enRICHed: volume 130
a perfect week to get this bread
Sunday May 18, 2025
Volume 130
Hey Besties!
I’ve been on the road for a few weeks, and right now I am just so happy to be HOME SWEET HOME! Speaking of homes, what’s a better lazy Sunday activity than sitting on the couch with your boo and digital window shopping for beautiful homes and apartments?? What could I get if I had $150 BAZILLION DOLLARS? Whether you’re in the market as an aspiring homeowner, or just perusing it’s good to be familiar with the game! What are realistic home prices? What do rentals go for near you? And what should your future kitchen island look like?! These are some of my favorite questions, and luckily I got to sit down with Bachelorette star-turned-real estate mogul Tyler Cameron on this week’s episode of Networth and Chill! We chatted about home renovations, DIY projects, rental investments, and much more! 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.
Birthright Situationship 👶🇺🇸
Historically, one of the most American things about America is that if you are born here, you are American—but that statement is currently being debated in the Supreme Court, after the Trump administration has been moving to try and end birthright citizenship.
Basically, when President Trump first took office, he signed an executive order ending this right, saying that babies born in the country to parents who aren’t citizens or permanent residents should have their citizenship revoked (even if they grew up here entirely) and it stirred a bunch of controversy as people wondered if it was a constitutional move.
The only reason it’s not going through is because some federal judges put a bunch of blocks on the order, so they can’t actually carry it out. But it’s a big issue, so the Supreme Court has been meeting all week on how it should be handled.
HYCU; As of Sunday, they seem kind of divided as they heard a bunch of testimonies about how the lower courts should handle the order this week. Basically, if SCOTUS rules that this move is valid, then birthright citizenship will in fact come to an end. If they rule that the blocks should remain in place, then Trump’s executive order is basically moot. But if they do allow these bans to only work in certain places, the take-back of citizenship will become a question of where you live and basically, how conservative your state is (conservatives have been largely more open to the end of birthright citizenship).
The Price Is Not Right 💸💰
Walmart announced this week that it would be raising prices on some items, blaming President Donald Trump’s tariffs that they said were “too high.”
This is going to cause huge waves, of course. Walmart is the world’s largest retailer, selling most goods that people rely on. They aren’t alone, as we know: many companies have been raising prices to mitigate cost increases from the 10% universal tariffs on every product entering the United States and higher levies on Chinese goods.
The US and China actually reached an agreement to lower those tariffs this week, offering some relief for shoppers, but the United States still charges a bunch of layered tariffs on most Chinese goods—the true total tax being about 40 to 70%, according to CNBC.
HYCU; What Walmart products are going to be affected? CEO Doug McMillon said that the tariffs on China are raising costs on electronics and toys, and some food costs are going up from tariffs on Costa Rica, Peru and Colombia. So if you shop at Walmart for any of those things—earphones, tablets, groceries, and more—be prepared for prices to creep up. The Federal Reserve said last week that tariffs have led to a 0.3% increase in prices this year already, so it looks like we’re going to continue to feel the burn of the tariffs on our wallets.
Flying In the Dark ✈️😱
Several airports have had major communications issues, basically grinding air travel to a halt and wreaking havoc on peoples’ travel schedules.
Pilots flying into Denver International Airport on Monday couldn't communicate with air traffic controllers for about two minutes due to multiple radio transmitter failures, a leading official with the Federal Aviation Administration confirmed to members of Congress on Thursday.
Meanwhile, Newark Liberty International Airport in New Jersey has been barely operational for about a week, after a cocktail of similar communications issues plus more—air traffic controller staffing shortages, a 90-second communications blackout, and the closure of one of the airport's busiest runways.
HYCU; All this means that any flights out of the affected airports are likely to be super delayed (as long as five hours) or even cancelled outright. United Airlines, which has a hub in Newark, announced that it would be cancelling 35 round-trip flights at Newark per day, so if you are planning on travelling soon out of either airport, be prepared for some massive hiccups along the way. But hey, at least you’ll get some apology pretzels out of it.
Kristina asks, “I'm self employed! Should I do anything differently investing or retirement wise?!”
Hey Kristina! Absolutely, being self-employed comes with its own set of opportunities and responsibilities when it comes to investing and retirement planning. Let’s break it down!
Retirement Plan Options:
Solo 401(k): This is a fantastic option if you're a one-person show (or have a spouse working with you). In 2025, you can contribute up to $23,500 as an employee, plus an additional 25% of your net earnings as an employer, with a total limit of $70,000. If you’re 50 or older, you can make catch-up contributions, bringing your total to $81,250. It’s like having the best of both worlds!
SEP IRA: This is another solid choice for self-employed individuals. You can contribute up to 25% of your net earnings, capped at $70,000. Contributions are tax-deductible, making it a great way to lower your taxable income. It’s simple to set up and maintain, which is a bonus!
SIMPLE IRA: If you have a small business with fewer than 100 employees, this might be for you. You can contribute up to $16,500, with an additional $3,500 catch-up contribution if you're 50 or older. Employers are required to match contributions which is something to consider!
Investment Strategies
Diversify Your Portfolio: Consider a mix of assets to balance risk and return. Exchange-Traded Funds (ETFs) can be a great way to get broad market exposure without needing to pick individual stocks.
Regular Contributions: Since self-employment income can fluctuate, set up automatic transfers to your retirement accounts whenever you receive payments. This ensures consistent saving, even during lean months.
Tax Considerations
Self-Employment Taxes: Be aware of your self-employment tax obligations (Social Security and Medicare). Setting aside a portion of your earnings can help you avoid surprises come tax season.
Tax-Advantaged Accounts: Utilize retirement accounts to reduce your taxable income. Contributions to plans like the Solo 401(k) and SEP IRA are tax-deductible, which can give you some breathing room financially.
Emergency Fund
Maintain a Buffer: Given the unpredictable nature of self-employment income, having an emergency fund that covers 3-6 months of living expenses is super important. This gives you peace of mind during slower periods.
Professional Guidance
Consult a Financial Planner: If you’re feeling overwhelmed, a financial planner can help tailor a plan that fits your unique situation and goals. They can also provide insights into tax strategies specific to self-employed individuals.
By proactively managing your retirement planning and investments, you can build a secure financial future. Starting early and staying consistent is key! Good luck!
Want to be featured in our Question Bank section?
Rich Tip of the Week: Was my POV on the tariffs WRONG?
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Are you breaking any of the six most important office lunch etiquette rules?
“Conscious unbossing” is the new quiet quitting. Let everyone know.
SEE YOU IN THE COMMENTS BESTIES