enRICHed: volume 125

tax tiiiime

Apr 13, 2025

Volume 125

Hey besties!

Are you a whiskey lover? A history buff? I’m both (although tequila truly has my heart), so when I found out that the world’s most famous whiskey was originally distilled by an African American man in the 1800s, I knew I had to learn more.

That’s right, Jack Daniel’s Tennessee Whiskey was created by Nathan “Nearest” Green, the first known master African American distiller! Nearest trained Jack Daniel himself from the time Jack was 8 years old, well before the brand was founded in 1875. Over the years, the two became colleagues and friends, which as you might notice, was right around when the Emancipation Proclamation was signed into law, meaning racial tensions within the US were incredibly volatile.

This story really caught my attention, and that’s why this week I sat down with Fawn Weaver, founder of Uncle Nearest Whiskey, to talk about the origins of Jack Daniel’s, and why she started her whiskey company, in the latest episode of Networth & Chill! 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.

My Dog Ate My Tax Returns

Yes, our favorite spring holiday is officially upon us: this Monday, April 15, is the tax filing deadline, and fewer Americans have filed their federal taxes this year compared to last, with requested extensions on the rise, according to new reporting from CNN.
It’s not exactly concerning, according to the officials: there has been a steady decline in recent years for this time period, and the decrease isn’t significant (only about 1 million fewer people, but who’s counting?), so the IRS’ official statement is basically “makes sense, divas.”
Currently, the IRS itself faces massive staffing cuts led by Elon Musk’s DOGE and sudden and chaotic leadership changes that are already threatening to disrupt the tax filing process, not to mention a major beef over whether to cooperate with immigration authorities and reveal undocumented immigrants’ tax information (because yes, even undocumented immigrants pay taxes, and the impacts of this will be astronomical).
HYCU; What does this mean for our tax season this year? Well, from early reports coming out, audits may also be lower this year because of the lack of workforce within the agency. It also looks like the average refund amount was $2,169, down 32% from $3,207 last year. This does mean that more than half of all expected federal tax returns have been filed (nearly 90 million as of March 28), so if you have already submitted your return, congratulations! You no longer have to go through the stress of wondering if you’re doing this right at all. But if you’re still looking for resources to help you with your filing, though (cutting it down to the wire, I see), the IRS Direct File has rolled out to more states, so you can see if you are eligible for that as well.

The Boy Who Cried Tariff

What a week in tariff world: Trump announced his big Liberation Day plan for worldwide tariffs, then announced a 104% tariff on all imported Chinese goods. Then the Chinese government said they would retaliate with an 84% tariff on imported American goods, then the stock market got lower than Flo Rida, and then Trump said he was just kidding about the “reciprocal” levies for the countries that didn’t retaliate, but then said it would actually be 145% on China—but maybe he was just in a silly goofy mood when he said that. Does anyone have a drink?!
There have been plenty of ripple effects amidst all this. It was a tough week if you follow your portfolio: the S&P 500 took a nosedive earlier in the week, made a recovery after Trump yelled out “JK” on Wednesday, and then took an L on Thursday after all this, signaling investor uncertainty.
Meanwhile, people are selling bonds off, making them cheaper and causing yields to spike, which is a historic economic red flag, since typically, when markets freak out, investors rush to bonds for safety—but this time, they’re selling them off. Gold also hit a record high amidst fears of volatility.
HYCU; Of course, tariffs means higher prices for us consumers, and 145% is going to be absolutely killer, seeing that China is the US’ primary supplier on everything from clothes to electronics to pharmaceuticals. There are also wide impacts beyond just the price hikes: the last time we saw this kind of bond sell-off was during the 2020 COVID-19 crash, when the Fed stepped in. Higher bond yields could also potentially raise the risk of stagflation (a two-for-one combo of higher prices and slow economic growth).

Let’s Get Real

It looks like Real IDs will finally be actually required for boarding domestic flights soon, after years of the government postponing the deadline for when travelers would need the specially-starred ID to get on the plane.
The rule is set to go into effect on May 7, according to a statement from the Department of Homeland Security. Passengers will instead need to present a security-enhanced, star-emblazoned Real ID or another approved form of identification like a passport; previously, a standard driver’s license or state ID worked at security checkpoints.
Some states (Minnesota, Michigan, New York, Washington and Vermont) offer enhanced driver’s licenses, which do comply with Real ID requirements to board domestic flights, and can be used to cross land and sea borders to Canada, Mexico, Bermuda and the Caribbean without a passport.
HYCU; To apply for a Real ID, you’ll generally need to go the DMV (though some places you can schedule the appointment online ahead of time), where you’ll provide a Social Security number or proof of eligibility, corroborate your address through documents like utility bills or bank statements, and verify your identity and lawful status through a handful of additional documents, including a birth certificate or a passport. This might take a while, so it’s better if you go sooner to avoid any potential snags, especially if you have a trip coming up. The cost may also differ depending on where you are: in some states, like South Carolina and New York, it’s free to get a Real ID if you’re already renewing your license, but some states charge extra (e.g. Pennsylvania charges a one-time $30 fee in addition to the cost of renewal, the first time you upgrade to Real ID).

Ivona asks, “Hey Vivian, I live in Europe but your advice has helped me a lot, so thank you for it. I am thinking about buying a new car and since the economy right now is taking a turn I'm not sure if I should do it asap or wait for some time? If I should wait, what do you suggest would be the best way for European people to get the most out of the money? Right now I am using an account that gets max ECB interest rate but the % is constantly going down, is there anything else I could do?”

Hey there! Great questions! When it comes to buying a new car, timing can definitely play a big role, especially with the current economic climate. Here are some things to consider as you decide whether to buy now or wait:

Market Conditions: If the economy is uncertain, waiting might allow you to take advantage of better deals as dealerships may offer discounts to boost sales.
End of Month/Year Sales: Dealerships often have quotas to meet, so shopping at the end of the month or year can lead to better deals.

Maximizing Your Money in Europe

If you’re looking for ways to make the most out of your money while waiting, here are some strategies:

High-Yield Savings Accounts: Since you’re already using an account with the maximum ECB interest rate, keep an eye on other banks or financial institutions that might offer competitive rates. Sometimes, switching accounts can yield better returns.
Consider Fixed Deposits: If you can lock away your money for a set period, fixed deposits often offer higher interest rates compared to regular savings accounts.
Explore Investment Opportunities: If you’re comfortable with a bit of risk, consider looking into low-cost index funds or ETFs. They can provide potential growth over time, but make sure to evaluate your risk tolerance.
Budgeting for the Car: While you wait, consider setting aside a specific amount each month for your car purchase. This can help you build a larger down payment, which might lower your financing costs when you do decide to buy.
Research and Compare: Use this time to research different car models, financing options, and insurance rates. Being well-informed can lead to better decisions and potentially save you money.

Ultimately, it’s about weighing your options and what feels right for you. Happy car hunting!

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