Author: Christy Bieber

Christopher Boris was struggling in Maryland with a house he couldn’t afford to repair and a disability check that didn’t cover the bills. That’s in the past, though. Now, the retired veteran is enjoying life, spending time with friends, visiting world-famous beaches and hanging out in flip-flops that have become his "staple footwear."

The big change for Boris came when he left the U.S. behind and relocated with his wife, Maria Jesus, to Brazil, where he says life is both more affordable — and more fun.

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“My last 10 years in the United States, I’d be going to work, working, coming home, and everybody is focused on themselves,” he told CNN Travel.

"I feel like I have more social interaction here than I do in the United States. We have a great time listening to music and just talking about normal things.”

The couple joined a growing number of retirees moving abroad because their money stretches much further.

A move to Brazil alleviates money worries

The Boris family opted to move to Brazil when the financial pressure of living in the U.S. got to be too much.

“I really couldn’t afford my mortgage payments and my utilities anymore,” Christopher told CNN. “I struggled. I was living off of VA disability."

Disability benefits are paid to veterans harmed in the line of duty. While they’re tax-free, they often aren’t very generous. For example, effective December 2024, a veteran with a 10% disability rating would receive just $175.51 monthly, although rates go up for those with more disability. With Rent.com reporting you need around $63,200 to live comfortably in Maryland, it wasn’t enough.

The family had been struggling for at least five years, but things got worse in 2022 when Christopher left his government job.

"I could not afford the American dream,” he said, explaining that he and his wife mulled over the move for around a year before deciding to pull the trigger in pursuit of more financial security.

"I think my money could go a lot longer living overseas."

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Brazil is a popular destination for retirees

The Boris family aren’t the only retirees who struggled in the U.S. — or who abandoned the country for cheaper foreign destinations.

Around half of all families in the U.S. don’t have any retirement savings, according to the Economic Policy Institute. And, the National Council on Aging reports that around 17 million older Americans aged 65 and up are classified as being economically insecure, with annual incomes equal to or below 200% of the federal poverty level.

With that in mind, it’s not surprising that the number of retirees receiving Social Security abroad grew from 431,000 in 2019 to 760,000 in 2024.

For around 85,000 Americans, Brazil is their destination of choice — and the Boris family was drawn to it because they felt it had a lot to offer.

“We chose Brazil, and Rio specifically, because of the higher quality of life,” Christopher said.

“We had first-rate doctors. First-rate everything. You have access to a lot of good-quality services. So that was one of the pluses that we had.”

The couple had initially considered Bolivia, where Maria Jesus was born, but had lived in Brazil in 2007 and 2008 when Christoper was stationed there while serving in the military. They have been very happy with their choice too, thanks to the walkable neighborhood and sense of community.

"We didn’t need a car, because we could get anywhere by taxi. Things like going grocery shopping, buying bread, going to a restaurant, getting a haircut. … Everything was at my disposal.” he said.

"People are a little bit more laidback. And it’s not as stressful as the United States, or the way people perceive us to be.”

While the family still lives on a budget, their money goes much further — especially as the average cost of a one-bedroom monthly rental in the city comes in at around $334 to $604, while you can get a multi-course meal in a mid-range restaurant for around $31 to $41. For his part, Christopher said he saves around $1,000 on monthly rent and spend little on food.

“The dollar goes a long way here,” he told CNN. “I live very comfortably. I just have to live on a budget. … I have to be careful.”

The couple are very happy with their choice and are hoping to become Brazilian residents soon, although they’ve been living on a retirement visa available to those who have at least $2,000 per month in pension income.

How to decide if moving abroad is right for you

The Boris family enjoys the culture of Brazil, although Christopher did admit he’s not a fan of revealing clothing, which seems to be the norm there. He’s also said some areas are not the safest, but he knows how to be careful. In general, though, he enjoys the beach, architecture, sense of community and laid-back lifestyle.

Others considering moving abroad will want to consider the culture they’ll find — as well as amenities, safety risks and living expenses in their chosen destination. There are many cost-of-living calculators and guides to retirement abroad online, and joining expat groups can offer insider info into the best destinations.

The Boris family had the benefit of having lived in Brazil before, others who are thinking about relocating may want to go visit for a few months before making a permanent commitment — to make sure they feel at home like Christopher and Maria Jesus do.

"It feels comfortable," Christopher said, "no longer feeling and dealing with the financial burdens I had in the U.S."

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Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

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

On the evening of Jan. 7, 2025, a wildfire broke out in Eaton Canyon in the San Gabriel Mountains in California. The fire spread, killing 18 and destroying nearly 9,500 buildings.

Helen, a 91-year-old Altadena resident, was one of the many affected by the disaster. Her home was spared, but not her neighborhood, leaving the uninsured nonagenarian with few options. Following the evacuation, she decided to return home, where she now finds herself living in a ghost town amidst toxic debris.

The impact on her life has been devastating. "I just break down and cry," Helen told CBS News. "At night, I take my doggy out and I stand there at the fence and look at the sky. It’s so quiet. You don’t hear a sound."

Helen needs help but the government has yet to provide it. Fortunately, members of her own community have stepped in to fill the void and their assistance could be making all the difference.

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No insurance and ravaged by a natural disaster

The Eaton wildfires displaced thousands and caused untold devastation. While every victim has their own story, Helen’s is unique because she has no insurance and nowhere else to go at 91 years old.

"I put some things in the car, just a few things for my doggy. I said, I better leave," she explained about the night she first fled the fires.

After leaving, Helen spent her days and nights between hotels, family and even sleeping in her car in a church parking lot before the encroaching smoke forced her to leave that refuge too. "I have nowhere to go,” she explained. “My family is a different generation; they are different than when I grew up," she said.

Finally, with nowhere else to turn, Helen decided to go back to her house — one of the few buildings spared by the fire. There were no other neighbors left, and she returned to a home with no clean water and no electricity. This is how Helen has been living for months — and yet she has stayed.

"This is my home. This is what I worked for all my life," Helen said.

Getting help can be a challenge

Helen struggles to live in her abandoned neighborhood, and has received little formal support. When asked if someone from the government had reached out, the answer was a clear no — although she would have liked it to be a yes.

"It would have helped," she said.

Fortunately, even though the government hasn’t stepped up, her community has. A neighbor who saw her in the garden put her in touch with two women who jumped in to assist.

"I’ve taken her down and navigated her through every station," said Sakae Manning, one of the two women. "She said she had gone and couldn’t get any help. Filling out applications online when you don’t have a computer or the Internet, don’t understand the first thing about having to use [the electronic document signing platform] Docusign, for instance — all of that is really difficult."

Helen is far from the only older person dealing with these problems in the fire’s aftermath. The AARP has made clear that many older wildfire victims have been left without the home they worked hard for and the lifetime of possessions they acquired.

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There are many reasons why older people tend to be more vulnerable than their younger counterparts after disasters. "The need to request emergency assistance online is a challenge for people without access to the internet," the AARP wrote. Additionally, “Older people are a frequent target of fraudulent contractors who capitalize on distressed residents’ desperation. These realities pose fraught choices for older residents (and for those who serve them) and underscore the need to reduce every community’s overall risk.”

While Helen was fortunate to have guidance navigating the maze of steps and documents, her predicament isn’t unique.

How common is Helen’s situation?

Helen might have had more options if her home was insured. This is also a common trend among those affected by the fire. And this isn’t necessarily an issue of homeowner negligence.

One issue is that many insurers left California in the period leading up to the disaster due to concerns about the risks and costs of providing coverage in the state. One CBS News analysis found over 3,600 policies had been cancelled. Similarly, some insurers aren’t covering the cost of rebuilding destroyed homes or living costs while impacted families are displaced.

The good news is, there are some options out there even for the uninsured.

Even while an imperfect solution, FEMA can provide disaster relief funds, and homeowners can explore individual relief options on their site.

The National Council on Aging also pointed to other sources of financial relief, including benefits from the Supplemental Nutrition Assistance Program, tax relief from the Disaster Assistance and Emergency Relief Program, energy assistance from the Low Income Home Energy Assistance Program (LIHEAP) and disaster loans from the Small Business Administration.

Older Americans can also seek help through local nonprofits, agencies and even trusted community members willing to assist with understanding options and completing the paperwork. Here, patience and persistence may be key — as is staying focused on what you can control.

Helen herself tries to find joy in the simple pleasures that remain. "The only consolation I have is when I go to the garden and see that everything is blooming, the fire is out, there’s all kinds of birds out there."

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Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

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

When Cody Bunch was in high school, he created a scrapbook of his dreams and his goals. Moving to Miami Beach was on that list.

"There’s Miami, there’s Miami Beach," Bunch told CBS News, pointing to pictures in his scrapbook. "I live right behind that now."

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Bunch achieved his dream of living in South Florida in 2021. But just a few short years later, he’s packing up and heading to Atlanta instead. It seems surprising to leave a place he had dreamed of for most of his life, but Bunch has his reasons — and he’s not alone in leaving the Sunshine State.

Here’s why more residents are packing their bags and saying goodbye to South Florida for good.

High prices and limited career opportunities

Although Florida’s population growth surged in recent years, new data shows a shift. In 2023, about 511,00 people left the Sunshine State, while just 637,000 moved in — nearly half the number that arrived the year before. The American Prospect called it "the largest drop in net migration in a decade."

Young people like Bunch are leading the exodus, departing not just from Miami-Dade but from surrounding counties such as Broward and Palm Beach, as well as from other major metro areas like Tampa.

About 25% of those leaving Florida are between the ages of 20 and 29. Those moving in are older, wealthier and affected by the sluggish job market and soaring housing costs, driving Bunch and others away.

"Younger residents, particularly those aged 20-29, are leaving in significant numbers," said the latest migration report from the Florida Chamber of Commerce. "Factors cited include the high cost of housing and perceived limited in-state job opportunities for early-career professionals."

Both of those factors pushed Bunch to give up his dream of life in Miami.

"The salaries don’t add up to the cost of living here," Bunch said. "Overall, the cost of everything is so much more expensive than it was four years ago."

He’s not wrong. While Florida’s unemployment rate in March 2025 was 3.1% — lower than the national average of 4.2% — the quality of job opportunities is another story. The median annual salary in Florida was $52,400 in 2024, compared with the national median of $59,400, according to ADP Pay Insights. Meanwhile, the cost of living in Miami is 19% higher than the national average, according to Payscale.

High housing costs are another major issue. Redfin data shows Miami home prices surged from a median of $390,000 in January 2021 to $632,500 in January 2025. Miami is now ranked the second least affordable metro area for renters. Bunch said he’s moving into a beautiful Atlanta apartment — complete with a coworking space, pool, and city view for $1,500 less than what he’s paying for a Miami studio apartment.

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What to look for when relocating

Bunch is heading for Georgia, a popular destination for ex-Floridians. But before relocating, it’s important to research your destination carefully. Anyone who is considering a move to a new city should look into:

• Housing costs, including the median rent and home prices
• The overall cost of living
• The local job market
• Typical salaries for the area
• The unemployment rate
• The demographics — is the area growing and attracting younger residents, or is it aging?
• Quality-of-life amenities like restaurants, museums, parks and entertainment

Plenty of online resources can help, including the Bureau of Labor Statistics for wages and unemployment data, and Redfin for housing market trends. You can also use job boards to explore employment options and rental sites to gauge how far your money will go.

Finally, consider visiting sites like Reddit and City-Data to connect with current residents and get an unfiltered view of daily life in your potential new hometown.

By doing your homework, you may find a city where dreams become reality — and unlike Bunch, you might just decide to stay and put down roots.

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Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

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

Warren Buffett is well known for his investing talent, as the billionaire got very rich through buying undervalued stocks and holding them for the long term.

It may come as a surprise, however, to learn that Berkshire Hathaway — the multinational conglomerate he runs — held a record $334 billion in cash at the end of last year after selling $134 billion in stocks in 2024, including notable stakes in both Apple and Bank of America, according to CNBC. As of March 31, that amount has increased to $347 billion.

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Buffett amassing a big pile of cash may seem like a smart move in light of the market’s recent performance. After all, throughout history, only former Presidents Richard Nixon and Gerald Ford saw the stock market perform worse during their first 100 days in office than Donald Trump in 2025.

However, while Buffett has so far managed to limit his exposure to recent market volatility, it’s typically not in the best interest of the average investor. Here’s why.

Why over-investing in cash can be a bad idea

Although Buffett kept billions safe from potential loss this year, the Oracle of Omaha made clear that he doesn’t believe cash is king.

"Berkshire will never prefer ownership of cash-equivalent assets over the ownership of good businesses, whether controlled or only partially owned,” he wrote in his 2024 letter to shareholders.

The problem with cash is that your potential return on investment is very limited. Even if you put money into a high-yield savings account or certificate of deposit, it’s unlikely you’ll earn more than 5% annual interest, and it’ll probably be much less. Given that the S&P 500 has consistently produced average annual returns above 10% in its history — despite the volatile nature of the stock market — choosing cash investments cuts your growth potential.

Let’s not forget inflation can siphon the buying power of cash and lower the value of any returns. So, while putting money into cash can make investors feel safer during turbulent times, you might also end up losing ground if inflation is high.

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How to decide where to put your money

So, where should your money go instead?

CNBC reported data from JPMorgan Asset Management that shows a traditional portfolio with 60% in stocks and 40% in bonds consistently outperforms cash in the long run. This is based on putting 60% of your money into an S&P 500 index fund and 40% into the Bloomberg US Aggregate Bond Index.

From 1995 to 2024, the performance of this 60/40 portfolio would beat cash on a one-month basis 65% of the time. On a six-month basis, it beat cash 75% of the time, and when looking at performance over a year, that number climbs to 80%. Finally, over a time horizon lasting 12 or more years, the 60/40 split portfolio outperformed cash 100% of the time.

A similar 60/40 portfolio also beat out a diversified portfolio of 11 different asset classes during the stock runup in 2024, according to Morningstar research cited by CNBC. The 60/40 portfolio gained 15%, while the diversified portfolio gained only 10%. However, as President Donald Trump‘s trade policies have shaken up the markets, diversified portfolios have so far done better this year, in large part because the price of gold is up more than 30%.

In times of uncertainty, many people feel comforted by holding cash. It may be wise, in such cases, to build up an emergency fund and keep it in a high-yield savings account. But if you already have enough cash socked away for a rainy day, consider putting that money in a portfolio and riding the waves.

Berkshire Hathaway can afford to have billions sitting on the sidelines earning low returns, waiting for an opportune time to make use of their cash. But you don’t have to follow suit and miss out on potential gains. Even if the market continues to be volatile, a portfolio with a long-term outlook can help weather the storm and put you in a good position for recovery.

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Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

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

St. Louis’ Blake and Sarah Anyan’s story begins as a fairy tale. The high-school sweethearts were expecting their first baby.

The couple chose Mercy Hospital — dubbed ‘The Baby Palace on Ballas’ — for prenatal care, labor and delivery. They chose the hospital not only because it is known for its obstetrics care, but because Sarah was employed there as a cardiac nurse and Blake worked there as a respiratory therapist.

Sarah’s pregnancy was a typical one, with her active baby kicking her often on her nursing shifts. When she went into labor, she headed to the hospital to welcome her baby boy Remi. That’s where everything went wrong.

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What happened next would change the couple’s lives forever and lead to a record-setting $48.1 million verdict against the hospital for its failures.

Baby suffered severe harm in labor, delivery

Sarah was given an epidural at 10:42 p.m. At 3:50 a.m., she began pushing. Pushing for more than three hours is dangerous. She pushed for 12 hours.

The couple, who trusted their health team, weren’t offered a C-section or told of the risks of prolonged pushing.

“Speaking as a nurse, I was really, really disappointed that they didn’t share that with me," Sarah told News Alert 4 in St. Louis.

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Another thing the health team didn’t reveal? That their baby boy Remi was in distress during the prolonged labor.

To their shock, when Remi was delivered, he was floppy, didn’t cry, had poor tone and began having seizures.

“We were pretty much blindsided,” Sarah said.

Sadly, their son suffered severe and permanent harm. Now 5 years old, Remi has full cognition but can’t walk or communicate. He has cerebral palsy.

“It’s just a major travesty,” Blake said. “It hurts us as parents, but it also hurts us as care providers. That’s so far away from what we’ve been taught to do, and what I teach my students to do. It’s just heartbreaking.”

The Anyans filed a malpractice lawsuit against Mercy Hospital, its nurses and their obstetrician Dr. Daniel McNeive for medical negligence.

Medical malpractice laws hold providers accountable if the care they provide falls below a professional standard. Birth injuries are a top reason for malpractice claims.

Expert witnesses said expecting a mother in labor to push for 12 hours was inexcusable, adding that the hospital failed to respond properly after Remi was born. One possible intervention — therapeutic hypothermia — could have reduced his injuries by up to 30%.

The couple won their malpractice suit. The jury awarded them $48.1 million in the verdict, of which $20 million was for punitive damages.

"So grateful that they took what happened seriously and didn’t give up faith in Remi, and that they would try and help him move forward," Blake said.

Mercy is appealing the ruling. In a statement, they wrote:

"We stand by the care provided by our team … No evidence was ever introduced suggesting dangerous patterns or practices of behavior by Mercy or Dr. McNeive, nor did the jury make this finding. The case remains pending with the court, and Mercy will continue to seek appropriate resolution for the benefit of the Anyan family.”

What can malpractice victims do?

The Anyans aren’t the only ones harmed by a medical error. A Johns Hopkins study found that medical errors are the third-leading cause of death in the U.S.

Top reasons for malpractice suits include:

• failure to diagnose/delayed diagnosis
• radiology errors, such as misreading X-rays
• failure to obtain informed consent
• surgical errors, such as operating on the wrong body part or leaving instruments inside patients
• anesthesia errors
• medication errors

Victims of malpractice must demonstrate they were damaged by medical negligence and deserve compensation for losses. If successful, they are owed payment for medical bills, lost wages, pain and suffering and emotional distress.

However, many states cap non-economic damages (for pain and distress) at $500,000 or less.

If you or someone you love has experienced medical negligence, it’s important to take legal action quickly. There are time limits for pursuing a claim — usually within one to four years of discovering your injuries — so don’t wait.

If legal costs concern you, you can work with a personal injury lawyer on a contingency-fee basis. Such lawyers offer free case evaluations and don’t charge legal fees upfront. They subtract legal fees from any compensation they recover on your behalf.

To support your case, gather and maintain all the documentation you can — medical records, names of your care team, and records of any followup care you have received as a result of your injuries.

The Anyans took action not only to advocate for themselves, but to inspire others — as Sarah tells her son Remi.

“You’ve got two choices in life. You can be angry and bitter and hang on to that anger your whole life. Or you can choose to inspire people," Sarah said. "And I tell him that all the time — he’s going to inspire people."

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Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

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

When you are separated or getting divorced, the last thing you probably want is to continue living with your estranged wife.

If you owned your home before marriage and don’t believe it qualifies as marital property, you might be tempted to kick her out so the home can be yours alone again.

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However, simply changing the locks or trying to evict your spouse is not a good idea. Doing so could have legal consequences, so you should take the time to understand the law — and ideally consult a lawyer — before taking any action you might regret.

Here’s what you need to know about how the law treats your home during separation or divorce so you can make informed decisions.

How does the law treat your home during a separation or divorce?

The first step in this difficult situation is to determine whether your home isn’t marital property.

Assets brought into the marriage — such as a home — are generally considered separate property by default, meaning they are not divided in a divorce. This holds true whether your state follows community property rules (which divide assets equally) or equitable distribution rules (which divide property fairly, though not necessarily 50/50).

However, complications arise if the asset is co-mingled. If your spouse contributed to mortgage payments, helped with renovations, or invested "sweat equity" in the home, it may have been converted into marital property. In such cases, she could have a legal claim to it.

To protect your exclusive interest in the home, you’ll need to demonstrate that you kept it separate. An experienced attorney can help you gather the necessary evidence to support your case.

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Can you remove your spouse if your house is separate property?

Even if your home is clearly separate property, you cannot simply lock your spouse out.

Since you were living there together, the house remains your wife’s legal residence until a court formally determines ownership and issues an order requiring her to leave.

Additionally, if your spouse has not worked in years, the court may require you to provide financial support — potentially including her attorney’s fees, temporary or permanent alimony and other assistance. This is especially true if she contributed to your career or left her career to care for your children.

In this situation, negotiating with your spouse is often the best approach, as litigation can become expensive. However, if she’s unreasonable, court intervention may be necessary.

You don’t necessarily need to file for divorce to seek legal resolution on living arrangements — you can request a legal separation agreement if you are uncertain about ending your marriage.

Regardless of your next steps, you must follow the proper legal process. Attempting to remove your spouse without legal authority could lead to police involvement and damage your standing in court, potentially jeopardizing your ability to get a fair divorce settlement that fully protects your interests.

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• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

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

President Donald Trump says his tariffs on imported goods are encouraging companies to invest in the U.S., claiming that will lead to "better-paying American jobs making beautiful American-made cars, appliances, and other goods."

Like iPhones, which Trump has publicly stated he wants Apple to produce in the U.S.

But critics say it could take years for American workers to develop the 21st-century manufacturing skills that overseas workers have already mastered.

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"In the U.S. you could have a meeting of tooling engineers, and I’m not sure we could fill a room.” Apple CEO Tim Cook says. “In China, you could fill multiple football fields."

In the meantime, critics warn, consumer products will continue to be manufactured overseas, and Trump’s tariffs will drive prices of those imports higher.

What made-in-the-U.S.A. goods could cost companies, consumers

There’s a reason companies moved production offshore in the first place: It’s cheaper thanks to lower labor costs. As a result, American consumers have long benefited from lower prices.

George Carrillo, CEO of the Hispanic Construction Council, says garments and furniture made overseas are generally 20% to 50% cheaper than U.S.-made goods. But for some products, like consumer technology items, the differential is even bigger.

Apple, which makes 80% of its products in China, is a good example.

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Bank of America Securities analyst Wamsi Mohan told CNBC that if iPhones were made in the U.S., they’d cost $1,500 instead of $1,199 due to labor costs.

Dan Ives specializes in technology as a senior equity research analyst at Wedbush Securities. He says American-made iPhones would cost significantly more — $3,500 — because Apple would not only have to pay U.S. wages, but spend $30 billion to move 10% of its supply chain back onshore.

If higher-paid American workers assembled the Apple Watch in the U.S., Apple would still need to import parts from Japan, South Korea, China and Europe. Those imported parts would be subject to Trump’s tariffs, driving manufacturing costs and consumer prices higher.

With Americans already struggling with inflation and a related surge in consumer debt, these added costs may be unsustainable.

Is it realistic for manufacturing to come back?

Offshoring began in the post-war 1950s and 1960s as more countries built factories to encourage foreign investment.

American firms were eager to move jobs offshore to enjoy up to a 50% reduction in labor costs, The IT revolution in the 1990s accelerated the trend. Between 2000 and 2010, the U.S. lost a third of its manufacturing jobs.

In the meantime, AI and robotics have revolutionized manufacturing.

Adam Balogh trains students at one of the few machine technology centers that exists in the U.S. — at Laney College, a community college in Oakland, California.

"Our big limiter here is the workforce,” he told ABC7 News. “We just haven’t been training people for these roles.”

He believes that to revive the U.S. manufacturing sector, more American students would have to learn robotics in middle school and high school, before even reaching community college.

Even if the U.S. workforce was ready, firms need to build new factories in the U.S.

In an article for Barron’s, Erin McLaughlin, a senior economist at The Conference Board, noted that it could take anywhere from three to 10 years to shift an assembly plant to the U.S.

"It would take decades to onshore at the scale that we need to keep up with American consumer habits," Lance Hastings of the California Manufacturers and Technology Association told ABC.

In other words, Trump’s tariffs will hit American pocketbooks before they change the U.S. manufacturing landscape.

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

Making six figures should feel like financial freedom — but for one 26-year-old posting to Reddit, it’s a source of stress as fears of a looming recession weigh heavily on her.

Despite earning a $100K salary, having just $2,500 in monthly expenses, fully paid-off student loans, $7,500 in savings and $40,000 in a 401(k), this Gen Zer, or Zoomer, is still concerned about how a downturn could impact her finances — and how she can stay stable if the economy takes a turn for the worse.

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She’s not alone. An Ipsos poll released on April 2 revealed that 61% of Americans believe the U.S. will experience a recession within the next year.

There are many reasons why so many people fear an economic downturn — and why this young person is panicking about the potential fallout. The good news is that there are ways Zoomers and other young adults can prepare for a potential recession and protect their long-term financial health.

Why are so many people worried about a recession

One of the main drivers of today’s recession fears is President Trump’s tariff policy — especially the introduction of taxes on goods imported into the United States.

Tariffs have become such a major concern that financial firm J.P. Morgan initially estimated the probability of a recession at 40% in late March. However, after Trump announced widespread tariffs would go into effect on dozens of countries — and after several of those countries, including China, began to retaliate — J.P. Morgan raised its estimate to 60%.

The stock market responded by plunging, spooked by fears of rising costs and a potential trade war. This volatility led JP Morgan and others to warn of broader consequences, not just for the U.S. economy but also for global markets.

Beyond tariffs, Americans are also concerned about a recession due to ongoing economic uncertainty. The Trump administration has promoted itself as a change administration, pushing for massive cuts to the federal workforce — changes that could have ripple effects across the broader economy.

Even though the President announced a 90-day pause on tariffs, save for China, recession concerns continue. The back-and-forth over trade policy has only added more uncertainty, making it difficult for consumers and businesses to plan for the future.

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How to prepare for a recession as a young person

The U.S. has been through many recessions in the past, but most young adults haven’t lived through a major one.

While the economy briefly entered a recession from February to April of 2020, that was a unique situation driven by the COVID-19 pandemic. Government stimulus packages helped soften the financial blow for many Americans.

Before COVID, the last major downturn was the Great Recession, which lasted from December 2007 to June 2009. That 18-month crisis was triggered by a collapse in U.S. housing prices, a surge in foreclosures and a global financial meltdown driven by poorly underwritten mortgages packaged into risky mortgage-backed securities.

As a result, many Zoomers haven’t lived through a serious recession as adults. While their concern is understandable, there are several proactive steps young adults can take to shore up their finances including:

• Build an emergency fund with six to 12 months of living expenses — more than the customary three to six months — to create a stronger buffer.
• Make yourself indispensable at work by improving your performance, taking on new responsibilities and showing your value to your employer.
• Build your professional network and develop new skills in case you need to look for new opportunities.
• Explore passive income or side hustles to bring in more income and protect yourself against job loss.
• Creating a bare-bones budget you can live on if necessary, cutting non-essentials to stretch your savings.
• Free up cash to for investing during a downturn. Recessions often lead to lower stock prices, allowing long-term investors to buy the dip.
• Hold your investments for the long term. Avoid panic-selling during a downtown; staying the course gives you the best chance to benefit from the eventual recovery.

By taking these steps, you can increase your chances of not only weathering a recession but coming out strong on the other side. With careful planning and strategic investing, downturns can become opportunities to grow your wealth and build long-term financial security.

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

Scammers are getting bolder — and consumers are paying the price.

In 2024 alone, fraud cost Americans more than $12.5 billion, a staggering 25% increase from the previous year, according to data from the Federal Trade Commission.

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Investment scams were the most costly, accounting for $5.7 billion in losses, a 24% increase from the previous year. In comparison, imposter scams, the second most common type of fraud, cost consumers $2.95 billion.

So, what kinds of investment scams are causing consumers so much, and how can you protect yourself? Here’s what you need to know.

Common investment scams

The Washington State Department of Financial Institutions provides a helpful list of common investment fraud schemes, including:

• Fraudulent promissory notes – Short-term notes offered by fake companies that promise high returns but fail to deliver.
• Ponzi or Pyramid schemes – Existing investors are paid money from new investors, while the actual "assets" being invested in either don’t exist or are worth very little.
• Real estate investment fraud – Scammers convince investors to put money into "hard money loans" or "property flipping" schemes, often misleading them about the risks, potential returns or property values.
• Cryptocurrency scams – Fraudsters create fake coins, heavily promote them and sell them to investors. Once the price rises, they cash out, leaving the coins worthless.

The U.S. Secret Service also warns about "pig butchering" scams, where fraudsters build trust with victims before tricking them into investing in fake cryptocurrency projects.

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How can you protect against fraud?

You don’t want to fall victim to these scams, so watch for three key signs of investment fraud:

• Impersonation of a trusted source – Scammers may pretend to be government officials, financial advisers or even friends and family members. If you get an unexpected call from a government agency or familiar contact, hang up, look up the phone number and call the agency or your family member yourself.
• High-pressure tactics and urgency – If you are told you must invest immediately and discouraged from researching the opportunity or consulting others, it’s likely a scam. Legitimate investments don’t require rushed decisions. Always take time to verify information.
• Untraceable payment methods – Be wary if you’re asked to pay using cryptocurrency or wire transfers. Scammers prefer these payment methods because they are hard to trace, making it nearly impossible to recover the lost funds.

As a general rule, avoid investing in:

• Anything you learn about on social media.
• Opportunities you don’t fully understand.
• Offers that rely on aggressive sales tactics.

By staying vigilant, you can avoid losing money and becoming one of the millions targeted by scammers who promise great investments only to disappear with your cash.

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It feels good to spare a little money for a good cause or for someone in need, which is exactly what a Chicago woman thought she had done until she realized she’d been scammed.

Heather Radin was standing in the Chicago neighborhood of Wicker Park when she was approached by two young boys, claiming their brother had been killed and their family needed money to be able to lay him to rest.

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"I’m a sucker for any bleeding-heart thing," she told CBS News Chicago.

So, Radin tried to give the boys $10 cash, but they insisted she use Apple Pay. After she tapped her card and the boys took off, she realized $5,000 had been transferred out of her account.

Unfortunately, she’s not the only victim of a tap-to-pay or card skimming scam.

A scam on the rise

Another Chicago woman told CBS News that she was approached outside of a grocery store when she was asked by two young men for money to help pay for their brother’s funeral. Like Radin, Monica Wieske said they wouldn’t take the cash that she offered. Tap to pay, they claimed, was the only way.

And right after she tapped, Wieske also got a notification that nearly $5,000 was taken out of her account.

In January, Chicago couple Drew and Leilani were approached in a Target with the same tale: Our brother died, we can’t afford the funeral, are you willing to spare some money?

Once they gave $20 via Apple Pay after the scammers refused to accept cash, Drew learned that nearly $5,000 had been taken. But this time, the notification came right after he tapped, and he decided to take matters into his own hands.

"I looked down at my phone and realized that they took close to $5,000 instead of $20. I said to myself, ‘Oh, hell no,’ and turned and started chasing them," said Drew, who didn’t want CBS News to use his last name.

Drew told CBS reporters that he chased the men down and actually jumped into their car as they tried to get away. He says he suffered a broken rib and punctured lung after being thrown from the car as the boys accelerated the vehicle to get away.

While the couple eventually got their money back, Radin hasn’t been so lucky. She filed a police report and contacted her bank, Goldman Sachs, but she says as of late April she hadn’t gotten a dollar back.

In a statement to CBS, a representative from Goldman Sachs said, "While we do not comment on specific customers, our customers’ safety and security are a top priority. We work quickly to review any fraud claims and regularly provide provisional credits during the review process. There is an allotted timeline for fraud investigations, and we aim to resolve any disputes as quickly as possible."

Meanwhile, Wieske fought with her bank, Fifth Third, for months. CBS News reached out to them for an explanation and just before their scheduled interview with Wieske, the bank gave her the money back.

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How to be protected against tap-to-pay scams

Scammers can be well trained in emotional manipulation, and it’s easy for a story such as a sibling’s funeral to tug at the heartstrings. While there are many people out there who truly need help, there are steps you can take to stay vigilant and ensure you aren’t giving your money to a scam.

On the spot tap-to-pay requests are a red flag

Refusing cash after asking for a donation is already a red flag, and immediately having a tap-to-pay request ready to go should raise more alarm bells. If the requester truly has an online donation fund set up, ask for a legit website or fundraising page started by family or official organizers that you can donate to later.

Verify the organization and funeral home

In Radin and Wieske’s cases, they were both approached by young boys. Ask to speak with an older family member to confirm the boys are out fundraising before making any donations. It may feel awkward, but also consider asking which funeral home or director they are using for the service in an extra bid for more confirming information.

Consider reserving donations for official platforms

Informal requests for donations through Apple Pay, Google Pay, Venmo or other quick tap-to-pay platforms are red flags. Instead, ask if there is an official fundraising page through GoFundMe or, say, through a funeral home’s website.

Set tap-to-pay limits

Setting a limit for online transactions ensures that scammers can’t change the amount to thousands of dollars right before the transaction goes through. Additionally, set up a PIN or another authentication for any payment to be authorized.

Set payment alerts

Make sure to set up notifications for any payment activity so, like Drew, you can catch the scam quickly. But, confronting the crooks like he did is not worth the risk. Rather, immediately notify your bank and the authorities.

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