money·5 min read

Skimm Money: Pride, Fighting Inflation, and Altcoins

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Design: theSkimm | Photo: iStock
Jun 3, 2022

If rainbows everywhere haven’t clued you in already,June is Pride month, when the US celebrates LGBTQ+ identity, culture, and history. And recognizes the ongoing fight for equality.Anti-LGBTQ+ laws continue to crop up around the country — hurting the targeted communities…and business in general. One study found that enacting anti-discrimination measures could increase a states’ GDP by 3%. Love wins. 

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  • Not so temporary. ICYMI, everyone’s feeling the (inflationary) pressure and adjusting their budgets. One recent survey says women, especially, are changing their spending habits in response to higher prices.And cutting savings. That’s forcing a quarter of Americans to delay retirement — an especially big problem for women. What’s the gov doing about inflation? In a WSJ op-ed this week, President Joe Biden detailed his plans to (let the Federal Reserve) fight it. And then met with Fed Chair Jerome Powell, Treasury Secretary Janet Yellen, and White House National Economic Council Director Brian Deese to discuss strategy. But no deets were shared publicly.

  • Running on fumes. European Union leaders agreed to ban most Russian oil exports — a sanction some countries had hesitated to use. Because it’s likely to hurt consumers as well as Russia’s economy. But today marks 100 days since Russian President Vladimir Putin invaded Ukraine. And the world is increasingly eager to stop the war. Even if it means still higher gas prices. Psst…some states (hi, Georgia and New York) are trying to help with gas tax holidays.

  • Summer off? The job market stayed hot in May with employers adding 390,000 jobs and the unemployment rate sticking at 3.6% for the third straight month. But labor shortages among lifeguards, pilots, and hospitality workers could still mean more shutdowns for your summer plans. Think: pools closed, flights canceled, and longer wait times at restaurants. 

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Your Next Career Move

The job market may be recovering, but most workers aren’t feeling so great. With companies nervous about stubborn inflation and a still-bumpy economic recovery, many (including some of the highest-paying companies in the US) are pivoting their business and growth plans. See: Meta hitting the brakes on hiring, and Netflix laying off dozens of employees. That could mean the recent boom in super-attractive job offers and retention efforts may be coming to an end. 

What’s your next move? If you’ve been thinking about making a change, get ready to jump while the job market’s still favoring employees. These job search strategies can help you find the role of your dreams (with the pay to go with it). When you’re ready to apply, make sure your resume is up to par by avoiding these common mistakes. Oh, and don’t forget the perfect cover letter

Make Good (Money) Choices

Design: theSkimm | Photo: iStock

If you’re singing “Material Gworl” all summer… 

Give yourself a spending limit. We all get bad with money from time to time. Especially when the weather’s nice, travel restrictions aren’t holding us back, and stores are eager to sell excess merch (hello, semi-annual sales). But overspending on personal splurges or routine expenses can threaten your financial wellness. If you’ve put your budgeting app on do not disturb, watch for these five signs you’re overspending.

Crypto, Decoded

With Bitcoin struggling — at around $30,000 a coin, less than half its peak value from last year — other cryptocurrencies are getting more attention. Meet altcoins, aka any coin besides the OG.And there are thousands out there. Here are a few to get to know:

  • Luna: Also called Luna Classic, this crypto collapsed in May along with its stablecoin sister TerraUSD. It’s been relaunched this week as Terra 2.0.  

  • Cardano: Aka the blockchain platform for the coin ADA. A neat feature? It’s much more energy efficient than Bitcoin. 

  • Ether: Not to be confused with Ethereum, the blockchain, this is the biggest cryptocurrency besides Bitcoin — so big that some don’t even consider it an altcoin. 

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