enRICHed: volume 78

huuuge crypto news, big changes in hawaii + more news

May 12, 2024

Volume 78

Hello besties!

This week has felt like another addition of “where in the world is Vivian?” Three cities in one week woo hoo! I have really been trying to ~stop and smell the roses~ as they say and realize all of the amazing opportunities I have been able to be a part of. In particular, this week, I was able to attend an event for birthFUND, co-hosted by DVF, started by an amazing friend of mine Elaine Welteroth. birthFUND focuses on closing the maternal mortality gap in the United States. The US maternal mortality rate is 10x HIGHER than other high income countries. POC are disproportionately affected by this and other birth related health complications. The event was inspiring and eye opening, seeing all the work this amazing organization has done to help make motherhood safer and more accessible for all! If you are interested in learning more or donating to this amazing cause, head HERE!

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.

Big Crypto Payout OTW 💸

Customers of the cryptocurrency exchange FTX are poised to recover all the money they lost after the firm imploded in 2022—and get interest on top of it, according to a statement from the company on Tuesday.
This is a big deal, since FTX was the center of a gigantic crypto hurricane two years ago, when $8 billion in customer funds basically Thanos-style disappeared overnight. Everyone thought their money was just gone with the snap, which makes this proposed plan all the more shocking.
If the plan is approved by the court, FTX said they expect 98% of its creditors (which include thousands of regular investors who put their money into the exchange) to receive approximately 118% of the amount of their allowed claims in cash payouts.
Where is the money coming from? The lawyers say it’s from assets that the company pooled together in the17 months since FTX’s collapse, using sources like digital currencies that FTX still owned when it filed for bankruptcy as well as company assets like shares in start-ups.
HYCU; If you lost your money in the FTX fiasco, this could be huge for you. The one caveat is that your money will be returned to you based on the value of the currencies at that time, so you won’t be getting extra just because Bitcoin’s at an all-time high right now. Definitely stay on top of this story to find out ASAP how to get your money back.

Hawaii Cutting Out AirBnB 🌴☀️

Hawaii will begin phasing out short-term rentals like AirBnB beginning January 1, 2025 according to a new law passed this week by the State Congress.
This landmark law would grant each Hawaiian county the authority to redefine zoning ordinances, including turning short-term rentals into long-term residences. Any violation of the law would incur a whopping fine of $10,000 per day.
After Gov. Green signs the law (which he has already expressed support for), it will begin to take effect on January 1, though some of these regulations will come into effect sooner. A major reason for this law being passed is in the wake of the Maui wildfire aftereffects, when many local residents were unable to find affordable housing after losing their homes.
HYCU; If you lost your residence in Hawaii during the Maui fires, this is a major win for you. A crop of new real estate will return to the market under this new law to help your relocation. If you run an AirBnB in Hawaii, pay attention to your local county’s new zoning ordinances and updates—some counties are proposing tax incentives to convert your rental during certain time periods, which could be good to take advantage of. Most importantly, if you’re eyeing a 2025 trip to Hawaii, AirBnB will not be an option for you, so check out hotels and hostels for your stay.

Another Sriracha Shortage Cooking 🌶

Sriracha announced that it is halting production again until after Labor Day, because apparently, the new batches are not red enough.
The hot sauce had an international shortage after the parent company, Huy Fong Foods, fell out with its jalapeño supplier, Underwood Ranches. They went to court over a contract break and Huy Fong Foods was ordered to pay out $23.3 million to Underwood.
Experts think Huy Fong doesn’t have a new jalapeño plug after their breakup with Underwood, which could be causing the shortage in production—which means until they find their guy, Sriracha could become a rare product again.
HYCU; Everybody stay calm and hang tight to your Sriracha bottles! Everything will be okay. Unfortunately, It does mean that the supply of Sriracha will dwindle for the foreseeable future, so if you have any backup in your cupboard, ration those out.

Cocoa Prices Going Nuts 🍫

Cocoa prices are going up and down like they’re dancing to a Jason Derulo song. Why? The price of cacao has been rising, and financial speculators are piling into the investments, sending the market price on a roller coaster ride.
Cacao has been in rare supply as a three-for-one combo of low rainfall, plant disease and aging trees (read: deforestation and climate change) means poor crops. Did you know it takes years for a cacao tree to bear fruit? I did not. But because it’s such a luxury right now, cacao prices have creeped up, which explains the oscillation.
HYCU; Your chocolate bars are likely to get more expensive as a result of all of this—some experts think chocolate will become more of a rare luxury in the future. As of now, though, you’re more likely to see the impact if you have your money invested in any chocolate or food companies like Hershey’s or Nestle.

Commonly asked question: Taylor asks, “How do you differentiate your savings? Do you have different accounts? My husband and I are building up our emergency savings and then want to save for a house. Should we open a second HYSA for our house savings?”

Honestly, organization, especially when it comes to your finances, is really key. You have to know where each dollar is going to help you visualize your budget. A lot of HYSAs these days allow you to put your money into “vaults” or buckets to help differentiate what you are saving for. You could have one vault for your house savings and one for your emergency savings, all connected to the same account. Before you ask, yes, you still get the higher interest rate on every vault, so you are still able to get those great benefits for having your money in a HYSA! Click here to check out the one I use!

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Rich Tip of the Week: This job-changing mistake almost cost me $30,000!
Apparently, a new version of The Office is in the works. I’m so seated for this. They’re trying to get me to leave my couch, but I can’t move. I’m just too seated.
Just in time for short king spring, the CDC found a new subset of Covid variants they’re calling FLiRT. Only, this one is not transmitted through Instagram DMs.
Equinox launched a $40,000 membership to help you *checks notes* live longer??

SEE YOU IN THE COMMENTS BESTIES