enRICHed: volume 107

shop til u drop

Dec 01, 2024

Volume 107

Hey besties!

Now everyone has their insecurities and things they are maybe less fond of when it comes to their appearance. Likewise, people have things that they love about themselves and know how to play up to accentuate those features. For me? One of my favorite features is my hair. Not to brag (but to brag just a little), people ask me all the time if I have extensions. (Spoiler: I don’t! And never have!) While I love my hair, I’m not exactly the best when it comes to styling. That’s why this week on the podcast I had the incredible Chris Appleton on and we chatted about all things hair, money, and Kim K… obviously. Check out the latest episode with Chris HERE and if you would rather watch than listen, you can watch HERE!

You can find Chris @chrisappleton1 and be sure to keep up with the podcast 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.

Adding Picket Line To Cart 🤝

Amazon workers announced on Thursday that they would be organizing a labor strike from Black Friday to Cyber Monday—during one of the company’s biggest retail weekends.
The strike, called “Make Amazon Pay,” is organized by UNI Global Union and Progressive International, which represents thousands of workers in over 20 countries (such as India, France, Germany, and more) who will be on the picket line this weekend.
Demonstrators are calling for increased wages, improved working conditions, and for employees to be permitted to unionize, accusing the company of “labor abuses, environmental degradation and threats to democracy.”
HYCU; It’s no secret that major corporations have been facing major heat for their labor practices, and this is another huge strike that has swept the country this year. The reason workers strike during these busy moments is to show management that their work has value and that business can’t operate without them. But unfortunately for us consumers, it does mean more of a headache when getting our orders packaged and shipped to us. Prepare for some delayed deliveries when it comes to your shopping deals this weekend, and make sure to buy any timely items IRL to ensure you can get your necessities right away! And if you need a quick refresh on how to shop this holiday season like a pro, head here.

Crypto Price Goin’ Up 💸

In the enRICHed members’ lounge, we talked about the surge of crypto post-election, but it’s continued to hit even higher ceilings, as Bitcoin closed at a record $95,500 on Thursday.
It hasn’t been a straight shot to the top, as the currency faltered slightly last week, but experts are expecting it to cross the $100,000 threshold for the first time ever very soon.
This frenzy has happened in light of Donald Trump’s reelection, as the President-elect has promised a very crypto-friendly administration over the next four years.
HYCU; If you’ve long been invested in the crypto game, you’re probably sitting on a fat stack of money right now. Hooray! For those who are crypto-curious, I talk a bit more on if, when and how you should invest in this area of your financial portfolio in the members’ lounge—but the TLDR rule of thumb is that you shouldn’t pour it all in! Crypto should make up 1 to 5% of your portfolio at maximum, and never invest anything you can’t afford to lose!

Climbing Coffee Costs ☕️

Coffee beans have hit their highest price in 47 years, and coffee stans aren’t sure if it’s going to go back down.
Arabica beans reached $3.18 a pound on Wednesday, which caused Nestlé, the world’s biggest coffee company, to increase prices.
This is all because there’s been really bad weather in Vietnam and Brazil, who are the biggest producers of coffee beans. Drought and extreme weather conditions have caused output to decrease and sent prices skyrocketing. Experts fear that next season’s output will drop, too, which will make supply even lower and prices even higher.
Trump’s incoming tariffs are also on the mind, according to the Financial Times. Roasters are trying to import now, one trade analyst said, “because otherwise you will be paying tariffs later.”
HYCU; If things keep going the way they are, it’s looking like coffee will become a luxury commodity. Maybe you’ve already noticed your coffee grounds prices getting higher at the store. Coffee and chocolate are a few of the many products that have been hit hard by environmental damage and freak weather conditions, so if it’s not in your budget to shell out more for your morning cup of joe, it might be time to switch up the routine. But in the meantime, if you want to learn more about the coffee industry, here’s a really interesting interview with the CEO of Nguyen Coffee Supply!

Commonly asked question: Liz aks, “Hi Vivian! Thanks so much for all the incredible information and advice you've shared through your newsletter and IG posts. You and your team are fantastic! I was hoping to get your opinion on emergency fund in money market fund vice HYSA? I jumped on the HYSA train when I learned about it from you. Now with changing HYSA rates, curious your thoughts on pros and cons of money market fund and comparison of it and HYSA. My thanks again to you and your team. You've made a huge difference in my confidence in financial matters! V/RLiz”

Hi Liz! This is a great question! Here's a quick breakdown:

High Yield Savings Account (HYSA):

It's a savings account that typically offers higher interest rates than a traditional savings account.
It's designed for saving money over time, like building up an emergency fund.
The funds are easily accessible, making it a great spot for your emergency cash stash.
It's a safe place to park your money, as HYSAs are usually FDIC insured up to the legal limit (usually $250k)

Money Market Fund:

It's a type of mutual fund that invests in short-term debt securities.
Generally considered low-risk, but it's not FDIC insured.
Might offer higher returns than an HYSA, but with slightly more risk.
It's more liquid than other investments, but not as accessible as an HYSA when it comes to immediate withdrawals.

Pros of HYSA:

Safety: FDIC insured means your money is protected.
Accessibility: Easy to withdraw funds without penalties.
Stability: Less risk compared to investing in the market.

Cons of HYSA:

Interest rates can fluctuate and may not always outpace inflation.
Some accounts might have minimum balance requirements or fees. This one doesn't though!

Pros of Money Market Fund:

Potential for higher returns compared to an HYSA.
Still relatively liquid and accessible.

Cons of Money Market Fund:

Not FDIC insured, so there's a bit more risk.
Might have transaction limits or fees.
Returns are not guaranteed and can fluctuate.

When it comes to your emergency fund, the key is accessibility and safety. You want to be able to get to your money quickly and without penalty if a real emergency pops up. A HYSA is a solid choice for that reason. However, if you're comfortable with a bit more risk and are looking for potentially higher returns, you might consider a money market fund for your other less imperative savings (vacation, home downpayment, new car, etc).

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Rich Tip of the Week: What to do if your flight gets delayed or cancelled!
The crypto entrepreneur who bought a banana taped to a wall at a Sotheby’s auction for $6.2 million ate the banana.
Vito the Pug won “Best in Show” at the National Dog Show this year. Everybody say congratulations, Vito.
The first photos of Notre Dame’s restoration are out now—ooh, la la.

SEE YOU IN THE COMMENTS BESTIES