enRICHed: volume 66
all you need is ....
Sunday February 4, 2024
Volume 66
LOVE MONTH IS HERE 💖
I don’t really care what anyone has to say about the “commoditization of Valentines Day”, in my family, we buy in. Hallmark holiday or not, we have always viewed it as a great excuse for smothering our loved ones and decorating with as much pink as possible. It doesn’t have to mean gifts, but if that’s your love language, you go for it! It can mean romantic gestures, extra snuggles, an at home date night, a self care ritual. Anything that puts you in a better mood and reminds you that there are so many forms of love in your life. In Vivian’s case, she pours a lot of love into this community, and her non-stop touring schedule this past month is a good testament to that. Anyways, please take the rest of February to eat chocolate and tell your friends/family/yourself that you love them - you can truly never say it enough!!
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.
Earnings Season 📈📰
Not only is it Stick Season, with NYC not having any sun for 12 straight days, it is also earnings season. All of our favorite companies are reporting how well or how poorly they did last quarter, and all of their comments tend to help us gauge where the economy is and where it’s heading. So let’s take a look at some notable disclosures from this week.
AMZN: Amazon beat expectations as holiday shopping spurred big revenue numbers (up 14% YoY to $170B). We tend to forget that Amazon’s commerce isn’t even the money maker, their cloud-computing is, sales of which increased by 15%. What else? Prime Video advertising grew 27% YoY; oh and Amazon is getting a new AI shopping assistant named Rufus, Alexa’s new frenemy.
META: 2023 was one of Meta’s best years ever, with Q4 revenue totaling $40.1B (+25% YoY). Zuck called it the “year of efficiency” which is code for “year of laying of 33% of my workforce.” Stockholders were also happy because Meta announced it’s first dividend payment of $0.50/share starting March 26.
To note: 96% of Meta’s revenue is coming from ads, which means you are the product.
PTON: In opposite news, shares of Peloton fell 24% as they reported to be struggling big time. They are apparently months away from growing sales or turning a profit. The plan to sell bikes with college colors failed and will be discontinued. The push towards paid app memberships continues to decline. But leadership somehow presented optimistic views for a Lululemon partnership and third-party retail success.
TikTok Goes SILENT 🎵🤫
This week, Universal Music Group pulled their catalog from TikTok, meaning any video that ever used its music is now silent. Dancing to no music? How embarrassing.
Songs from artists like Taylor Swift, Nicki Minaj, Drake, Justin Bieber, BTS, Billie Eilish, Post Malone and more will no longer be available for use in videos on the platform moving forward.
Even if you aren’t on the app, you know that TikTok launches music careers. 63% of users hear new music that they've never heard before on TikTok!!
HYCU; 1% of UMG’s revenue comes from TikTok despite fueling all of those video trends. UMG said that TikTok is trying to build a music-based business, without paying fair value for the music. This lapse in contract is UMG’s way of fighting for their artists, while TikTok claims this is a false narrative. Well, as this dispute plays out, creators and artists alike are going to be impacted. Will YouTube Shorts surge? Will unrepresented artists benefit? Only time will tell.
Grocery Inflation 🥦🥑
What’s going on? Prices are up because of many reasons. Labor shortages, ongoing supply chain issues, droughts/climate change, avian flu, and industry consolidation. The price increases are being driven mainly by beef, chicken, fruit, vegetables and snacks.
Though the Agriculture Department expects prices to drop 0.4% this year, experts don’t see a return to normal on the horizon:
I think people are waiting for prices to return to what they call ‘normal’ — and with the exception of a few things, like eggs — we’re not going to see that. We’re going to see prices stabilize, and that’s likely it - Dawn Thilmany, agricultural economist and professor at Colorado State University.
HYCU; because they are a weekly expense that is easy to sift through, groceries tend to play a large role in how people view inflation overall. Although prices of other goods have gone down, the continued elevation of food prices will impact families despite the government’s insistence that inflation is subsiding. Maybe things aren’t going to get better, but it’s good to at least know why.
The New New York City Tax 🚗🗽
New York City officials not only want people to return to office, they want more diners, viewers and shoppers back on the streets as well. All of that would make sense if not for the new tax on driving - which seems to just be making people angry.
The MTA, the New York public transit authority, will begin to charge between $15-$36 to drivers entering Manhattan south of 60th Street. If you don’t have an E-ZPass, you’ll be charged extra
On top of this, there will be gridlock alert days, where the MTA can add surge pricing.
If you’re entering New York from New Jersey or Rockland County, your spending $15 on the daily driving tax, $17 on tolls, plus gasoline and parking (don’t get me started on parking). This is before you even do anything.
HYCU; the MTA claims this is going to reduce gridlock and also decrease air pollution. But all we are seeing is a huge increase to the amount you spend commuting into New York City, which impacts the business owners who are hoping to spend money on their goods and services when you arrive! New Jersey government is already looking for ways to prevent this from happening - and Staten Island is coming out swinging, claiming this is “nothing short of complete highway robbery for the people of Staten Island.”
What do you think? Would this tax be enough to make you take public transport, or do you not have that option?
Rich Tip of the Week: Types of Mortgages Explained
A Good Sale: 🚨SKIN FOOD IS ON SALE🚨 This cult favorite moisturizer is the only one I use and it’s 20% through tonight. Code: SKINLOVE20
Something I cooked this week: these Burger Bowls have been an easy go-to because you don’t really need a recipe. Ground meat of your choice, toppings of your choice, lettuce base, special sauce (ketchup, mustard, mayo, pickle juice, garlic powder) and homemade fries. Oui chef!
Something I read this week: I am becoming a ACOTAR girlie and have started the second book A Court of Mist and Fury.
Some things I watched this week: the new Queer Eye (sobbing), The Floor, Tan France’s new Architectural Digest series, Knitting for Beginners (I am on a mission here)
Some things I loved this week:
These white rhinestone ballet flats that somehow feel like a neutral shoe option to me
This Sandro blazer which I’m hoping fills my closet gap for a brown blazer
Plus all of my love month picks: here 🎀💕💟🦩🩰🌷
SEE YOU IN THE COMMENTS BESTIES
Yes yes yes yes to ACOTAR
Omg yesss you will LOVE a court of mist and fury!!