enRICHed: volume 99

first there was moo deng, now there is pesto the penguin

Oct 06, 2024

Volume 99

Hey besties!

Guess what? Networth and Chill is back! This is a huge update because I have had so many besties ask me “When is the podcast coming back?!” over the past few months. Season 2, is bigger, it’s better, and this time it’s a VIDEO podcast, so you can listen or watch along. Each week, we’ll dive into how you can build your best financial life. No more boring economics lectures or shaming you for getting a sweet treat. This podcast is a fun money chat with your best friend, me! We’ll cover all of those taboo topics you’ve been too nervous to ask about out loud. And to keep things exciting, I’ll be joined by finance experts and some of your favorite celebs to share their best tips and tricks. Season 2 of Networth and Chill premieres October 9, with new episodes every Wednesday. Make sure you subscribe wherever you listen to your favorite shows. So sit back, relax, and get ready to Networth and Chill!

Check us out on IG HERE and check out a sneak peek at the upcoming season HERE!

Got a burning financial question you want us to cover in a future podcast episode? Write to us at podcast@yourrichbff.com!

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.

Workers Below Deck Are Back Up 🚢

In case you haven’t been all aboard the port workers’ news, 45,000 dockworkers everywhere from Maine to Texas went on strike on Tuesday in an effort for better working conditions and higher wages—and because they’re so crucial to the economy, they reached an agreement on Friday, meaning the strike is over.
Wages will increase 61.5% over six years under the tentative agreement, but both the companies and workers have extended their existing contract through next year in order to buy more negotiation time on other labor clauses.
It makes sense that the companies were shaking in their boots a bit; after all, we need port workers to supply just about everything, from fruits to cars to medicine. Especially ahead of the holiday shopping season, it would’ve meant a serious shortage on just about everything.
HYCU; Let this be a lesson, besties—you always have negotiation power at your job! Each day of the strike was projected to cost the economy as much as $5 billion, so it’s great that dockworkers are able to be fairly compensated for making these companies so much money. You see how much money you generate for a company? You better ask for that raise! As we move into end-of-year review season, take a lesson from the port workers. As for the end of the strike’s impact on us consumers, it’ll still take a few days to get back to normal, so your orders might still be a little delayed. Back to you, Captain.

The CVS Situationship 😔💊

CVS is considering breaking up after shares dropped more than 20% this year, meaning the future of the pharmaceutical chain is currently in limbo.
We’ve all been in terrible situationships, but this one is also looking pretty bad—the company is considering splitting up its vertically integrated business segments, including health insurer Aetna and pharmacy benefits manager Caremark.
The company confirmed via a spokesperson that it plans to cut around 2,900 jobs to reduce costs—which means if you work for CVS or one of its subsidiaries, it’s probably a good time to start checking your rainy day funds, emailing recruiters, and calculating your severance package.
HYCU; CVS has spent tens of billions of dollars trying to become a one-stop shop for everything health related, so this breakup would be pretty brutal if you are a CVS loyalist. Your Aetna health insurance would become separate from your pharmacy, would become different from your vaccination provider, and you’d definitely lose some of the loyalty perks that you usually get for staying within their universe. The good news is that because this is so complicated, it’s unlikely to happen soon.

Hurricane Helene Sparking IV Fluid Shortage 🚨

Hospitals across the US are trying to conserve IV fluid supplies after Hurricane Helene flooded a major manufacturing plant in North Carolina.
Health care and medical tech company Baxter International was forced to shut down after Helene caused flooding on site. The company produces 1.5 million bags of IV solution a day, according to the American Hospital Association.
The death toll from Hurricane (now, Tropical Storm) Helene reached 217 across six states in the southeastern states as of Friday afternoon.
HYCU; When we talk about natural disasters and climate-related impacts, shortages are one of the things people forget to consider. One hospital in Boston only received 40% of its usual supply from Baxter, while Mass General Brigham hospital has resorted to giving some patients Gatorade or plain water instead of IVs. Boston was not in Helene’s storm path, but the city is feeling the aftereffects. If you have a loved one currently in the hospital, this will affect their IV supply. Baxter spokespeople said they’re trying to get things up and running ASAP, but in the meantime, it will be difficult for patients who need IVs. If you’re visiting your loved one, you may want to bring some Gatorade or electrolyte beverages with you until they can start supplying again.

Commonly asked question: David asks, “Hi Vivian, can I ask my prívate student loan to lower the interest rate on a fixed loan?”

Hi David!

You can certainly ask your private student loan servicer to lower your interest rate on a fixed loan. That said, there is no guarantee they’d actually agree to your request. That said - if you’re really looking for a lower rate on your loan, refinancing your private fixed student loan is certainly an option! Here's the best breakdown to be giving yourself the best shot at the most competitive rate when refinancing:

Refinancing Private Student Loans: First, let’s nail down what refinancing is. This is like giving your loan a makeover. You're essentially swapping out your current loan for a new one, hopefully with better terms, like a lower interest rate.
Credit Score Matters: You'll need a decent credit score, think mid-600s or higher, to qualify for most refinancing options. The higher the score, the more likely you’ll end up with a better interest rate and better terms.
Debt-to-Income Ratio: Lenders love seeing a debt-to-income ratio under 36%, though some providers will still allow you refinance with them even if you have a DTI ratio of up to 50%. This number is important because it shows them you're not drowning in debt and can handle your monthly payments.
Graduation Status: Having a degree can actually make it easier to refinance, but some lenders might work with you even if you didn't graduate.

Remember, refinancing isn't a one-size-fits-all solution. So make sure to compare lenders and assess your own personal situation!

Want to be featured in our Question Bank section?

Drop a Question Here!

Rich Tip of the Week: The financial secret boomers don’t want you to know!
First, there was Moo Deng, the tiny pygmy hippo—now, there is Pesto, the preposterously plump penguin.
I’ve been obsessed with Nobody Wants This on Netflix, featuring the return of OC heartthrob Adam Brody. Vanity Fair called it his “hot rabbi era.”
They’re giving the NYC rats birth control now, and I can’t stop laughing at the idea of a rat freaking out to her friends because it missed one day of the pill.
Products that have saved my life this week:
- These super comfy fuzzy boots (AKA FUGGS—fake Uggs)
- The Tower 28 SOS spray is a staple in my everyday routine (I sort of think about this as face sanitizer lol. When I use it, I don’t get bacterial acne.)
- This nifty little tool to repair clothing snags in my sweaters!

SEE YOU IN THE COMMENTS BESTIES