Skimm Money: Stock Market Mayhem, “The Great Resizing,” and Legalizing Marijuana

Hey there. We’re back. And so is the Blue Origin space crew, who successfully completed their 11-minute trip to the edge of space on Tuesday. What to watch next: the Olympics. You can catch it on NBC and its affiliates (NBC Sports, CNBC, etc.), or stream it on NBC's Olympics site or Peacock app (with a box of wine).

Headlines, Skimm'd

• The stock market is like a box of chocolates. Earlier this week, news of the spreading delta variant sent the stock market falling – with the Dow having its worst day since October 2020. Then stocks rebounded on the news of solid earnings reports. Some say the wild ride isn’t over. But don't panic and run: we Skimm’d when it’s really time to sell your investments.

• Also making big moves: crypto. Bitcoin followed stocks down, dropping below $30,000 at the start of the week. Flashback: it hit close to $65,000 in April. The sharp drop wiped out around $89 billion from the cryptocurrency market. On Wednesday, Elon Musk renewed his support for Bitcoin and helped push crypto prices back up. (Psst...want to learn more about crypto? We're going deep in a special newsletter next Friday.)

• Workin’ moms need more help at work. The Marshall Plan for Moms, a movement centered on supporting mothers through the economic recovery, released a playbook on how employers can help the cause. Think: offering flexible schedules, fair wages, paid sick leave, and access to affordable childcare. Olympian Allyson Felix, Athleta, and the Women's Sports Foundation created a fund to help mom-athletes with that last one.

Let’s Talk About...Legalizing Marijuana 

While marijuana has already reached some level of legality in many states, it's still illegal at the federal level. But last week, Senate Majority Leader Chuck Schumer proposed legislation to decriminalize it nationwide. It’s a move many lawmakers have advocated for in the past. And one that could help the economy and maybe even your wallet.

Make Good (Money) Choices

If your fridge is plastered with save the dates…

Say "I do" to a wedding season budget. Because even if you're not ready to attend IRL, etiquette experts say to send a gift. To help you plan that spending, meet the 60-20-20 rule. Start by figuring out how much you can/want to spend on the couple in total. Then set aside 20% for an engagement gift, 20% for a shower gift, and 60% for the wedding gift. Check out our wedding season survival guide to see what else you might need to budget for as a guest.

If your jeans don't fit like they used to...

Welcome to the "great resizing." In a March survey, 40% of women and 30% of men said they wear a different size than last year. If you went up or down a size (or two) during the pandemic, it might be time for some new clothes. One idea: host a (virtual) clothing swap with friends to get what you can for free. Then focus on purchasing a few quality pieces to mix and match. And try shopping online consignment stores like Poshmark, ThredUp or Depop. These sites also let you resell old (but gently worn and still fashionable) clothes, so you can make a few bucks back. 

If you love the holidays...

Mark these dates on your cal. That's when the listed states offer tax-free days or weekends on certain back-to-school items like clothes, school supplies, computers, and other electronics. But you don't have to be (or have) a student to enjoy these tax holidays. Just a smart shopper.

Hot Off the Web

• Americans have lost more than $500 million to COVID-related scams. 

• Robinhood will offer its users a jumbo slice of its IP(ie)O. 

• You can now tip YouTube creators.

• Search Business Insider’s new salary database to see how your pay stacks up. 

• Taco ‘bout bad news for Doritos Locos fans.