enRICHed: volume 123

fake spring has sprung

Mar 30, 2025

Volume 123

Hey besties!

If you know me, you know that my airpods are my lifeline and there is always music blasting. I simply refuse to be left alone with my thoughts. As much as I love music, I really have no knowledge about the business. How do musicians, artists and producers even make money? That’s why I sat down with Kato on the Track, a music producer who has worked with some of your favorite artists (including Snoop Dogg, Jack Harlow, and Tyga!!) on the podcast this week! We talked all about streaming, how artists actually get paid and why most record deals are akin to a loan. 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.

To No One’s Credit… 💰😬

Gird your loins and strap in your seatbelts: the COVID-era pause on student loan payments is officially over, and it’s about to take a big bite out of your credit score.
The end of a 3.5-year long student loan repayment freeze is about to affect 9.7 million borrowers who will probably see a major dip in their credit scores now that these delinquencies are going on the record again—according to the New York Federal Reserve, borrowers with lower credit scores could lose an average of 87 points, while those with excellent credit might take an even bigger loss (up to 171 points on average).
If you remember, the Biden administration freeze ended in September 2023, but it didn’t quite affect credit scores yet because of an additional provision that allowed a one-year “off-ramp” where borrowers were protected from negative effects of a missed payment. Now, the off-ramp period is over, and we’re back in these streets.
HYCU; This was ultimately inevitable, because we knew this was coming—the plan was made so that people could take advantage of These Unprecedented Times™ to get their personal finances in the best shape possible. But the execution was definitely murky, and now it’s definitely going to be a hit on many credit scores, because the vibes have been down overall: consumer confidence is at a 12-year low, borrowers are struggling to keep up with rocketing daily expenses and monthly payments, and there’s fear that this drop in credit scores is about to impact wider consumer spending habits. Still, this doesn’t mean you have to panic at all. As long as you’re not trying to buy a house or a car right now, there’s no need to spiral out. Some debt can be helpful for you: the general rule of thumb is that if your interest rate is over 7%, it’s better to pay it down ASAP, but if you’ve got a lower interest rate than 7%, you could make more money by investing your cash than trying to rapid-fire pay down your debt.

Fellas, Is Having A Family Woke? 👶

The Trump administration announced it will be freezing $27.5 million in federal family-planning grants while it investigates whether the money was used for *checks notes* DEI efforts, according to new reporting from the Wall Street Journal.
Most notably, the groups that would be subject to the freeze include Planned Parenthood affiliates, which would lose out on about $120 million this year that is used to help clinics provide free or reduced-price cancer screenings, birth control, and pregnancy testing at about 4,000 clinics.
The freeze, which could be made public as soon as this week, would also suspend funding meant to support provision of contraception, treatment and testing of sexually transmitted infections as well as evaluation and counseling for infertility.
HYCU; These services helped about 2.6 million people in 2022, and most likely, lower-income patients will be affected the most, since they have more need for cheap and free resources. Rural patients will also likely be hit hard, given that less populated areas also often have less infrastructure. The Wall Street Journal reported that HHS could go beyond pausing funding, potentially rescinding or reallocating grants entirely, which would force clinics to shut down entirely. It’s not clear exactly what the administration meant by the money being used for DEI efforts, though it might not even really be important to understand—they have been using DEI as an excuse to just do whatever they want.

Holding Onto Those Sky Kilometers ✈️🇨🇦

Canadians are taking less vacations to the US amid rising tensions between the countries, threatening to widen America’s $50 billion travel and tourism deficit.
There’s a number of reasons why this is happening, but CNBC reported that the top reasons include an unfavorable currency exchange rate and the current US political climate (especially given President Donald Trump’s trade policies and his public statements on annexing Canada for whatever reason).
The travel deficit, which topped over $51 million last year, means that Americans spent more abroad than foreigners visiting the US spent, according to Commerce Department data—which means that we could be bringing in more money into the country by welcoming more tourists.
International tourists are especially important because they tend to stay longer and spend more money than local travelers—and Canada is the top source of international visitors to the United States, so the drop in visitors is definitely something that is alarming experts in the industry.
HYCU; So far, Germany, the United Kingdom, France, Denmark and Finland have also issued travel warnings for their citizens who are planning to go to US, which means that if you work at all around the tourism industry (at a restaurant, hotel, airline, spa, casino, etc), you may already be seeing a shift in how busy your workplace is, especially if you live in a hub for tourism. If this continues the way it’s going, it could mean billions of lost dollars and overall, a more expensive and sluggish economy. So what is being done about this? Well, the White House said on Friday that Canadians “will no longer have to endure the inconveniences of international travel when Canada becomes our 51st state.” So…in a way, they did say something.

Ashley asks, “Hey Viv! Thanks for all your financial wisdom, I’ve learned so much. My question is, what is the best way to save for care for aging parents? I’m worried for the financial burden that will become and I wasn’t sure if there is anything I can do, like what people do to save money for future kids or college funds. What would be the best place to save? Thank you!”

Hi Ashley! It’s great to hear you’re thinking ahead about saving for your parents’ care. Planning for aging parents can feel a bit like preparing for a big event, like a wedding or a college fund, but with its own unique twists.

Here’s how many people typically approach saving for elder care:

Health Savings Accounts (HSAs): If your parents are eligible, HSAs can be a great tool because they offer tax advantages. Contributions are pre-tax, and withdrawals for qualified medical expenses are tax-free. Plus, after age 65, they can use the funds for non-medical expenses without penalty, just like a traditional IRA.
Long-term Care Insurance: Some people consider purchasing long-term care insurance, which can cover costs like nursing homes or in-home care. It’s essential to weigh the premiums against potential benefits.
Family Opportunity Mortgage: This is a loan designed for buying a home for elderly parents with favorable terms, allowing you to keep financial resources within the family instead of paying for a retirement facility.
Savings Accounts or Investment Accounts: Some folks opt to set aside money in a high-yield savings account or a diversified investment account, similar to how they might save for a child’s education. This allows the money to potentially grow over time.

Here’s something most people don’t realize: You might be eligible for tax deductions if you’re covering significant medical or caregiving expenses for your parents. This could help lighten the financial load.

This matters because the costs associated with elder care can add up quickly, impacting your financial future. It’s crucial to find a balance that supports your parents while also safeguarding your own financial well-being.

One thing to think about is whether you want to prioritize liquidity (easy access to funds) or potential growth (investments that could increase in value over time) when deciding where to save.

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Rich Tip of the Week: Ever since my wedding, I’ve been on my fitness journey. I love pilates and strength training but those classes can really add up. Here’s the secret, I got a discount on my gym membership & favorite classes through Active & Fit! Active & Fit Direct is a flexible fitness program that lets you save money on the top-brand gyms you love and it’s available exclusively through your health plan or work. Check out Active & Fit Direct at www.activeandfitdirect.com/ to learn how you can save! #ActiveandFitDirectPartner
Duke University is now complaining that White Lotus went too far with the school references…
Kendrick Lamar’s Super Bowl halftime performance received over 125 FCC complaints. For me, the viewer? Worth it.
I loved this interview with John Green about his newest book, Everything is Tuberculosis.

SEE YOU IN THE COMMENTS BESTIES