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Author: Chris Clark

  • Degrees aren’t enough: Why educated professionals are now juggling multiple jobs to stay afloat in today’s economy

    Degrees aren’t enough: Why educated professionals are now juggling multiple jobs to stay afloat in today’s economy

    In February 2025, nearly 9 million Americans held multiple jobs. What’s more surprising? Many of these moonlighters aren’t just scraping by — they have college degrees and stable careers.

    A new report from the Federal Reserve Bank of St. Louis highlights this striking shift, revealing that even educated professionals now juggle multiple gigs just to keep pace financially.

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    The Fed also notes an interesting dilemma in the data: Moonlighting workers contribute to the tight labor market by working more total hours across different jobs.

    Because these over-employed individuals are already the gaps in the workforce, their extra hours may reduce opportunities for unemployed people seeking traditional full-time positions.

    “Overemployed workers demonstrate a clear willingness to trade higher hourly wages for increased total earnings,” the report states. ”By working significantly more hours, they effectively increase their annual compensation. This behavior might be attributed to a desire to keep pace with recent inflation, as individuals actively seek ways to supplement their income and counteract the erosion of purchasing power.”

    Gone are the days when multiple-job holders were primarily low-wage earners trying to make ends meet. Today, even those with diplomas proudly hanging on their walls are pulling double duty. But what’s driving educated Americans to hustle harder than ever?

    The economic squeeze

    First, let’s talk inflation. It’s relentless and unforgiving, with prices for groceries and other everyday items remaining high. For many younger workers, student loan debt is a significant burden on their cash flow. As of March 202, about 4 million borrowers were behind on their student loan payments, making a substantial increase in delinquency rates since the resumption of payments after the pandemic pause.

    But economics isn’t the only factor behind the trend.

    A cultural shift in how Americans perceive work also plays a significant role. Millennials and Gen Z, in particular, are more accepting of multiple income streams as a strategy for achieving financial independence and career flexibility.

    For them, holding several jobs can be as much about autonomy, skills diversification and creating financial resilience as much as simple survival.

    The pandemic accelerated this shift dramatically, normalizing remote and hybrid work arrangements. Digital platforms like Fiverr, Uber, and Upwork have made securing supplemental income opportunities easier than ever.

    Now, educated professionals effortlessly toggle between primary jobs and side hustles, exploiting digital tools and remote work to maximize their earning potential.

    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 dark side of moonlighting

    Despite the benefits, working multiple comes at a cost. The harsh reality? Chronic stress, burnout and diminished work-life balance. Constantly juggling competing priorities, deadlines and employer expectations is an exhausting endeavor, placing workers at risk for mental and physical health issues.

    Financially, the juggling act can also get messy. Multiple income streams complicate tax filing and financial planning, requiring careful tracking and strategic management. Without proper oversight, extra earnings could be swallowed by taxes and financial inefficiencies.

    Then there’s the lack of labor protections. Many side gigs don’t offer essential worker benefits such as health insurance, retirement contributions or paid leave, leaving educated workers exposed and vulnerable. If economic conditions worsen or personal crises arise, these workers could face rough financial setbacks.

    Will the trend become permanent?

    Experts increasingly believe that multi-job holding, especially among educated workers, is shifting from a temporary trend to the new norm. With ongoing economic volatility, student debt, inflation and changing workforce expectations, this pattern seems likely to stick around.

    So, what does this mean for the future?

    Employers may have to adapt quickly. To retain top talent, they’ll need to offer more flexibility, competitive compensation and incentives that acknowledge their employees’ changing economic realities.

    “Lifetime employment at a single job is largely a thing of the past,” entrepreneurship expert Caroline Castrillon recently wrote in a recent Forbes article examining the rise of non-linear career paths. “While some employers may frown upon non-linear careers, those attitudes are quickly changing.”

    The bottom line is clear: Even a college degree no longer guarantees financial security. As educated Americans hustle harder than ever, the very structure of the workforce is transforming. Multi-job holding isn’t just about extra pocket money anymore — it’s rapidly becoming essential for survival in today’s unpredictable economy.

    What to read next

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

  • We have 3 adult children and financially support the oldest — she’s married and unemployed with a kid. I think we should provide equal support but my husband disagrees. What do we do?

    We have 3 adult children and financially support the oldest — she’s married and unemployed with a kid. I think we should provide equal support but my husband disagrees. What do we do?

    Parents spend nearly two decades preparing their children to grow up and leave the nest. But sometimes those little birds fly back, and they need financial help. But how much is too much, and when there’s multiple children involved, when does that help become unfair?

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    Those questions are haunting plenty of parents these days.

    It sounds like you and your husband can’t agree on whether to provide equal financial assistance to your three kids. Your husband may believe one child needs more support because of their circumstances or what they have done for you. You may think the other two deserve and need to be helped as well.

    How can parents keep a healthy family dynamic when one or more of their adult kids need help?

    Create a plan

    Couples usually love their children and want to help, but their handouts may come at the expense of their own retirement planning. There’s no getting around the anxiety – and the money math – of just how much help their kids need.

    In this case, Mom and Dad are also a house divided.

    If you’re a parent and this scenario sounds familiar, you may already know that supporting your adult children financially is hard work. But your marriage and relationships with your kids can benefit greatly from some advance planning. Have a long discussion with your partner on these points. Getting on the same page with your spouse is the first step before giving your adult children any significant sum of money and can help avoid future arguments.

    Don’t overextend yourself: Budget just how much you can afford to give without jeopardizing your own financial health. While being able to help our kids at any age seems like the right thing to do, a new study from Savings.com found nearly 50% of parents who financially support at least one adult child say they have sacrificed their financial security to help their grown kids financially. Will you provide just the essentials? Pay off credit debt? Finance their future financial dreams or goals? Such questions are worth resolving first before anyone’s asked for a dime.

    Decide on fairness: Decide if you’re going to give each child an equal amount or if you will adjust based on their situation. Does one deserve more help than the other two? “Maybe one kid lost their job, or maybe they’re having a harder time getting a business off the ground,” said Leslie Tayne, a financial attorney and author of the book Life & Debt, to Synchrony Bank. “These are all OK times to help out one child more than another.”

    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 blog post added: "But all financial professionals caution against allowing an adult child’s short-term financial need to become long-term financial dependency."

    There’s no easy answer, but it’s time to think carefully about your reasons and what impact your actions have. Determine if your help is based on your child’s financial behavior. If the money is helping with discretionary spending or anything other than the everyday basics, it’s fair to scrutinize the help and ask if feeding a child’s poor spending habits is doing more harm than good. Consider if your support for one child is affecting their motivation or drive. Is your eldest really in more need of help than the other two or is she making a choice to rely on you more?

    Setting financial boundaries with your children

    If you’ve decided to set limits on how much you can give to each child, you need to communicate that to them. Be clear on your own financial goals and retirement plans so your kids know what you can afford.

    Being firm on what you’re willing to fund and for how long is critical, so your children know you haven’t morphed into a 24-7 ATM. Communicate your support boundaries, and expect pushback. But now that you’re aligned as parents, you’re ready to stand your ground.

    Be specific, too. For instance, for your first child, consider calculating their exact monthly rent and for how many months you’re willing to pay it. If you can’t give lots of money to your adult children, you can still support them emotionally and encourage success. Offer help on their resumes, interview skills, money-saving tips, and offer to help them find a life or financial coach if needed.

    What to read next

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

  • Houston man says city contractors used his property as a dumping ground, then left his driveway unfinished for 8 months — and he suspects they still got paid anyway

    Houston man says city contractors used his property as a dumping ground, then left his driveway unfinished for 8 months — and he suspects they still got paid anyway

    Houston homeowner Juan Corrales didn’t ask for much — just that his driveway be repaired like the rest of his neighbors’ as part of a city-funded sidewalk replacement and accessibility project. Instead, Corrales says he got skipped entirely, his property turned into a dump site for construction debris and, worse – the city’s contractors were still paid.

    “The porta potty smelled really bad,” Corrales told KPRC 2 News, describing the area in front of his unattended driveway.

    “There were animals everywhere, and then neighbors started stopping by and throwing trash because they saw more trash.”

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    Corrales complained to city hall, calling out what he says is a broken system that fails to hold contractors accountable — even when residents are left cleaning up the mess.

    Skipped and dumped on, by the city

    Houston’s Pedestrian Accessibility Review Program has been working to upgrade sidewalks and driveways across the city’s neighborhoods. The goal: improve accessibility for pedestrians and those with disabilities.

    In theory, Corrales’ street should have been a beneficiary of that effort. Crews rolled in, broke ground and upgraded most of the driveways and walkways on his block. But somehow, when it came time for Corrales’ home, the work stopped. His driveway was never completed.

    “The city started pouring all the driveways on both sides of the street,” Corrales said. “But they didn’t pour mine.”

    Instead, after agreeing to let the contractor store heavy equipment on part of his property, he says the area in front of his driveway became a dumping ground for concrete chunks, dirt and refuse.

    To make matters worse, Corrales suspects the contractors got paid, even though the job on his property was never finished.

    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

    He called, emailed and waited — but nothing changed

    Frustrated, Corrales says he spent months trying to get answers. He documented everything: the state of his driveway, the construction debris and trash as it piled up. At one point, city crews did return and cleaned up some — but not all of the mess.

    For Corrales, it’s not just about an unfinished driveway.

    “They came back just to take stuff away. Not to fix anything,” Corrales said. “How does that make sense?”

    Finally, the city told KPRC that cleanup and the actual repairs that his neighbors received would be completed by mid-May.

    What you can do in your city

    The city’s promise might bring some closure for Corrales, whose story highlights a common frustration for residents dealing with city projects: When things go wrong, it can be tough to get help, and even tougher to get accountability.

    So what can you do if your property is damaged or neglected during city work?

    1. Document everything

    Take clear photos and video of the issue, including time stamps if possible. Keep records of any communication with city departments or contractors.

    2. File a formal complaint

    Most major U.S. cities, including Houston, have 311 systems or online portals where you can submit service requests. The 311 number service was first introduced in Baltimore in 2001 and has since been adopted by many large cities, including New York, San Francisco, Los Angeles, Chicago, Dallas and Washington, D.C. If you call 311, have your notes ready: Be specific and include all your documentation.

    3. Follow up, repeatedly

    It’s often not enough to file once. Call back, email and escalate to higher offices if needed, including your city council representative.

    4. Ask about compensation

    Cities may offer compensation or reimbursement for damage, but you often have to request it — and the bar is high. And, approval isn’t guaranteed.

    5. Seek legal advice

    If your property is seriously damaged or you believe fraud is involved, it may be worth consulting a lawyer or consumer advocacy group. It’s also worth checking whether the contractor was bonded or insured. If so, you may be able to pursue a claim through that route as well.

    What to read next

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

  • 5 big things that disappear after you retire in Canada: Are you prepared?

    5 big things that disappear after you retire in Canada: Are you prepared?

    Retirement is often seen as the long-awaited reward after years of hard work. The daily grind of morning alarms, office politics and stressful commutes finally come to an end, regaining full control over your time and how you spend it.

    While retirement offers newfound freedom, it also brings some unexpected losses. Some, like a steady paycheque, are obvious. Others, like a sense of purpose, might sneak up on you.

    Without proper planning, these changes can leave you feeling unprepared. Here are five major things that tend to disappear in retirement, and what you can do in the present to make sure they don’t catch you off guard in the future.

    1. The financial safety of your paycheque

    The most immediate change when you retire is the loss of your steady income. For years, your paycheque arrived on a set schedule. In its place, you’ll rely on withdrawals from your RRSP, TFSA, CPP, OAS and any other savings, pension plans or investments you’ve built up over time.

    Many Canadians find this transition more jarring than they expected. Moving from earning and saving to withdrawing and budgeting can feel uncomfortable. Diversifying income streams through investments, rental income or part-time work can help ease financial stress.

    With CIBC Investors Edge you can invest in low-cost exchange traded funds (ETFs) and reap the benefits of consistent long-term investing as a way to build up your retirement nest egg and mitigate the stress of losing your paycheque.

    Build your own investment portfolio with the CIBC Investor’s Edge online and mobile trading platform and enjoy low commissions. Get 100 free online equity trades when you open a CIBC Investor’s Edge account using promo code EDGE100.

    2. Your risk tolerance

    While working, taking risks with investments can feel manageable because you’re still earning and contributing. If the stock market dips, you have time to recover.

    But in retirement, market downturns have a bigger impact on your portfolio and your ability to withdraw funds safely.

    This is why it’s essential to optimize your savings and spending so you have a cash cushion in retirement. Using a chequing account that pays high interest — like the EQ Bank Personal Account —will allow you to earn high interest on your day-to-day spending and be better prepared if you need funds to fall back on.

    The EQ Bank Personal Account offers the interest-earning potential of a high interest savings account, at a rate of 3.50% per dollar, while also having easy access to your money when you need it.

    To further prepare yourself for retirement, you should consider paying down any high-interest debts as soon as possible, so you’re not saddled with high payments during your golden years.

    You can make this process easier by finding a debt consolidation loan through Loans Canada

    Loans Canada is a lending platform that specializes in matching Canadians with suitable lenders, so you can find a rate that works best for your financial circumstances, lessen your financial burdens and enjoy your retirement.

    3. Your sense of purpose

    Work isn’t just about earning money. It also provides structure, social interaction and a sense of accomplishment. Retirement can leave many people feeling lost.

    A study by the National Library of Medicine found that lacking a sense of purpose can lead to depression, substance use and self-derogation. Social isolation is also a growing concern, particularly for men, who tend to have fewer social connections outside of work; The Government of Canada states how 30% of seniors are at risk of becoming socially isolated.

    The best way to avoid this emotional downturn is to plan beyond just your finances. Volunteering, pursuing hobbies or even taking on part-time work can help create structure and fulfillment.

    4. Employer-sponsored benefits

    Losing a paycheque is one thing, but losing employer-sponsored benefits — especially health insurance — can be even more challenging. In Canada, provincial healthcare covers many medical expenses, but not everything.

    Prescription drugs, dental care, vision care and long-term care costs can add up quickly. A report from Innovative Medicines Canada found that nearly 70% of Canadians — or more than 27 million — rely on employer-sponsored health plans for supplemental coverage.

    If you retire before 65, you may need to purchase private health insurance or pay out-of-pocket for certain medical expenses. Planning ahead by setting aside savings specifically for healthcare or considering a retirement health plan can help bridge the gap.

    5. Your spending habits

    Many retirees enter what financial planners call the “retirement honeymoon” phase — travelling more, dining out frequently and taking on expensive hobbies. While this newfound freedom is well-deserved, it can lead to financial trouble if spending isn’t balanced with long-term needs.

    Just like in pre-retirement life, emergencies can happen at any time that might blow up your fixed monthly budget.

    Let’s say, you have a pet that needs emergency care or regular vet visits, you can avoid breaking the bank on these costs by getting a pet insurance policy through Spot Pet Insurance. Spot offers customizable deductibles and reimbursement rates so you can choose what is best for you. Get a quote today so you can be prepared for unexpected costs during retirement.

    Tracking expenses and adjusting for different phases of retirement can help maintain financial stability throughout your later years.

    Consider using a money management app like Monarch Money to help keep you on track. Monarch Money allows you to track your spending, investments and account balances all in one place so making a budget is streamlined.

    Sign up for Monarch Money today and Get 50% OFF your first year with code MONARCHVIP.

    Sources

    1. National Library of Medicine: Purpose in Life in Older Adults: A Systematic Review on Conceptualization, Measures, and Determinants, by PV AshaRani, Damien Lai, JingXuan Koh and Mythily Subramaniam (May 11, 2022)

    2. Innovative Medicines Canada: Unlocking the Benefits: Private Drug Coverage’s Role in Canada’s Healthcare Landscape

    3. Scotia Wealth Management: Healthcare costs in Canada: Planning for inflation-adjusted care (Jan 14, 2025)

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

  • 401(k) investors are fleeing US stocks, target-date funds and putting their money in these 3 places. Should you follow the crowd?

    401(k) investors are fleeing US stocks, target-date funds and putting their money in these 3 places. Should you follow the crowd?

    The U.S. stock market has always been a rollercoaster, but on some days lately, the ride has felt more like a freefall — and many retirement investors are panicking.

    Don’t miss

    March 2025 marked the busiest month for 401(k) trading activity since the early COVID-19 market crash in October 2020, according to Alight Solutions. Nearly half the days saw above-normal trading. The trigger? Possibly a perfect storm of market volatility, high interest rates, and political uncertainty tied to President Trump’s latest economic policies.

    Faced with flashing red numbers on their screens, many 401(k) participants are yanking their money out of stocks and rushing toward what they hope are safer havens. But while the urge to protect your nest egg is understandable, following these jittery retirement savers might just set you up for even bigger losses later on.

    Where 401(k) investors are moving their money

    According to the latest Alight 401(k) Index, the flows were unmistakable. Outflows were primarily from U.S. large-cap stock funds and target-date retirement funds, typically the backbone of long-term portfolios. Meanwhile, inflows mainly surged into stable value funds, bond funds, and money market funds.

    Stable value funds were the biggest winners, pulling in about 40% of the month’s trading inflows. Offered only in retirement plans, these funds contain high-quality short- to intermediate-term bonds and are designed with insurance wrap contracts to protect both principal and accumulated interest. This means upon withdrawal participants are guaranteed both even if the bonds in the fund declined in value.

    It’s essentially the financial equivalent of crawling under the covers during a thunderstorm. “It can be a good risk mitigator if you have already built your nest egg and you’re trying to maintain it,” said Jania Stout, president of Prime Capital Retirement & Wellness, to CNBC about these assets.

    Younger investors are new to giant market swings and might panic, causing higher trading activity, Alight analyst Rob Austin told the National Association of Plan Advisors. “It’s the first time they see their 401(k)s decline. They pull it out to put it into something safe. Unfortunately, though, they did it now when stocks have already gone down, which is what we typically see. People don’t get back into equities until after they’ve rebounded. So, it’s buying high and selling low. That’s really what’s happening.”

    It’s easy to see why. After years of steady gains, recent market shakiness can be alarming. Retirement accounts that once seemed untouchable are suddenly shrinking, and the idea of “waiting it out” feels a lot harder when it’s your future on the line.

    But in the rush for safety, many investors risk making a classic mistake: reacting emotionally and moving money to low-risk fixed income assets instead of thinking strategically.

    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 hidden risks of abandoning stocks

    When markets get rocky, the gut reaction is simple: Get out before things get worse. But history is pretty clear about the risks of trying to time the market.

    Investors who flee stocks during downturns don’t just miss the worst days. They also often miss the best recovery days, those sudden rebounds that recoup losses and build long-term wealth. And missing even a few of those key days can kneecap your returns for years, if not decades.

    Consider this: If you missed the 10 best days in the market over the 20 years from Jan. 3, 2005 to Dec. 31, 2024, your returns would have been almost cut in half compared to a fully invested portfolio, according to J.P. Morgan Asset Management data cited by CNBC.

    Timing the market requires being right twice: once when you sell and once when you buy back in. And very few investors, professional or amateur, manage to pull it off consistently.

    Stable value funds have their place, especially for investors who are near retirement and can’t afford major losses. But for anyone with more than five years until retirement, pulling too much out of stocks can actually increase the risk that you’ll run out of money later on.

    “Don’t be fooled by investment risk and not consider inflation risk,” Austin said to CNBC. “You might not see your account value go down, but inflation continues to be high: Will you outpace that enough to keep your portfolio growing?”

    Stocks, despite their volatility, have historically been the best way to outpace inflation and grow wealth over long periods. Giving up that growth potential too soon could mean smaller retirement income, fewer lifestyle choices, and a much harder road ahead.

    A popular rule of thumb says you should subtract your age from 110 to know how much of your portfolio should be in equities. Speak to your financial advisor about the right asset allocation for your age and financial goals.

    What to read next

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

  • JP Morgan Chase is targeting even more customers who allegedly used ‘infinite money glitch’ to steal cash, report says — here’s how the scheme worked and what consumers should know

    JP Morgan Chase is targeting even more customers who allegedly used ‘infinite money glitch’ to steal cash, report says — here’s how the scheme worked and what consumers should know

    It was a scheme too good to be true — and now, the bank wants its money back.

    A number of fresh lawsuits have been filed against JPMorgan Chase customers nationwide accused of exploiting what became known on social media as the “infinite money glitch,” according to CNBC. The scam briefly let users withdraw phantom funds out of their bank accounts.

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    "We’re still investigating cases of fraud and cooperating with law enforcement — and we’ll do that for as long as it takes to hold fraudsters accountable," Drew Pusateri, a spokesperson for the bank, told the broadcaster in story published April 16.

    CNBC says a source familiar with the company’s actions revealed the bank is now targeting customers who allegedly stole amounts below $75,000, and letters were sent to over 1,000 customers demanding they repay funds.

    How the glitch worked

    The "infinite money glitch" involved depositing fake checks into an ATM and withdrawing the money before the checks bounced. It’s a form of check fraud.

    This scheme became widely known in August after spreading quickly on social media. The core exploit was that the bank’s system temporarily made funds from deposited checks available before the bank had time to verify and clear the check.

    JPMorgan Chase has filed new lawsuits in multiple states, including Georgia, New York, Texas and Florida, against individuals accused of exploiting the glitch, per CNBC. The bank previously focused on larger cases in federal court but is now pursuing smaller cases in state courts.

    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

    "On August 29, 2024, a masked man deposited a check in Defendant’s Chase bank account in the amount of $73,000," the bank said in a suit filed in Georgia on April 15, according to CNBC. The bank further claimed a series of cash withdrawals at two Chase branches in the state totaling $82,500 had been made before the check bounced after six days.

    CNBC withheld the defendant’s name, but says the lawsuit claims they owe the bank $57,8847.69 and have yet to comply with requests to return the funds.

    A warning about social media-fueled fraud

    This isn’t the first time a financial hack has gained popularity online, and it may not be the last. If there’s one lesson here, it’s this: taking advantage of a "glitch" doesn’t make it legal, and companies will come after you.

    This case also highlights a broader truth in today’s finance world: viral "hacks" that promise fast cash almost always come with strings attached — whether legal, financial or ethical. If something seems like it breaks the rules, it probably does.

    And if you’re ever tempted by a so-called infinite money trick, remember: the banks have lawyers. Lots of them.

    It’s always best to stay on the cautious side.

    What to read next

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

  • ‘Any reduction in federal Medicaid spending would leave states with tough choices’: Musk’s taking the chainsaw to federal budget has experts sounding the alarm

    ‘Any reduction in federal Medicaid spending would leave states with tough choices’: Musk’s taking the chainsaw to federal budget has experts sounding the alarm

    Musician Cat Stevens (Yusuf) once ruefully sang that the first cut is the deepest, which explains why many Americans are bracing themselves for the fallout of Elon Musk and the Department of Government Efficiency’s (DOGE) cutting of the federal budget.

    The world’s richest man wants to cut $1 trillion from the federal budget. In a recent Fox News interview, Musk declared that the cuts wouldn’t harm essential U.S. services, promising Americans they could have their fiscal cake and eat it, too.

    Don’t miss

    “The government is not efficient,” Musk said. “There’s a lot of waste and fraud. So, we feel confident that a 15 percent reduction can be done without affecting any of the critical government services.”

    But as analysts and concerned citizens point out the numbers — and reality — might not add up to Musk’s optimism.

    Millions of Americans depend on essential services like health care and retirement support, so the coming months may prove critical in determining whether Musk’s actions will deliver prosperity or deepen economic woes.

    What does $1 trillion in cuts really mean?

    What’s pinching the chain in Musk’s cuts is President Donald Trump’s recent round of tariffs.

    The broad-sweeping tariffs, which have been on-again, off-again with varying nations, have driven a wedge between his administration and the Tesla billionaire. Since Inauguration Day, DOGE has spearheaded layoffs across all departments of the federal government, leading to concerns that Musk is moving too fast and endangering services counted on by millions of Americans.

    DOGE, and its cuts, have yet to be approved by Congress. But Musk and his team argue that federal spending has ballooned irresponsibly, claiming wasteful expenditures can easily absorb these cuts without hurting Americans’ daily lives. Recent events, however, suggest the reality might be more complicated.

    Cuts made by DOGE are impacting older adults particularly hard. Social Security offices, a vital resource for retirees managing their benefits, have seen significant staffing cuts, causing online systems to buckle and physical locations to become overwhelmed.

    Older Americans — many unfamiliar with digital platforms — now face hurdles to support. Retirees have flooded social media and news outlets venting their frustrations, suggesting Musk’s self-described “revolution” feels more like abandonment.

    The cuts have also injected unpredictability into the stock market. Experts suggest Wall Street, already in turmoil over tariffs, might be underestimating the impact of the DOGE cuts, which could reduce consumer confidence.

    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 if Medicare and Medicaid are on the chopping block?

    Beyond these immediate impacts lies a deeper concern: Experts warn the math behind Musk’s $1 trillion cuts doesn’t add up without significantly scaling back Medicare and Medicaid. They represent nearly a quarter of the federal budget.

    If cuts are made to Medicare and Medicaid, millions could find their health coverage compromised or significantly reduced.

    Currently, Medicare serves approximately 67 million Americans. Medicaid provides essential healthcare to roughly 72 million low-income individuals, including children, older adults in nursing homes and disabled Americans. Any substantial reduction in these programs would inevitably ripple across communities, straining hospitals and leaving countless families struggling to afford basic medical care.

    Health policy experts have sounded the alarm for those reasons. According to a recent Kaiser Family Foundation report, cutting even a small percentage of Medicare or Medicaid could lead to thousands of healthcare facility closures, disproportionately affecting rural and underserved urban areas.

    “Any reduction in federal Medicaid spending would leave states with tough choices about how to offset reductions through tax increases or cuts to other programs, like education,” Kaiser Family Foundation analysts concluded in a recent Medicaid brief studying the impacts of proposed Medicaid cuts. “If states are not able to offset the loss of federal funds with new taxes or reductions in other state spending, states would have to make cuts to their Medicaid programs.”

    Public reaction

    Public skepticism (and incredulity) underscore a fundamental tension between Musk’s economic vision and the gritty realities facing everyday Americans.

    Economists widely acknowledge the need for fiscal responsibility and targeted spending cuts. However, Musk’s trillion-dollar gamble highlights crucial trade-offs between government size and service quality, forcing hard conversations about national priorities. As debates rage and details emerge, citizens must remain informed and engaged, understanding exactly what’s at stake.

    What to read next

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

  • ‘I want to live’: West Virginia miners say the stakes for them are life-and-death as Trump hollows out safety support. How POTUS’s pickaxe is hitting colliers where it hurts

    ‘I want to live’: West Virginia miners say the stakes for them are life-and-death as Trump hollows out safety support. How POTUS’s pickaxe is hitting colliers where it hurts

    “You are suffocating. And that’s what’s going to kill you.”

    That’s the bleak reality facing Virginia coal miners, retired miner John Robinson told ABC News, as he opened up about work underground while living with black lung disease.

    Now federal cuts to safety programs raise the life-and-death stakes for miners like him even higher.

    Don’t miss

    Black lung disease, a severe respiratory illness, is on the rise as miners work deeper than ever beneath the Earth’s surface. At such depths, they’re exposed to silica — a naturally occurring compound 20 times more toxic than regular coal dust.

    While Trump has promised to get coal booming again in the U.S., he is cutting funding to the National Institute of Occupational Safety and Health (NIOSH).

    Since it was set up in 1970, this federal agency has enforced worker safety across the U.S., including maintaining health surveillance programs to monitor and protect miners from black lung disease and other job-related risks.

    The Trump administration’s cuts have essentially shuttered the agency. As their layoffs loom in June, agency employees say that without adequate safety enforcement, there won’t be any people to extract coal. Miners agree.

    "You don’t take care of the miners, you ain’t going to mine coal," said one. "The machine don’t run by itself, you know what I’m saying?"

    Federal safety workers and politicians rally to protect miners

    About 800 NIOSH employees placed on leave have set up a “war room” in West Virginia to keep campaigning for mining safety until they are officially let go.

    One of them, epidemiologist Dr. Scott Laney was blunt about the impact of gutting of the agency.

    “It’s going to lead to premature mortality and death in these miners,” he said. “There’s just no getting around it."

    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

    Amanda Lawson, a West Virginia healthcare employee, is seeing the effects. Miners who come to her for care have “horrible” lung X-rays. She blames the Trump cuts, specifically the slashing of its right-to-transfer program, which shifts miners with high silica exposure to other locations.

    "There’s nobody to send them to get them some protection and get them moved out of the dust," Lawson told ABC.

    While Trump’s supporters on Capitol Hill have celebrated his efforts to cut government spending, some say he’s going too far, criticizing him and Robert F. Kennedy, Secretary of the Department of Health and Human Services, for slashing mining protections.

    In April, West Virginia Senate Republican Shelley Moore Capito wrote a letter to Kennedy arguing that while she supported Trump’s efforts to ‘right-size government’ she did not feel the NIOSH coal programs and research should be cut as they are unique.

    How can miners protect themselves?

    Unions like the United Mine Workers of America and community-based health monitoring programs might have to step up to monitor X-ray scans and correctly enforce PPE standards.

    Moreover, the U.S. Department of Labor’s Occupational Safety and Health Administration protections are still in place. Miners should aggressively report any unsafe working conditions — for their own sakes and their families.

    “I got a wife and two kids and two grandbabies, you know, and I want to live,” Robinson said.

    What to read next

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

  • This disabled Florida veteran is facing the loss of his home over $40,000-plus in solar panel debt — here’s why his ‘PACE’ loan was denied and how to avoid a similar nightmare

    This disabled Florida veteran is facing the loss of his home over $40,000-plus in solar panel debt — here’s why his ‘PACE’ loan was denied and how to avoid a similar nightmare

    When Florida veteran Esteban Ortiz signed up for solar panels, he thought he was making a smart, sustainable choice — lower energy bills, a greener home and no money down. Instead, he found himself in a nightmare: a fight for his home he never saw coming.

    “I got a notice that my house was going to be for sale on the courthouse steps on the 21st of this month,” Ortiz told WFTS in Tampa Bay. “My life really hasn’t been the same since all this started physically, mentally, emotionally.”

    Don’t miss

    Rather than reaping the benefits of renewable energy, Ortiz is on the brink of losing his home. In a desperate attempt to stop the financial bleeding, he had no choice but to declare bankruptcy.

    His story is a cautionary tale for homeowners looking to go green: not all solar financing is as good as it sounds.

    The problem with PACE

    Ortiz’s troubles started when he financed his solar panels through the Property Assessed Clean Energy (PACE) program, a government-backed initiative designed to make home improvements more accessible.

    PACE offers 100% financing for energy efficiency, renewable energy, water conservation and disaster resiliency upgrades. The catch? Instead of a traditional loan, the debt is added to the homeowner’s property tax bill and repaid over time — sometimes up to 30 years.

    But PACE loans come with a catch: they function as tax liens. If payments aren’t made, foreclosure can happen fast.

    That’s exactly how Ortiz got trapped. Not all Florida counties participate in the PACE, and while his county allows commercial loans under the program, it doesn’t permit residential ones. Ortiz believed he was approved for full financing, but the funding never materialized because of this restriction.

    Despite that, Volt Solar Solutions went ahead and installed the panels. When Ortiz couldn’t pay, the company filed a mechanic’s lien against his home. Compounding the issue, the attorney who prepared the lien, Joe Falluca, is also the president of Lien Liquidators — the company now trying to foreclose Ortiz’s home.

    Falluca told WFTS that the PACE program had failed to provide the financing it promised.

    Suddenly, Ortiz owed thousands of dollars he couldn’t afford, and his debt quickly escalated into a foreclosure threat. Unlike missing a mortgage payment — where homeowners often have time to negotiate — tax liens move fast, leaving little room to fight back.

    “I should have gotten an attorney, but not everyone has $3,000 or $4,000 on hand to pay for an attorney,” Ortiz said.

    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

    Avoiding solar scams

    Across the country, homeowners are lured into questionable solar financing deals with promises of lower bills, tax credits and no upfront costs. The Consumer Financial Protection Bureau (CFPB) warns that solar financing issues are rampant, with common problems including misleading claims about financial benefits and energy savings.

    Another common trap is misleading loans. Some financing options, like PACE, aren’t structured like traditional loans. Because the debt is tied to the property taxes through a lien, homeowners may not realize they’re putting their house on the line.

    Before signing anything, homeowners should ask, how the loan is repaid, whether it affects property taxes and if it carries foreclosure risks.

    Vetting both the contractor and the financing program is just as important. Checking online reviews, consulting local consumer protection agencies and verifying a company’s standing with the Better Business Bureau (BBB) can help avoid shady deals. And if a financing offer seems too good to be true, it probably is.

    Safer alternatives include home equity loans or solar-specific credit programs, which don’t automatically place a lien on the property and offer more flexibility in case of financial hardship.

    Save on energy without risking your home

    While solar power is a great way to reduce energy bills, homeowners should explore other cost-effective solutions.

    Installing a heat pump can significantly reduce heating and cooling costs, with federal rebates to offset installation expenses. Smart thermostats and energy-efficient appliances can also lower electricity bills without long-term debt.

    For those still interested in solar, explore legitimate incentive programs that don’t require risky financing arrangements. The Department of Energy’s Solar for All initiative is a good starting point, though funding freezes implemented by the Trump Administration have cast uncertainty over its future.

    Electric vehicles (EVs) are also gaining traction as an alternative way to cut household energy costs, especially when paired with off-peak charging strategies. And sometimes, the simplest fixes — like sealing air leaks, upgrading insulation or switching to LED bulbs — can cut energy consumption by 30% or more without taking out a loan.

    What to read next

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

  • 5 big things that disappear after you retire in Canada: Are you prepared?

    5 big things that disappear after you retire in Canada: Are you prepared?

    Retirement is often seen as the long-awaited reward after years of hard work. The daily grind of morning alarms, office politics and stressful commutes finally come to an end, regaining full control over your time and how you spend it.

    While retirement offers newfound freedom, it also brings some unexpected losses. Some, like a steady paycheque, are obvious. Others, like a sense of purpose, might sneak up on you.

    Without proper planning, these changes can leave you feeling unprepared. Here are five major things that tend to disappear in retirement, and what you can do in the present to make sure they don’t catch you off guard in the future.

    1. The financial safety of your paycheque

    The most immediate change when you retire is the loss of your steady income. For years, your paycheque arrived on a set schedule. In its place, you’ll rely on withdrawals from your RRSP, TFSA, CPP, OAS and any other savings, pension plans or investments you’ve built up over time.

    Many Canadians find this transition more jarring than they expected. Moving from earning and saving to withdrawing and budgeting can feel uncomfortable. Diversifying income streams through investments, rental income or part-time work can help ease financial stress.

    With CIBC Investors Edge you can invest in low-cost exchange traded funds (ETFs) and reap the benefits of consistent long-term investing as a way to build up your retirement nest egg and mitigate the stress of losing your paycheque.

    Build your own investment portfolio with the CIBC Investor’s Edge online and mobile trading platform and enjoy low commissions. Get 100 free online equity trades when you open a CIBC Investor’s Edge account using promo code EDGE100.

    2. Your risk tolerance

    While working, taking risks with investments can feel manageable because you’re still earning and contributing. If the stock market dips, you have time to recover.

    But in retirement, market downturns have a bigger impact on your portfolio and your ability to withdraw funds safely.

    This is why it’s essential to optimize your savings and spending so you have a cash cushion in retirement. Using a chequing account that pays high interest — like the EQ Bank Personal Account —will allow you to earn high interest on your day-to-day spending and be better prepared if you need funds to fall back on.

    The EQ Bank Personal Account offers the interest-earning potential of a high interest savings account, at a rate of 3.50% per dollar, while also having easy access to your money when you need it.

    To further prepare yourself for retirement, you should consider paying down any high-interest debts as soon as possible, so you’re not saddled with high payments during your golden years.

    You can make this process easier by finding a debt consolidation loan through Loans Canada

    Loans Canada is a lending platform that specializes in matching Canadians with suitable lenders, so you can find a rate that works best for your financial circumstances, lessen your financial burdens and enjoy your retirement.

    3. Your sense of purpose

    Work isn’t just about earning money. It also provides structure, social interaction and a sense of accomplishment. Retirement can leave many people feeling lost.

    A study by the National Library of Medicine found that lacking a sense of purpose can lead to depression, substance use and self-derogation. Social isolation is also a growing concern, particularly for men, who tend to have fewer social connections outside of work; The Government of Canada states how 30% of seniors are at risk of becoming socially isolated.

    The best way to avoid this emotional downturn is to plan beyond just your finances. Volunteering, pursuing hobbies or even taking on part-time work can help create structure and fulfillment.

    4. Employer-sponsored benefits

    Losing a paycheque is one thing, but losing employer-sponsored benefits — especially health insurance — can be even more challenging. In Canada, provincial healthcare covers many medical expenses, but not everything.

    Prescription drugs, dental care, vision care and long-term care costs can add up quickly. A report from Innovative Medicines Canada found that nearly 70% of Canadians — or more than 27 million — rely on employer-sponsored health plans for supplemental coverage.

    If you retire before 65, you may need to purchase private health insurance or pay out-of-pocket for certain medical expenses. Planning ahead by setting aside savings specifically for healthcare or considering a retirement health plan can help bridge the gap.

    5. Your spending habits

    Many retirees enter what financial planners call the “retirement honeymoon” phase — travelling more, dining out frequently and taking on expensive hobbies. While this newfound freedom is well-deserved, it can lead to financial trouble if spending isn’t balanced with long-term needs.

    Just like in pre-retirement life, emergencies can happen at any time that might blow up your fixed monthly budget.

    Let’s say, you have a pet that needs emergency care or regular vet visits, you can avoid breaking the bank on these costs by getting a pet insurance policy through Spot Pet Insurance. Spot offers customizable deductibles and reimbursement rates so you can choose what is best for you. Get a quote today so you can be prepared for unexpected costs during retirement.

    Tracking expenses and adjusting for different phases of retirement can help maintain financial stability throughout your later years.

    Consider using a money management app like Monarch Money to help keep you on track. Monarch Money allows you to track your spending, investments and account balances all in one place so making a budget is streamlined.

    Sign up for Monarch Money today and Get 50% OFF your first year with code MONARCHVIP.

    Sources

    1. National Library of Medicine: Purpose in Life in Older Adults: A Systematic Review on Conceptualization, Measures, and Determinants, by PV AshaRani, Damien Lai, JingXuan Koh and Mythily Subramaniam (May 11, 2022)

    2. Innovative Medicines Canada: Unlocking the Benefits: Private Drug Coverage’s Role in Canada’s Healthcare Landscape

    3. Scotia Wealth Management: Healthcare costs in Canada: Planning for inflation-adjusted care (Jan 14, 2025)

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