pent-up demand are driving up the price of weddings all over the country. CNBC reported that 77% of wedding vendors have raised their rates this year, and in another survey from The Knot, prices for hair and makeup, wedding dresses, flowers, and DJs have all gone up by more than 18% since 2019.
One of the reasons for this boom is social media, as brides and grooms to-be try to compete with the standards being set online. With so many new flashy trends and details popping up, it’s hard to ignore the comparison creep.
HYCU; As two financially savvy brides behind this newsletter, we can ensure that no detail is worth going into debt over. Budgeting is key when it comes to your own wedding, and leaving room for emergency expenses is essential. There is always a vendor who can fit your vision! Also, don’t be afraid to turn down a wedding invite if it would make you join the 40% of people going into debt just by attending.
AI can be used for so many great things, but because it’s still a new technology, we are also still finding its deficits.
NEDA announced that it would be replacing it’s human-staffed helpline with an AI chatbot. The helpline got over 70,000 calls last year, fielded by only 200 workers. There is speculation that the workers decision to unionize was the reason behind the chatbot, though NEDA has denied this.
However, this past week the technology was pulled. Apparently some users reported that “Tessa” was giving advice that further encouraged unhealthy and disordered eating. The helpline, a place of refuge for those struggling with eating disorders, became a place of harm once real people were taken out of the equation.
HYCU; therapy can be too expensive and inaccessible to many who truly need it, and the NEDA helpline has good intentions in aiding in this problem. However, we have learned that human emotion and empathy is not something that AI can replace, and perhaps that is one of its limits.
Vivian talks a lot about Better Help on her podcast, as a more accessible option to mental health support.
Nonfarm Payrolls
What is that? Nonfarm payrolls include 80% of the number of workers in the U.S. and exclude farm workers and workers in several other job classifications. They are reported the first Friday of each month and are a big number for Wall Street.
Why do they matter? The report’s data implies the current state of US employment, which can identify trends in economic growth, inflation, housing starts, and GDP, all of which affect the markets. The Federal Reserve also follows the report closely when deciding on monetary policy.
HYCU; okay so what happened in May? NFP increased by 339K, marking the 29th straight month of positive job growth. The street estimate was 190K, so markets were up on Friday as the economy still continues to grind forward despite expected headwinds. However, other numbers in Friday’s report were less positive, including falling average workweek hours and higher unemployment rates for certain demographics. Overall, the Federal Reserve still is unsure about their next steps, with conflicting data continuing to show both resilience and weakness in the US economy.
Debt Compromise
The Senate finally passed a bill to suspend the nation’s debt ceiling until 2025. After rejecting 11 amendments to the legislation in the final hours, the bill was voted through 63-36.
The legislation includes new spending limits in exchange for increasing the debt ceiling for two years. The bill covers non-defense discretionary spending budgets, defense spending, SNAP work requirements, TANF state grant reductions, environmental review processes , and executive branch spending.
HYCU; by avoiding this default, the country can keep its obligations to pay Social Security, military personnel, government workers, and US bondholders. It settled the markets as well, after weeks of political discourse regarding if and when the bill would pass. We will not see a debate over this until after the 2024 presidential election.
Pickleball Boom
Pickleball is America’s fastest growing sport after it exploded during the pandemic. Once a game played mostly in retirement communities, courts seem to be popping up everywhere - with an estimated 700 being created in the US this year.
People are capitalizing on the growth, with celebrities and financial personnel investing heavily in Major League Pickleball. One team that was worth $100,000 in 2021 is now valued at $10 million.
Pickleball is also starting to air on television, providing another revenue stream for media companies - both CBS and ESPN agreed to TV deals with the Association of Pickleball Professionals.
HYCU; the rise of pickleball might be confusing, but there are a lot of reasons smart people are choosing to invest in it. Pickleball is the type of sport, similar to golf, that you can play for years without worrying about physical injury. Whether they are investing in the public or professional players - those who saw the wave coming early are now reaping in the profits.
Rich Tip of the Week: What Viv's Parents Taught Her About Money (video link w/ sound)
THIS story by Curbed was fascinating to read. All about the dreams of young people living in New York City and how much it would cost to actually achieve them. Prepare yourself to be a littttttle scared..
This episode of How I Built This features world famous chef Thomas Keller, telling the story about how his success required a lot of failures and introspection along the way.
What are remote-work handcuffs? Are you in them?
Think you can’t meditate? Vox lays out how. I’ve also been listening to affirmations before going to sleep, my own approachable version to meditation!
