enRICHed: Volume 17

Written By Rich BFF

We’re Back!

enRICHed has made it into 2023! Hopefully you all had a manageable week back at work and have dug out of your email inboxes. The post-holiday mood is real, and we really try to set up some things to look forward to, as we stare down the rest of the winter months with not much end in sight. Viv up and moved to Florida to escape the cold, but Meigs is trying to host more this year and Katrina is exploring everything NYC has to offer for the first time. What about you? What are your post-holiday winter activities that get you through?

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.

The Aftermath of the Southwest Meltdown

  • In case you missed it (we actually really hope you did) Southwest had a complete meltdown during the holidays this year. They cancelled more than 16,700 flights between December 21 and December 31.

  • “A result of severe weather, staff shortages and an outdated computer system” the cancellations could cost Southwest up to $825 million, a loss we will likely see reflected in its stock price.

  • As a sign of good will, Southwest gave customers 25,000 frequent-flyer points (a $300 value), on top of promised refunds for cancelled flights. Though, some travelers are still waiting on their bags and have stated their deepened distrust of the airline.

  • HYCU; Southwest's meltdown reignited the argument for an Airline Passengers’ Bill of Rights, which would ensure that airlines give proper compensation for all of the costs that come with canceled flights. In the meantime, if you were affected, Viv has you covered here, here annnd here.

Minimum Wage Growth

  • This week, 23 states raised their minimum wage. One of the main drivers for this was the climbing inflation last year.

  • Axios reported that these wage increases follow a larger trend of wage growth, per the Atlanta Fed’s wage tracker, which shows lower-skilled, lower-income workers are receiving larger wage increases than higher earners.

  • HYCU; While the federal wage floor still sits at $7.25, a growing number of states now have minimum wages of at least $15 an hour. Here you can find a roundup of the biggest and smallest bumps, as well as the states that plan to get to +$15 in the coming years.

A New FDA Ruling

  • The FDA announced a new ruling on abortion medication this week - retail pharmacies can now sell the pills on site.

  • Pharmacies that become certified dispensaries of Mifepristone, the FDA approved first trimester abortion pill, would be able to give them directly to patients who have a prescription from a health care provider.

  • This marks a change from the current system, where the medication could only be dispensed by clinics, medical offices, and hospitals. It also comes in combination of another ruling, where patients do not have to be in person to receive a prescription.

  • HYCU; while this ruling will not affect states that have chosen to restrict abortion access, it will grant another means of access to those in states where abortion is legal. It remains to be seen whether or not pharmacies will get certified, but the option will save women time and money they might have otherwise been spending going to in person appointments.

Japan Pays Families to Relocate

  • At 37 million people, Tokyo has become so crowded that the Japanese government is paying families to relocate to countryside/suburban towns. Families will be offered $7,700 per child if they move to less populated areas across the country.

  • The amount of people moving to the capital for job opportunities has extremely outweighed those who are leaving. This has not only resulted in overpopulation of the city, but underpopulation of smaller towns. Some of these towns are having trouble filling homes, keeping businesses running and keeping schools open.

  • HYCU; Japan’s underlying hope is that this move will help with their lower birth rate. The cost of raising a family has gotten so high, the younger generation of city dwellers is having less children, if any at all. The government hopes that this initiative will incentivize couples to move from the city and start families of their own. Would you move out of your city if the government paid you?

The Streaming Boom… to bust?

  • There are currently too many streaming services to count on one hand, making the options seem endless and impossible to sort through. Maybe you have wished that these services would somehow combine once again… and Vox reporters seem to believe that’s in the cards.

  • Wall Street numbers are showing how expensive it is to run a streaming service, especially services that aren’t Netflix. Disney, Hulu, ESPN, Peacock, Paramount, and HBO all lost money in the first 3 quarters of 2022 versus the almost $5B Netflix made. This is likely why there is a Discovery Plus/HBO Max collab on the horizon - they need to help each other out in order to survive.

  • HYCU; no one is saying streaming is going to stop, in fact the industry is still growing YoY, it’s just that the decade-long exponential growth is slowing to more of a crawl. In the meantime, these expenses need to be covered by something - which is probably why more services are offering ad based models. What that looks like in 2023, we can only guess.

Rich BFF
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