money·6 min read

Skimm Money: Rihanna's Billionaire Status, Women in the Workforce, and the Costs of War

money rule to break debt
Design: theSkimm | Photo: Getty Images
Apr 8, 2022

Rihanna telling everyone “pay me what you owe me” has paid off. The icon made Forbes’ billionaires list this year, along with 326 other women. But the pub’s list of the richest crypto-made billionaires doesn't include a single woman. Not. A. Single. One. Talk about “Disturbia.” And in money news for us non-billionaires…

Headlines, Skimm'd

  • 'Coulda, woulda, gonna.' Minutes from the Fed's March meeting showed that many officials wanted to go bigger when it raised interest rates by a quarter of a percentage point last month. A higher hike is expected in May and maybe June to slow inflation and cool the economy. Which is bad news for homebuyers. Also not great: The Federal Reserve Bank of Dallas warned of a "brewing US housing bubble,” citing a spike in home prices among the indicators. Bust out your Apple Bottom jeans because it feels a little bit like 2008. 

  • Women at work. While workers continue to quit their jobs at near-record-high rates, more than 300,000 women entered the workforce last month, bringing the labor force participation rate closer to pre-pandemic levels. Still, 6.6 million people said they weren’t looking for work because they were caring for someone else. And not just children. (Hi, sandwich generation.)

  • Costs of war. Amid accusations of war crimes, the US announced another round of sanctions on Russia. Including against Russian President Vladimir Putin’s two adult daughters and the country’s largest financial institutions. US lawmakers also voted to revoke Russia’s “most favored nation” trade status and ban imports of its oil and other energy products.(Psst… here’s how these moves could impact the US economy.)

News to Wallet

Design: theSkimm | Photo: Getty Images

Amazon workers at a warehouse in Staten Island voted ‘yes’ to unionizing. The news comes shortly after workers at other companies also voted to unionize (hey, Starbucks and Condé Nast employees). But what do labor unions have to do with you and your money? We Skimm’d what they mean for workers, the economy, and your wallet — even if you’re not part of one.

Make Good (Money) Choices

Financial Literacy Month, aka April, is dedicated to promoting financial education. And so is Skimm Money. Because the first step to building wealth and achieving financial independence is understanding how money works. That's why, this whole month, we’re talking about money rules you may have heard from the experts (or your parents)... and explaining why some rules were made to be broken.

Money rule: Debt should be avoided at all costs.

Why you can break it: Debt may be a burden, but it can help you achieve your pricier goals. Like going to college or buying a home. And student loans and mortgages are often seen as “good debt” by experts because they can actually help you build wealth in the long run. But even “bad debt” (think: high-interest credit cards) can come in handy for building credit or earning perks (hello, points and miles). The thing about debt (good or bad) is: You need to pay it off. Skimm more about how to use debt responsibly.

Crypto, Decoded

Bitcoin enthusiasts are gathering IRL in Miami — aka the US’s wannabe crypto capital, now boasting its very own Wall Street-style bull (with laser eyes) — to talk about the future of, well, the future. Called Bitcoin 2022, the conference, which started on April 6 and ends tomorrow, is a big deal in the crypto world. Last year’s announcements included El Salvador adopting Bitcoin as legal tender. This year: 

Tips Don’t Lie

Design: theSkimm | Photo: iStock

Want to boost your budget and your romantic relationship? Consider a joint account. A new study shows couples who money together stay together.Pro: It might make sense if you’re trying to buy a house or hit another major money milestone together.Con: Separate accounts can help ease money issues that might add tension to your relationship. Like, divorce-level tension. (Think: mismatched priorities.) 

So… should you combine your finances with your significant other? Hint: to figure it out, plan a money date.

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