enRICHed: volume 127

it’s gonna be may

Apr 27, 2025

Volume 127

Hey Besties!

As the true millennial that I am, I can say loud and proud that I was an OG fan of Jersey Shore. This may have been the show that started my life-long obsession with reality TV. Without fail, each week I was SAT in front of the TV with MTV blasting. So when I tell you I was excited for this week’s episode of Networth & Chill with the one and only Mike “The Situation” Sorentino, that is the understatement of the century. Mike and I got real about his time on the show, his struggle with addiction, tax evasion, and all things Gym-Tan-Laundry. If you’re a fellow Jersey Shore Stan, or just want to hear a really great comeback story, make sure to check out this episode! New episodes of the podcast drop every single Wednesday so be sure to subscribe to my YouTube channel or listen to 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.

The Latest Tariff Update Is: Just Kidding 🫵

This just in: in new reporting from The Wall Street Journal, the Trump administration is allegedly thinking about slashing the tariffs on Chinese imports—in some cases by more than half—as they continue to send major disruption across global trade and investment.
In case you forgot, the tariffs hit 145% earlier this month as President Trump continued to beef with China, effectively bringing trade between the two countries to a very tense stand-off. It sent panic through consumers who began buying things en masse in fear of the price spike on their everyday goods, from toys to electronics to clothes and makeup.
According to one senior White House official, the China tariffs might come down to between roughly 50% and 65%—which is still a lot, but it’s definitely better than 145%. Word on the street is that they’re also considering a tiered approach similar to the one proposed by the House committee on China late last year: 35% levies for items the US deems “not a threat to national security” (which probably means anything that’s not tech or anything that could be used to give China an edge on the US), and at least 100% for items deemed as “strategic to America’s interest” (which probably will include rare minerals and things that the US needs to build microchips, semiconductors, and all that stuff that makes us seem bigger and badder on the global stage).
HYCU; None of this is confirmed yet, so things could theoretically still move as they are now, but it’s likely that the 145% will get rolled back, since it’s upsetting so many American industries and ultimately hurting our own economy. If President Trump confirms the tiering option, these tariffs would be phased in different levies over five years, which means that the prices will slowly increase, as opposed to all at once. Of course, these tariffs just mean that prices will go up, but the amount they’ll jump still remains to be seen. However it’s looking more likely that things won’t skyrocket right away, but this administration is so wishy-washy, tomorrow might bring in a different reality. Consequences have actions, though, and the president is not immune to that golden rule—his economic strategy approval is falling among voters, signaling a distrust among Americans who hoped he would turn their financial situations around.

Putting Carrots On Buy Now, Pay Later 🥕🥬🧅

More people are putting essential purchases on buy now, pay later (BNPL) services like Klarna, including their weekly groceries—and more are paying those bills late.
According to new data covered by CNBC Friday, in responses submitted by 2,000 US consumers ages 18 to 79, around half reported having used buy now, pay later services, and of those consumers, 25% of respondents said they were using BNPL loans to buy groceries—up from 14% in 2024.
Meanwhile, 41% of respondents said they made a late payment on a BNPL loan in the past year, up from 34% in the year prior, the survey found.
This news comes shortly after the reports that about 60% of Coachella attendees bought their tickets with BNPL, getting enticed by the messaging of paying in installments (plus a $41 fee) instead of putting down the upfront ticket price.
HYCU; All of this just means that inflation is still a problem for many Americans, and with wages not really rising in accordance with the cost of living and interest rates, many people are forced into a corner to take out loans for necessities. With tariffs incoming and the economic future looking more confusing than ever, many people are trying to figure out ways to make their budget stretch. But we’ve talked a lot about the dangers of BNPL systems—you can get stuck with really high fees if you pay late, and run into problems if they stack up multiple loans. Putting your carrots on Klarna is a recession indicator, for sure; but if you’re taking out loans for your Coachella tickets, I got some bad news for you…you’re not financially ready to go to Coachella.

What’s A Degree Worth? 🎓

In a new survey from job site Handshake, college seniors are more concerned about their job prospects amidst worries about AI replacing entry-level work, dwindling opportunities and increasing rejections.
According to the data, computer science students were most worried about their overall prospects, as 28% responded that they were “very pessimistic” about starting their careers in the current economy (up from 18% a year ago). Meanwhile, 62% of those who said they were familiar with AI tools expressed at least some concern about how those tools would affect their job prospects—a 44% jump from 2023.
There’s also more rejection in the grind of applications, which contributes to the ongoing disheartenment. As of March, soon-to-be grads submitted 21% more job applications on Handshake than seniors did the year before, while job postings on Handshake declined by 15% (translation—less jobs, more applications). Internship opportunities have also dropped, with less internship postings now compared to 2019’s pre-pandemic economy.
HYCU; If AI really does end up replacing entry-level work, this could deeply affect the career ladder as we know it. There will be fewer opportunities for fresh graduates to cut their teeth at their first jobs, since schools rarely teach these practical skills needed to grow your career, so they’ll need to get that education some other way. It could also indicate a growing inequality in skills, pay, and job satisfaction at the jobs that are available. Some people are kind of wondering what the point of getting a degree even is anymore, even if it is still a major factor in getting better-paying opportunities. If you are about to graduate and looking for work, the job market may not be in your favor at the moment, but thinking about other ways you can make your skills stand out is a good start to finding your first grown-up gig.

Ashlee asks, “Hi Vivian! I hope you are doing well. You give such great advice which I have really taken seriously as someone working in corporate in her late 20s. I really appreciate all that you share with us. Your book had amazing advice too. Onto my question: I know you have talked about how most bank accounts are usually FDIC insured up to around $250,000 and that protects the customer if the bank goes “belly up.” I saw an ad for a savings account with Empower but in the terms and conditions it said Empower is not an FDIC insured bank but that they have deposit insurance (that covers up to $5 million). I’m just kind of confused on the difference between deposit insurance and the bank being FDIC insured. Should we avoid accounts that only have FDIC insurance?”

Hey Ashlee! Let’s break this down.

If a bank has deposit insurance but is not FDIC insured, it could mean 1 of two things. 1) It could mean that the bank’s deposits are protected by a private insurance provider instead of the Federal Deposit Insurance Corporation (FDIC). Here are some key points to consider:

The coverage limits for private insurance can differ from the FDIC’s standard limit of $250,000 per depositor, per bank. You’ll want to check what the specific limits are with the private insurer, if that is the case for your situation.
FDIC-insured banks are subject to strict federal regulations and oversight to ensure they meet safety and soundness standards. Private insurers may not have the same level of regulatory scrutiny, which can affect the reliability of the insurance.
It’s essential to research the private insurer’s reputation and financial stability. Not all private insurance providers are created equal, so ensuring that they are reputable is crucial for your financial security.

Or 2) which I believe to be the case with Empower, the financial institution you’re looking at isn’t a bank itself, but may work with partner banks to insure the deposits, via the FDIC. A few things to consider here:

Since your money is being insured via a number of partner banks, you’ll likely get more than $250k worth of coverage.
BUT, that does mean you’re essentially banking at a middle man instead of the actual bank itself. This could create customer service issues in the future, as you don’t know which banks are ACTUALLY holding your money.

In summary, I would personally bank at a national bank that is FDIC insured, and not with a middle man facilitator. Always do your homework and understand the terms before depositing your hard-earned cash!

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Rich Tip of the Week: When should you use a credit vs. debit card?
They’re making a prequel for The Hunger Games’ new prequel book, Sunrise on the Reaping, and they’ve just casted the new young Haymitch Abernathy (Woody Harrelson)—and he’s a new face?! I’m so ready.
Lorde planned a surprise show in Washington Square Park, but surprise—the show got shut down.
YouTube turned 20 years old, which makes all of us ancient.

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