enRICHed: volume 101

in the clerb we all fam

Oct 20, 2024

Volume 101

Hey besties!

When people think of Wall Street, they think of HUGE salaries. And yes, there is a huge earning potential, but just like in any other job, no one is going to hand that to you—you have to negotiate for it. When I was working as a trader on the street, I was so intimidated and overworked that I was never able to negotiate for my salary, for my worth. The men I worked with? They NEVER had this problem. They talked all about their money, and every single year were asking for even more. But that’s because as women, we aren’t taught how, why, or when to negotiate! On this week’s episode of Networth and Chill, I sat down with Kathryn Valentine, a gendered negotiation expert. She walks me through a step by step negotiation process so that YOU can learn how to go get what you’re worth! I hope listening to this episode will help provide you with the tools and resources you need so that you can go forth and negotiate for what you want and deserve!

You can check out the podcast episode HERE and watch the highlights from the episode HERE on our IG!

As a reminder:

HYCU, pronounced haiku: how the news impacts you and your wallet, aka How You Can Use
The Prosperitea: think discount codes, non-boring finance articles, sales, and personal links from the week. The fun stuff 😉
We love your comments, but please remember to keep it positive! And don’t take investing advice from anyone who isn’t your registered financial advisor!

Now that you’re up to speed, let’s get you enRICHed.

Cancel That Subscription! 🛋

The Federal Trade Commission is about to make it ridiculously easy to cancel your subscription, with the finalized “Click to Cancel” rule that will require companies to make it as easy to unsubscribe as it is to opt in.
The average American has roughly 4.5 subscriptions and pays an average of $924 per year, with streaming services as the leading category, according to research from online payment technology company Bango.
This isn’t the only initiative making its rounds through lawmakers—earlier in August, the Biden administration launched an effort to “crack down on everyday headaches and hassles” that Americans face, including getting rid of junk fees.
HYCU; We’ve all been there before—you sign up for one month of a streaming service so you can watch one show, and then somehow you’re left scrambling around for an hour to figure out how to delete the subscription before you get charged for a second month. It’s way too hard to opt out of paid services, and this new rule will be a game-changer for saving money. But, in the meantime, check to make sure you’re not paying for any subscriptions you don’t use any more. And at any rate, the library is free. Don’t forget about the library.

Oh, Baby, Baby 👶

Governments around the world are freaking out because many people are choosing not to have kids, and new reporting from the Wall Street Journal showed that finances may not be the only reason—it’s also the realization for many women that it’s hard to give up the freedom of a truly financially independent life.
Birth rates have been rapidly falling since the 1960s among many countries, including the US, and it’s a huge topic for the upcoming election. VP Kamala Harris wants to offer a $6,000 baby bonus, while Trump has suggested free in vitro fertilization and tax deductions for parents.
Globally, it’s looking bad, too. Europe’s population is rapidly shrinking, and while some governments are offering subsidized minivans and lifetime exemptions from income tax, there are still no takers, it seems. Russia, China, Hungary, and South Korea among others have made it a national priority to boost population rates by offering subsidies and benefits to growing families—but most are still flopping on results.
HYCU; While there are some resources like the Child Tax Credit for childbearing these days, there’s also lots of infrastructure missing (like universal paid family leave or affordable child care) that makes raising a kid so much harder. It’s also incredibly valid that more people are realizing they simply don’t want to give up their budget for kids. If you are thinking about having a child, though, this could financially be an interesting time to do it, as governments scramble to try and get people to have babies. If things continue this way, there could be more incentives coming as they get more desperate—so it’s important to watch how things play out in the next few months or years to see what other fertility and parental deals you can get.

The $25 Lunch-To-Layoffs Ticket 🤔

Meta has laid off nearly 30 employees for “abusing” the company’s $25 meal scheme to order everything but lunch—including acne pads, toothbrushes and wine glasses.
Some of those laid off include high-paid engineers earning six-figure salaries, according to reporting from the Financial Times.
One user of the anonymous chat app Blind wrote that they used the credits for “non-food items, shared credits with people, or went above budget”. Other examples of the non-food items bought included toothpaste and other household items. “They were given a warning to stop, which most of them did, but were still fired three months later even after stopping,” the user said.
HYCU; Given the fact that Mark Zuckerberg’s Meta is currently worth $1.5 trillion dollars, it seems kind of suspicious that people are getting sacked for supposedly abusing a $25 benefit. Also, given the fact that the company campuses famously offer free breakfast, lunch and dinner, I’m wondering why the meal credits were there in the first place? At any rate, let this be a lesson that a company can lay you off for literally any reason, as most contracts are at-will. Even if you do a good job! In these times, it’s important to dot your i’s and cross your t’s, and remember that you should always have your eye out for other opportunities, because the vibes are absolutely wild right now.

Get Your 23andMe Settlement 🧬

Speaking of wild vibes at companies, 23andMe may just be approaching a possible settlement from their data breach last year, offering up to $10,000 for users impacted by the hack.
The settlement still needs court approval, but could pay out millions of users whose incredibly personal information—their DNA, no less—was impacted by the breach.
23andMe has been a mess and a half, with the entire board resigning on the same day earlier last month, and the founder previously floating a takeover, which raised concerns again about what would happen to customer data (she’s since clarified that she intends to take the company private).
HYCU; $10,000 would be given to those who experienced identity fraud, but most people whose data was hacked can expect a relatively small payout. But in the meantime, if you ever have had your DNA analyzed by the company (LIKE ME😭), I would highly recommend you request a deletion of your data anyway, because it’s really unclear as to what will happen next. Better safe than sorry!

Commonly asked question: Nicholas asks, “Hi Vivian! I’m in the process of taking my photography to the next level — business wise — and I need guidance on if I should create an LLC or have a sole proprietorship. Anything helps, thank you!”

Hi Nicholas! Congratulations on taking your business to the next level! Deciding between an LLC and a sole proprietorship is a big step in developing your photography business. Here's a quick flash on both:

Sole Proprietorship:

A sole proprietorship is the default choice for anyone who runs a business but hasn’t set up another formal business structure (like an LLC)
If you've started your photography side hustle and it's making money, congrats, you're already considered a sole proprietor!
There’s no separation between your personal and business assets and expenses
Individuals that do a lot of contractual work, such as freelancers, consultants and personal trainers often choose to file their taxes as sole proprietors. This is the easiest way to go if you’re just starting out or you’re not yet making enough profit to justify the costs of an LLC.
You can write off some or all of your business expenses come tax time.

LLC (Limited Liability Company):

Forming an LLC could provide you with legal separation from your business, which might save you from personal liability in case of business debts or lawsuits.
There's a cost to setting up an LLC, but it might be worth it for the added protection and potential tax benefits.
Single-member LLCs are taxed in the same way as sole proprietorships. But an LLC can also elect to be taxed as an S Corporation or a C corporation. This tax flexibility allows LLC owners to choose the most cost-effective tax structure for their particular business, which is in part, why a lot of business owners may consider creating the LLC in the first place.

From what you’ve described, you may want to consider running as a Sole Proprietorship until you feel like you’re making enough from your photography business to justify the costs of setting up an LLC.

That said, before you make the leap, there’s a lot of things to consider including: if you’ll be taking on business partners, what state you live in, and your concerns about protecting personal assets. I’d recommend chatting with an accountant, certified financial planner, or business manager who can help you craft a business plan and navigate these decisions. They can be a great resource for understanding the nitty-gritty of taxes and legal structures for your specific case. Best part—the first consultation with any reputable accountant or CFP should be free! Good luck!

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Rich Tip of the Week: Here’s what I wish I knew about finance when I was 18…
Standing desks might not actually do much for your health. Can we have anything?
The Victoria’s Secret Fashion Show returned, and I loved this op-ed on inclusivity.
Life on Mars is old school…now they’re looking towards one of Jupiter’s moons.
Products that saved my life this week:
- The CUTEST ghost pillow (Spooky and cute! Spute!)
- Guarantee you are the most popular house on the block and don't get egged
- These super soft sheets (my eczema has been eczema-ing)
- These Bottega inspired earrings (I own in both silver and gold!)
- K18 Hair Mask (Been getting my hair styled a lot, and I needed a reset!!)

SEE YOU IN THE COMMENTS BESTIES