enRICHed: volume 77

zooming to these new travel changes

May 05, 2024

Volume 76

Hey besties!

I am knee deep in travel madness right now. It feels like every three days, I’m picking up all my stuff and heading out to a new location. The only constant in my life is a sweet, sweet Biscoff cookie courtesy of American Airlines. While I’m patiently waiting for the day I can stay in one place for more than 12 hours, I’m so grateful that I’m getting to work on some crazy cool projects (stay tuned 😉). The way to survive constant travel is a great pair of noise canceling headphones, enough moisturizer to make a dead man look like a newborn baby, and whatever green tea I can get my hands on. Bonus points if I get to wear whatever sweatshirt and sweatpants I have already been wearing for at least a week straight—that’s luxury to me! What are your travel essentials?

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.

Congress Makes Major Changes For Travelers ✈️🌎

After months of airplane doors falling off mid-flight and crowded airport discourse, Congress has agreed on a $105 billion deal that would require the Federal Aviation Administration (FAA) to hire more air traffic controllers and update runway technology to avoid collisions, among other measures. Senator Maria Cantwell (D-Wash.) said the bill was “the first major upgrade to air traffic controller hiring in decades.”
The bill goes to vote next week. If it passes, it could be a major win for travelers—the law would require airlines to pay a refund or give out a five-year credit when flights are delayed by three hours or more on domestic flights or six hours or more for international ones. It would also prohibit airlines from charging extra for families to sit together, triple fines for airlines violating consumer laws, add five additional flights per day, and ask the Transportation Department to create a “dashboard” so consumers can compare seat sizes on all airlines.
As for the faulty Boeing doors that made us a little, well, nervous to choose that row again, the law would also require more FAA oversight of aircraft repair shops in other countries, which was a key demand by airline unions.
HYCU; Your summer travel plans could get a whole lot easier with this law in place. No more sitting around on customer service lines or napping overnight in the airport while feeling your sanity slip away from you just because the plane, for some inexplicable reason, could not find a place to park. You can also get actual money back for sudden flight changes, and not one of those weird credits that you have to use in the next ten minutes or else they take your luggage and throw it off an overpass. Not to mention, if you’re looking for work, this law might create more jobs as airports begin to hire more air traffic controllers. Check out all the details here.

Marijuana Restrictions Ease Up 🍃

The Drug Enforcement Administration (DEA) is moving to reclassify marijuana as a less dangerous drug, a historic shift to American drug policy. It’ll still be regulated by the DEA, but it’s moving from being treated as a Schedule I substance (like heroin and LSD) to Schedule III (which are more medically-approved drugs, like ketamine or anabolic steroids).
38 states have already legalized medical marijuana, and 24 have legalized its recreational use. These policies have helped fuel fast growth in the marijuana industry, which is now worth near $30 billion.
Easing federal regulations could reduce the tax burden, which can be 70% or more for businesses. It could also make it easier to research marijuana, since it’s very difficult to conduct authorized clinical studies on Schedule I substances.
HYCU; If you’re a dispensary owner, this could mean huge impacts for your business. There will be a significant decrease in the taxes you pay for your inventory, and in turn, it could mean potential price reductions for customers. For those who have been interested in trying cannabis-based treatments, loosened restrictions will probably allow for more research, which can help you figure out if and how it can help you.

The Ultimate Disney Adult Hack 🏰✨

Disney adults are beginning to unlock the ultimate savings hack—they’re speedrunning the entire Disney travel and park experience in a single day.
Beginning at 3 a.m. and ending just before midnight, a few die-hard fans are saving on their experience at The Most Magical Place On Earth by using airline points to get flights as low as $11, going on weekdays to get the discounted Disney weekday pass, and bringing homemade sandwiches and minimal extras.
HYCU; If you’re a bona fide Disney adult who wants to try Disney-in-a-day, you could possibly save a lot by cutting out the overnight stays and peak time flights. But if you’re like me and need two suitcases plus designated time between activities to disassociate before you can enjoy anything, take a look at some of my other tips to save on travel.

Commonly asked question: How do I play catch-up as a middle aged person (in my 50s!) preparing for retirement?

The number one thing you can do when preparing for retirement in your 50s is taking advantage of catchup contributions with your retirement accounts. If you are 50 or older, you are actually able to contribute over the annual limit (assigned to everybody else) for your Roth IRA (an extra $1,000) or 401(k) account (an extra $7,500). This allows you to contribute more money annually to these taxed advantaged retirement accounts and take advantage of these benefits to get to your retirement goals faster. Make sure to also buy investments too! Don’t just fund the accounts! Work on increasing the amount you have invested; focus on a diversified portfolio of index funds rather than single stocks. This way, your money is able to keep up with inflation and help you better prepare for your retirement. You might not be able to work forever, but your money certainly can.

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Rich Tip of the Week: Use the YourRichBFF car buying strategy to figure out what car you can actually afford.
Spotify added a monthly limit on lyrics for free accounts, but joke’s on them, I listen to beep-boop music.
Jerry Seinfeld’s new Pop-Tarts movie Unfrosted is being called everything from an “embarrassment” and “nuts” to “one of the decade’s worst movies.”
If you’re keeping up with panda news—notably, the tearful return of South Korea’s favorite panda cub to China—now, two baby panda cubs are on their way to San Diego. I hope they have the best study abroad semester ever!

SEE YOU IN THE COMMENTS BESTIES