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FINANCE FRIDAY LIVE REPLAY 11/11

business & entrepreneurship podcasts work benefits Nov 18, 2022

Every Friday at 12 PM EST, Tiffany goes live on Facebook, Instagram, YouTube, and Twitter to review the latest financial news so you can stay in the know!

In this episode, she goes over the tech layoffs (mainly Meta & Twitter), election results and what a runoff election is, and things to think about this open enrollment season (premiums may be going up 🥴)


Tune in for all these details and more!

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Transcription:

FFL Replay 11/11

[00:00:00] Intro/Outro: You know what it is? That's right. It's time to talk money. With your money nerd and financial coach. Now tighten those purse strings and open those ears. It's the Money. Talk with Tiff podcast.

[00:00:13] Tiffany Grant: All right, cool beans. I just wanna make sure that we are up everywhere.

Come on in the room. . No, we have not too, too much to cover today. I was gonna keep it pretty short. Sweet to the points.

Pretty short today. Hopefully , we shall see. Sometimes these conversations go a little go all over the place sometimes, but we're gonna try to keep it short it looks like I'm good everywhere. So how is everyone doing today? It is Friday, 1111 . If you didn't notice. So it is a good day overall.

Today, how is the weather where you all are? I know here it's been pretty rainy pretty, but I've had a good day so far today. And yes, Evie. Glad it's Friday. Yay. I'm glad that I don't have much on my calendar today. This is the last thing I have. So I wanna get some deep work done and then tomorrow only have one podcast interview.

So I'm like, yeah, this is gonna be the start. An awesome weekend. So let's go ahead and get started. First and foremost, I'm gonna go over the layoffs that took place this week, and now I'm not talking about. , there were some more, so meta actually, so you know, if you're on Instagram or Facebook that's who I'm talking about.

They let go of 11,000 staff this week, which is a lot of people now if you look at it I wanna say the number was only, it was like 11, no, not 11, maybe like 20% of staff don't quote me. But it was a lot of people and it was more than what Twitter. The week before, although Twitter was letting go of 50% of their staff.

Now, what I really dislike about these layoffs happening here recently, and this is just talking from a former HR professional that specialized in employee engagement and, employee relations. They're doing these layoffs by email and I just feel like that is impersonal. I just I just feel like it's not a good look for a company or a good move.

But hey, I don't work there. And even if they did have an HR department Which I'm sure they do. It's up to whatever management says, but I just think it is so horrible to just send out mass emails like, oh, by the way, you lost your job today. Go figure it out. . What? At least have a Zoom call or something like, it's just, for me, it's just very impersonal and it's been making me so mad as a former HR professional, I'm like, part of me wants.

Back in the game , just so I can, or do some consulting or something to help these types of situations. But Twitter's layoffs. That was 3,700 employees and that was 50% of them. This time, this week was Facebook, me Meta, sorry. It was meta and that was 11,000, which was about, I, I know it was less than 50%.

I think it was like maybe 10 to 20% of their staff. Unfortunately I know some people that were laid off and it's just very unfortunate, but, What I will say is I have done a couple of podcast interviews, so I've been sending this out to people that I know with people that were laid off and used that as their springboard to start their own businesses, and those businesses became very successful.

So if you are somebody listening that has gotten laid off recently, because these are not the only two companies, there have been massive layoffs across all the tech sector. I just didn't make a list of all the companies I came across, but there's been massive layoffs. If you look at it, you can see.

But if you are affected, I highly recommend listening to. Both of those episodes. I know one was Sharine, Kasam, I think her name was, and then the other one. I don't remember. I'll drop the links later. in the comments on these platforms. Just and in the show notes on the podcast, so that way you can, you all can check that out.

But it will definitely give you hope. It'll definitely make you feel better because. These two ladies were laid off and they were able to make something of it. So definitely check that out. Hey, Rakim, how are you? Thank you for joining me. Talking about, matter of fact, y'all, Rakim Sabri, he focuses on financial trauma.

Okay. For people that look like us, This is traumatic. Like exactly what I'm talking about right now. This is a traumatic experience for people and they probably didn't have their stuff in order. They wasn't expecting this. And that's why I've been telling people lately people.

downplay emergency funds or, I see Stevens in here too. Runway funds, that's what he likes to call it. People downplay those, but it's so very important. Just imagine, these people just woke up one day and total just between Twitter and Meta. That's like almost 15,000 people just woke up one day and all of a sudden their job is.

And there was nothing that they could do about it. They just got an email that said, oh, by the way, you're fired . And some, and oh. What also makes me so angry is that this is coming off of the pandemic where people were already taking ahead. So this is the importance of having. Savings cuz you never know what is going to happen.

So all those people out there, like having a savings account is stupid and make sure you invest everything, blah, blah, blah, blah, blah. Okay? If you think about it, if you invested everything, the market has been doing horrible, and now you're laid off and all your money's tied up in the market. So anyway, those are just my thoughts.

Make sure y'all have something saved up because you never know what's gonna happen and especially everything is, rocky right now. For so many different reasons. I Inflation, interest rates there's a lot going on. And so you wanna make sure that you are prepared if something like this happens.

So for all the people that have been laid off in the past few weeks, I am so sorry. And I feel so bad with how they did it just as a former HR professional. But use this as either a, a wake up call, or b a springboard to get some stuff done that you wanted to get done. Cuz apparently they are offering severance packages.

So that's a good thing. Use that severance package to. Be a catalyst for something different or to be that, cushion that you need to get to the next position. And also y'all please navigate your little hearts out. Don't just sit there and take whatever they take They. Try to give you, you can negotiate your severance packages, so please make sure you do that.

Okay? I'll get off of layoffs. That's a drag for today. And if anybody that's still in the HR department at Twitter or Meta and you all need some consulting, let girl know. Yeah. You need help. All right, so also, elections just happen this week and I was one of the ones that were up watching the results and things like that.

I'm not gonna stick too long on that. It is very, very important to vote and it warned my little heart seeing all the people saying, I voted, having a little voting sticker all across my social media pages. That was just so awesome to see because at the end of the day, , the president is all fine and dandy, right?

Everybody comes out to vote for the president, but it's really these smaller positions that affect our daily lives. And so these are the ones that you need to pay attention to. If you're one of the people that we're upset about them reversing Roe versus Wade, It was because of an election like this.

You get what I'm saying? It wasn't the president that did it. It was like the judges. And these are the people that you are voting for now. I know a key race in Georgia for the Georgia's. Senate, they're headed to a runoff. I wanted to cover that only for educational purposes because some people might be asking what is a runoff like?

Does my state have runoffs? If I'm in Georgia, what do I need to know about this whole runoff thing? So what happens is if neither candidate receive more than, and this is according to Georgia's law, if neither candidate receive more than 50% of the vote in the race, it goes to a run.

This runoff will happen in December, so all the people in Georgia will have to go vote again in December, and it will only be those two on the ballot. So when you're looking at the original ballot, so the one that we just had, it had those two and then, other people from other parties and, stuff like that.

And so with the Georgia race war, not got 49.2% of the vote, and Herschel Walker got 48.7% of the vote. So neither one of them got more than 50% of the vote. That's how they got to a runoff situation. I hope that makes sense. And with that being said, now it's just gonna be those two. So the two highest percentages of votes now go to their own ballot, and now everybody has to pick one or the other.

There's no in between anymore. , that's everybody's looking at that. It's gonna be on December 6th in Georgia. And so it'll be interesting to see what happens. It's like right after Thanksgiving, you'll probably get a, you'll start getting a lot of material probably over your Turkey and stuff.

But that's just how it's gonna be. Here in North Carolina. We do not have any runoffs or anything happening, which I am grateful for because I was tired of getting all of those things in the mail. Text messages, just getting blown up about voting, people knocking on the door. I was just over it, so I'm glad that ours is over Georgia.

You have a little longer to go and I apologize, but this is just how it works. Speaking about the election, another big thing that happened, , which I was so excited to see, were like the other things on the ballot that people were voting for. And eight states and DC are making sure that wages go up when inflation does.

So actually I know one was Nebraska. It says nearly 60% of voters approved on Tuesday that their state's minimum wage will go up to $15 an hour over the next few years. Also so for instance, right now it's $9 an hour. 2023, it'll be 10 50, 20 24 be 12, 20, 25, it'll be 1350, and then 2026, it'll be up to $15 an hour.

Now keep in mind you might be thinking, dang, like that's still pretty low. Guess what? The federal minimum wage is still 7 25.

I'm like, like that just is mindboggling to me how we're still at a 7 25 minimum wage, which mind you has been the same since 2009. When I was working at CVS as a high schooler, 7 25 was the minimum wage. That's why I was making 7 25 when I left. And it is still the minimum wage to this day. When I was a high schooler, y'all, I was a senior, I was graduating, the minimum wage was 7 25

So yeah, and we definitely need to up that on a federal level, but in the meantime, in between time states have the power to raise their own. So I'm glad that that was on the ballot. And also Dcs $5 and 35 per cents per hour minimum for tip workers will now gradually rise to meet the standard $16 and 10 cent by 2027.

Now I'm happy to see the whole tipped workers, minimum wage being upgraded because the federal one is like $3 and some change or something like that. But I do feel like employers should make sure that they pay their employees adequately so that way the consumer doesn't have to take it on in the form of a tip.

In other countries there's no such things as tips. . Anyway, that's a whole nother rant for another day. But this was good news and I was glad to see some of that stuff on the ballot. I'm not gonna go into a ton of detail on it, but just Google it, search it. A lot of states are making sure that wages go up.

Unfortunately, y'all, that's in North Carolina. North Carolina was not one of them. We didn't have anything that we were voting on extra this election. Unfortunately, but definitely check it out and see what other states there are. Just in this article they said Maine, Montana, Ohio, Vermont, Nebraska, and dc.

So there's some others, but anywho, let's move on. So it is open enrollment season, y'all. And you know what that means? It's time to sign up for healthcare coverage. Whether you do it with an employer or whether you do it on the Affordable Care Act marketplace, there is, this is the time to sign up for health insurance.

So I've been doing a lot of podcast guesting around. Open enrollment. I reposted one of my articles that I wrote a few years ago about open enrollment because it's super important to pay attention to what you're signing up for and make sure that it's gonna fit what your life is gonna look like in the coming year.

Because once open enrollment is over, that's it. Unless you have a life life changing eligibility where you can do a special enrollment. Otherwise you'll be stuck with the same plan for the next year. So definitely pay attention to open enrollment. If you are working for someone, make sure you know your open enrollment date.

Make sure you know the if it's active and pass or passive. Open enrollment and real quick, what that means is active means that they take everything away and you have to re-sign up for everything. Passive means that they continue on with what you already have in both situations. You wanna make sure that you're getting what you need and not anymore or any less, because that is extra money coming out of your paycheck that you could just have in your pocket.

So highly recommend being aware of open enrollment, whether you work for someone or you're getting it through the marketplace Now. I saw an article where it says inflation has hit health insurance premiums, this open enrollment season. Now, as I was doing further research, I saw that, there's mixed thoughts and reviews on that.

But according to this article, which is marketplace.org, they're talking about the afforda, the ACA plans on the marketplace. And they said premiums are going up about 4% on average for the marketplace plans, even though it varies hugely by state, cuz the state kind of controls that. But there are a lot of subsidies that bring the actual cost of ACA coverage way down again for this coming year.

Just to give you an example, when I first became fully self-employed, I went to the marketplace, my state's marketplace, which people call Obamacare, and I was able to get health insurance for like $15 a. Just because of the subsidies and stuff. So if you don't have access to health insurance through your job or you're self-employed, definitely check it out.

And any plan that you get, they have to offer your preventative care for free. So at least you know that you'll be able to go to the doctor for your yearly things that, whatever, yearly checks or whatever you have, you'll be able to go. And do that at a hundred percent coverage. So regardless of the type of plan, that's how that works.

I'm not gonna get into too much depth with that because I can go down a rabbit hole when we're talking about benefits, cuz that's my jam. . But when I was looking at other articles, they were saying the cost of family health insurance plans only increased about 1%. And I'm like, maybe they were talking about employer plans.

Which could be the case. So like I said, it was mixed reviews. There's an increase between one and 4%. That's pretty much where everybody landed which like I said, may or may not really affect you just because of the government stuff that they are. Supplementing with subsidies and stuff like that.

So those are the things that I wanted to cover today. Hopefully this was helpful for someone. There's a lot that I went over and I know it was quick, but I try to keep these at, 15 minutes, 20 minutes or so, just so you can get your quick. Financial news for the week. And if you wanna do any additional research, by all means, please,

Just so whatever. If there was something that really interests you, please go and do additional research just so you can educate yourself. Especially when it comes to the election results and the things that it has changed. Because sometimes even if it's not your state, it may also show you. Could be coming for your state.

So that's why I like to keep up with what other states are voting for. And we saw that in action with the legalization of marijuana, right? It was like one state started the trend and boom, it's on all the, like a lot of ballots. Even on this ballot, there was a few states that actually voted for it.

, if you keep keep up with what other states are doing, you can see what may be coming down the pipeline for your state. know in North Carolina we are a little slow to the punches with everything . So it's no telling. We were real late on the lottery. Virginia has legalized marijuana.

We still have not. It is what it is. But that's why I say educate yourself with everything that you are interested in, just so you can see. With that being said, y'all, that is it for this Finance Friday Live. I will leave you with that. If you're new here, I do this every Friday at 12:00 PM I go live on Facebook, Instagram, Twitter.

And YouTube , I, I forget and YouTube. So definitely check me out. And I also post the replays on my podcast, money Talk with Tiff. But those are a week delayed. So in order to get the up to date newest information, You have to join me live. You'll catch this episode on next week's Friday podcast releases.

So I'm just saying make sure you catch me live and you can also ask your questions here. I didn't see any questions coming through. I'll just check one more time before I wrap up.

Okay, no questions. So with that being said, y'all have a good day and if you do have questions, feel free to drop it under the comments and the replays and I'll go back and look. Bye y'all.

[00:19:06] Intro/Outro: Thank you for listening, joining and being a part of the Money Talk with T Podcast this week. You can check Tip Out every Thursday for a New Money Talk podcast, but if you just can't wait until next week, you can listen to previous podcast episodes at Money Talk with t.com or follow tiff on all social media platforms.

Add money, talk with the team. Until next time. Spend wise by spending less than you make a word to the money-wise is always sufficient.

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