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Yahoo
15 hours ago
- Business
- Yahoo
How to navigate the awkwardness of a wealth gap summer with your rich friends
Summer is here, bringing with it sun, sea, sand, and good times — if you can afford it. The pressure is on more than ever in the summer to say 'yes' to that group vacation at a glamorous overseas location, the festival that will set you back hundreds of dollars, or a weekend in whatever is your town's nearest version of the Hamptons. Many Americans are struggling with the cost of living. This year, about a quarter of Americans (24 percent) will not have a vacation because of the cost, according to a recent survey. Of those who are planning to travel this summer, 29 percent said they will take on debt as a result, the survey by financial-comparison website Bankrate found. The latter is 'terrifying' to former Wall Street trader-turned personal finance guru Vivian Tu, better known as YourRichBff, who advises her millions of followers on TikTok and Instagram. 'It might be amazing to go on that trip today, and you might have so much fun,' 31-year-old Tu told The Independent. 'But how are you going to feel when you spend the next two years paying for a vacation that lasted seven days? I think that's a pretty sobering question.' Navigating the wealth gap with rich friends when you are not making anywhere near the same salary is awkward, uncomfortable, and seems to only be getting harder thanks to social media. Sam, 28, is originally from East Texas and now lives in Los Angeles. 'I'm a first generation college student, low income and trans,' Sam, who attended an elite college on a diversity scholarship and asked to only be identified with their first name, told The Independent. 'In just about all of my friendships, there's a wealth gap and that pretty much started in undergrad.' They make approximately $48,000 after taxes working as a guidance counselor at a California university and feel 'isolated' by the wealth gap in their friendship group. 'I'm coming into this elite college straight off of food stamps and all that stuff,' Sam said. 'Most people's families [at college] were upper-middle class to rich. One of the people I know, his family owns a fleet of private jets. So coming from a rural area, and then being put into that was kind of weird.' Sam said summers were particularly bad, and that trend has continued post-college. 'Everyone I know was going on these big vacations and all these concerts,' they said. 'I wasn't even able to go to a concert until my first year of undergrad. I've never even left the United States for a trip.' Sam doesn't get invited on vacations by their wealthier friends. 'It's probably because they know that I can't afford it,' Sam said. 'Not once have I ever been invited on any of these trips. I always get the photos. I always see the Instagram posts.' 'It does make me feel left out,' Sam added. Personal finance expert Tu says that social media also has a lot to answer for. 'It just starts to set an incredibly unrealistic expectation of how often we should be traveling, how much we should be spending, and how frequently we should be doing all of that,' she told The Independent. Sam relates and said that social media has become a space for people to 'get Instagram likes' and 'show off their experiences' to others. 'I think that's just a really dangerous situation for people who are financially vulnerable,' Sam said. 'We're so desperate to be a part of culture, to be a part of the big moment. You want to have that story that everyone else has…and you're literally borrowing thousands of dollars to sit in an uncomfortable stadium to do it because your friends are doing it, or because you're missing out.' That feeling of disconnect is similar for 32-year-old Michelle, who lives in Nashville and works as a communications and events manager for a non-profit. Michelle, who makes around $65,000, and her boyfriend had a baby boy in December and can no longer keep up with the spending habits of their wealthier friends. 'They just so frivolously spend money — like, they'll randomly buy a new car, or jet skis or a brand new boat,' Michelle told The Independent. 'It's just really mentally tapped to try to appear like I can keep up with them.' Before she had the baby, Michelle said the group went on a $2,000 trip to Disney World that she couldn't afford. 'When I first started being exposed to this friend group, I would push my bank account, and I would really push my limits just so that I could hang out,' she said. 'And it really kind of messed me up. It maxed out one of my credit cards.' Since having a baby, priorities have changed. 'I am trying to figure out how to make sure I can get formula for my baby, and make food at home. I don't want to go out to eat every single time that we hang out,' she said. 'Every single month our bank account, it's just like we're at like the bottom. So it's very much like paycheck to paycheck,' she added. Her boyfriend was once a high earner but he lost his job in the last year. He is now getting back on his feet and working again, but money has occasionally become a source of tension in the relationship, Michelle said. 'We've had a lot of fights this year about money, and that has limited what we're going to do this summer.' The expense of weddings has also become a bone of contention, particularly if the nuptials involve travel. In 2024, 18 percent of couples hosting a destination ceremony abroad, according to The Knot's 2025 wedding survey. Michelle was recently a bridesmaid for two close friends, with one wedding in Florida's Key West and another in upstate New York, setting her back at least $3,000 per wedding, including travel and accommodation. 'I would do it a million times over for those girls, but it really does push your budget.' The new mom says that financial stress has been impacting her mental health, a trend more therapists are noticing with patients. 'People may not come to see me based on these feelings, but they most certainly come up in conversation,' said Aja Evans, a therapist who specializes in financial therapy. 'Comparison and pressure to keep up with friends is very common and unfortunately tends to skew how people look at themselves and their finances.' Evans advocates being honest with friends about your financial situation, which can be a way of 'breaking up the shame and isolation' that comes with hiding it away. 'Being honest with yourself around what you can and can't do, remembering that you are still a valuable and worthy friend despite how much money you have is very important,' Evans said. 'Attempting to disconnect your self worth from your net worth can also be helpful. Then, have a conversation with your friend.' 'Letting them know how you feel, what you are doing in terms of your financial health and how you two can navigate the differences,' Evans added. 'Now, this is very hard, being vulnerable is complicated and nuanced, so go easy on yourself.' Tu, who heads up her own financial education and advice company, says it is essential to consider what is 'truly going to bring you value' and not hurt you in the future at the same time. She has a handy tip that can help visualize whether that summer impulse purchase – be it new clothes, a night out or a trip – is worth it. 'I call it 'YourRichBFF is it Worth it? Equation,' Tu said. 'Figure out how much your hourly take-home pay is, and that hourly take-home pay, essentially, is how many hours you'll need to sit at your desk to afford something.' 'Say your hourly take-home pay is $20, you go to a fancy store and you want to buy a pair of designer leggings for $100,' Tu explained. 'You have to sit at your desk for five hours. Ask yourself, are you willing to sit at your desk for five hours so that you can afford those leggings? And in some cases, the answer is yes. In some cases, the answer is no.' 'You need to be honest with your friends about your financial situation, but also you need to provide an alternative,' Tu said. 'Because what's going to happen is if you continuously keep telling your friends, 'no, I can't come, I can't afford it,' suddenly they're going to stop inviting you to stuff. 'Once they stop inviting you to stuff, you are going to feel incredibly isolated,' she added. Tu doesn't knock hard-pressed families who have to put basic necessities like food on a credit card. But she advises others to resist the temptation to splurge on 'the fun stuff' if it's not affordable it right now. 'There are certainly folks in our country who are putting basic necessities like food on a credit card, not because they want to, but because they need to feed their families,' Tu said. 'This is not that. What I'm saying is, the visits to the nail salon, the drinks out with girlfriends, the fun stuff, if you are not in a position to be spending on going to keep you broke,' she said. 'We all have to know our limits, and it's not fair,' Tu added. 'But some people out there have parents who are paying their rent.'
Yahoo
a day ago
- Climate
- Yahoo
Kentucky man killed during Washington County tornado identified
SPRINGFIELD, Ky. (FOX 56) — State law enforcement has revealed the identity of a man who was killed Friday morning after being injured when a tornado tore through the East Texas community. Just after 7:30 a.m. on Friday, Kentucky State Police (KSP) said in a news release that troopers were dispatched to the 3200 block of Long Run Road to help other first responders with rescue efforts after what would later be categorized by the National Weather Service as an EF2 tornado touched down in the area. When troopers arrived, three missing people had been reported, but authorities said they were found soon after. Ronnie Hill, 48, of Springfield, was pronounced dead at the scene by the Washington County coroner, per state police. He had died from injuries he received during the tornado. Kentucky man killed during Washington County tornado identified Man hurt, car, residence damaged after shooting on Big Bear Lane Kentucky leaders deny not upholding federal immigration laws 14 others were injured during the storm and taken to local hospitals, and one adult was taken to Danville's Ephraim McDowell Regional Medical Center. State officials said 10 of the wounded had been released, with two adults and one child still being treated at UK Hospital in Lexington. An investigation into Hill's cause of death is being led by state police, while troopers with KSP Post 15 in Columbia help local officials in Washington County in the aftermath of the tornado. Long Run Road has been closed for the weekend, according to KSP and the Washington County Sheriff's Office. 'Troopers remain in the area during the recovery period to provide security and assistance to the citizens of Washington County,' state police wrote in a news release on Saturday. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
2 days ago
- Business
- Yahoo
Rep. Moran discusses tax cuts at Americans for Prosperity town hall
TYLER, Texas (KETK) – East Texas Rep. Nathaniel Moran (R-TX) attended a town hall in Tyler on Friday to discuss the One Big Beautiful Bill Act and the Tax Cuts and Jobs Act. Trump administration unveils more detailed proposal for steep 2026 spending cuts The town hall event was hosted at Tyler Junior College by the Texas chapter of Americans for Prosperity (AFP), a conservative political advocacy group backed by the billionaire Charles Koch. In Jan. 2025, The Hill reported on AFP's newly announced a $20 million nationwide campaign to push Congress to renew the Tax Cuts and Jobs Act that was passed under President Donald Trumps first term in office. Moran supported renewing the Tax Cuts and Jobs Act on Friday by warning about how much taxes could go up next year. 'The average family would see about a 24% tax increase next year, and I don't think anybody in this room wants to see that tax increase,' Moran said. When asked about the One Big Beautiful Bill Act, or H.R. 1, an event attendee from Friday's town hall was curious about what the bill actually contains. 'The main thing is just to kind of hear from him what all is in that big beautiful bill because you know we haven't been shared a lot,' said attendee Sharron Fowler. Moran said he hopes to take the input he received on Friday back to Washington D.C. where Republicans are waiting on HR 1 to pass through the Senate. 'I'm hoping to take back more information and more input that we can talk about while we get this thing through the Senate,' Moran said. The AFP also ranks members of Congress according to how often their votes align with the group's stance on given pieces of legislation. Moran has a 94 lifetime score with the group, a 100 score for the current 119th session of Congress and a 88 score for the 118th session. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Reuters
3 days ago
- Business
- Reuters
Samsung owes $112 mln for infringing Maxell patents, US jury says
May 29 (Reuters) - A federal jury in Texas has determined that Samsung Electronics ( opens new tab owes electronics maker Maxell (6810.T), opens new tab nearly $112 million after finding that the Korean tech giant's devices violate Maxell's patent rights. The jury in Texarkana, Texas, said in its verdict on Wednesday, opens new tab that Samsung's Galaxy smartphones, tablets and other devices infringe three of Japan-based Maxell's patents related to networking, information processing and other technologies. Attorneys and spokespeople for the companies did not immediately respond to requests for comment on the verdict on Thursday. The award adds to a string of recent nine-figure patent infringement verdicts against Samsung in East Texas federal court, including a $279 million verdict in a separate dispute over wireless technology last month. Maxell sued Samsung for patent infringement in 2023 over a wide range of its electronics. The complaint said that Samsung previously obtained a license to Maxell's patents that Samsung failed to renew. Samsung denied Maxell's infringement allegations and argued that the patents were invalid. Maxell requested nearly $130 million in damages, according to a court filing. The case is Maxell Ltd v. Samsung Electronics Co, U.S. District Court for the Eastern District of Texas, No. 5:23-cv-00092. For Maxell: Jamie Beaber, Alan Grimaldi, Kfir Levy, James Fussell and Robert Pluta of Mayer Brown For Samsung: Brian Erickson, Sean Cunningham, Erin Gibson, Mark Fowler and Michael Jay of DLA Piper
Yahoo
4 days ago
- General
- Yahoo
Sen. John Cornyn visited Tyler to discuss new bill to improve veteran's quality of care
TYLER, Texas (KETK) — Senator John Cornyn visited Tyler on Wednesday to push a new bill that would provide more support for veterans once they return back home. 'I've lost more friends after combat due to PTSD than during combat,' Sen. Cornyn said. Sen. Cornyn hosted a round table at 'Camp V', a local nonprofit in Tyler that helps veterans and their families. The 'Veterans' Mental Health and Addiction Therapy Quality of Care' Act will analyze the current treatments at the VA to find out what's working and what's not working. The bill will require an independent assessment of the quality of care for veterans in the VA. The Executive Director of Camp V Travis Gladhill spoke about the bill and emphasized how it has been need for awhile in order to support veterans in Texas. 'I've read your bill, and I appreciate your initiative to go forward with this because it's a long overdue need to have that investigative look into how that care is being given how the timeliness of that care is being given,' Gladhill said. The goal of the bill will be to help improve treatments in East Texas, which has one of the highest veteran suicide rates in the state. 'Make that transition, make the community better, and to fulfill that sacred obligation which I believe we have to our veterans, once they have served our nation to protect us and our way of life. We owe it to them to do what we can to help them make that transition back into civilian life,' Sen. Cornyn said. The legislation is still in a Senate committee with hopes to move to the Senate Floor for more deliberation. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
