It’s almost the Fourth of July, which might make you want a hot dog real bad. But it won’t come cheap (thanks, inflation). Hot dog prices are up about 10% from last year. Along with beer prices, which are roughly 5% higher. Even condiments reportedly cost more $$$. Got us feeling less like a firework and more like a plastic bag…
Headlines, Skimm'd
Travel assurance. Now that the Supreme Court has overturned Roe v. Wade, people in 26 states will need to travel an average of 552 miles roundtrip to obtain a legal abortion, according to one estimate. And more companies are joining the likes of Starbucks and Citigroup in covering travel costs for employees seeking care. Lauren Hobart, the CEO of Dick’s Sporting Goods, announced that her company is offering the benefit so employees “can access the same health care options, regardless of where they live, and choose what is best for them.”
Deals, deals, deals. Retailers like Target and Walmart have warehouses filling up with excess goods (think: TVs and home appliances) that they may have to sell at discounted prices. But shoppers aren’t eager to spend ATM. Consumer confidence dropped in June with people feeling discouraged by high gas and food prices — and recession risks.To help turn things around, one Fed official signaled her support for another big interest-rate hike in July while noting supply-related shocks may require a different approach.
Mo’ money, same problems. Good news for employees considered essential during the height of the Covid-19 pandemic (hi, nurses and food service employees): Wages are on the rise, according to an analysis by software company Payscale. The bad news: They’re not keeping up with inflation, And most low-income workers say they aren’t paid fairly. Though Beyoncé fans might feel inspired to quit their job, some economists say now might not be the best time to hand in your two weeks’ notice.
News to Wallet
Spoiler: Stocks aren’t doing too hot right now. Yesterday, the S&P 500 closed out its worst first half of the year since 1970. What a time to be alive. And what a time to start investing.If you’ve never put money into the market before, it might seem like a terrible time to start. But that’s not necessarily true. If you’re investing for the long term, it might even work to your benefit. We Skimm’d what you need to know about investing during a bear market, including the three key signs that you’re ready to take the plunge. (Psst…there are fewer requirements than you might think.)
Make Good (Money) Choices
If you feel like you’re missing some cash…
Claim it. You might not think you’d forget about a check with your name on it. But you’d be surprised. Between forgotten 401(k)s, neglected tax refunds, and unreturned security deposits, there are multiple ways you may have “lost” money over the years. A 2021 study found that about 24 million 401(k)s are considered forgotten. And that number’s growing. Here’s how to find your missing dollars — and go get them.
Crypto, Decoded
Winter is coming…and not just in Westeros. It might be coming for crypto, too. Prices of coins — including major ones like Bitcoin, Ether, and Solana — have been falling over the past few weeks. Several crypto-centric businesses are citing a so-called crypto winter (aka a market slowdown) as they lay off employees, institute hiring freezes, and scale back on marketing. And some crypto-related stocks are also feeling the impact. Here’s what you can do to help protect yourself and your finances:
Diversify your portfolio. A good place to start: Make sure you’re not too heavily invested in cryptocurrency. If you feel like you are, consider reallocating some of your money to other investments like bonds.
Prep your investments for the long run. Because holding on to your investments for an extended period of time could give them a chance to recover.
Build up your emergency fund. Just like in a bear market, anything can happen. Having some extra cash set aside could help you feel more secure, and help you cover any costs that life may unexpectedly throw at you.
Even if you’re not invested in crypto, we Skimm’d what you need to know about a potential crypto winter and how it could impact your money.
Hot Off the Web
Renting out your place for the summer? BiggerPockets has 10 questions you should ask a tenant before handing over your keys.
Want to return an item? Some stores are considering giving refunds for products and saying ‘just keep the stuff.’
Walmart and Rite Aid are among retailers temporarily limiting purchases of Plan B morning-after pills.
Lie-flat seats are coming to economy class — but only if you’re flying to New Zealand in 2024….and willing to share a bunk bed.
New data suggests that men are more likely than women to receive remote work opportunities. (Oh hey, gender gap.)
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