enRICHed: Volume 6

Written By Rich BFF

Spooky Season is Upon Us

We are one week away from Halloween, will you be participating? While Halloween candy prices have sky rocketed along with seemingly everything else, Americans are participating in Halloween at pre-pandemic levels. The people are dressing up and showing out, especially since Halloween falls on a weekend. Any other good last minute costume ideas out there? We are still searching for something not basic…

A few administrative reminders below:

  • HYCU, pronounced ‘haiku’: how the news impacts you and your wallet, aka How You Can Use

  • Spilling the Prosperitea 🫖 : our hot tips for you on all things money. Think discount codes, hacks, non-boring finance articles, sales, etc. 

Now that you’re up to speed, let’s get you enRICHed.

Uber Ads?

  • Uber will start showing ads during their trips in a new pilot program.

  • Using information like recent trip history and precise geographic location, advertisers will now be able to target you with ads on the app. There will also be an opportunity for companies to sponsor entire rides, in a roll out called “journey ads.”

  • HYCU; last week we talked about Netflix’ new ad-supported tier, and now we’re talking ads during Uber rides? VC-backed, gig-worker companies are looking for new ways to drive revenues to keep investors happy, and ad revenue is proving to be huge. Everyone is trying to buy your attention - and that could mean some freebies & discounts for you in the future. Here’s a more in-depth Axios report on what’s going on.

What is the Great Breakup?

  • LeanIn.org released results from its’ 8th Annual Women in the Workplace study, and it has been making headlines. Coining it as “The Great Breakup,” Leanin.org and McKinsey found that women are leaving companies are the highest rate ever.

  • The survey found that while women have similar ambition to work as their male counterparts, but face more headwinds, including microaggressions, less acknowledgement for their work, and lack of promotional opportunities. 

  • HYCU; these findings show that there is still a broken system when it comes to promoting and supporting women in the workplace. With more senior women leaving companies, junior women don’t feel the support and mentorship they need to succeed in step with their male colleagues - all things that further widen the wage gap. You can read the full study here.

The IRS is Giving You an Assist

  • In a reaction to increasing inflation, the IRS has announced adjustments to 2023 federal income tax brackets. 

  • The higher limits to the tax brackets hope to avoid "bracket creep: which can push workers who received annual cost-of-living pay increases into higher tax brackets even though their standard of living hasn't changed.” - CBS News

  • Changes include: higher FSA contributions, higher earned income tax credit, higher standard deduction, and new tax brackets depending on reported income.

  • HYCU; These changes could mean a bigger tax refund, or at least a slightly smaller tax bill, come April 2023. You’ll also likely see an impact on your paycheck beginning in January.

Kroger and Albertsons Merger

  • Kroger has announced it plans to acquire Albertsons, creating a grocery giant with over 5,000 stores across the United States.

  • On top of competing against Walmart and Amazon, Kroger representatives have said another goal of deal is to enhance the customer experience. 

  • However, experts in the matter are skeptical. Kroger has not shown how exactly they will be cutting costs for its customers, and this merger gives them even more pricing power in the market.

  • HYCU; time will tell if your neighborhood grocery will be affected by this announcement, whether by closures or pricing. With the cost of food up 11% since last year, any more price increases will really affect consumers’ wallets.

Real Estate Agents are Turning to TikTok

  • A few weeks ago, we talked about mortgage rate increases and their effect on people both buying and selling their homes. What we didn’t talk about, is the effect it has on the people whose livelihood depends on those transactions: real estate agents. 

  • The WSJ did a piece this week on how real estate agents are turning to social media to help them sell homes. Trying to create a brand, agents are hoping to present their authentic selves in order to target new prospects.

  • HYCU; this type of marketing is relatively low cost and low risk, and companies like Zillow have been losing revenues that agents can no longer pay in the current environment. If you are looking for a new home, or think you’ll be in the market in the near future, maybe TikTok is the new place to shop around?

Rich BFF
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