enRICHed: volume 108
a bleach and tone, like a bleach and tone
Sunday December 08, 2024
Volume 108
Hey besties!
I will basically use any excuse to talk about my wedding. Not only was it an amazing day spent with all my loved ones and friends, it was also expensive as hell. The more I talk about it the more I get my money’s worth, ya know? From the furniture, to the location, to the flowers, my boo and I were meticulous about everything. So when it came to my dresses I was not playing around! This week on the podcast I had my amazing friend and designer of one of my stunning wedding dresses, Andrew Kwon! We chatted about his journey as a couture designer, what couture even actually means, and how you can make money in fashion. Watch the episode HERE or listen on your favorite platform audio HERE (I’m personally a Spotify girly)!
Check out Andrew HERE and 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.
Crypto Continues Its Climb 📈🎉
Bitcoin smashed the $100,000 threshold on Thursday, propelled by investors betting on a friendly U.S. regulatory shift under the incoming Trump administration.
As we’ve talked about on enRICHed, the incoming crypto-friendly administration has been sending waves of optimism to crypto stans. This latest surge came after Trump said he would nominate Paul Atkins, who is pro-crypto and pro-deregulation, to run the Securities and Exchange Commission aka SEC.
Global stocks also touched record highs this week, bolstered by upbeat comments on the economy from Federal Reserve chief Jerome Powell, who said that the economy was stronger than it had appeared in September when the central bank began cutting interest rates, which is why policymakers cooled off a little bit in reducing rates further.
HYCU; A win for everyone who’s been investing their money—if you’ve been checking your accounts, you’ve definitely already seen those numbers go up. As we head into the holidays, and you begin to think about how you want to invest your money in 2025, it might be a good time to use this news to learn more about markets that you’re unfamiliar with. Of course, this high won’t last forever, but that’s not a bad thing. It’s all about planning and time. It’s better to understand your money first than to blindly chase. Some questions you can ask yourself are: How much risk do I want to take? How much time per week do I want to spend on my investments? What liabilities do I have? What do I want my life to look like with the money I make—what does “being comfortable” mean to me?
Anthem’s Anesthesia Timer 💊🧐
Anthem Blue Cross Blue Shield announced this week that they plan to stop paying for anesthesia care if the surgery or procedure goes beyond a specific time limit in specific states—but the rule’s already being killed after public backlash.
Originally, the healthcare provider said that beginning next February, it would put a flat time cap for anesthesia coverage in Connecticut, New York, Missouri and Colorado, leaving the rest of the cost up to patients to shoulder, regardless of procedure duration.
There was so much outrage from lawmakers, doctors, anesthesiologists and patients alike that by Thursday evening, Anthem announced that they “decided to not proceed with this policy change.”
This change also happened mere hours after the news broke that United Healthcare CEO Brian Thompson was shot and killed in New York City, as people flooded social media to share the times that United denied their deceased loved ones’ critical health claims. Many have hypothesized that these two stories are connected as healthcare executives remain on edge.
HYCU; Sometimes you have to just tell these corporations: Swiper, no swiping! Healthcare is a major cost for so many Americans, and anesthesia is often the top fear for surgical patients in both a money and life sense. So it’s great that public outrage and consumers using their voices has led to this backtracking. It’s unclear whether Anthem or other insurance carriers will try to introduce time cap policies like these next year, but for now, we can safely say that we can continue our explorations. Oh, man!
The Stock Tuah 💸💥
Haliey Welch, the social media influencer who rose to fame on social media as the “Hawk Tuah Girl,” launched her own cryptocurrency, which surged and crashed within hours of release.
The “HAWK” crypto “memecoin” hit a $490 million market cap shortly after its launch late Wednesday. However three hours later, the coin plunged 91% at a valuation of $41.7 million.
22-year-old Welch, who went viral in a video interview where her tagline “you gotta hawk tuah on that thang” became an overnight sensation, and has continued to capitalize on her audience by launching a podcast “Talk Tuah” and dating advice app Pookie Tools.
In an interview with Fortune, Welch said the memecoin was “not just a cash grab,” though admitted that she previously viewed cryptocurrency as “a scam” and an “easy way for you to lose money” but said she has since changed her mind.
HYCU; Memecoins like Dogecoin or HAWK, cryptocurrencies that originated from a meme, tend to be very volatile in risk—Welch is currently facing a lot of backlash from fans who lost thousands in the crash. It’s important to keep your financial portfolio diverse and make sure you’re not investing anything that you can’t afford to lose, because this genre of cryptocurrency depends entirely on cultural interest, so it’s more likely than not that they’ll surge and crash, as we’ve seen over the years. Gambling and investing are not the same thing.
Commonly asked question: Atvjifs asks, “Hi Vivian, a question from paid subscriber: I am in late 50’s about 3 years close to retirement and afraid to invest in market, I keep everything in cash (large sum). Lately because of inflation I realized need to invest and plan to put some in S&P 500 after reading your book. I do not know if I should dollar average 50 %, 80%, 20% which makes safest move or just move whole sum at once? Any thoughts? The sum is the money left after subtracting emergency cash to support first 8 years of retirement.”
Hi there! When it comes to investing close to retirement, it's all about balancing risk and ensuring you have enough to support your golden years. Here's what I recommend:
Stocks vs. Bonds
The typical rule of thumb is to take your age, round to the nearest tens figure, (ex: 57 rounds to 60), subtract 10 (so 60 goes to 50), and that is the percentage of your portfolio that should be in fixed income securities such as bonds. In your case it sounds like your allocation should be roughly 50/50. The bond 50% will focus on wealth preservation since you’re close to retirement, while the other 50% will focus on helping you continue to grow that sum.
Dollar-Cost Averaging (DCA):
This strategy involves investing a fixed dollar amount at regular intervals, regardless of the market's performance.
It can help reduce the risk of investing a large amount in the market at the wrong time. I'm a big fan and believer in this strategy! I personally use!
For someone close to retirement, DCA can provide a more conservative approach to entering the market.
S&P 500 Index Funds:
For your stock allocation, investing in an S&P 500 index fund is a way to bet on the overall economy, as it's made up of 500 large companies and tends to grow over time.
Remember, past performance doesn't guarantee future results, but the S&P 500 has historically recovered from downturns over the long term, and is a great way to get stock market exposure without having to cherry pick specific companies.
Emergency Fund:
It's great that you've set aside emergency cash to support the first 8 years of retirement.
Make sure this fund is easily accessible and not subject to market risk.
Since you're close to retirement, it's crucial to consider how comfortable you are with risk. The market can be unpredictable, and since you'll need to rely on your investments sooner rather than later, a cautious approach might be more suitable.
Before making any decisions, it might be wise to consult with a financial planner who can take into account your entire financial picture and help you craft a personalized investment strategy that aligns with your retirement goals and risk tolerance.
Remember, investing is a personal journey, and it's all about finding the right path for you. Keep up the great work in planning for your future!
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