| Just as summer is starting, there's a feeling afoot that remote work could be ending. That's the tone the world's richest man set this week as he waded into one of the thorniest debates facing companies and workers at this point in the Covid-19 pandemic: How much longer should working-from-home go on for? And if employees don't want to go back into the office full time, what should they do? "They should pretend to work somewhere else," Elon Musk tweeted earlier this week. It was a barbed elaboration on an email he'd apparently sent to executive staff at Tesla, with a subject line that read "Remote work is no longer acceptble" [sic]. Other companies are taking similarly aggressive stances. One of Google's labor vendors told workers that they would need to return to the office by next Monday. When a worker who'd had four lung surgeries emailed to ask for a medical exemption, the HR department suggested finding another job. The ultimatum approach — come back to the office or quit — is striking because it stands in stark contrast to the numbers. Since 2020, nearly 5 million Americans said they had moved because of remote work. Almost 10% of Americans say they plan to move to work remotely. And a survey of 6,500 workers in 10 countries found that fewer than a fifth have returned to their offices full time. Not every company is taking such a hard line. And, of course, the lines have been constantly shifting. Credit Suisse's boss, Thomas Gottstein, recently said he doesn't think banks will ever return to working full-time from the office. JPMorgan's Jamie Dimon had been one of the most vocal critics of remote work. But in his annual letter in April, he estimated that about 40% of his 270,000-person workforce would work under a hybrid model, which includes days in the office and at home. And over the past two years in the US, monthly remote-job postings have tripled, according to Tecna, a tech-industry trade group. What does this mean for you? Work-from-home diehards might want to seek clarity from their employers if they haven't already. Especially those who plan to take YOLO trips this summer, as millennials and Gen Zers have indicated in recent surveys. Working remotely from Tahiti might get tougher in the months ahead. — Charlie Wells Send us questions about your own financial dilemmas to bbgwealth@bloomberg.net. In Bloomberg Opinion this week, Alexis Leondis has tips for anyone in the U.S. with losses on crypto: If your crypto or other digital assets have been pummeled recently, you might be glad to hear that there are ways to ease some of the sting: Act promptly and you can cut your tax bill for next April and beyond. The IRS allows taxpayers to use losses in stocks and other investments, including crypto, to offset gains. Here's the rub: You have to actually sell the investment. But crypto investors get a special deal, avoiding the wash-sale rule for now.
You've got to read the rest of this helpful column here. I am 19 years old, and I got my first credit card — a student card from a bank — back in August with a $1,500 credit limit. I don't have any prior credit history, my VantageScore 3.0 is at 725 right now. Two or three months ago, my card issuer increased my limit to $1,700. My yearly income is $14,000. I wanted to upgrade to other cards issued by the same bank that I find attractive. Should I apply for one of these cards or wait until a year passes or get some other credit card? — Hakam Singh, Stockton, Calif. There's certainly nothing wrong with wanting to upgrade your credit cards from time to time. Normally, but not always, student credit cards don't have the same perks and rewards as their non-student peers. The good news for you is you're considering credit cards issued by the same company. That makes the process easier because you may be able to simply speak with the customer service people and ask them if you can qualify for one of those other two cards without having to actually apply for them. If you were to go outside the bank's family of cards you'd have to apply formally. All credit card issuers have to consider your income (capability to pay) as part of their CARD Act obligations. This means you'll have to continue to be realistic with your expectations as far as credit limits go. — John Ulzheimer, credit expert, The Ulzheimer Group Send us questions about your own financial dilemmas to bbgwealth@bloomberg.net - Hormel Foods reports earnings today.
- PayPal's annual general meeting is also today.
- Reminder for U.S. expats: The IRS tax filing deadline is June 15th.
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