enRICHed: volume 104
70 degrees in november??
Sunday November 04, 2024
Volume 104
Hey besties!
As many of you know, I’m going through the egg/embryo freezing process (if you haven't heard, I’ve been documenting the process on my IG!). Egg freezing is such a crazy experience and it’s been making me think a lot about women’s health and just how expensive and emotionally taxing it can be. Speaking of women’s health, this week on the podcast I sat down with Nadya Okamoto, the co-founder of August, a period care company. We talk about all things periods, money and starting a business. When it comes to dealing with your health and your cycle, there can be shame and embarrassment around it but Nadya and August are working to break down those barriers and actually start talking about it! So check out the episode and let’s talk about it!
Be sure to keep up with the podcast wherever you listen and on IG HERE!
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.
Another Trump Era 🇺🇸
Donald Trump has been reelected to become the 47th President of the United States, in no small part due to voter frustration with high cost of living and rising inflation. His policies are going to have major economic impacts for generations to come—and the largest policy proposals have to do with international relations, rolling back regulations, and tax cuts.
Specifically, Trump has promised to impose up to a 20% tariff on all goods coming into the U.S. from overseas and a 60% tariff on products being imported from China. Tariffs are paid to the federal government by the company importing those goods, like a retailer or manufacturer. But usually, the companies shove the cost onto consumers by raising prices in order to keep their profit the same.
Additionally, there's a reason the stock market surged after Trump won the election. Investors expect a more business-friendly administration, including tax cuts for corporations.
HYCU; Make no mistake—tariffs are very likely going to drive up costs and probably cost people jobs, especially as China and other countries are likely to add retaliatory tariffs against US goods like corn. AutoZone and Black & Decker have already told investors that they will be raising prices if Trump carries through on his tariff proposal. With the corporate tax rate dropping down to 15%, tip-based taxes being eliminated, and a likely reduction of individual income tax rate, and increased standard deduction, the reality is the “ownership class” (business owners, entrepreneurs, and high net worth individuals) will benefit from this, the middle-class and working-class will suffer, and future generations will shoulder the piling debt. That said, regardless of who you voted for, it’s important to realize that no president would’ve been able to help fix your finances completely. We need to be the main characters in our own stories, and making smart financial decisions, regardless of political affiliation, is important.
Cold Medicine Gets A Makeover 🤒
The Food and Drug Administration (FDA) announced Wednesday that it would pull a widely used ingredient in cough and cold medicines from the market after FDA scientists concluded that it’s ineffective as a nasal decongestant.
Oral phenylephrine is found in everything from NyQuil to Tylenol to Advil, but pharmacy professors at the University of Florida have urged the agency for years to pull the product, showing data that says phenylephrine did no better than a placebo when swallowed.
Phenylephrine isn’t dangerous, the FDA said, it’s just ineffective. Less than 1% of the drug is absorbed into the bloodstream after being swallowed, they estimated.
HYCU; Right now, this is just a proposal—the public has until May 7 next year to weigh in on it before the FDA can start making calls. It’s not clear what this will do to the prices or availability of cough medicine just yet, but it’s important to check with your doctor if it might affect you.
Cloudy With A Chance Of Natural Disaster ⛈
It’s 70 degrees in November in New York City, but across the country, cities are facing even more wild weather conditions.
A severe winter storm is headed straight for Colorado, and the National Guard has been activated—with snow projected to fall at rates of up to 2 inches per hour overnight Friday into Saturday. 837 flights have been delayed while 9 have been canceled.
Meanwhile, North California is engulfed in another majorly destructive mountain fire once more. Driven by powerful Santa Ana winds, the 20,000 acre wildfire forced thousands of people to flee their homes, injured residents and destroyed homes.
Just south of Alabama, Hurricane Rafael has taken over the Gulf of Mexico, wreaking havoc across Cuba and destroying access to electricity for millions there. Forecasters said the storm could cause dangerous conditions across the whole Gulf region.
HYCU; It’s important to safeguard your savings and rainy day funds as more freak natural disasters continue to ravage the country. You never know what might happen next, and it’s important to be prepared. Experts say that this is fueled by manmade factors spurring heavy carbon emissions, and unfortunately, more disasters like these are bound to happen in the future. My tip? If you’re a singleton, make sure you have 3-6 months of living expenses set aside in a High Yield Savings Account earning you interest, and if you’re a head of household, breadwinner, or have dependents, shoot for 6-12 months.
Commonly asked question: Namita asks, “I have a question regarding selling real estate. Everyone talks about how difficult it is to buy in this market. How about ideas of selling. I have a beautiful 2bed 2bath condo and am unable to sell for a year now. It is blocks away from the MSU in Springfield MO and still unable to either rent or sell. Any ideas please…Thanks Vivian!!”
Hi Namita! Thanks for asking your question. The market is pretty difficult right now for both buyers AND sellers. Selling a property, especially in a tricky market, can be as much of a rollercoaster as buying one. Here are some tips that might help you get that "Sold" sign up:
Pricing It Right: Your place sounds like a gem, and I’m sure you’ve invested both money and time into it. This can often blind us to any shortcomings and overvalue certain aspects, just because they’re important to us. Make sure your condo is priced competitively. If it's been on the market for a year without any bites, it might be time to reassess the market value.
Staging Matters: Staging your condo can make a huge difference. It helps potential buyers envision themselves living there. Plus, a well-staged home often sells faster and for more money. You’re selling a condo, but even more so a dream - a home sweet home for someone else.
Marketing Magic: Are you getting the word out effectively? Utilize online listings, social media, and real estate platforms. High-quality photos and a virtual tour can also attract more attention.
Incentives: Offering incentives might sweeten the deal for potential buyers. Think about covering closing costs, offering a home warranty, or even including furniture.
Flexibility: Be open to negotiation and flexible with showing times. The easier it is for people to view your condo, the more likely you'll find a buyer.
Agent or No Agent: If you're not already working with a real estate agent, consider hiring one. They have the expertise and network to help move properties. That said, not all agents are built equally, so I’d encourage you to check out agents who have successfully sold condos comparable to yours in your area.
I would also recommend checking out my podcast episode with real estate broker Glennda Baker! We talk about everything from buying to selling to renting which might be able to shed some insight. Good luck bestie!
Want to be featured in our Question Bank section?
Rich Tip of the Week: You’re either at the table or on the menu…
Amidst everything, the Grammy nominations are out. Check out the full list here.
Here’s where and how you can watch the Nov. 22 Northern Lights.
43 research monkeys escaped a South Carolina zoo, which is almost the exact plot of Madagascar, right?
Products that saved my life this week:
SEE YOU IN THE COMMENTS BESTIES
Thank you, for a good summarization on the Tariff, situation.
Thank you!!
With regard to tariffs, Trump said numerous times that he uses them as a negotiating tool to force importers into deciding not to dump bad products at high prices into the US economy. Trump explained that often the tariff is never applied, because instead he’s able to get the importer to adhere to his price and product requirements so that Americans will not face low grade imported goods that threaten American made manufacturing. But even more than this, the importer will often decide to walk away and not import at all, which in turn helps increase US based product manufacturing. US companies will deliver more American made products to US consumers that are better made at a fair cost. This also increases US manufacturing jobs - helps the job market! Tariff threats in his first administration helped the US economy, before Covid, tremendously.
These are important facts that should be shared so readers hear all sides to a story rather than just be left to feel “tariffs are mostly bad”, right?