enRICHed: Volume 39
Star Struck
Sometimes I forget that working for Vivian, she is somewhat famous. To me, she is still just my friend who I met on the trading floor, but in reality she has become so much more. I am saying this because Thursday night, I was listening to one of my favorite podcasts, Second Life by Who What Wear, and VIVIAN WAS THE GUEST. To many of you, this may be no big deal, it’s very possible you’ve never heard of this podcast in the first place. But to me, it was so cool seeing her in the wild like that!!!
So, if you’re traveling back from a summer jaunt and you need some content to listen to, I have two great podcasts by our Rich BFF. First, her own episode this week about tipping which was actually so insightful because I, like everyone else, am so confused by all of the iPads asking for 20% tips. Second, Viv on Second Life, talking about how she transitioned from being a trader to tech sales to now. Hopefully this doesn’t embarrass her too much :) Happy Sunday!!
Fast Food… Merch?
You may have seen Bravo-lebrity Paige Desorbo carrying a Panera branded baguette purse, Cardi B and Offset’s McDonald’s collab, or Taco Bell’s new branded Crocs - whether these brands are teaming up with influencers or other brands, they are catering to their biggest fans in a new way.
What makes these pieces even more popular is that they are often limited edition, selling out in minutes. The fast-food chains believe that these types of drops create a deeper connection with their consumers, and also brings their brand outside of the brick and mortar locations they are usually tied to.
HYCU; while we have seen partnerships like this in the past, social media is really driving the trend lately. If brands can create a piece that is buzzy enough but still wearable, they can go viral in 24 hours if the right person wears it. Just another way marketing teams are getting creative, and we love to see it.
UPS Strike Looms
The labor contract for UPS workers is expiring on August 1st, and a potential strike is looming.
The main sticking point in the negotiations is the starting wage rates (which workers want raised) and conditions for part-time workers (they want more full-time opportunities). The strike would be made up of about 340,000 workers, making it an enormous threat to our economy.
While the strain on the global supply chain from the pandemic has eased, a UPS strike could really take a toll on domestic movement of goods in the US.
HYCU; the potential strike is leaving many small business owners worried. Many of them rely on UPS for shipping, and now must look to USPS or FedEx as alternatives in order to get packages out to customers on time. It usually costs money to switch carriers, since loyalty is often rewarded, so the loss of UPS services could equate to loss of revenue.
June Jobs
What are the numbers? In June, the US economy added 209K jobs, the unemployment rate fell to 3.6%, and wages grew 4.4% YoY
Wall Street analysts look at all of this data together to craft opinions on what the Fed might do next. While the above info indicates strong economic growth and price pressures, it does not necessarily give a clear resolution on when and whether the Fed will need to raise rates again in July.
"The payroll numbers gave a whiff of weakening, but the labor market remains strong," said Sean Snaith, the director of the University of Central Florida's Institute for Economic Forecasting. "By no means is the Fed's work done. We're in a protracted battle against inflation, and nothing in today's report suggests otherwise."
HYCU; this type of economic data isn’t necessarily impacting your life in the same way it would if you worked on a trading floor, but following it in broad sweeps can help you understand where our economy is and where it might be headed!
Threads
Not a new clothing brand, Meta launched its Twitter competitor Threads this week.
After Elon Musk’s takeover of Twitter, users barely recognize the platform. Modifications have been made that include limits to the number of tweets you can read daily, having to pay for blue check marks, inability to see the website without an account, and more. Because of this, the announcement of Threads has been met with open arms.
Meta announced that over 30 million users had joined Threads on its first morning live. This is likely because Meta has made it seamless to create an account using your Instagram handle, and port over all of the people you are following (if they too have joined).
HYCU; new social media platforms often flop, but Threads seems to have enough traction that brands are getting on board quickly. The strategy behind the platform remains to be seen, but it could become another place, integrated into the existing Meta world where we all use Instagram, that brands are built and communities are made.
Student Loans Update
Congress passed a measure this week that prevents any more extensions on student loan payments. Payments will restart in October of this year. The NYTimes podcast episode Friday covered the news.
HYCU; The team at Ellevest put together a super comprehensive guide to what’s going to happen, but we wanted to bring you some highlights below.
Will I just start paying the same amount again? Maybe, but also maybe not. The government has said it’s possible that your minimums could change — and even finalized a new income-based repayment plan that provides the lowest monthly payments to nearly all borrowers. In other words, we recommend double-checking what your monthly payment amount will be before student loan payments resume.
Can I just let the auto-payments withdraw whatever I’ll owe? For most borrowers, auto-debt payments won’t restart just like that. You’ll likely need to opt back in to your servicer’s auto-debit program, but there are exceptions, depending on your status. Once again, it’s a good idea to ask your servicer for the deets unique to your debts.
What steps should I take to restart payment of my debt? 1. Start an emergency fund with at least one month’s pay (Ellevest recommends up to 6 months if possible). 2. Tackle high-interest debt first. 3. If you’re all set on 1&2, put aside cash to potentially take a chunk out of your principal starting in October.
What if I still can’t afford my student loan payments? Check out the end of the article for all of the tips here.
Rich Tip of the Week: What's the Pregnant Workers Fairness Act? (video link w/ sound)
The cottage cheese glow up to me is so confusing - but to others makes perfect sense
Speak Now (Taylor’s Version) came out on Friday, but why is Taylor rerecording her old songs anyways?
Little Treat Culture is adorable and I am on board. My friend @cozycravings and I do Treat Yourself Fridays (TYF) and it’s the best part of the week!!
