The First Coin You Keep
A look at last week’s headlines, a simple savings plan to build wealth, and timeless lessons from The Richest Man in Babylon. (~10 minute read)
First up - The Weekly Recap: Top Recent News Stories to Start Off Your Week
> A quick rundown of what happened and why it matters.
What’s in the tax and spending bill that Trump has signed into law (AP)
July 5, 2025
President Trump signed a sprawling, nearly 900-page "One Big Beautiful Bill" that combines $4.5 trillion in tax cuts—including permanent extensions of his 2017 cuts—with major spending cuts to Medicaid, SNAP, and green energy incentives. It also includes new deductions for tipped workers, overtime, auto loans, and seniors, and allocates around $350 billion toward border and security measures.
The Congressional Budget Office warns the legislation could add over $3.3 trillion to the federal deficit over a decade and result in nearly 12 million more Americans becoming uninsured, with 3 million losing food assistance eligibility. The bill significantly reshapes fiscal and social policy, favoring high earners and corporations while cutting safety-net programs and green-energy incentives, making it a focal point in the 2026 midterm elections.
Related Story: Senate Republicans advance Trump’s tax‑cut and spending megabill (The Guardian) (On June 28, 2025, Senate Republicans passed a procedural vote (51–49) to advance the massive tax-cut and spending bill known as the "One Big Beautiful Bill." The legislation extends Trump-era tax cuts, boosts defense and immigration spending, and includes steep cuts to Medicaid and SNAP—drawing criticism from Democrats and even some GOP senators over its projected trillion‑plus deficit impact and rollback of renewable energy incentives).
“New Dem meltdown after socialist wins NYC primary” (Axios)
June 26, 2025
A shockwave has hit the Democratic establishment following a surprise primary victory by socialist candidate Zohran Mamdani in New York City. Party leaders are scrambling to understand the implications and recalibrate ahead of the 2026 midterms.
This result could signal a broader leftward shift in Democratic primaries, forcing national leaders to balance appeal between progressive activists and moderate voters—potentially shaping candidate strategies across the country.
Related Story: Mamdani's stunning upset carries risks, rewards for national Democrats (Reuters) (Zohran Mamdani, a 33-year-old democratic socialist, pulled off a surprise victory in the NYC mayoral Democratic primary, energizing progressive voters. The win poses both an opportunity—to mobilize youth and address affordability—and a risk, as national Republicans are poised to capitalize by labeling Democrats “radical.”).
Supreme Court limits nationwide injunctions in birthright citizenship order (NPR)
June 27, 2025
The Supreme Court ruled 6–3 in Trump v. CASA that federal district courts cannot issue nationwide (universal) injunctions blocking executive orders—only tailored relief for specific plaintiffs is permitted.
Patchwork enforcement. With nationwide injunctions barred, the order may apply in certain jurisdictions but not others—creating stark geographic disparities. States and individuals could face differing citizenship rulings. Judicial authority reshaped. This decision curtails a once-powerful judicial tool and shifts future recourse to narrower class-action suits or state-led cases, which are procedurally harder to mount. Future constitutional battle ahead. The core legality of revoking birthright citizenship remains undecided; further litigation and a full Supreme Court review are expected in the next term.
Related Story: High court ruling on injunctions could imperil many court orders blocking the Trump administration (AP) (The Supreme Court’s decision limiting district courts’ ability to issue nationwide injunctions threatens dozens of existing nationwide blocks on Trump-era policies—ranging from birthright citizenship and election reforms to diversity programs and migrant legal aid).
Sean Combs found guilty on two counts, but acquitted on most serious charges (NPR)
July 2, 2025
A federal jury in Manhattan found Sean “Diddy” Combs guilty on two counts of violating the Mann Act for transporting individuals across state lines to engage in prostitution, while acquitting him of more serious racketeering and sex trafficking charges. The verdict came after a seven-week trial featuring disturbing testimonies from accusers, including ex-girlfriends Cassie Ventura and “Jane,” and corroboration from numerous other witnesses.
Though spared from life‑threatening convictions like racketeering or sex trafficking, Combs now faces up to 20 years in prison (10 years per charge), with sentencing scheduled for early October. The high-profile case has damaged his reputation and business alliances, shining a spotlight on consent, power dynamics, and accountability in celebrity culture.
‘Squid Game 3’ Sets Netflix Record With Massive 60.1 Million Views in Three Days (Variety)
July 1, 2025
Squid Game Season 3 broke Netflix’s recent record by amassing 60.1 million views within its first three days — more than any series this year. It also debuted at No. 1 across all 93 countries tracked on FlixPatrol during that debut week.
This record-setting launch reaffirms Squid Game as a global streaming phenomenon, demonstrating Netflix’s continued ability to generate massive cultural impact. It highlights the franchise’s powerful draw and sets a high bar for future original content in terms of both reach and engagement on the platform.
The Rubin Observatory found 2,104 asteroids in just a few days. It could soon find millions more. (LiveScience)
July 1, 2025
In just a few nights of observations with its first-look data, Chile’s Vera C. Rubin Observatory identified 2,104 previously unknown asteroids—seven of which are classified as near-Earth objects—along with a mix of main-belt asteroids, Jupiter Trojans, and trans‑Neptunian objects. The facility, equipped with the world’s largest 3.2-gigapixel camera, captured those discoveries in roughly 10 hours of observing time.
Revolutionizes asteroid discovery - Rubin’s powerful wide-field sky survey can uncover millions of small bodies, dramatically exceeding historical detection rates and offering unprecedented monitoring of solar system objects. Boosts planetary defense - Early identification of near‑Earth objects improves warning times and response options, helping prepare for potential impact threats, even from moderate-sized asteroids. Catalyzes multi-purpose astronomy - Beyond asteroids, the observatory’s deep-wide surveys will probe dark matter, cosmic structures, and transient phenomena—ushering in a new era of time-domain astronomy.
Paramount settles with Trump over ‘60 Minutes’ interview for $16 million (Reuters)
July 2, 2025
Paramount Global, owner of CBS, agreed to pay US President Donald Trump $16 million to settle a lawsuit alleging deceptive editing of a “60 Minutes” interview with then-VP Kamala Harris. The settlement includes a commitment to publish transcripts of future presidential candidate interviews but contains no apology.
The deal sets a concerning precedent, fueling fears that political figures may weaponize lawsuits to pressure news outlets, raising alarms among journalists, advocates, and lawmakers. It could also influence regulatory scrutiny, with the FCC’s deferred decision on Paramount’s $8.4 billion merger with Skydance under added pressure due to commissioners calling for oversight and transparency.
Related Story: Paramount will pay $16 million in settlement with Trump over ’60 Minutes’ interview (AP) (Paramount Global agreed to a $16 million settlement with former President Donald Trump over allegations that a “60 Minutes” segment on Kamala Harris was deceptively edited. The funds cover his legal fees and will be donated to Trump’s presidential library; Paramount didn’t issue an apology but will now release transcripts of future interviews with presidential candidates. The deal spurred backlash from CBS journalists, dramatic internal resignations, and calls from Democratic lawmakers—like Elizabeth Warren—for anti-bribery investigations, citing its proximity to FCC approval for an $8.4 billion merger with Skydance).
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The Tip of the Week - Simple Savings Plan
This month’s theme is Laying the Foundation: Small Steps Toward Financial Freedom. Whether you're just getting started or regrouping after a financial setback, building a savings habit is one of the most powerful first steps you can take. In this guide, you'll learn how to create a simple, stress-free savings plan that works with your current income — no budgeting overhaul required. Think of it as the financial equivalent of laying bricks: small, consistent actions that build something strong over time.
before you roll your eyes, just give it a read. Even if you take out something small, those improvements matter.
A simple savings plan is a clear, realistic strategy for setting aside money regularly to achieve short- or long-term financial goals. It helps you automate good habits, prioritize your spending, and build financial security without needing a complicated budget or investment knowledge. Whether you're saving $20 a week or $500 a month, a solid savings plan gives your money direction and purpose.
Builds Consistency: Automates saving so it becomes a habit, not a chore.
Reduces Stress: Knowing you're preparing for emergencies or goals makes money feel more manageable.
Helps You Reach Goals Faster: By saving toward something specific (e.g., a vacation, emergency fund, or home), you stay motivated and focused.
Improves Financial Discipline: Reduces impulse spending by “paying yourself first.”
Provides a Safety Net: Unexpected expenses don’t derail your finances if you have money set aside.
How to Do It (Step-by-Step)
Step 1: Set a Clear Goal Decide what you’re saving for.
o Examples: ◦ $1,000 emergency fund
o $5,000 vacation in 12 months
o $50/week for holiday gifts
Step 2: Know Your Starting Point Look at your income and expenses.
o Use a budgeting app (like Mint, YNAB, or a spreadsheet) to find out how much you can reasonably save each week or month.
Step 3: Choose an Amount and Timeline Example:
o Save $200/month to reach $2,400 in one year. Start small if needed — even $10/week adds up to $520/year.
Step 4: Open a Separate Savings Account
o Use a High-Yield Savings Account (HYSA) to separate your savings from everyday spending and earn interest.
Step 5: Automate Transfers
o Set up an automatic transfer from your checking to your savings account each payday. Treat it like a non-negotiable bill.
Step 6: Track Progress Monthly
o Check your balance and celebrate milestones. Visual trackers, charts, or progress bars help you stay engaged.
Step 7: Adjust as Needed
o If you get a raise or spend less some months, increase your savings rate. If things are tight, lower it — but keep saving something.
Some Recommendations to get you Started:
· Start with a SMART goal: Specific, Measurable, Achievable, Relevant, Time-bound (e.g., “Save $1,500 for a laptop by December”).
· Use Naming or Buckets: Name your accounts or create “buckets” inside one HYSA to keep goals separate and organized (many online banks offer this).
· Make it Invisible: Use a bank that's different from your main one so you're not tempted to dip into savings.
· Use windfalls wisely: Put part of any bonus, refund, or gift into savings — it accelerates progress without straining your regular budget.
· Gamify it: Try saving challenges like the 52-week challenge or no-spend weekends for fun, low-pressure boosts.
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This week’s book is a timeless guide to building wealth through simple, proven principles. Whether you’re just starting your financial journey or looking to sharpen your money habits, this classic offers wisdom that never goes out of style.
The Book of the Week - The Richest Man in Babylon (George S. Clason)
The Richest Man in Babylon is a timeless classic on wealth-building and personal finance, told through a series of parables set in ancient Babylon. First published in 1926, George S. Clason uses fictional stories and simple language to teach powerful financial principles that remain relevant today. The book follows the journey of a poor scribe who becomes the wealthiest man in Babylon, and how he shares his knowledge with others seeking prosperity. Through these stories, Clason delivers practical lessons about saving, budgeting, investing, and managing money—emphasizing discipline, consistency, and long-term thinking. This book is approachable and memorable, thanks to its storytelling format. It encourages readers to take control of their financial future by applying straightforward rules that can lead to lasting wealth.
- Pay yourself first: Save at least 10% of everything you earn before spending anything else.
- Live below your means: Avoid lifestyle inflation and unnecessary expenses—spend less than you make.
- Make your money work for you: Invest your savings wisely so it grows over time and generates income.
- Protect your wealth: Avoid get-rich-quick schemes and only seek advice from people with proven success.
- Increase your ability to earn: Continuously improve your skills and knowledge to boost your income potential.
This book is short, easy to read, and packed with wisdom that can help anyone—regardless of income—build a strong financial foundation. Whether you’re just starting your financial journey or looking to sharpen your money habits, The Richest Man in Babylon offers principles that are as valuable today as they were a century ago. It’s the kind of book you’ll want to reread and share with others (the audio book is less than 5 hours).