enRICHed: volume 70
wrote this staring at the sun outside!!!!!!!!!!!!!!
Sunday March 3, 2024
Volume 70
March is HERE ☘️🌷
After the entire world complained about January being eons long, February really flew by us, no?! I think everyone is ready for spring so, I’m definitely excited by that time warp.
One note before we begin: my husband and I went to our friends apartment last night for game night, and we played Listography. If you’ve been looking for a new game that you can play with all different ages, or play at your own pace as you stop for drink refills and pizza - I highly recommend. But, if you aren’t looking to buy a game to add to your cabinet, this post by Cup of Jo has hundreds of comments from readers of games they play that require no equipment at all. SO GOOD!
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.
Wendy’s Surge Pricing 🍟🍔
You may have seen some craziness surrounding Wendy’s this week. We’re here to fill you in.
Wendy’s CEO said they were going to start testing out “dynamic pricing” by installing technology within their restaurants to make it easier to change prices on the fly. No one cared until media outlets reported the story using the phrase “surge pricing.”
We as consumers are familiar with the term mostly because of Uber and Lyft. Want to get a ride in the rain? lol so does everyone, pay up!
Wendy’s let its customers know that they weren’t going to be raising pricing, but instead changing offerings throughout the day and discounting items during slower times. They’re testing the use of AI, machine learning, and screen based selling.
HYCU; what’s so interesting to me is that dynamic pricing and surge pricing aren’t too different - it’s more about the connotation. Dynamic pricing feels more intuitive and planned. Of course it’s more expensive to fly around the holidays, or rent a beach house in the summer. Vs. surge pricing, which feels like we are getting taken advantage of. Even more interesting, is that the basis of all of this is more technology in the hospitality space. The more people are ordering on tablets and screens, the easier it is to change pricing throughout the day.
Either way, customers aren’t happy to realize this is happening right under their noses.
The State of TV 📺👀
Emily Peck wrote a really interesting piece this week on the state of TV. The gist? Everyone is losing.
Cable and streaming are both struggling to keep viewers. Cable TV is losing customers because their traditional bundles are too expensive. You would think this means viewers are moving to streaming, right? No! Streaming services are also struggling to keep customers. Look at the chart Emily featured:
HYCU; the data shows that live sports are pretty much the only thing drawing viewers in. Which makes sense when you look at the companies scooping up the rights to live sporting events (Amazon Prime, Hulu). But I think the greater question is why is this happening? Some theories: we are glutton for choice/ people are platform hopping depending on the content available, the attention economy is taking over, everyone is on TikTok?
Mental Health Days Rise 🧠💼
A new report out of the UK this week shows that employees in their early 20s are far more likely to call out of work for a mental health day than millennials and Gen Xers over age 40.
The report also found that there is a rising number of Gen Z who are unemployed due to mental health illness.
One-in-five (21 per cent) 18-24-year-olds with mental health problems were workless, compared to 13 per cent of those without mental health problems.
The report sited poor mental wellbeing as a key factor, in line with many of the research and headlines we have seen about Gen Z having some of the worst mental health of any generation ever.
The impact of common mental health disorders (CMDs) was found to be significant on education and employment, with a correlation arising between the two.
12% of 11-16 year-olds missed 15 days or more in 1 semester in 2023
79% of 18-24-year-olds who are unemployed due to ill health only have qualifications at GCSE-level or below, compared with 34% of all people that age
HYCU; out of college, I went to work every single day no matter what, and on the days I was sick, I showed up and was told to leave if my manager determined I was sick enough. Not that this extreme should still be the case, but this type of swing in only 1 generation is alarming. Building the foundation of your work ethic early in your career is key, and spells of worklessness in early adulthood can impact future career opportunities, salary trajectories and living standards. We hope that Britain’s plan to provide better support to the younger generation holds, and that it influences governments and universities elsewhere to follow. Having the right resources to feel well enough to go to class, finish your education, and find/show up for a job is extremely important in building a foundation for success.
Bumble Stumble 🐝📉
This week, Bumble announced it was laying off 30% of its workforce. Layoff news has been plentiful to kick off the year, but that’s a huge cut for what was once a Wall Street wunderkind.
The announcement came with comments from Bumble CEO Lidiane Jones that insinuated larger changes strategically and in the product roadmap:
We… concluded that Bumble is not the right size or structure we need to be to meet the opportunity ahead. In order to do this, we are reducing the size of our workforce, centralizing mission-critical teams, removing layers, and addressing duplicate efforts so we can accelerate how quickly we innovate and go to market.
In tandem with layoffs, Bumble announced it will relaunch the app with changes geared towards a younger audience. Bumble acknowledges that this new generation of daters is looking for more organic means of connection and is hoping to pivot in that direction
79% of U.S. college and graduate students said they do not use any dating apps (Axios/Generation Lab)
HYCU; this news shows the power of Gen Z. Gen Z’s habits and the way they engage with media is completely different from that of millennials, and brands need to take notice, fast. Bumble is planning to relaunch and revamp their entire brand because of one generation of consumers, if that isn’t telling of their buying power, I don’t know what is.
Another Substack writer
wrote about Gen Z being risk-averse and it’s impact on romance. She is Gen Z herself, so I found this really insightful and well written. I would recommend giving it some time today!
Rich Tip of the Week: Level Up Your Income
Vivian Q&A: reminder we are still collecting Q&A for future posts that Vivian will respond to. You can comment on this post to ask your own.
A Great Sale: the tanning lotion I used for my wedding is on sale at Ulta, a perfect buy as spring approaches
Something I read this week:
did a dive in the Rent the Runway 10K and let me tell you - the besties would love this. Every public company has a 10K and it seems intimidating, but this breaks it down in a digestible way and takes you into the world of the equity markets via a brand you know and understand.Meal Prep Hack: how to use AI to help you meal prep for the week. Less waste, less money spent on groceries, I’m IN. (The Know)
Some things I watched this week: DUNE 2, love a movie that makes me want to go to the theater! Love is Blind AGAIN, getting even better as we approach the finale/reunion.
SEE YOU IN THE COMMENTS BESTIES
Thank you so much for the shoutout! I had a lot of fun learning about RtR and hope to do more deep dives for other companies in the future. So glad to have found your newsletter as the news about Wendy's is 🤯.
🤦♀️percent (out of 100)
Otherwise it was all an interesting read about the mental health days. I don’t think I’ve ever taken one in my life. I’m 35 and have been working at least part time for the last 18 years (excluding 1.5 for maternity leave).