enRICHed: volume 131

everything’s gnarly

May 25, 2025

Volume 131

Hey Besties!

The sun is shining, the birds are chirping, and my AC is BLASTING! It’s finally summer!! But girls…the tariffs!?! I want to be sipping an aperol spritz on the beach in Spain as much as the next person, but we can’t let our sunkissed dreams make us forget our financial goals! That’s why this week on Networth and Chill I’m sharing my best financial travel tips! I’ve got you covered on everything from the best travel credit cards, to how to get a seat upgrade, or how the tariffs are impacting our travel and more! We all deserve a little R&R this summer, so check out the episode to hear my travel tips for sticking to your budget! 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.

Big, Blonde and Beautiful 😳

It’s official—the One Big Beautiful Bill Act has officially passed through the House of Representatives this week and is headed for a Senate vote next, which will put millions of Americans at risk of losing Medicaid benefits and food stamp assistance.
On paper, the act would greenlight a lot of the things that President Donald Trump promised on his campaign trail: extending tax cuts for richer individuals and corporations; sunsetting clean energy incentives enacted under former President Joe Biden; relieving taxes on tips, overtime and car loan interest; offering parents $1,000 if they open “Trump accounts” for their children; and expanding a deduction for older taxpayers (but this will only be true only for as long as Trump remains in office).
Not to mention, it’ll also pay for construction of a wall along the border with Mexico, plus new staff and facilities for mass deportations of undocumented immigrants.
Sounds cool, right? And how are they going to pay for all these incentives? Basically by slashing federal assistance programs: the bill, written and backed by Republicans, has approved funding cuts and new work requirements for Medicaid and the Supplemental Nutrition Assistance Program (SNAP). The rest is just going to put us into debt—about $3.8 trillion over the next ten years.
HYCU; The marketing push around this has been that the government is shaking undocumented people off the federal assistance programs, but that’s not exactly true. Most experts agree that this is going to hurt millions of Americans as they’ll soon lose access to these resources. Some Democrats, who largely oppose the bill, have critiqued it as a “tax scam” by rich people, for rich people. Ultimately, yes, the people benefitting from this bill are going to be older and richer, and younger or lower-earning people are probably going to get the shorter end of the stick. Not to mention, this is going to certainly accelerate the anti-immigration sentiment in this country—we’re looking at even more waves of mass deportations and police crackdowns on immigrant communities. The act is about to go to a vote in the Senate before it becomes official, so if you do not want this passed, call your Senators and urge them to vote against it.

Pinching Pennies 💰

The rumors are true: they’re finally killing the penny. After much news about it, and much debate about the coin’s purpose anymore, the Treasury Department has officially placed its last order for blank pennies and plans to stop minting the one-cent coins, according to reporting from NPR.
It’s famously known that pennies are more expensive to make than they’re worth: each penny costs nearly four cents to produce, so the move is expected to result in immediate savings of $56 million a year, a Treasury spokesperson announced this week.
Fun fact: there are about a billion dollars’ worth of pennies currently in circulation in the country right now, but fewer than one in five payments are made with cash, according to the Federal Reserve Bank of Boston.
HYCU; No need to throw out all your pennies, though—they’ll still remain legal tender, so you can still spend them instead of letting them collect dust and lint in the glove compartment of your car or the random drawers in your kitchen. But what might change is how companies price their goods, since the phase-out may require stores to round prices up or down to the nearest nickel.

Shots Fired 💉

The Trump administration announced this week that it will start to limit approval for seasonal COVID-19 vaccines to seniors and high-risk individuals pending more data, thus raising questions about if people who want a vaccine this fall will be able to get one.
Basically, the FDA laid out new standards for COVID vaccines on Tuesday, saying they’d “continue to use a streamlined approach” to make them available to seniors aged 65 and older as well as minors with at least one high-risk health problem. But the FDA framework urges companies to conduct large, lengthy studies before tweaked vaccines can be approved for healthier people, which is a huge change from the previous federal policy recommending an annual COVID shot for all Americans six months and older.
Health experts say there are legitimate questions about how much everyone still benefits from yearly COVID vaccination or whether they should be recommended only for people at increased risk.
HYCU; All this means that it’s unclear how the upcoming changes will impact people who may still want a fall COVID-19 shot but don’t clearly fit into one of the aforementioned categories. Critics of the new guidelines say that this just means that it will limit insurance coverage and access for parents and children who don’t have one provable high-risk health problem. Last week, for instance, the FDA granted full approval of Novavax’s COVID-19 vaccine but with major restrictions on who can get it. If you are interested in getting a booster, talk to your doctor about what access and coverage looks like for you with these new regulations in place.

Tariff-ically Tragic 😔

The tariff fallout only continues into this week, as companies like Target, Home Depot and Lowe’s are trying to figure out how to manage the new tariff prices without spiking costs for consumers, all in an effort to not annoy their shoppers, and the White House.
As we talked about last week, Walmart, the world's largest retailer, said last week it couldn't hang on anymore and would have to raise some prices, which then ticked off President Trump, who told them to “eat the tariffs,” and sent them into a larger beef as they tried to cut costs elsewhere—like laying off 1,500 jobs within the company.
Some brands like Nike and Adidas announced that they’ll have no choice but to raise the prices, but this all depends on where they make the shoes and how those countries are being levied: for instance, starting June 1, most Nike shoes that cost more than $100 will see prices rise by as much as $10, while prices of clothing and equipment will also be raised by between $2 to $10, but Nike's popular Air Force 1 trainers, shoes that cost less than $100, children’s products and Jordan-branded apparel will be exempted from the price hikes. Adidas also said Gazelles and Sambas prices will be increasing.
HYCU; Economists doubt that these companies will be able to absorb the impact of the tariffs, so prices will likely still rise for the consumer anyway. A new report from consumer insights platform Zappi found just 22% of people fully understand how tariffs affect the prices of goods, and only 20% think their household is ready to absorb those higher prices. Of course, because you’re a member of enRICHed, I know you’re in the 22% that gets it, but now’s the time to have difficult conversations with your loved ones to make sure they know how this is going to affect them…because it will.

Maycee asks, “Hi Vivian! Love your content! I’ve noticed a lot of people around me tend to be putting their money into a trust. Can you give any context on why that would be and advantages/disadvantages of doing that??!”

Hey there! I’m so glad you’re enjoying the content, and great question! A lot of people are turning to trusts, so let’s get into it!

Trusts are legal arrangements that allow one party (the trustee) to manage assets on behalf of another party (the beneficiary). People often choose to set up trusts for several reasons:

Asset Protection: Trusts can protect assets from creditors, lawsuits, or divorce settlements, especially if they are irrevocable. This means your hard-earned money can be shielded from unexpected financial pitfalls.
Avoiding Probate: One of the biggest benefits of a trust is that assets usually bypass the probate process. Probate is the legal process that occurs after someone passes away to validate their will and oversee the distribution of their estate. Bypassing probate means quicker and more private distribution of assets to beneficiaries, which can save time and money.
Control Over Distribution: Trusts allow grantors to specify how and when their assets are distributed. For example, they can set conditions for when beneficiaries receive their inheritance, which can be especially helpful for minors (for example, they get the money after college, etc) or those who may not manage money well.
Tax Benefits: Certain trusts can help reduce estate taxes and provide other tax advantages, preserving more wealth for heirs.
Privacy: Unlike wills, which become public record, trusts remain private, keeping financial details confidential.

Advantages of Trusts

Flexibility: Trusts can be tailored to meet individual needs, allowing for various terms and conditions regarding asset distribution.
Protection from Legal Claims: Assets in a trust are generally protected from creditors and legal claims, adding an extra layer of security.
Generational Wealth: Trusts can facilitate the transfer of wealth across generations, ensuring that your family’s financial future is secure.

Disadvantages of Trusts

Cost: Setting up and maintaining a trust can be expensive, involving legal fees and ongoing administrative costs.
Complexity: Trusts can be complex to establish and manage, requiring careful planning and understanding of legal requirements.
Loss of Control: In irrevocable trusts, the grantor gives up control over the assets placed in the trust, which can be a significant consideration for some.

While trusts offer a range of benefits, they also come with costs and complexities that need to be weighed carefully. Consulting with an estate planning attorney can help you navigate these options and determine if a trust aligns with your financial goals!

Got more questions? Join our waitlist for AskDolly.com, a resource I built where you can ask all of your burning financial questions!

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SEE YOU IN THE COMMENTS BESTIES