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Author: Chris Clark

  • Chicago man’s dream is to run a fishing lodge one day — but he could only scrounge up $100K to fund it. Here’s why Dave Ramsey hears only ‘nightmare’

    Small businesses are at the core of the American Dream, but that doesn’t mean every single one of those golden business ideas should become a reality.

    That’s what finance guru Dave Ramsey said on his show during a conversation with Caleb, a caller from Chicago who wanted advice on getting a down payment to start a new venture.

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    Caleb’s business dream? Buying a fishing lodge in Canada. He said he’d never run a business before but loved to fish and hunt, and that he thought he could get $100,000 for a down payment on a lodge and run the venture for about half the year.

    He also told Ramsey that he talked to a few fishing lodge owners he knew who didn’t own a business before buying their lodges, but Ramsey wasn’t having any of it. When Ramsey learned Caleb had never run a business, let alone worked in the fishing or hospitality industry, Ramsey had a blunt assessment.

    “You are about 90% dream and about 10% reality,” said Ramsey.

    And when asked about his business plan after getting the fishing lodge, Caleb’s response was that many lodges are owned by seniors who don’t know how to market their property. Caleb thinks he would be able to promote the lodge easily, but Ramsey wasn’t buying it.

    “There are three rules of business: it’s gonna take twice as long as you think, it’s gonna cost twice as much as you think, and you’re not the exception,” said Ramsey. “I’m not trying to be a dream killer, I love killing nightmares though.”

    The costs of running a small business

    Those three rules of business are lessons that Ramsey has uttered before.

    So many business dreamers think they have a great plan at the start, going as far as investing funds or taking out loans before realizing they’ve gone into debt for an idea that isn’t landing with the target audience. In fact, more than 1 in 5 businesses in the U.S. fail during their first year.

    The dream of owning a business keeps America’s free enterprise economy going, but sometimes those dreams can cloud the true costs of running a small business. New small businesses cost an average of $40,000 in their first year, including hiring staff, producing goods, getting inventory and securing a physical location.

    But those costs can vary wildly: for example, an online startup could cost as little as $100, while opening a restaurant could cost up to $750,000.

    Hiring staff can be one of the most expensive aspects of running your own shop. Adding an employee to payroll could cost you anywhere from $4,000 to $20,000, and that doesn’t include salary or benefits costs. According to the U.S. Small Business Administration, total employee costs — including their wages, benefits and taxes — could amount to 1.25 to 1.4 times their actual salary.

    And you can count on putting at least some of your savings into a new business. The Kauffman Foundation reports that nearly two-thirds of small business owners have to dip into their personal or family savings to fund their venture. It’s also worth noting that in 2023, 71% of small business owners were in debt.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    What to consider before starting a small business

    Deciding to start a small business requires thorough planning, financial smarts and self-honesty, as your idea may not work out the first time around. Let’s break down the steps to take and things to consider before you open up shop.

    For starters, consider all your startup costs. These include any licenses and permits you might need, legal fees, equipment and inventory goods, marketing and promotional costs, and storefront deposits.

    Next, try to predict your ongoing or operational costs, such as your monthly rent, employee wages, inventory restocking, ongoing marketing, taxes and storefront maintenance. Don’t forget to account for any “hidden” costs, such as shrink, card processing fees or slow sales months. Talk extensively with other business owners in your industry and don’t be afraid to ask them about how much they make, or where they might have gone wrong.

    Analyze industry trends and risks associated with your product or service and consider surveying potential customers. Finally, create both best- and worst-case financial projections, especially for that first vulnerable year of business.

    What to read next

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    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • ‘A lot of people are struggling’: Growing number of Americans using BNPL loans to pay for groceries — and they’re increasingly paying those bills late. What’s behind this troubling trend

    ‘A lot of people are struggling’: Growing number of Americans using BNPL loans to pay for groceries — and they’re increasingly paying those bills late. What’s behind this troubling trend

    When Americans start financing their weekly groceries the same way they might finance a new phone or a plane ticket, something is clearly off.

    New data suggests that’s exactly what’s happening — and for many, it’s not going well.

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    A fresh study from LendingTree reveals a troubling shift: More people are turning to buy now, pay later (BNPL) loans to pay for essentials like groceries, and many are falling behind on payments. The online survey, released in April 2025, polled 2,000 U.S. adults ages 18 to 79. It found that not only are Americans increasingly using these short-term installment loans for basic needs, but roughly 2 in 5 users have missed a payment.

    “A lot of people are struggling and looking for ways to extend their budget,” Matt Schulz, Lending Tree’s chief consumer finance analyst, told NBC News. “Inflation is still a problem. Interest rates are still really high. There’s a lot of uncertainty around tariffs and other economic issues, and it’s all going to add up to a lot of people looking for ways to extend their budget however they can.”

    Financing your food?

    According to the survey, 25% of American BNPL users said they used the method to buy groceries in the past year. For Gen Z, that figure jumps to 33%. Across all categories, 41% said they made a late payment on a BNPL loan in the last year — a worrying sign that a short-term lifeline is becoming a long-term burden.

    So, why is this happening? Inflation and high grocery prices have backed many Americans into a corner. Even as overall inflation has cooled, grocery costs remain stubbornly high. The price of basic staples — eggs, bread, milk — keeps climbing, stretching household budgets thinner by the month.

    “For an awful lot of people, that’s going to mean leaning on buy now, pay later loans, for better or for worse,” Schulz said.

    And while BNPL loans can offer short-term relief, they weren’t designed to be used repeatedly for perishable goods. Originally meant for discretionary spending on things like electronics or travel, BNPL is now being used to put food on the table — and that’s raising alarm bells about both spending habits and wider economic strain.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    The rise and risks of BNPL

    Companies like Klarna, Afterpay and Affirm offer BNPL plans. The model is simple: Split a purchase into several payments over a few weeks, often with no interest if you pay on time. The option is easy and built into the checkout pages for everything from Target to DoorDash.

    That frictionless convenience is exactly what makes BNPL so appealing — and so risky.

    Only recently have BNPL lenders been required to follow some of the same rules as credit card companies, including clearer disclosures and the right to dispute charges. For many purchases, lenders use soft credit pulls or none at all. Users can also open multiple loans across different platforms, often without realizing how quickly the debt adds up.

    LendingTree’s study found 60% of users had multiple BNPL loans open at once. While each payment might seem small — $25 here, $15 there — the total impact can wreck a budget, especially when combined with rent, utilities and gas.

    But the danger is clear: using debt to buy items you’ll consume in days, then repaying that debt over weeks or months, creates a disconnect between cost and consequence. And if you miss a payment? You could face late fees, overdraft charges and even hits to your credit score.

    How to avoid the BNPL grocery trap

    For Americans feeling squeezed, BNPL can seem like a lifeline. But it’s important to use these services strategically — not impulsively.

    If you’re thinking about using BNPL to pay for groceries, look into why your budget doesn’t cover the essentials. Are you overspending in other areas? Could you cut back on subscriptions or dining out?

    If there’s truly no room to maneuver and BNPL is your only option for putting food on the table, treat it like a serious financial obligation — not just a few taps at checkout. Stick to one BNPL provider to better track your payments. Set reminders to avoid late fees. And don’t use BNPL on multiple purchases in a single pay period. It’s not free money — it’s a debt, and it needs to be managed.

    If you’re in a tough spot, explore grocery assistance programs like SNAP or visit local food banks. If your income allows but you’re tempted to lean on BNPL anyway, consider building a small buffer in a high-yield savings account. Budgeting apps can also help you flag overspending and keep you on track.

    What to read next

    Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • Kevin O’Leary is sharing his simple formula he claims is all you need to turn yourself into a millionaire — even on a $65,000 salary. How to harness this Shark’s magic method

    You’re making $65,000 a year and wondering if you’ll ever see seven figures in your bank account. According to "Shark Tank" investor Kevin O’Leary, not only is it possible – it’s practically guaranteed if you follow his simple formula.

    O’Leary recently shared his wealth-building philosophy on X, delivering the same advice he gave his own children: save, invest, and let compound interest work its magic. His approach strips away intimidating complexity and focuses on three core principles that anyone can follow, regardless of their income level.

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    But is it really that simple?

    O’Leary: Save first, spend later

    The foundation of O’Leary’s strategy revolves around one non-negotiable rule: save before you spend. "Don’t spend it. Save it. Invest it. Let it compound," he emphasized in his recent video message.

    Why does O’Leary prioritize saving over spending? The answer lies in the power of compound interest and market growth. He points to historical market returns of 8% to 10% annually, which means your money grows exponentially over time. Every dollar you invest today becomes significantly more valuable decades down the road.

    O’Leary’s magic number is 15%. "Take 15% of every paycheck, I don’t care how big it is. Or any gift Granny gives you. Or anything you get in a side hustle, and invest it," he advises. This consistent percentage applies to all income sources, ensuring that your wealth-building efforts accelerate as your earning power increases.

    Balancing present needs with future wealth

    Setting aside 15% of your income might seem daunting, especially when you’re juggling rent, groceries, and other essential expenses. The key is viewing this percentage not as optional spending money, but as a non-negotiable bill you pay to your future self.

    Start by creating a budget that prioritizes your 15% investment contribution right after essential expenses like housing, food, transportation, and minimum debt payments. Consider this your "wealth tax" — a mandatory payment that builds wealth rather than depleting it.

    If 15% feels impossible initially, begin with whatever percentage you can manage consistently. Even 5% or 10% creates momentum and establishes the habit. You can increase the percentage as you eliminate debt, receive raises, or find ways to reduce other expenses.

    Here’s a relatively painless way to start: Contribute just enough to get your company’s full 401(k) match — something nearly a quarter of 401(k) investors don’t do, investment house Vanguard found in a 2024 study. Many employers offer a dollar-for-dollar match on the first 3% of your salary — meaning you put in 3%, they put in 3%, and boom: You’re saving 6% of your income for retirement.

    From there, take 1% from your next raise, or more, and add it to your contribution. Do the same with each raise that follows until you’re putting away 15%. You’ll barely notice the difference in your paycheck, but your future self will thank you for the slow, steady climb.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    Time is your biggest asset

    The earlier you start investing, the more dramatic your results become. This is where compound interest truly shines, turning modest contributions into substantial wealth over decades.

    Consider Sarah, who starts investing 15% of her $65,000 salary at age 25. She contributes $9,750 annually ($812.50 monthly) to diversified index funds earning an average 9% return. By age 65, her investments will have grown to approximately $3.3 million — despite contributing only $390,000 of her own money over 40 years.

    Compare that to Michael, who waits until age 35 to start the same investment strategy. His final balance at 65 would be around $1.5 million, despite contributing $292,500. Sarah’s 10-year head start resulted in $1.8 million more, even though she only contributed $97,500 more of her own money.

    This dramatic difference explains why O’Leary emphasizes starting immediately, regardless of age or income level. Time multiplies money in ways that higher salaries alone can’t match.

    The power of cutting unnecessary spending

    O’Leary’s wealth-building philosophy includes one crucial caveat: "Just don’t buy crap you don’t need." He’s particularly vocal about small daily expenses that seem insignificant but add up to substantial amounts over time.

    But you don’t have to live like a hermit. The goal is distinguishing between purchases that genuinely enhance your life and those that provide momentary satisfaction. Create a "want versus need" filter for discretionary spending. Ask yourself: Will this purchase matter to me in five years, or will investing this money instead set me up for financial freedom?

    What to read next

    Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • Your credit score could go through a big change this fall — but that may be good news if you’re a part of this growing group

    Your credit score could go through a big change this fall — but that may be good news if you’re a part of this growing group

    If you’ve shopped online in the last few years, you’ve likely seen the option to pay with Klarna, Affirm, Afterpay or similar services. These “buy now, pay later” (BNPL) apps let you split your purchase into four equal and interest-free installments or spread the cost over longer periods with interest.

    If you’ve ever used these services, you’ll want to know those payments are getting reported to FICO — meaning they can show up on your credit report.

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    According to the Federal Reserve Economic Well-Being of U.S. Households in 2024 report, 15% of Americans have selected the BNPL option within the last year. The payments seem simple enough: An $80 item can cost you $20 every month for four months, and if you pay on time, you won’t get charged a penalty or interest. Plus, these types of payments are usually smaller, since they are used on routine online shopping.

    But, nearly a quarter of shoppers using BNPL have reported a late payment, the Federal Reserve found. Now, the late charge can show up on a buyer’s credit score.

    Why FICO is making the change

    FICO, which did a yearlong study with BNPL provider Affirm, wants to see how American consumers spend their money and how often they need to take out these small “loans.”

    The BNPL option "is becoming a really big part of how people are managing their finances, and so FICO wanted to be able to manage and reflect that shift," Julie May, vice president and general manager of business-to-business scores at FICO, told NPR.

    The Federal Reserve says BNPL is used by many demographics but especially by younger low and middle-income Americans. And for those shoppers, using Klarna or Affirm may be the only way to afford even those smaller purchases. FICO says this data has been a “blind spot,” and now with BNPL data, they can see how many loans Americans can truly afford to take on.

    "We want people to get the credit that they need — but we don’t want lenders to be flooding the market with credit beyond what’s safe and reasonable for consumers," Adam Rust, director of financial services at the Consumer Federation of America, told NPR.

    Making BNPL purchases can be a way to start building credit if you have no loan history, but FICO says using BNPL won’t do much to increase your current score if you’re trying to bump it up. Plus, missing payments will still hurt your score.

    The potential ding to your credit score isn’t the only risk with this payment option, either. Rust warns that they don’t have nearly the same protections or regulations as credit cards: If you need to refund an order or find out an item was purchased fraudulently, you may still be expected to pay those third-party platforms.

    While the Consumer Financial Protection Bureau ruled that BNPL customers have the right to dispute fraudulent charges in 2024, they’ve since announced that they are pulling back from enforcing that ruling.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    Should I use buy now, pay later?

    BNPL can indeed be an easy and convenient way to pay for everyday items, but at the end of the day, you are still taking out a loan that can now impact your credit. Let’s look at what to consider before selecting that option at checkout.

    First, ask yourself if you can afford to buy the item outright without installment payments, especially if the item is not a necessity. If not, it may be a red flag that you can’t actually afford to make that purchase. If the item is a want but not a need, consider saving up a bit longer so you can buy it outright — without fear of a late payment.

    Consider any other debts you may have, like existing credit card balances or other loans. Even though a BNPL loan is often small, forgetting your installment due date could cost you big time: a late fee could be as much as 25% of the item’s original price, and for those longer-term installments with interest, you could be charged even more. Be sure to check the installment schedule. Some platforms withdraw monthly, while others are bi-weekly.

    Using BNPL can be a smart option for a necessary, larger one-time purchase, especially if you know you’re consistent at making payments on time and it won’t become a habit. Additionally, it can serve as a small step towards establishing a credit history — provided you maintain a good payment history — if you have never previously taken out a loan or credit card.

    What to read next

    Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • I’m 67, retired and was bored out of my mind until I found a side hustle to keep myself busy while earning extra cash. Here’s how you can stay engaged in your golden years

    I’m 67, retired and was bored out of my mind until I found a side hustle to keep myself busy while earning extra cash. Here’s how you can stay engaged in your golden years

    After decades in the workforce, the prospect of a relaxing retirement might seem like paradise. Imagine waking up without an alarm, enjoying leisurely mornings and finally diving into all those hobbies you’ve dreamed about for years. Sounds perfect, right?

    But what happens when the novelty wears off and boredom creeps in?

    Picture this: Jake is 67 years old, one year into retirement and the leisurely lifestyle isn’t as fulfilling as he expected. Restlessness has him craving the stimulation and social connections work once provided. On top of that, the Canada Pension Plan (CPP) cheques feel a little underwhelming, which had him thinking about re-entering the workforce.

    If this description puts a fright in you, you’re not alone. A 2024 report from the National Institute on Ageing found that 43% of Canadians over the age of 50 are at risk of social isolation, while 59% experience some degree of loneliness. Additionally, 36% of Canadians over the age of 50 have very (13%) or somewhat (23%) weak social networks.

    So, what’s a frustrated retiree to do? Lucky for Jake, he found a solution. He decided to work as a driver for a ride share and courier company. Now, he gets the social interaction he craves while making a bit of cash. He also works only a limited number of hours.

    If you want to go back to work, you don’t have to jump straight back into a 40-hour workweek. Even a part-time gig can offer financial, psychological and lifestyle benefits. Let’s dive into why staying busy could be your secret to a truly satisfying retirement.

    Mental stimulation

    Picking up a side gig or part-time work during retirement is more than financially rewarding, it can also keep you socially engaged. Work provides plenty of opportunities for social interaction, either with customers or coworkers.

    It can also encourage a structured routine, helping to restore a sense of control and purpose. The American Psychiatric Association notes how some research indicates those who maintain a clear purpose experience less stress and greater resilience in challenging situations.

    Your expertise has value. If you find work in your old field — let’s say through consulting or freelancing — you have an opportunity to both refine your skills and pass on what you’ve learned. Sharing and growing your knowledge can be gratifying, and you can make a few extra bucks while you’re at it.

    Financial benefits

    Living on a fixed or limited income can be stressful, especially if you’re trying to balance achieving your retirement goals with paying the bills. Getting a side gig can help ease some of this stress, giving you extra cash flow for expenses that the CPP won’t cover.

    Even better, returning to work and finding a gig offering health benefits might cover reduce any prescription costs you may have.

    While your CPP payments get adjusted annually the longer you wait to start collecting it (8.4% per year), for many seniors this may not be sufficient in the current cost of living crisis. A side hustle can help limit uncomfortable belt-tightening so you can have money to travel, spend time with family and cross off some of your bucket-list items.

    Thankfully, if you choose to continue to work in some capacity after 60 (when you are eligible to receive CPP), you will not reduce how much you earn from the benefit. In fact, you could increase it by means of the CPP post-retirement benefit. The government will automatically pay you this benefit the following year and you’ll receive it for the rest of your life. However, CPP contributions will be cut off when you reach 70 years of age, even if you’re still employed in some capacity.

    Preparing for the calm

    If you’re nearing retirement and fearing a perceived boredom of life after your career, there’s still time to plan for a stimulating and fulfilling retirement. Let’s look at some ways you can prepare for the lifestyle change:

    Experiment now, avoid trouble later: There’s no time like the present — why not pick up some different hobbies before you retire? If you find one or more that really interest you, make that your passion project once you finish work. Consider picking an activity that can involve social interaction via clubs or classes you can join. That way, you get the benefits of social engagement and mental stimulation.

    Prepare a routine: Create a daily or weekly structured routine before retirement. In his 2022 TEDx Talk, Dr. Riley Moynes, author of The Four Phases of Retirement, says that phase two for retirees can bring on a sense of loss in identity and purpose. Avoid this by setting daily tasks and focusing on ways to keep yourself busy, ahead of time.

    Stay near friends and family: If you’re able, retiring near friends and family can provide a nearby support network and help avoid social isolation and loneliness. If you and your spouse are retiring together, consider building a plan that keeps you both active, engaged and communicative with each other.

    Sources

    1. National Institute on Ageing: Perspectives ongrowing older in Canada: The 2024 NIA Ageing in Canada Survey survey, by Natalie Iciaszczyk; Gabrielle Gallant; Talia Bronstein; Alyssa Brierley; Dr. Samir Sinha (Jan 28, 2025)

    2. American Psychiatric Association: Purpose in Life Can Lead to Less Stress, Better Mental Well-being (Dec 7, 2023)

    3. YouTube: The 4 phases of retirement | Dr. Riley Moynes | TEDxSurrey (May 26, 2022)

    This article I’m 67, retired and was bored out of my mind until I found a side hustle to keep myself busy while earning extra cash. Here’s how you can stay engaged in your golden years originally appeared on Money.ca

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • I bought a used car with 6% interest but the dealership claims the bank is concerned about my co-signer and bumped it to almost 8%. Am I getting scammed?

    I bought a used car with 6% interest but the dealership claims the bank is concerned about my co-signer and bumped it to almost 8%. Am I getting scammed?

    I imagine you drove off the lot in your newly financed used car, stoked about your new ride and relieved you scored a decent rate — 6% interest, manageable monthly payments, and the peace of mind you didn’t get fleeced.

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    Your dealer’s sour update probably feels like a punch in the gut. And it should.

    This kind of last-minute rate increase is a big red flag, but it’s not always an outright scam. Sometimes lenders genuinely change the terms after taking a closer look at your credit or your co-signer’s history. But shady dealers know that, too, and they’ll use it as cover to pad their profit.

    When a rate bump is legit, and when it’s not

    Fighting for every penny in a car purchase has rarely been so important. Tariffs on new imported cars and parts are increasing the cost of new vehicles. As new cars become less affordable, more buyers shift to the used market, driving up demand and prices for used vehicles — nevermind the impacts of tariffs on the parts used to repair used cars.

    You may be considered fortunate to get an 8% rate, even if it’s higher than what you were initially offered. Credit agency Experian says the average rate in the U.S. is nearing 12% — and that jumps wildly for someone with mediocre credit.

    Banks really do sometimes decline a deal or increase the rate after initial approval. Especially in used car sales, dealers often let buyers take the car before final financing is fully locked down. That’s called spot delivery or conditional delivery.

    If your co-signer’s credit is worse than they thought, or if your own credit report has issues that didn’t show up immediately, the bank might truly reject the original rate.

    But it’s also true that this is a well-known dealer tactic, sometimes called “yo-yo” financing, a problem so bad the FTC has a video on it to warn buyers. The dealer lets you take the car home at a “too good to be true” rate knowing they’ll call you back later with the bad news. By then, they’re betting you’ll agree to almost anything to keep it.

    Dealers might also claim the bank rejected the deal when in reality they’re just steering you into a loan with a higher interest rate that pays them more in commissions or markup.

    The bottom line? A rate bump might be legitimate. But it might also be a sign you’re being played.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    Pushing back against a rate change

    You got that dreaded call saying your 6% deal is now nearly 8%. Don’t panic — but don’t impulsively say yes, either.

    Start by asking for proof. A real lender decision to raise your rate will typically be documented. Ask to see the bank’s rejection or counter-offer. A reputable dealer should be willing to show you. If they dodge or stall, it’s a bad sign.

    You can also simply refuse. If financing falls through and can’t be secured on the agreed terms, you usually have the right to unwind the deal. You can return the car and walk away. Yes, it’s inconvenient and awkward, but it’s better than getting stuck with an overpriced loan you can’t afford. If the dealer won’t return your down payment and trade-in, you may have to seek legal counsel.

    If you’re willing to renegotiate, try to hold them to the original terms or at least minimize the increase. Sometimes just threatening to walk is enough to get them to “find” a better rate.

    You can also ask them for the out-the-door price and try to find your own financing from a bank or credit union.

    And if you do sign at the higher rate, remember you’re not stuck forever. Refinancing is always an option. Your own bank or credit union may offer a much better deal once you own the car and have some payment history.

    If you truly feel misled or scammed, escalate. Talk to the dealership’s management. File complaints with your state attorney general, consumer protection office, the Better Business Bureau, or the Federal Trade Commission.

    What to read next

    Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • ‘Mother Nature, she’ll claim it back’: Florida residents growing increasingly fed up with vacant home on their street that’s been left to rot — here are the hidden costs of abandoned homes

    ‘Mother Nature, she’ll claim it back’: Florida residents growing increasingly fed up with vacant home on their street that’s been left to rot — here are the hidden costs of abandoned homes

    In the southwest Florida coastal city of Cape Coral, residents of an idyllic neighborhood are fed up — and they say one vacant home is to blame.

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    The property in question has become a local eyesore, with overgrown vegetation, flimsy and open screens, and disconnected gutters that make the home look more like a haunted house than a coastal getaway.

    “It’s getting to the point where you leave places like this, it gets overrun by Mother Nature, she’ll claim it back, and she’s starting to,” Karl Grabner, whose property sits next to the home that has neighbors seeing red, told television station WINK.

    And they’re not just talking about appearances. Residents told WINK the home is attracting the wrong kind of attention, with one claiming he’d heard about a break-in. What was presumably once a quiet, well-kept block now feels unstable — with property values and community morale at risk.

    A home neglected, and a city finally responds

    One neighbor, Frank Tormenia, told WINK that he had heard someone broke into the home and took appliances, though the station couldn’t confirm that with police.

    "My neighbor … was taking the branches and stacked them up here. I say, ‘Why are you doing this?’ He goes, ‘I’m tired of looking at it,’” said Tormenia.

    But the good news is the city is finally stepping in. According to WINK’s June 12 report, a special magistrate found the owner guilty of three code violations, citing unsafe conditions, a lack of proper screening and unsightly pool conditions. They were given less than two weeks to make repairs.

    The news station said it was unable to reach the realtor selling the house or identify the owner of the property.

    The hidden cost of abandoned homes

    When a home sits vacant and neglected, the damage isn’t limited to peeling paint or an overgrown lawn. These properties can become magnets for crime, deterring would-be buyers and inviting safety concerns.

    Even the perception of abandonment can weigh on a neighborhood. Nearby homeowners may see their own property values drop, while feeling the social and emotional strain of living next to what essentially becomes a community liability.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    Break-ins, pest infestations, and mold are common consequences of unattended homes. And in storm-prone regions like Florida, a vacant, unmaintained house can pose serious structural risks to neighboring properties.

    For residents living near a neglected home, knowing your rights and options is important. Residents should report issues promptly through the city’s complaint channels and document concerns with photos or written statements.

    In Cape Coral, city officials put this homeowner on the clock.

    What homeowners need to know about leaving a home vacant

    Life happens. Sometimes you need to move, travel, or delay renovations. But leaving a property unattended comes with real responsibilities. Most cities require that homeowners maintain basic upkeep, like mowing lawns, securing doors and windows, and ensuring there’s no structural danger.

    Failure to comply can lead to city intervention. Owners of vacant properties should check local codes about property maintenance, arrange for regular landscaping and inspections, and stay in contact with local authorities to ensure the property hasn’t been completely abandoned.

    "When a municipality receives a code violation complaint, a city inspector will generally visit the property to verify if the complaint is valid. If it is, the property owner will be notified about what corrections are needed and how long they have to make them. If the property owner fails to take the proper steps to reach code compliance, monetary assessments and penalties may be imposed, and eventually the property may even be condemned by the government," said the Owners’ Counsel of America, adding that a property being condemned could "possibly lead to an actual demolition of the structure."

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    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • After a crew took $20K to remove asbestos from this Illinois man’s attic, he had to pay another contractor an extra $8K to actually get the job done — all thanks to a state ‘loophole’

    After a crew took $20K to remove asbestos from this Illinois man’s attic, he had to pay another contractor an extra $8K to actually get the job done — all thanks to a state ‘loophole’

    When Michael Flores paid $20,000 to remove asbestos from his attic, he didn’t expect to find the toxic material still there — or to learn that the crew had never obtained a license in the first place.

    Flores had bought the 100-year-old Ottawa, Illinois, home with plans to turn it into a vacation rental near Starved Rock State Park. Knowing the attic was filled with vermiculite insulation — a material often containing asbestos — he hired a local crew to remove it safely.

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    But after the crew from Clean Air Asbestos and Mold Control LLC declared the job done, Flores went to check for himself — and was stunned. The dangerous insulation was still sitting in the attic.

    He sent photos of the leftover material to the company, expecting them to fix the issue. Instead, the owner insisted the work was complete. “I was like, ‘No, that’s impossible.’” Flores told CBS Chicago.

    Flores called in another contractor for a second cleaning. That expert confirmed the attic was still hazardous and “too dangerous for anyone to be here working.” Flores paid an additional $8,000 to finish what should have been done the first time.

    Whether you’re a homeowner or a contractor, it’s the kind of nightmare scenario that makes you ill — pay out the money to eliminate a serious health threat, only to discover the danger is still present. And Flores couldn’t shake the feeling that something was wrong.

    What the first crew missed

    When Flores later reviewed security footage from his garage, he was disturbed to see workers without proper protective gear — a clear breach of safety protocol.

    The vacuum being used didn’t appear to contain the asbestos at all — it seemed to be blowing dust, likely full of fibers, back into the air.

    Suspecting something was wrong, Flores contacted the vacuum’s manufacturer, who confirmed it wasn’t designed for asbestos removal — only standard insulation.

    Flores ultimately escalated the issue to the Illinois Department of Public Health (IDPH), submitting camera footage, videos of his attic, and the email from the vacuum manufacturer.

    More than 200,000 people die each year worldwide from asbestos-related diseases, according to the World Health Organization. Toxic asbestos fibers, when inhaled, can cause devastating illnesses like mesothelioma, lung disease, and even death. The United States account for between 12,000 and 15,000 deaths each year.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    The state’s response

    Internal emails from the IDPH, obtained by CBS Chicago, revealed that employees knew Clean Air Asbestos and Mold Control LLC “stretched the truth.” But Flores was out of luck.

    Under Illinois law, asbestos abatement licenses are only required for public buildings, commercial properties and multi-unit residences. That means companies like Clean Air Asbestos and Mold Control LLC can legally take on single-family home jobs — no license required.

    CBS Chicago contacted agencies across the country and found inconsistent rules. About 25 states responded, many with murky policies that don’t regulate asbestos removal in private homes.

    Only seven states — Maine, Maryland, New York, Utah, Vermont, Virginia and West Virginia — require a license for any asbestos removal, including single-family in private homes.

    Dr. Arthur Frank, an environmental and occupational health professor at Drexel University, called it a dangerous loophole.

    "It doesn’t matter if it’s a household or a commercial entity, or anyplace else,” Frank told CBS Chicago. “If there’s asbestos, you need to remove it properly and safely, and somebody ought to be regulating it. As little as one day of exposure has given some people and some animals mesotheliomas.”

    Ridding your home of asbestos

    Asbestos removal is serious work — and hiring a properly certified professional is critical.

    If your state requires a license, confirm the company holds one and ask for individual asbestos removal certifications. Make sure they’re certified by both the Environmental Protection Agency and the Occupational Safety and Health Administration.

    Before the job starts, ask the contractor to walk you through the full abatement process. A reputable contractor should include an initial inspection, sealing off the area with HEPA filtration, minimizing airborne particles with a wetting agent, a final clearance test and proper disposal of all materials.

    As always, check reviews online with the Better Business Bureau and on contracting sites. For as large — and expensive — as asbestos removal, don’t hesitate to ask for recent references.

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    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • My new job has me on the road a lot. I claim mileage and get $200/month in car allowance — but I’m spending a fortune on gas. Should I buy a second, more fuel efficient car just for work?

    My new job has me on the road a lot. I claim mileage and get $200/month in car allowance — but I’m spending a fortune on gas. Should I buy a second, more fuel efficient car just for work?

    Balancing your work life with your personal life is hard enough — especially when both rely on the same car.

    Say you’ve just taken a new job that has you driving constantly in your own vehicle. The company helps out by reimbursing you per mile and even offers a monthly stipend. Altogether, that’s about an extra $1,000 a month added to your paycheck.

    At first glance, it seems like plenty to cover the costs. But there’s a catch: your personal vehicle is a notorious gas-guzzler, averaging just 20 miles per gallon. Between frequent fill-ups and ongoing maintenance, you’re watching more than half of that extra money disappear every month.

    Faced with these rising costs, you might think buying a second, more fuel-efficient car is the obvious solution. But before making that move, it’s worth asking: Will it really save you money in the long run?

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    Getting a second car pros and cons

    While many Americans toil behind a desk during the workday, others are chasing checks, in part, by hitting the road. According to the U.S. Bureau of Labor Statistics, 30% of civilian jobs require some form of driving, including jobs like food delivery, sales and social work. Additionally, the average age of cars on the road is nearly 13 years old. That means a growing number of Americans are putting serious mileage on aging vehicles.

    There are pros to shifting some of that use onto a second, newer and more fuel-efficient car — the main one being that it could save you significantly at the pump.

    Let’s say you drive 12,500 miles per year just for your job, gas is $3.25 per gallon and your personal car only gets 20 miles per gallon. Switching to a car that gets 40 miles per gallon could save you a little more than $80 a month, or $998 per year on work-related commuting. Not bad.

    Getting a second car just for work can also help extend the life of your current car, and you may be able to make tax deductions on mileage and vehicle-related expenses.

    But that doesn’t mean there won’t be other costs, both up-front and in the long run.

    At the Department of Motor Vehicles, you would have double the registration costs and property tax payments (depending on your state), not to mention double the state inspections, insurance premiums and monthly payments if you don’t buy the car in cash.

    And even if your second vehicle is new and efficient, that doesn’t mean it won’t need some maintenance along with your other car. Plus, if you live in an apartment complex or condo, you might need to pay for an additional parking spot, which can cost hundreds per month.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    Budgeting for a second vehicle

    Getting a second car for work is not a simple decision, especially if you can’t pay cash for the additional ride. Americans have a whopping $1.64 trillion dollars in car loan debt, with the average payment for a new vehicle being $745. You should evaluate your budget and job situation to see if it’s worth taking on another vehicle.

    Figure out how much you’re spending on gas per month and how many miles you are driving for your job, including how much your employer reimburses you. The IRS’s 2025 mileage rate is 70 cents per mile for businesses, and some employers may reimburse more than that or add monthly stipends on top of the mileage rate. Use a calculator to compare gas costs for your car versus a fuel-efficient model.

    Consider your financial situation and ability to make monthly payments on a new car. Will the savings at the pump, potentially lower maintenance costs and employer reimbursement outweigh the hundreds you may owe per month?

    Two cars for a single person may be too much, especially if you want to keep one car strictly for work and the other for personal use — not to mention multiple annual registrations, maintenance and payments. Do you have the space to house both cars? Can you afford a second parking spot (if your apartment or condo complex even allows multiple vehicles)?

    And finally, if your personal vehicle bites the dust, will you be okay with making your second car your primary ride? Ultimately, the right move depends on both your lifestyle and your bottom line.

    What to read next

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    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • I’m 67, retired and was bored out of my mind until I found a side hustle to keep myself busy while earning extra cash. Here’s how you can stay engaged in your golden years

    I’m 67, retired and was bored out of my mind until I found a side hustle to keep myself busy while earning extra cash. Here’s how you can stay engaged in your golden years

    After decades in the workforce, the prospect of a relaxing retirement might seem like paradise. Imagine waking up without an alarm, enjoying leisurely mornings and finally diving into all those hobbies you’ve dreamed about for years. Sounds perfect, right?

    But what happens when the novelty wears off and boredom creeps in?

    Picture this: Jake is 67 years old, one year into retirement and the leisurely lifestyle isn’t as fulfilling as he expected. Restlessness has him craving the stimulation and social connections work once provided. On top of that, the Canada Pension Plan (CPP) cheques feel a little underwhelming, which had him thinking about re-entering the workforce.

    If this description puts a fright in you, you’re not alone. A 2024 report from the National Institute on Ageing found that 43% of Canadians over the age of 50 are at risk of social isolation, while 59% experience some degree of loneliness. Additionally, 36% of Canadians over the age of 50 have very (13%) or somewhat (23%) weak social networks.

    So, what’s a frustrated retiree to do? Lucky for Jake, he found a solution. He decided to work as a driver for a ride share and courier company. Now, he gets the social interaction he craves while making a bit of cash. He also works only a limited number of hours.

    If you want to go back to work, you don’t have to jump straight back into a 40-hour workweek. Even a part-time gig can offer financial, psychological and lifestyle benefits. Let’s dive into why staying busy could be your secret to a truly satisfying retirement.

    Mental stimulation

    Picking up a side gig or part-time work during retirement is more than financially rewarding, it can also keep you socially engaged. Work provides plenty of opportunities for social interaction, either with customers or coworkers.

    It can also encourage a structured routine, helping to restore a sense of control and purpose. The American Psychiatric Association notes how some research indicates those who maintain a clear purpose experience less stress and greater resilience in challenging situations.

    Your expertise has value. If you find work in your old field — let’s say through consulting or freelancing — you have an opportunity to both refine your skills and pass on what you’ve learned. Sharing and growing your knowledge can be gratifying, and you can make a few extra bucks while you’re at it.

    Financial benefits

    Living on a fixed or limited income can be stressful, especially if you’re trying to balance achieving your retirement goals with paying the bills. Getting a side gig can help ease some of this stress, giving you extra cash flow for expenses that the CPP won’t cover.

    Even better, returning to work and finding a gig offering health benefits might cover reduce any prescription costs you may have.

    While your CPP payments get adjusted annually the longer you wait to start collecting it (8.4% per year), for many seniors this may not be sufficient in the current cost of living crisis. A side hustle can help limit uncomfortable belt-tightening so you can have money to travel, spend time with family and cross off some of your bucket-list items.

    Thankfully, if you choose to continue to work in some capacity after 60 (when you are eligible to receive CPP), you will not reduce how much you earn from the benefit. In fact, you could increase it by means of the CPP post-retirement benefit. The government will automatically pay you this benefit the following year and you’ll receive it for the rest of your life. However, CPP contributions will be cut off when you reach 70 years of age, even if you’re still employed in some capacity.

    Preparing for the calm

    If you’re nearing retirement and fearing a perceived boredom of life after your career, there’s still time to plan for a stimulating and fulfilling retirement. Let’s look at some ways you can prepare for the lifestyle change:

    Experiment now, avoid trouble later: There’s no time like the present — why not pick up some different hobbies before you retire? If you find one or more that really interest you, make that your passion project once you finish work. Consider picking an activity that can involve social interaction via clubs or classes you can join. That way, you get the benefits of social engagement and mental stimulation.

    Prepare a routine: Create a daily or weekly structured routine before retirement. In his 2022 TEDx Talk, Dr. Riley Moynes, author of The Four Phases of Retirement, says that phase two for retirees can bring on a sense of loss in identity and purpose. Avoid this by setting daily tasks and focusing on ways to keep yourself busy, ahead of time.

    Stay near friends and family: If you’re able, retiring near friends and family can provide a nearby support network and help avoid social isolation and loneliness. If you and your spouse are retiring together, consider building a plan that keeps you both active, engaged and communicative with each other.

    Sources

    1. National Institute on Ageing: Perspectives ongrowing older in Canada: The 2024 NIA Ageing in Canada Survey survey, by Natalie Iciaszczyk; Gabrielle Gallant; Talia Bronstein; Alyssa Brierley; Dr. Samir Sinha (Jan 28, 2025)

    2. American Psychiatric Association: Purpose in Life Can Lead to Less Stress, Better Mental Well-being (Dec 7, 2023)

    3. YouTube: The 4 phases of retirement | Dr. Riley Moynes | TEDxSurrey (May 26, 2022)

    This article I’m 67, retired and was bored out of my mind until I found a side hustle to keep myself busy while earning extra cash. Here’s how you can stay engaged in your golden years originally appeared on Money.ca

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.