Dear Plenty Community,

February seemed to be filled with headlines that made everyday Americans more uncertain than ever. Unfortunately, it seems like we’re ending the month with more questions than answers.

Will there be tariffs? Just how bad will they be? What’s actually happening? Consumer confidence had the biggest drop in 3.5 years from January to February, and with inflation increasing again, recession concerns are back.

International countries with ‘golden visa’ programs are benefiting from the frustration some Americans are feeling. Applications to buy visas / passports to other countries have seen a big boom in the past few months, taking an all-time high even higher. 

This week, we’ll go deeper into:

• In the news: 

  • The recession warning bells to watch for 

  • Why Americans are increasingly shopping for 2nd passports

• For your relationship:

  • The 5 money questions Esther Perel says to ask your partner

• New to Plenty:

  • Budgeting is now live on desktop and mobile!

  • See our recent ships down below.

As always, if you have ideas or questions you’d like us to answer, write in to [email protected] - I’d love to hear from you.

Cheers,

Emily

PS. Where couples money. Try Plenty today, for free

Why Americans are increasingly shopping for 2nd passports

Passports aren’t just for travel anymore. For a growing number of Americans, they’re a backup plan. Since the 2024 election, interest in second citizenships and foreign residencies has surged. Immigration firms have reported record-breaking demand with some seeing 5x more demand (mostly from Democratic-leaning states) in recent months.

“Golden visa” programs enable individuals to purchase a visa / passport with some required amount of investment. The past few months are capping years of growth, with programs seeing a 60% rise in applications since 2023 and a shocking 10x increase over the past five years. Over 5.5 million Americans already live abroad—enough to form the 23rd-largest U.S. state.

But why? For some, it’s about politics. For others, it’s about affordability, lifestyle, and opportunity. Remote workers are seeking out tax-friendly countries where their salaries stretch further. Wealthy individuals are using second passports as a hedge against domestic uncertainty. For today’s millennials - facing sky-high housing costs, expensive healthcare, and an unpredictable job market - they’re looking for long-term alternatives in countries where the cost of living is lower and work-life balance is better.

But what does it cost? Second citizenship isn’t cheap. Most Golden Visa programs require a significant investment in real estate, government bonds, or direct donations. Portugal offers citizenship after five years with $540,000 in real estate. Greece requires $270,000 in real estate (soon rising to $540,000 in major cities). Malta demands a $650,000+ donation for residency or $1.3 million+ for citizenship. Some Caribbean nations, like St. Kitts & Nevis and Dominica, offer full citizenship for just $110,000, no residency required. 

More Americans are realizing that global mobility isn’t just for the ultra-rich or retirees. Whether it’s for financial freedom, political security, or just a lifestyle upgrade, the idea of "home" is becoming more flexible than ever. With demand at an all-time high and some visa programs closing fast, the real question isn’t why Americans are leaving—it’s where they’re going next.

The recession warning bells to watch out for

Tariffs are back, and so is the chaos. President Trump slapped a 10% tariff on all Chinese imports and is threatening 25% tariffs on Canada and Mexico (with a slightly nicer 10% on Canadian energy). The EU might be next. 

And it’s not just the U.S. making moves. China has already hit back with 15% tariffs on U.S. coal and gas, plus 10% on crude oil and farm equipment. Canada and Mexico are also preparing countermeasures. If the EU gets hit with tariffs, expect them to retaliate too. Pretty quickly, prices could jump up for consumers and businesses.

Signs of higher prices are everywhere… January’s inflation numbers came in higher than expected, and February isn’t looking much better. If this keeps up, the Fed may raise interest rates again—making everything from mortgages to credit cards even more expensive.

When borrowing gets more expensive, businesses and consumers start pulling back. The job market is already showing signs of strain. Hiring has slowed, and federal layoffs are increasing. A cooling labor market means people feel less secure about their jobs, which directly impacts how they spend.

Consumer confidence has had the biggest 1-month drop in ~4 years. Consumer spending currently makes up 70% of the U.S. economy, and a small dip in confidence can have big ripple effects. If people start spending less, businesses slow down, layoffs increase, and suddenly, a recession is knocking on the door.

So… how worried should we be? A recession is typically defined as two consecutive quarters of negative growth in real GDP. We’re not there yet, but the warning signs are stacking up. In the coming weeks, the big things to watch out for are whether these tariffs get passed, February inflation rates, and whether consumer confidence (and spending) continue dropping.

The 5 money questions Esther Perel says to ask your partner

Esther Perel is a renowned psychotherapist and author, best known for her work on human relationships. In her own words: “Money is never about just, money. Money is about status, access, comfort, freedom, interdependence, trust, loyalty, betrayal, fairness, and more. Money is tied to our sense of self-worth and our feelings of power and powerlessness.”

She shares 5 questions to ask your partner:

• If I spent $100 on something and didn’t tell you, would you be upset with me? How about $1,000?

• Do you appreciate the gifts I buy you? Why or why not?

• What keeps you up at night about our finances?

• What’s one money habit that you admire about me?

• How has the pandemic changed how you think about our finances?

🚢 Ship, ship, away! Over the past few weeks, we’ve shipped across desktop + mobile:

• A live roadmap for members to vote & submit ideas

• Budgeting on mobile and desktop

• Split transactions on mobile and desktop

• Manual transactions

• Transaction last updated marker

As always, we take feature requests & post our daily ships in our reddit: r/plenty

Plenty is a free money app helping modern couples budget, invest and plan for their future together. We bring the investment strategies and products of the wealthy to the everyday household. Plenty was started by a husband and wife team dedicated to growing together. For more information, visit withplenty.com. If you ever have any feedback or questions, please do reach out to us at [email protected].

At Plenty, no financial topic is off-limits for modern couples. We offer straight talk and judgment-free guidance to help modern couples navigate the tricky and important intersection of money and relationships. Join thousands of couples who’ve signed up for our free newsletter today.

Plenty was founded to democratize access to financial products and tools that accelerate wealth building.  Plenty Financial and affiliated entities. (“Plenty Financial”) provide a web, mobile, personal financial management, and educational platform to consumers; some of these tools are freely accessible to all consumers, others require a fee-based subscription. Advisory services are provided in the form of software-first financial planning and investment advisory services for fee-based Subscribers. Plenty Financial RIA, LLC is an SEC-registered investment Advisor. Registration as an investment adviser does not imply a certain level of skill or training. All investments made are legally owned by you. Investment accounts are not bank guaranteed or FDIC insured. Investments are held in accounts at BNY Mellon - Pershing, one of the world’s largest securities servicing companies and are SIPC insured. Please see Plenty’s full general disclosures here.