enRICHed: volume 122

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Mar 23, 2025

Volume 122

Hey besties!

Like a lot of you, the current political climate is causing me some major anxiety. With tariffs, certain government agencies being shut down, it’s hard to know what's up and what's down. This week on the podcast, I sat down with Senator Elizaberth Warren to chat about all things money, consumer protection, and what some of the looming changes could mean for Americans everywhere. If you are an American who spends money in this country, you need to know what protections the government has in place to protect you and what of those protections are on the chopping block. In particular, I ask folks who may sit on the opposing side of the aisle to view this episode through the lens of consumer protection vs. politics (harder said than done - I know), because while you may not agree with Senator Warren on what the right direction for our country is, we should all recognize that consumer protection does not discriminate, and will impact folks both red and blue. New episodes of the podcast drop every single Wednesday so be sure to subscribe to my YouTube channel HERE or follow Networth and Chill wherever you get your podcasts!

Plus, keep up with the podcast on Instagram and TikTok!

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.

Hang On Tight! 👔💼

New federal data shared by the Wall Street Journal is showing that the salary difference between those who stay in their roles and those who change jobs has fallen to its lowest level in a decade, which is turning over the age-old logic that it doesn’t pay to stay in one place.
In a world like the tech field, workers who negotiated their salaries during the onset of COVID (when being in tech meant major pay bumps and ballooning raises) are now not likely to find a new job for more money than they are already making.
Higher-paying roles are becoming rarer, and layoffs are continuing to run these streets, which means that fewer people are quitting: the number of American workers who quit their jobs last year hit the lowest level since 2020, and some economists expect even fewer people to quit in 2025.
HYCU; If you’re currently job hunting, you’ve probably already noticed that the job market seems to be filled with jobs that now pay the same or less than whatever you were making at a comparable role prior. It’s a tough market for workers in every field—the name of the game right now for these corporations is saving money. They want top-tier talent but don’t want to make room in the budget for it. This is also probably a gloomy indicator for promotion season, which might look like a title bump without a matching pay increase. Still, it’s always possible and necessary to negotiate whatever you can, because everyone’s looking out for number one in the workplace.

Social Insecurity 😬

Starting March 31, the Social Security Agency (SSA) is ending phone verification for bank information and ID checks, which means that recipients who aren’t able to verify their bank information and identity online will have to do it in-person.
Basically, this is all happening because Elon Musk’s DOGE and President Donald Trump say that these changes are happening because they’re trying to stop Social Security fraud (which isn’t true, as proven by the Associated Press).
The execution of this plan is also slightly confusing, because despite the fact that it’s encouraging people to go in person, DOGE has begun closing a ton of Social Security offices and laying off a ton of the workers, which means that it would be even harder to go in person.
HYCU; All this basically means that many elderly and disabled people in this country will probably have a harder time accessing their financial aid—it’s not like old people are famously super good at using the internet or driving to appointments on their own, and anyway, a lot of applicants don’t even have internet access, which is really going to hurt a lot of people. The office even said that the pressure from DOGE could cause it to shut down entirely. It’s not like the system was perfect to begin with, though: the SSA said that with this new change, it will be able to process all direct deposit changes in one business day instead of the original 30, so that could be a potential win for people who are able to verify their information online.

Cybertruck Contention 🛻

Nearly all Tesla Cybertrucks will be recalled because they used the wrong glue, the company announced on Thursday.
Basically, part of the electric car's trim was at risk of detaching from the car completely, which would be very dangerous. The recall will affect more than 46,000 Cybertrucks manufactured between November 2023 and late February 2025.
This is the largest recall made on Cybertrucks yet, but it’s far from the first time that Cybertrucks have been recalled en masse since its release two years ago—there have been failing windshield wipers, trapped accelerator pedals, possible loss of drive power to the wheels, and other issues.
HYCU; If you have a Cybertruck, you might be receiving information if your vehicle was one of the affected cars in this particular recall, which means it’s time to think about buying a different car or trading for a different model. It’s also heavily affected Tesla stock value—Tesla’s shares have dropped nearly 40% since January, which means that anyone whose money was invested into the company might’ve seen their portfolio take a bit of a dive recently.

Meghan asks, “Hi Vivian, Your advice has really helped me get in control of finances, especially as a freelancer. I'd love for you to break down some thoughts on being a freelancer in the current market, and how to best grow your wealth when you do not have a consistent income. Best, Meghan”

Hey there! Navigating the freelance world can be quite the adventure, but with some savvy strategies, you can thrive even without a steady paycheck. Here’s a breakdown of some key thoughts on freelancing and wealth growth:

Building a Strong Client Base: Networking is essential. Engage with industry peers and potential clients through social media, professional groups, and events. Showcase your work through a portfolio website or social media to attract new clients.
Managing Irregular Income: Create a budget that accounts for fluctuating income. Prioritize essentials and set aside funds for taxes and savings. An emergency fund can be a lifesaver. Aim for 3-6 months of living expenses in an FDIC insured HYSA to cover any dry spells.
Tax Planning: Stay informed about tax obligations and potential deductions. Keeping organized records can help maximize deductions. Consider consulting a tax professional to ensure you’re compliant and optimizing your tax situation.
Investing and Saving: Explore retirement accounts like SEP IRAs or Solo 401(k)s, which offer higher contribution limits for freelancers.
Diversifying Income: Consider additional income streams, such as passive income from digital products or teaching online courses. Diversification can help stabilize your overall income and provide financial security.

Freelancing offers the freedom to shape your career, but it’s important to be strategic about financial planning, as it’s less “dependable” than a more traditional W-2 job. That said, as you saw in our newsletter body above, right now, W-2 workers aren’t exactly in the best spot either. When it comes to freelancing, its biggest pro and biggest con is its piecemeal nature. On one hand it can be really scary not having one consistent source of money to depend on, but on the other hand your business is naturally more diversified and insulated from disaster than if you were to, say, potentially lose your full-time job. For what it's worth, I've worked both a traditional W-2 employee as well as been a freelancer (Your Rich BFF) and I'm happy to take the risk of inconsistent income, if it means I'm able to have more sources of income overall.

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Rich Tip of the Week: Is Warren Buffett dumping all his stock?!
Some Lean Cuisine and Stouffer’s frozen meals are being recalled because they contained *checks notes* bits of wood in them. Mmm, healthy?
The French government told the US to give them the Statue of Liberty back, saying that given our political climate, we don’t deserve it anymore.
Are parties so over?

SEE YOU IN THE COMMENTS BESTIES