Author: Chris Clark

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.

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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.

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 says, ‘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.

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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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Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

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

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.

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 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.

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"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 claimed they owe the bank $57,8847.69 and had 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.

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• Financial aid only funds about 27% of US college expenses — but savvy parents are using this 3-minute move to cover 100% of those costs
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement
• This is how American car dealers use the ‘4-square method’ to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs

Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

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

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.

When you buy a used car through Facebook Marketplace, you’re usually hoping to snag a good deal on a replacement ride. But what happens when that “deal” turns into a money pit?

Let’s consider the case of a 35-year-old woman who, needing a budget-friendly vehicle to get to a new job, buys a used sedan from a Facebook Marketplace seller. It looks solid, seems to drive fine and the price is right. But within months, she’s spent thousands on repairs — and now the transmission has completely failed. With no emergency savings and already deep in debt, she’s stuck. Should she pay even more to fix the car, or cut her losses and move on?

Here’s how to weigh your options in a situation like this and what you can do to avoid falling into the same trap.

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Weighing your repair options

A failed transmission isn’t just another repair — it’s one of the most expensive issues your car can have. Replacing it could cost anywhere from $2,500 to over $5,000, according to J.D. Power. That’s a large bill for most people, especially for someone already in debt.

• Get a second opinion. Transmission estimates can vary widely, and some shops may recommend a full replacement when a rebuild or repair would suffice. Independent mechanics or transmission specialists may offer better pricing than dealerships.

• Look into used or rebuilt transmissions. These can be significantly cheaper than brand-new parts and often come with warranties.

• Ask about payment plans. Many repair shops offer financing or “buy now, pay later” options. These can help in the short term, but be careful, they often come with high interest rates or fees.

If the cost is still out of reach, it’s time to decide whether the car is worth saving.

Should you repair or walk away?

This decision depends on a few key factors:

The car’s value

If you’ve already spent thousands and the repair will cost thousands more, compare that total to what the car is actually worth. If the numbers don’t add up, continuing to invest might not be worth it.

Your lifestyle and transportation needs

Can you function without a car—at least temporarily? Public transit, biking, carpooling or rideshare services may be viable options while you regroup financially. But if you live in an area where a car is essential, you may have fewer choices.

Your financial situation

If repairing the car would prevent you from paying for essentials like rent, food or insurance, it’s probably time to move on. Even selling the car for scrap or parts might be a better outcome than digging deeper into high-interest debt.

Ultimately, you want to avoid throwing good money after bad. A car that continues to drain your finances can impact your ability to build savings, pay off debt or even maintain your credit score.

Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

Tips for avoiding costly used car pitfalls

Facebook Marketplace doesn’t offer buyer protections like a dealership might, which makes it even more important to do your homework before purchasing a used car. Here are some smart steps to take before you buy:

• Ask the seller to agree to a thorough inspection: Always insist on an independent mechanic’s inspection of any used car before purchasing. A professional evaluation can uncover hidden issues, saving you from future headaches.
• Request vehicle history reports: Obtain reports from reputable services like Carfax or AutoCheck. These reports can reveal accident histories, mileage discrepancies or major repairs.
• Verify maintenance records: Check if the previous owner maintained regular service intervals. Cars consistently serviced typically have fewer hidden problems.
• Be cautious on social platforms: Buying cars on platforms like Facebook Marketplace can save money but comes with higher risks. Always meet in public, request comprehensive paperwork, and verify the seller’s identity.

According to Capital One, more than 250 million people use Facebook Marketplace to sell items — but it’s still the digital Wild West when it comes to cars. Take precautions to avoid being stuck with someone else’s problem.

Buying a used car off Facebook Marketplace can be a smart way to save. But when a deal turns into a debt trap, you need to act fast. Shop around, get honest repair quotes and take a hard look at whether fixing the car is financially feasible. And if you decide to buy again, be thorough. A little caution upfront can save you a lot of cash down the road.’

What to read next

• Financial aid only funds about 27% of US college expenses — but savvy parents are using this 3-minute move to cover 100% of those costs
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement
• This is how American car dealers use the ‘4-square method’ to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs

Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

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

As online business owners, keeping finances secure and personal information safe for your customers are key to running a reputable business. But what about your own personal information as the one running the shop?

Imagine this: You run an online business making routine transactions with customers all over the country through a third-party shopping cart company. But one day, you discover that your Social Security number (SSN) has been showing up on customer receipts, compromising your business and your identity. What should you do?

It’s not a far-fetched scenario, as Social Security leaks are a rising vehicle for identity theft. How can you protect yourself?

When your SSN is leaked through your business

In 2024, a massive data breach involving data broker National Public Data resulted in the exposure of Social Security numbers for over 270 million Americans – considered to be one of the largest breaches of sensitive personal data in U.S. history. But there are also risks involved when your own SSN as a business owner is exposed.

While the chance of a random customer using your Social Security number from a receipt for fraudulent purposes may seem remote, it highlights a broader concern: There could be numerous places throughout your business operations where your SSN is unnecessarily exposed to risk. Your SSN can often be found on online business tax forms, and depending on where you live, business licenses and permits.

Social engineers could also utilize the contact information you’ve posted online to pose as a customer to try to get you to reveal your SSN. They could also hack through your store’s cybersecurity protection system.

If cybercriminals obtain your Social Security number, they can inflict significant damage on your online business. They may open unauthorized credit accounts or secure business financing under your identity.

What to do during a leak

If your Social Security number has been exposed through your online business, it’s critical to act fast — not just to protect yourself, but also to safeguard your customers and preserve your business’s integrity.

Report the leak to the Federal Trade Commission (FTC) right away and fill out the information on their identity theft site. Next, place a fraud alert on your credit report at any one of the three major credit bureaus (Equifax, Experian and TransUnion). The alert lasts one year but you can extend it if the matter isn’t resolved quickly enough.

Third, freeze your credit – you must call all three bureaus to freeze your account. Freezing your credit is free and restricts access to your credit report, helping prevent new fraudulent credit accounts from being opened in your name. And if you suspect any fraudulent business tax filings using your SSN, file an Identity Theft Affidavit through the IRS.

Even though the breach was of your personal Social Security, you may be legally obligated to inform customers, clients and vendors of the leak, depending on where you live.

Preventing an SSN leak

Discovering that your Social Security number may have been compromised during business transactions can be alarming. However, there are proactive measures you can implement to protect yourself from potential identity theft.

Consider applying for an Employer Identification Number (EIN) to use on business forms and payment processors in place of your SSN. Don’t make business transactions or share personal information through email or unsecured sites, and make sure to enable multifactor authentication on all banking, payment and online marketplace sites.

Consider investing in more advanced cybersecurity software for your business, including password managers, encrypted data storage and cloud platforms. You may also want to consider purchasing Identity Theft Insurance for your business.

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

Homeowners across Texas are nearly helpless as insurance costs in the state are rising faster than almost anywhere else in the country. Skyrocketing premiums and property taxes are pushing homeowners to the brink and giving prospective buyers serious pause.

Dallas-area resident Doreen Diego says her home insurance premiums have been climbing by $1,000 a year since 2021: “The next year we went to $2,700,” she told Fox 4 News. “The next year we went to $3,700. And our renewal just came up this month. We just paid it at $4,700."

In 2024, the average annual premium in Texas reached around $6,000, nearly double the national average of $3,200. Projections suggest this could rise by another 9%, potentially surpassing $6,500 by the end of 2025. Ballooning premiums are turning homeownership from a dream into a financial stress test, and many residents are asking the same question: What can they do about it?

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What’s behind the insurance hikes?

A mix of factors is driving insurance rates higher across Texas:

• Frequent severe weather, including hurricanes, hailstorms, tornadoes and floods
• Rising home repair and construction costs
• Inflation, pushing up the price of materials and labor
• Harsh winter storms, which have caused frozen pipes and power grid failures
• Limited competition among insurers, giving consumers fewer options

Nearly 70 disasters — each doing $1 billion or more in damage — have struck Texas in the last five years, data analyst Chase Gardner with Insurify, an insurance comparison company, told KPRC in Houston. “From hurricanes to hailstorms, almost every kind of natural disaster that can damage a home is a threat here.”

Property taxes pile on the pain

Although Texas is one of nine states that doesn’t levy a state income tax, the burden is shifted elsewhere, most notably through property taxes.

Texas homeowners pay an average effective property tax rate of 1.63%, among the highest in the country. Combined with rising insurance premiums, Texans are now paying thousands more annually just to stay in their homes, and realtors say buyers should weigh these costs heavily before moving forward.

"How about let’s get the insurance checked on before we even do any other due diligence on the home. That’s the first thing during your option period that I’m telling my buyers to do,” realtor Ashley Gentry told Fox 4 News. To avoid the premiums pricing buyers out of homes, she said to "make sure they can actually afford the insurance premiums" first.

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Can lawmakers bring relief?

In 2023, the Texas Legislature passed a $12.7 billion property tax relief package, but only addressed taxes. When it comes to insurance, there’s far less movement.

Despite calls from consumer advocates, no sweeping legislation has been passed to curb home insurance hikes. Many lawmakers point to the private nature of the market and the complex web of climate-related risk models insurers use to help set rates.

Tips for homebuyers braving the market

If you’re looking to buy a home in Texas, insurance costs should be part of your budget from day one. Here’s how to approach it:

• Get a full monthly cost estimate upfront. Don’t just ask your realtor about mortgage payments — ask them to factor in home insurance and property taxes as well. These can significantly impact your ability to afford the home.
• Be cautious with older homes or properties in high-risk areas. While these listings may be cheaper upfront, they often come with much higher insurance costs due to increased vulnerability to wind, flood or foundation damage.
• Request a CLUE report (Comprehensive Loss Underwriting Exchange). This report shows the property’s insurance claim history and can reveal hidden red flags before you commit.
• Ask about bundling discounts. Many insurers offer lower rates when you bundle your home and auto insurance.
• Shop around. Not all insurers weigh risks the same way, especially in storm-prone regions. It pays to compare quotes.
• Look into additional discounts. Some providers offer savings for home security systems, wind mitigation features, fire-resistant materials or recent upgrades that reduce risk.

Strategies for current homeowners facing rising premiums

If you’re already in your home and watching premiums rise, don’t panic. There are steps you can take to rein in costs:

• Invest in preventative upgrades. Improvements like reinforced roofing, updated wiring, leak detection systems and storm-proofing can reduce your home’s risk profile — and may make you eligible for insurer discounts.
• Re-shop your policy annually. Loyalty doesn’t always pay in insurance. A different provider may offer the same or better coverage at a lower rate, especially if your home improvements reduce perceived risk.
• Re-shop your policy every year. Loyalty doesn’t always pay in insurance. A new provider might offer similar or better coverage for less.

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Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

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

Imagine you’re a high school senior nearing graduation and eyeing the start of your college career. You have the grades to get into a good school, but fall short of earning a full scholarship.

However, your parents are well-off and can afford to pay for your schooling, so you always figured money wouldn’t be an issue, right? Until one day they drop the bombshell: college costs will be your responsibility.

It turns out they have nothing saved up for your education, and suggest that taking out student loans and managing debt will build accountability and financial smarts.

Is that true, or are your parents just throwing you to the wolves?

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How to prepare

It’s no secret that college costs in the U.S. are high these days. The average cost for undergraduate students — including books, supplies and living expenses — stands at $38,270 per student each year, according to the Education Data Initiative. Stripped down to tuition alone, the average cost of attending college in-state is $9,750, while out-of-state tuition costs $28,386.

If you had known beforehand that you’d be footing your own education bill, you might have had time to prepare by saving and working toward getting scholarships to help with some of the incoming debt. But there are still ways to tackle the cost of college.

First, it’s important to note that there’s no strict income cutoff to qualify for federal student aid. Any student can apply through the Free Application for Federal Student Aid (FAFSA) to determine eligibility for federal grants, work-study funds and loans.

Keep in mind there are plenty of scholarships that don’t focus on grades or income. Explore receiving awards based on community service, job experience and extracurricular activities.

Getting a part-time job to chip away at loan costs upfront can save you money over time. Try to get in as many hours as you can over the summer and pick up a student job once you get to school. Even if you’re not eligible for a federal work-study, many universities offer traditional part-time roles that can be fit around your class and exam schedule.

And if you do need to take out loans, consider opting for federal loans first before private loans, as interest rates are typically lower and they often don’t require parents to cosign.

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Conversations about college

Conversations between parents and children about what will be expected of each party financially when it comes to college can help prepare everyone to navigate expenses, and maybe save some family relationships.

Parents should be direct and honest about what help they plan to offer. Talk about what will be contributed, and whether it may depend on good grades or which schools accept the child. Determine if any amount will be expected to be paid back, if your kid is expected to work part-time or if you will cosign any loans. Do this far enough ahead of time so all parties can prepare.

Make sure to fill out the FAFSA form with the child. Even if household income disqualifies a student from need-based aid, they still may be eligible for federal loans. Plus, it can be beneficial to have a FAFSA on file if applying for anything else.

Also determine if any money will go to other expenses besides tuition, including housing, transportation, food or spending money.

What to read next

• Financial aid only funds about 27% of US college expenses — but savvy parents are using this 3-minute move to cover 100% of those costs
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement
• This is how American car dealers use the ‘4-square method’ to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs

Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

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