enRICHed: volume 75
working on my fitness
Sunday April 14, 2024
Volume 75
Helloooo Besties!
Anyone who knows me knows I am a television fiend - reality TV in particular. I have literally watched all of TV, and no, I am not exaggerating. I will watch everything from dating shows, to sports shows, to cooking shows - pretty much anything with a competition aspect. Maybe it’s because I’m an Aries but I live for the drama and excitement of it all. A show I've been super into lately is Physical 100 on Netflix, a Korean physical strength and endurance challenge show. This show is giving me major fitness inspo as I start working out more ahead of my wedding. I might not be hanging from bars for as long as possible or doing 10 minute sprints like everyone on the show but I have been taking my fitness way more seriously. Your strong BFF incoming!
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.
Banks 🤝 College Athletes
If you tuned in for March Madness, you probably saw student athletes in TurboTax and State Farm commercials. Banks are now catching on to NIL possibilities.
Focusing on college basketball player, John Blackwell, of the Wisconsin Badgers - The WSJ dives into the appeal that athletes have in making a bank stand out.
A local bank, Park Bank, saw that younger customers would be following Blackwell through the tournament and used him and 7 other athletes for new campaigns on Instagram
Banks are always trying to attract new customers; this usually means going after younger customers who haven't settled on a bank of their own. The younger the customer, the longer the bank can retain them and the longer the bank benefits from their business.
For athletes, bank partnerships not only mean a payout, but also financial guidance. With so many young people receiving NIL payments, it is important that they become financially literate and learn how to properly save and invest. That sponsorship money may not last forever, ya know!
HYCU; NIL partnerships are not limited to sports adjacent products like just shoes or drinks anymore. Financial institutions are realizing the unique audience that comes from leveraging student athletes, whether they have a hyper local following, or a national one like Caitlin Clark or Angel Reese. With younger people looking to their peers for recommendations more and more, there is a unique opportunity for banks to tap into this new customer base early if they can figure out how to speak their language and appeal to their values.
Fintech Gender (In)Equality 💳📱
Fintech is a global industry; projected to be valued at $51.2B by 2030.
As mentioned in the Fintech is Femme newsletter this week, research has been published that found striking gender disparities within the space. Women only account for 4% of CEOs and 7.7% of entrepreneurs; they also only make up 1.5% of chief technology officers or chief information officers.
The reason for the underrepresentation? The researchers bundle them under, what they call, a “triple glass ceiling” related to longstanding biases in a male dominated industry. Some examples:
Leaders continue to assume women will be less motivated once they have families.
The industry relies heavily on networking events that are not geared towards women who have family responsibilities.
Female-founded startups received less than 2% of all VC funding in the US and Europe in 2023.
The performance of masculinity, not the quality of the work or idea, is what tends to get valued.
The biases impact women at all levels, creating a negative cycle. If less women are getting entry-level positions, there are less women moving through to the top of the leadership pipeline. And when there aren’t women at the top, young women don’t see a trajectory for themselves mirrored in senior leaders.
HYCU; fintech companies have increasingly worked to solve financial challenges for the broader population, the idea for some sprouting directly from personal experiences. However, as they grow, these companies need to realize the importance of a diverse workforce who can think uniquely about the challenges they are looking to solve. This type of research can feel defeating, but where there is a gap, there is a need! And as I wrote for BlogHer, women should be applying for more jobs than they think.
eBay UK Cuts Seller Fees 🛍️👗
In an effort to seemingly keep up with Gen-Z and Millennial secondary market favorites Depop, Vinted, and Poshmark, eBay UK has made a big announcement: effective immediately, there will be no more fees for second-hand clothing sales.
The announcement is a huge step towards sustainability and affordability for the second hand market. eBay hopes it will encourage more buyers to participate in the circular economy of fashion.
The announcement includes all clothing items (even new with tags!) but excludes shoes, watches, jewelry, and handbags.
“Free fashion selling has come at the right time for a nation sitting on billions of [dollars] worth of unwanted clothes,” said Kirsty Keoghan, eBay’s general manager of global fashion.
HYCU; sellers will no longer have to pay the traditional ~13% fees charged by eBay UK, which puts them back in competition with Vinted and Depop who have already waived seller fees. Poshmark seller fees are 20% still. If eBay UK sees success in driving new customers to the platform with this announcement, it is exciting to think eBay US may do the same.
Question from Megan: Can you discuss your thoughts on the SAVE plan?
Here's actually a great article I did with Her Campus breaking down the SAVE plan! https://www.hercampus.com/culture/save-student-loan-repayment-plan-explained-your-rich-bff-vivan-tu/
Question from Michele: What advice/resources would you recommend for young people who experience an unexpected windfall after losing someone, e.g. through insurance payouts, inheriting investments as a beneficiary, etc. What to prioritize, how to use the money most wisely?
Here's a quick video where I break down what you can consider doing with inheritance!
Want to be featured in our new Question Bank section ?
Rich Tip of the Week: Travel Hacks to Save You Hundreds
Something I read this week: I am planning on starting Just for the Summer by Abby Jimenez, author of The Friend Zone series that is beloved by so many
Something I listened to this week: The new Maggie Rogers album came out Friday, and she has created magic once again
Something I watched this week: Everyone is talking about 3 Body Problem! Have you watched it?
SEE YOU IN THE COMMENTS BESTIES
You always have great ideas and down to earth recommendations. I’m adding a few of your travel hacks, the rest I’m already doing, because you’ve made me aware of my finances through your fun and informative book. Thank you.
Man