enRICHed: volume 136

the heat wave has broken!!!

Jun 29, 2025

Volume 136

Hey besties!

When I sit down at the end of the day, sweet treat in hand, and boo by my side to watch some reality TV and unwind, there is one thing on my mind… MONEY. While I’m dazzled by the fancy parties and designer goods that are characters in-and-of themselves… what is the budget for all of this?? If you’re like me and live for the behind the scenes, you’ll want to check out this week’s episode of Networth & Chill where I sat down with former Queer Eye star Bobby Berk to talk about how he got his start in design, his time on the show, and how he makes money today! And girl… the tea is PIPING HOT! Check it out if you want to hear how Bobby LOST money in his first two seasons, and how he lived off $100 per month when he was first starting out. 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.

Buy Now, See It Later 😳💳

FICO announced that it will launch a suite of credit scores later this year incorporating Buy Now, Pay Later user data, which means that lenders can soon see consumers’ repayment behavior on these increasingly popular installment loans (like Klarna, Afterpay and PayPal Pay Later).
It would be the first credit scores from a leading scoring company to account for Buy Now, Pay Later activity. BNPL has been controversial as it’s become more common, as more people have become comfortable spending beyond their means and putting themselves in this realm of “phantom debt.”
This is a big step, especially as regulations won’t be coming any time soon: under the Trump administration, the Consumer Financial Protection Bureau (CFPB) dropped planned enforcement of a Biden administration rule that would have treated BNPL providers like credit card companies, holding them more accountable.
HYCU; This is either going to go one of two ways for your credit score. If you are a young person with little credit history and have been using BNPL responsibly, this could possibly help bump up your score as it gives you a bit more validity. But if you’ve been spending well beyond your wallet and adopting that “f*** it, we ball” mindset, this is definitely going to tank your score. All in all, it might feel like an L in the short-term, but with more accountability, this could ultimately end up being a good thing, as it’ll help you think twice before hitting “purchase” on something that you simply cannot afford.

Making A House A…Lawsuit 🏡

Real estate giant Compass is suing Zillow, alleging that the online property website is violating antitrust laws with a new rule last month that bans home listings from its platform if they appear on any other service for more than 24 hours before being posted on Zillow.
This rule is honestly kind of like if someone cut off their friend for hanging out with someone else the day before they were supposed to go to the mall. So, of course, the fight is getting ugly. Zillow is pushing back, saying their claims are unfounded and that the new standard is necessary to give buyers “fair access to listings” and market the houses to everyone.
Compass doesn’t want this rule basically because they want to put it on their own website first, giving their clients “private exclusive” access to new homes, basically. Without the ability to share on Zillow later, they don’t have that competitive edge.
HYCU; This may look like an industry spat, but it’s very real stakes for house-hunters. Zillow charges brokers and agents to advertise listings. Without real competition, those fees could rise (which we know will just trickle down to buyers and sellers). The lawsuit is also happening during a national housing freeze, where prices are high and inventory is low. Depending on this lawsuit outcome, we could see fees increase on our contracts, which…in an already-expensive world, really isn’t my dream situation.

A Bit(coin) Down 😔💵

Speaking of new changes in the real estate world, mortgage giants Fannie Mae (The Federal National Mortgage Association) and Freddie Mac (The Federal Home Loan Mortgage Corporation) are going to start counting cryptocurrencies as assets for mortgage loan risk assessments, opening up a new path for home buyers and officially putting crypto into the housing market.
Before this, crypto has been largely considered too volatile to be used for underwriting frameworks—as we’ve seen, the market has both exploded and imploded based on little more than a whim. It’s not uncommon to see price swings of 40 to 50% within one trading day, which is why this is such a major decision.
Mind you, Fannie and Freddie don’t make mortgage loans directly. Instead, they buy and package them into securities. Together, the companies guarantee about half of existing home loans and provide a foundation for most of the housing finance system.
HYCU; As of right now, it’s not totally clear when this change will come into place, how many people this could affect, or whether this will actually make loans more affordable. We do know that only digital assets stored in US regulated exchanges will count toward assessing borrowing risk. If you’re a big crypto believer and looking to expand your portfolio to real estate, this could be hugely beneficial to you. Borrowers usually have to liquidate crypto assets into dollars before closing for mortgage bankers to take their value into account—but with this change, that step won’t be necessary anymore. On the other hand though, this could become a dicey lending situation if your crypto assets dip in value while you are in the process of closing on a home.

Lacey asks “ Hello! I have a question about which retirement account to invest with after I max out my Roth IRA each year. I am self-employed. Can I do a Roth IRA and a Solo 401k? Or is there something else I should look into? Thanks!”

Hi Lacey! As a self-employed individual, you can absolutely contribute to both a Roth IRA and a Solo 401(k), and that’s a savvy strategy to supercharge your retirement savings. Here’s how it typically works:

Roth IRA

Contribution Limits for 2025: $7,000 if you’re under 50; $8,000 if you’re 50 or older.
Income Limits: You can contribute fully if your modified adjusted gross income (MAGI) is below $150,000 (single). If you earn more, your ability to contribute phases out. (But you could certainly consider a Backdoor Roth IRA!)
Tax Benefits: Contributions are made with after-tax dollars, and qualified withdrawals during retirement are tax-free.

Solo 401(k)

Contribution Limits for 2025:
- Employee Contribution: Up to $23,500, plus an additional $7,500 if you’re 50 or older.
- Employer Contribution: Up to 25% of your compensation.
- Total Contribution Limit: You can contribute up to $70,000 if you’re under 50, or $77,500 if you’re 50 or older.
Tax Benefits: Contributions are made with pre-tax dollars, which can reduce your taxable income for the year.

Combining both accounts allows you to benefit from the unique tax advantages each offers. The Roth IRA provides tax-free growth, while the Solo 401(k) can significantly lower your current taxable income. One thing to think about is how much you want to prioritize tax savings now versus tax-free withdrawals later. If you expect to be in a higher tax bracket during retirement, the Roth IRA can be super beneficial. If you’re looking to lower your taxable income now, the Solo 401(k) may provide a lot of perks.

You might also consider:

SEP IRA: Allows contributions of up to 25% of your net earnings, with a maximum of $70,000, but it doesn’t allow catch-up contributions for those over 50.
SIMPLE IRA: This is a good choice if you have employees, allowing contributions of $16,500 with a $3,500 catch-up option.

Hope this helps you on your retirement saving journey!

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