enRICHed: volume 133
its getting hot in here
Sunday June 07, 2025
Volume 133
Hey Besties!
Picture this: you’re in a dirty bar in Brooklyn, cheap drink in one hand, notepad in the other with scribbles of half written jokes all throughout. You hear a voice calling you to the stage to do a quick 3 minute set. You’re up there alone, the spotlight beaming so bright you can’t even see the first row. NIGHTMARE NIGHTMARE NIGHTMARE. Well, not for everyone! Some people, like comedy writer and standup comedian Nimesh Patel LOVE the pressure of a spotlight, so much so that he’s made an entire career out of it. I sat down with Nimesh on this week’s episode of Network & Chill! We chatted through his advice for young comedians, how he got his big break, working 9-to-5’s, writing for the Oscars and much more! Check it out if, like me, you’ve ever wondered “how do comedians actually make money?!” 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.
Going For Broke
It’s no secret that the US is in a lot of debt, but now Wall Street figureheads are beginning to sound the alarm as concern about reckless spending is beginning to reach a breaking point.
What’s inspiring all this? The One Big, Beautiful Bill Act (yeah, that’s its government name now), which we’ve talked about in the member’s lounge. The massive tax-and-spending package, now in the Senate, could add $3 to $5 trillion to the national debt over the next decade, and people are getting just a little panicky about it, because the US already pays $1 trillion per year just on interest payments. According to The Washington Post, Wall Street execs are now privately warning the Trump administration that the bill will spike borrowing costs, rattle markets, and drag down the broader economy.
It’s also inspiring some very public beef: Elon Musk called the bill a “disgusting abomination,” and in response, Trump called him “CRAZY” in all caps. It’s kind of darkly funny because not too long ago, Musk was advocating for the end of the $7,500 tax credit for buyers of electric vehicles; but now that this is in the Big, Ugly Bill, he suddenly wants it again. I knew these times would be very confusing—I just didn’t think I’d watch two all-powerful billionaires fight like teenagers in a high school bathroom. It feels like no matter who wins, we (the people) lose.
HYCU; If this does pass through the Senate, the economic turbulence that we’re already going through is about to get a whole lot worse. If you want an exact breakdown of how this bill will affect you, I wrote out a whole deep dive here. There is still time, however: if you do want your Senator to vote no on this bill, make sure you call them and let them know!
No More Pride?
June is Pride Month, a time to celebrate the LGBTQ+ community and reflect on the struggle that these marginalized folks have faced—and continue to face. But in this increasingly conservative political climate, several of the country’s biggest Pride celebration organizers are saying that they’re losing out on tons of funds, with promised sponsorships being withdrawn or reduced, and others saying they’ve been ghosted by longtime corporate partners.
A recent survey of 200 company executives found that almost 40% are planning to scale back Pride participation this year, with many fearing retaliation from President Trump’s administration as they continue to attack corporations supporting or maintaining any diversity, equity and inclusion (DEI) initiatives. NYC Pride currently has a $750,000 shortfall, while in San Francisco, Anheuser-Busch, Comcast, and Diageo pulled out, leaving a $200,000 deficit.
Smaller, rural events have been affected the most, where donations have dropped 70% to 90%, according to the United States Association of Prides.
HYCU; Less funding means less security, organization and therefore safety for people celebrating during this time. It’s an alarming temperature check of how politics is affecting the day-to-day lives of people. For us who still care about DEI initiatives in the office, this also probably is a sign that getting company events focused on marginalized groups might be harder than ever, with less support and funding from the top-down becoming more common in these times. And if any executives are reading this right now, take it from me: DEI initiatives are important! They’re what bring people together and foster understanding between employees.
Packing Up Shop
We’ve been talking about big-name retailers facing economic troubles for months now, with recognizable names like Forever 21, Joann Fabrics and Party City being forced to shutter for good, but more have begun moving towards the brand graveyard this week.
On Thursday, CNN reported that Hooters closed 30 locations across Florida, Michigan, North Carolina, South Carolina, Tennessee, and Texas, just a few months after the company filed for bankruptcy. The “chicken-and-boobs” chain is also selling all of its 100 company-owned restaurants to franchisee groups in Tampa and Chicago.
Rite Aid is also so broke that it announced that it filed for bankruptcy again, after its first filing in October 2023. They’ll also be closing nearly 20 locations in California this month, continuing this drawn-out process of axing locations across the country.
HYCU; If you’re a big fan of eating chicken at Hooters or picking up your prescriptions at Rite Aid, I am sorry to inform you that these days may be coming to a close. Unfortunately, as a combination of e-commerce, tariffs and economic uncertainty continue to plague brick-and-mortar brands, this will become all the more likely to happen. If you get your prescriptions sent to Rite Aid, it’s probably a good time to reroute your refills to a different pharmacy, but if you’re a big fan of Hooters buffalo wings, you may have to throw on a push-up bra and learn the recipe yourself.
Brandon asks “Hi there, I have both a Roth IRA account and a general taxable investing account open with Betterment. Betterment offers “tax-loss harvesting”—should I have that feature turned on?”
Hey Brandon!
Ahhhh yes, tax-loss harvesting. I actually just did a video on this! So let’s dive in and see whether it’s a fit for you. First off, Tax-loss harvesting is a strategy where you sell investments at a loss to offset taxable gains, which can help reduce your overall tax liability. It's a savvy move that many investors consider, especially if they have taxable accounts.
When to Use Tax-Loss Harvesting:
During Market Downturns: If the market is experiencing a decline, it’s a perfect time to sell investments that have lost value. This allows you to realize those losses and offset gains from other investments.
Year-Round Strategy: While many think of tax-loss harvesting as a year-end strategy, it can actually be beneficial throughout the year. If you have significant gains, harvesting losses can help mitigate your tax burden.
Before Tax Filing: If you realize you have gains that will be taxed, you can sell losing investments before filing your taxes to take advantage of the offset.
However, the feature you mentioned is an automated tax-loss harvesting tool, which is a super handy feature offered by many robo-advisors, like Betterment, that will automatically help you manage your investments while potentially reducing your tax bill. Here’s how it works:
Portfolio Surveillance: The automated system constantly monitors your investment portfolio. It looks for securities that have decreased in value since you bought them.
Spotting Opportunities: When a security in your portfolio drops below its purchase price, the system identifies it as a potential loss that can be harvested.
Realizing the Loss: Once a loss is identified, the system sells that underperforming security. This action realizes the loss, which can then be used to offset any capital gains you may have.
Staying Invested: After selling the security, the proceeds are typically reinvested into a similar, but not substantially identical, security. This helps maintain your desired asset allocation and market exposure while avoiding the IRS's wash-sale rule, which forbids the tax deduction if you repurchase the same or a substantially identical security within 30 days.
Maximizing Benefits: The realized losses can offset capital gains in your taxable account. If your losses exceed your gains, you can deduct up to $3,000 of ordinary income per year (or $1,500 if married filing separately). Any remaining losses can be carried forward to future tax years.
If this is something you’re interested in exploring - you could consider turning on that feature!
Want to be featured in our Question Bank section?
Rich Tip of the Week: Do you know about this tariff loophole (and how it got closed)?
There’s a tomato recall going around that’s now been classified as deadly. Sigh…
The Wicked: For Good trailer is out. I’ll need a full business week to recover.
Lorde is a fan of Tate McRae?! I love this era of pop girls.
SEE YOU IN THE COMMENTS BESTIES
“Throw on a push up bra and learn the recipe yourself” is hilarious