enRICHed: volume 137
happy fourth 🌊☀️
Sunday July 06, 2025
Volume 137
Hey besties!
I sincerely hope that everyone gets to enjoy some time off and relax on this holiday weekend. I know 2025 has been a doozy for a lot of us, emotionally and financially, and the current uncertainty around international politics definitely doesn’t help. We have all been left with questions following the US attack on Iranian nuclear sites, so I wanted to get into the financial aspects of war and what it means for us. On this week’s episode of Networth & Chill, I dove into the real cost of war: who pays for it, how can we afford endless war, how much do we actually spend, and 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.
Beauty And The Bill 💸
The Big Beautiful Bill has officially been passed by the House and Senate, in a huge legislative victory for President Donald Trump. Make no mistake: this is a bill that is going to impact every single American not just today, but for years to come. You should know how it’s going to impact you.
Who’s going to win big from this bill? Big business groups, corporations (they’re getting huge tax breaks off this), manufacturers, small businesses and partnerships, and rich people. The top 20% of earners basically will see a net income increase of $13,000 per year, while the top 0.1% of earners will gain over $290,000.
Who’s worse off? Hospitals, clean energy, and low-income people. If you are on a safety net program like Medicaid or food stamps (SNAP), you will probably lose those benefits—this bill is enacting historic cuts that will kick many Americans off with tighter restrictions. Those in the lowest-income group (earning less than $18,000 a year) will see a $165 loss in their after-tax income.
The people in the middle are a mixed bag. Anyone who earns between $18,000 and $53,000 will see a 0.1% bump, while middle-income households ($53,000 to $96,000) will see a 1.8% bump (basically, less than two dollars). There’s also going to be more restrictions on the Affordable Care Act’s federal premium subsidies which could leave a lot of people in this bracket uninsured.
HYCU; The reality of this is regardless of where you stand, you will be impacted. With less resources, it will be more difficult to see a doctor and get treatments, and things like electric vehicles will become more expensive and harder to find. These cuts are also being enacted as soon as this year, so we will feel the impact pretty soon. A silver lining: if you work in a job that receives tips, this means that you can now deduct up to $25,000 in tip income from your federal income taxes, and anyone who receives overtime can deduct up to $12,500 of that extra pay on their taxes next year. But if you’re still curious how these negative financial impacts to our poorest and most vulnerable will impact you (even if you don’t fall into that category), check out my video HERE.
After-School Shenanigans 📚✏️
This week, a hot new bombshell entered the Villa: the Department of Education froze $6.2 billion in federal funds for K-12 summer programs without any warning.
State education agencies expected the department to release their federally-approved budget on Tuesday, but suddenly got a notification that it wouldn’t come. As of Thursday, the Trump administration gave little explanation, so it seems that no money is coming until some kind of review is complete. So, meanwhile, teachers and education officials are scrambling to figure out how to pay for things like teacher training, day camps, English classes and more—which means kids and parents will definitely be impacted.
Without the funds, many schools are saying that they won't be able to provide free and affordable after-school care for low-income kids while their parents work and might not be able to hire staff to teach children who are learning English. Classes or camps underway this summer are on the chopping block, too.
HYCU; These programs are incredibly important to the well-being of our country’s children—they’re often regarded as a key tool to keeping kids safe and closing learning gaps. If you are a parent and planning to put your child in some kind of summer school classes, camps, clubs, or childcare programs while you work, I would recommend double checking if the option is still available for you at all. As someone who did a ton of free extracurriculars and camps growing up while my parents were at work, this really hits hard, and makes me incredibly sad to know that this could be taken away from kids.
Personal Worst? 😨
The US dollar is on track for its worst year in modern history—and may not be done with its flop era yet, according to new reporting from Semafor. The greenback is down more than 7% this year, and Morgan Stanley predicted it could tumble another 10%, which is indeed *checks notes* the worst start it’s had in 50 years.
Here’s why it’s important: For a long time, the US dollar has driven demand due to the strength and stability of our economy, which basically tells foreign investors “hey, you can trust us to keep your money here, because clearly, we’re stood on business.” So in periods of global economic or political crisis, the US dollar usually receives a burst of interest from asset holders.
Optimists say that a weaker dollar could make US exports more competitive, boosting Trump’s plan to rebalance US trade, but it also makes imports more expensive, which sucks for us and our wallets—especially given the tariffs. Experts aren’t convinced that we’ll get any better soon, given the impact of the Big Beautiful Bill aka the Trump Tax. At the national level, it’s going to add trillions of dollars to the national debt; more debt means more inflation (translation: our stuff gets even more expensive), which doesn’t help build trust for investors to park their money in times of distress.
HYCU; For now, though, a weaker US dollar basically means two big things for us: higher prices for imported goods (electronics, cars, groceries, clothes and yes, your precious Labubus) as well as steeper costs for travelers going abroad. You know how people love to travel to Asia or South America because the dollar is strong and everything in comparison is so cheap? Yeah, those playing grounds are starting to get a little more even. So when you’re shopping, and are shocked by the prices, just know that this is why it’s all happening.
Anne asks, “I’m learning so much, thanks for sharing all your wisdom! I started a new job last year and I was wondering if I should combine my 403b from my previous employer with the 403b from my current employer. What do you think?”
Hi Anne! Great question - Combining your 403(b) accounts can be a smart move, but there are a few things to consider before making that decision.
First off, a 403(b) plan is a tax-advantaged retirement savings account specifically designed for employees of public education organizations, certain non-profit entities, and some religious organizations in the U.S. It’s similar to a 401(k) but tailored for those working in the public sector or non-profits.
Having a streamlined retirement account can make it easier to manage your future savings and potentially save you money in fees. Let’s get into it:
Benefits to combining old and new accounts:
Simplified Management: Having everything in one place makes it easier to keep track of your investments and monitor your retirement progress.
Potential Cost Savings: By consolidating, you might avoid multiple administrative fees and gain access to lower-cost investment options. Many people don’t realize that some plans charge hefty fees that can eat into your returns over time.
Improved Investment Control: A single account gives you a clearer view of your asset allocation, which can help you rebalance your investments more effectively.
Alternative ways to Combine: Sometimes, rolling your old 403(b) into an IRA (individual retirement account) actually makes even more sense because then you’ll have full control of those funds, vs being limited by your current employer’s plan. Here’s a free service that will do it for you!
Hope this helps as you navigate your way through retirement planning!
Want to be featured in our Question Bank section?
Rich Tip of the Week: How can we afford war but not healthcare?!
Del Monte has filed for bankruptcy…you could say the preserved fruit brand got canned.
Jennifer Aniston has been cast in Jennette McCurdy’s upcoming adaptation of her viral memoir, I’m Glad My Mom Died. I’m sat.
Cooking in the summer is one of the hardest tasks to do, but I’ve been wanting to make this viral cucumber salad recipe just to feel like an adult who eats their vegetables. If you have any other salad recipes, let me know.
SEE YOU IN THE COMMENTS BESTIES
Great article, lots of good info. But Im sure you didnt mean to write "if you are on a safety net program like SNAP or Medicaid, you will probably lose those benefits.]" Altho many will lose, and most others may see reduced benefits, thats a far cry from If you've got it, you're probably gonna lose it.