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Author: Christy Bieber

  • Warren Buffett’s company Berkshire Hathaway is sitting on a record amount of cash — should you follow his lead? Here’s why everyday investors should think twice

    Warren Buffett’s company Berkshire Hathaway is sitting on a record amount of cash — should you follow his lead? Here’s why everyday investors should think twice

    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.

    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

    How to decide where to put your money

    So, where should your money go instead?

    CNBC reported data from J.P. Morgan 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 beats 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.

    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’m in my late 50s with a respectable (not enormous) nest egg — but I’m skeptical of the ‘4% rule,’ so how else can I safely withdraw money in retirement without going broke?

    I’m in my late 50s with a respectable (not enormous) nest egg — but I’m skeptical of the ‘4% rule,’ so how else can I safely withdraw money in retirement without going broke?

    Running out of money in retirement is a huge fear for many people. In fact, research from Allianz Life Insurance found that 63% of Americans are actually more worried about going broke too soon than they are about dying.

    It’s understandable to be worried about this because, when you retire, you most likely have to rely on savings and Social Security, which, on average, replaces only 40% of pre-retirement income. If your savings runs out, you’ll be in trouble, and you don’t want to face this fate.

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    The worry is even more accurate for people in their late 50s and early 60s, who are entering the final stretch of their working years.

    The good news is, you shouldn’t have to. No matter how modest your nest egg, and no matter how close you are to retirement, you can adopt a smart strategy for withdrawing your funds in a way that makes them last.

    Here’s what you need to know to make that happen.

    Choosing a safe withdrawal rate

    Choosing a safe withdrawal rate is the most important thing you can do to make your money last. This means you limit the amount you take out each year to ensure you leave enough in your account to continue earning returns and avoid dropping your principal balance too fast.

    There are many different ways you can do that.

    The most conservative option is to live on interest alone. If you have $1 million and earn 3% interest, you’d live on the $30,000 annual yield and not touch your actual nest egg.

    The problem is, you don’t necessarily earn a consistent or substantial amount of interest every year since investment performance fluctuates. That’s on top of the obvious fact that if you aren’t planning to draw down the balance at all, you need to amass a pretty large balance to produce an annual sum that you could conceivably live on: having a million dollars at retirement is easier said than done.

    And we haven’t even brought up inflation yet. Hence the second option, what is commonly called the 4% rule, according to which your money should last at least 30 years if you only take 4% out in Year 1 of retirement and increase the amount to keep pace with inflation.

    However, this has some problems too. Most notably, experts now say you must cap withdrawals at 3.7% for your money to last since future projected returns have declined while lifespans have gotten longer. The 4% rule also doesn’t respond to changes in market conditions.

    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 Center for Retirement Research at Boston College recommends a different approach, which involves letting the Required Minimum Distribution (RMD) rules guide you.

    Retirees with tax-advantaged accounts must take minimum distributions starting at age 73, but CRR said these tables can be a guide even before, and even for those with accounts not subject to RMDs, since they take investment performance, marital status and lifespans into account.

    What’s your risk tolerance?

    No matter which option you pick, it’s smart to consider the level of risk you want to take on. The more risk-averse you are, the smaller your withdrawals should be. You should also have at least two years of liquid, accessible cash you can live on to avoid having to make withdrawals during a downturn and lock in stock market losses.

    If you follow one of these methods, you can hopefully ensure your money lasts as long as you do. A financial advisor can also help you develop a personalized approach to retirement withdrawals tailored specifically to you, if you want the very best chance of making your money last.

    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 Salt Lake City man’s sense of security was ‘shattered’ after discovering a squatter had been living in his basement for 4 days — plus how to prevent it from happening to you

    This Salt Lake City man’s sense of security was ‘shattered’ after discovering a squatter had been living in his basement for 4 days — plus how to prevent it from happening to you

    Imagine finding a man had been living in your basement storage room for several days, using your cat’s litter box as a bathroom and going through your personal papers. This horrifying nightmare was a reality for Zeb Pischnotte, a Salt Lake City homeowner who discovered a man had spent several days undetected in his house.

    “I’m lucky that this person wasn’t a vicious serial killer and that he didn’t come and throttle us in the middle of our sleep,” Pischnotte told KSL TV 5.

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    Still, what did happen was scary enough. Here’s how the squatter ended up in Pischnotte’s home — and some helpful tips to help you avoid the same fate.

    A kicked in door during a storm leads to an unwanted tenant

    According to Pischnotte, the intruder most likely got into the house by kicking in a door during a March storm. After they got into the property, the person stole Pischnotte’s gold ring, his college letterman jacket and his grandfather’s cufflinks, which Pischnotte is upset about because of the history. “It’s just a connection to him that, you know, doesn’t exist anymore,” he told reporters.

    Pischnotte called the police following the burglary and the police searched his home, but found no one inside. While he initially thought that was the end of it, he began to experience some strange things that convinced him otherwise.

    Finally, he knew something was up when his cat Ziggy started meowing at the laundry door. The door was closed — which was unusual because Ziggy’s litter box was kept there. Pischnotte also discovered some of his wine bottles were out. When his housemate said he hadn’t done it, the two decided to investigate.

    They armed themselves with a ski, went to the basement laundry room and opened up the storage room door. That’s where they found human waste, a filthy fleece and some of Pischnotte’s personal paperwork that had been pulled out, including old newspaper clippings and medical records.

    “This person was either very bored or very intent on trying to get my identity,” Pischnotte said. The intruder was likely living in the property for four days, and the whole experience has left him rattled.

    “It just shattered the peace of mind that I have. This feels like a very safe neighborhood,” Pischnotte said.

    He’s still hoping to recover the stolen items, though, so he’s sharing pictures online and with the media with the goal of someone seeing the items and contacting him. He also has a message for the intruder to share as well.

    “I don’t know why you thought you had to destroy property and steal things in order to make ends meet. There are a lot of resources out there for homeless people, and I would really encourage you to look at those and take advantage of them. Heck, if you had just asked me for a coat or a blanket, I might have provided you one,” Pischnotte 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

    How to protect yourself from squatters

    Pischnotte’s situation is an unusual one because the intruder came in and began living in the home while he (and his housemate) were also living there. However, it’s unfortunately not all that uncommon for unwelcome guests to just let themselves in. In most cases, however, it’s vacation homes and empty properties that are the target.

    When individuals come in and occupy properties without the consent of the owner, it’s referred to as “squatting.” Unfortunately, a report from Pacific Legal Foundation revealed a significant increase in squatting incidents since 2019.

    Atlanta, Dallas and Orlando have especially high levels of squatters, while case counts also showed a sharp increase of cases in Georgia where squatting incidents jumped from from three in 2017 to 198 in 2023. Cases also rose in New York where the number of squatting cases increased from 9 in 2020 and 2021 to 62 in 2022. These case counts likely underestimate the true scope of the problem too, as not every court reports every case.

    Unfortunately, when squatters come into homes — and especially unoccupied ones — it can be harder than you’d think to get them out. Many state governments treat the removal of squatters as a landlord/tenant issue and require a formal eviction in civil court. This can take months or even years to happen. Law enforcement officials are also reluctant to get involved since it’s too hard to tell a squatting case from a routine landlord/tenant dispute.

    Because of this, Pacific Legal Foundation says it can take two years to evict squatters in Tennessee, while it can cost between $3,000 and $10,000 to get squatter cases through the courts in Maryland and Pennsylvania. Squatters can also damage homes and run up large utility bills.

    Some states are moving to change the rules to make removal easier and treat squatting as a civil offense, but it’s still best to try to avoid this situation in the first place. The good news is, there are ways to protect against squatters including:

    • Securing all entry points to the home using tools like alarm systems and security cameras
    • Having your property regularly inspected if you’re not personally living there or visiting often
    • Making unoccupied properties appear occupied by using timers and automation tools to turn on lights
    • Placing no trespassing signs in prominent places to make taking legal action easier

    If you can keep your home secure using these techniques, which work for both occupied and empty homes, you can hopefully avoid finding yourself with a surprise guest intruding on your most private space like Pischnotte sadly experienced.

    What to read next

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

  • ‘Trump and Musk are trying to create chaos’: DOGE wanted to ban retirees from applying for Social Security over the phone — and then flip-flopped. Here’s where things stand today

    ‘Trump and Musk are trying to create chaos’: DOGE wanted to ban retirees from applying for Social Security over the phone — and then flip-flopped. Here’s where things stand today

    What do you get when you mix anti-fraud crackdowns, a tech billionaire and millions of vulnerable Americans? A Social Security shake-up that’s creating plenty of anger and confusion.

    According to the Social Security Administration (SSA), an estimated $1.6 trillion in Social Security benefits will be paid to almost 69 million Americans in 2025. These benefits support retirees, individuals with disabilities, low-income older adults and children who have lost parents.

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    While many people rely on these benefits as a financial lifeline, recent changes to the program are causing concern.

    The Department of Government Efficiency (DOGE) is implementing new anti-fraud measures. While the intent sounds positive, critics argue that the rollout has been confusing and could make it harder for vulnerable people to access the benefits they rely on.

    Here are the planned changes and the reasons skeptics are alarmed by them.

    What changes are being made to Social Security?

    When President Donald Trump took office, he created the DOGE, led by Elon Musk. Throughout his campaign, Trump repeatedly pledged not to cut Social Security benefits.

    DOGE’s mission is to fight waste, fraud and abuse in government programs. Believing there is fraud within the Social Security system, DOGE introduced new anti-fraud measures, particularly targeting how people apply for benefits. They initially announced that applications for retirement or disability benefits could no longer be submitted by phone because it was difficult to verify callers’ identities. Instead, applicants would have to visit a Social Security office in person or use the My Social Security online portal, which provides better identity verification. This policy was scheduled to start on March 31.

    However, because DOGE had already cut Social Security staff and closed field offices, the announcement triggered an outcry. Many were alarmed that older adults and disabled individuals would be forced to travel long distances or navigate a website, which not everyone can do.

    The Center on Budget and Policy Priorities estimated that ending phone applications could result in an additional 75,000 to 85,000 weekly visits to SSA field offices — an unsustainable number, especially since 40% of benefit applications are currently completed by phone.

    Representative John Larson, a Connecticut Democrat and ranking member of the House Ways and Means Social Security Subcommittee, warned: "By requiring seniors and disabled Americans to enroll online or in person at the same field offices they are trying to close, rather than over the phone, Trump and Musk are trying to create chaos and inefficiencies at SSA so they can privatize the system."

    In response to the criticism, DOGE reversed its policy. It limited the phone ban to applications for retirement, survivor and family benefits, and delayed the start date to April 14. But the changes didn’t stop there. As concerns continued about long waits, understaffed offices, and the possibility of applicants going without benefits altogether, officials revised the policy once again.

    The SSA clarified on the social media platform X that "telephone remains a viable option to the public," and officially announced: "Beginning April 14, 2025, SSA will allow individuals to complete all claim types via telephone, supported by new anti-fraud capabilities designed to protect beneficiaries and streamline the customer experience."

    DOGE claims this solves the issue for most people, while still enabling the agency to reduce fraudulent claims.

    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

    Why are some people critical of the changes?

    When DOGE first announced the end to phone verification, numerous organizations raised concerns. The American Association of Retired Persons (AARP), in a letter dated April 7 to the Acting Commissioner of the Social Security Administration, cited website outages, long phone wait times, office closures and complaints from older adults. The organization asked for information on how the SSA planned to accommodate a likely flood of in-person visits.

    The Center on Budget and Policy Priorities also reported that an abrupt end to phone service could cause serious disruption, especially as around six million seniors are 45-mile round trip or more away from a Social Security field office so they’d need to figure out how to navigate to the office or online, which they very often can’t.

    Although phone applications are still permitted, older adults and disabled individuals may face in-person visits if their identities are flagged for further verification. DOGE estimates that approximately 70,000 of the 4.5 million annual phone claims will be flagged — still a substantial number of people who may face challenges due to age, health or distance from service centers.

    Additionally, DOGE has mandated that any changes to direct deposit information must be made in person or online — not over the phone.

    With these changes now in effect, it remains to be seen whether they will reduce fraud without creating new barriers. The question now is whether eligible people will be able to navigate the system effectively, or if the feared chaos will come to pass.

    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’m making decent money at 27 but was offered my dream job at a significantly lower salary. Are the financial implications worth getting to do what I love?

    Imagine you’re 27 years old, have no college degree and have been working a desk job you hate for three years. You’re looking at decades more in the workforce doing a job you can’t stand — but you’re making $22 per hour plus benefits, so you’re doing OK financially.

    One day, the volunteer program you’ve been working for offers you your dream job doing something you’d adore with people you like — but you’d be paid just $15.50 per hour without any benefits.

    You can afford to take the pay cut because you live with your parents and can get health insurance subsidies, but there’s little potential for career growth and a long commute.

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    In this situation, would you — and should you — take your dream job? Or should you stick it out in your current career to make more money?

    Here’s how to decide what to do if you’re facing this decision — or any other scenario where you have to decide whether to take a pay cut to improve your work satisfaction.

    What you need to consider

    If you’re trying to decide whether to accept a low-paying dream job, the first and most important consideration is whether you can live on the money you’d make at the job. If you can’t easily cover your living costs, taking the job doesn’t make sense. Jobs are meant to fund your lifestyle, and you don’t want to lock yourself into a life where you’re in debt or struggle constantly.

    If the job would allow you to cover your current bills, but you’re single and live with your parents right now, you also need to think about the future. Would you still be able to live on the salary you’re earning if you decided to move out, get married or have kids? If not, are you OK with potentially needing to reroute once again later down the line?

    Looking at your long-term job prospects is important too. Are there opportunities for salary increases, or will you be making a low wage forever? Will the job help you learn transferable skills so you could transition to a higher-paying industry, or are you limiting earning potential for life? And are you OK with lower Social Security benefits, as those are based on average wages?

    You may want to try calculating what your net worth would be five years from now with your current pay and possible lower pay to get a hypothetical picture of the future.

    Finally, consider what’s going to make you the happiest. If loving your work is really important to you, and you’re confident the job will give you lots of professional fulfillment, you may want to take it. However, if you hate driving and it’s a long commute, or if you’ll have to significantly cut your budget, you may end up unhappy despite the job.

    Thinking about which path is going to bring you the most joy allows you to decide if it’s money or job fulfillment that you want to prioritize.

    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

    Navigating a lower-paying job

    If you’re committed to taking your ideal job despite a low pay rate, there are steps you can explore to keep your finances stable.

    First, you should try to negotiate the salary. According to a 2023 Pew Research Center survey, 28% of Americans who asked for higher wages were given the amount they asked for and 38% got less than requested, but were still paid more than their original offer.

    If you can’t get a higher salary, finding supplemental sources of income (such as working overtime or working a side gig) could make it possible to take the lower-paying job without derailing your finances. Just consider whether this is sustainable, though, because having your ideal career but having to work a second job to make ends meet may become a burden.

    Adjusting your budget to live on less is another option. You can look into government benefits to stretch your money, such as Affordable Care Act insurance subsidies, or the Earned Income Tax Credit, which allows some low- and moderate-income taxpayers to save on taxes and potentially get more back in their refund.

    If you can find solutions like this to make the numbers work, you may decide that taking your perfect job is worth the sacrifice. Just remember to think about the big picture and consider your long-term happiness and financial stability before you decide.

    What to read next

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

  • ‘They’re all laughing in the background’: Atlanta woman lost $8,265 in savings after receiving scam call from fake Wells Fargo employee — take these steps to keep your cash safe

    ‘They’re all laughing in the background’: Atlanta woman lost $8,265 in savings after receiving scam call from fake Wells Fargo employee — take these steps to keep your cash safe

    Aleah McPherson’s bank account is $8,265 lighter these days. Sadly, the funds disappeared after she fell for a scam by someone impersonating a Wells Fargo employee, leaving McPherson and her fiancé devastated by the loss.

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    "That was my savings. That was actually what I have been working for a while," McPherson told Fox 5 Atlanta last month. She hopes that her story will serve as a warning to others so that they don’t fall victim to similar fraud and be left without their hard-earned money.

    How a phone scam led to a huge loss

    According to McPherson, the trouble started when she received a phone call from a 1-800 number associated with Wells Fargo to alert her to a serious problem. "Wells Fargo bank informed me there was fraudulent activity," she said. "They will call you if there’s fraudulent activity on your account, so I didn’t think there was anything out of the ordinary. I’ve had this happen before."

    The scammer told McPherson she’d have to transfer her money out of her account to keep it safe while an investigation was carried out. McPherson believed she’d confirmed that she was actually talking to her bank, so she followed their instructions and emptied her bank account, sending the money via Zelle and a Chase digital wallet.

    Although she thought moving the funds would protect them while Wells Fargo investigated the fraud, the reality is that the money disappeared into the accounts of the scammers.

    Adding insult to injury, she also explained that the scammers mocked her for falling for their tricks. "Once you’re done talking to them, they’re all laughing in the background. They are telling you that you’ve been scammed and laughing."

    Sadly, McPherson is one of many who have fallen victim to scams in which thieves pretend to be trusted organizations, including financial institutions or government agencies. These scams are called phishing or spoofing scams, and the FBI’s 2024 Internet Crime Report revealed 193,407 complaints about them during the year, with victims collectively losing over $70 million.

    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

    How to protect yourself from this scam

    Scammers engaged in phishing and spoofing use many tricks to prompt you to act including:

    • Calling or texting to tell you your account has been compromised and you need to take action to fix the situation — which often involves sending money or providing personal details
    • Sending emails and links to fake websites to convince you to enter your financial credentials, such as forms to "reset" your username or password, because it’s fallen into the wrong hands
    • Threatening you with arrest, loss of funds, or other harmful consequences if you don’t send money immediately
    • Claiming you’re overdue on a payment and that you’ll lose account access if you don’t act

    Scammers often create a sense of urgency and fear, prompting you to act fast before you have time to think.

    Since they can make it look like they’re calling from a legitimate number or sending an email from a legitimate source, you can’t trust the caller ID or the name on an email. You need to be vigilant in protecting yourself, and there are a few best practices to avoid falling victim to a scam like McPherson did. Specifically, you should

    • Avoid answering any phone calls from unknown numbers
    • Hang up immediately if someone says they’re calling from a bank, government agency, or other trusted source. Find the phone number yourself and call back instead
    • Never give out sensitive personal details or passwords over the phone — legitimate companies won’t ask for things like PIN numbers, social security numbers, or phone verification codes. Make sure to only enter such information on verified digital platforms
    • Never follow a caller’s instructions to transfer money, regardless of the threats you hear on the phone
    • Avoid clicking on any links in suspicious emails. Always navigate to websites yourself instead by typing in the website address in your browser

    By taking these steps, you can keep your savings safe and won’t find yourself with the money you worked so hard to work for wiped away like it was for McPherson.

    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’m a sucker for any bleeding-heart thing’: Chicago woman lost $5K after boys asked her for $20 to help pay for their brother’s funeral. Watch for these red flags to avoid being a ‘sucker’

    ‘I’m a sucker for any bleeding-heart thing’: Chicago woman lost $5K after boys asked her for $20 to help pay for their brother’s funeral. Watch for these red flags to avoid being a ‘sucker’

    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.

    @plaement()

    "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.

    @plaement()

    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.

    @plaement()

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

  • This Atlanta pastor is calling for another ‘full-on boycott’ of Target after DEI programs slashed — claims 1st one cost company $12B. And his church won’t return until demands are met

    This Atlanta pastor is calling for another ‘full-on boycott’ of Target after DEI programs slashed — claims 1st one cost company $12B. And his church won’t return until demands are met

    Rev. Jamal Bryant, pastor at one of the largest megachurches in Atlanta, is urging his congregants and like-minded Americans to continue their weeks’-long boycott of Target.

    "Not since the Montgomery Bus Boycott has Black America come together in such a unified vision, a unified focus and a unified front," Bryant said.

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    Bryant kicked off the boycott — originally a 40-day shopping ‘fast’ — at the beginning of Lent, on March 5.

    He launched the boycott to protest Target’s decision to roll back DEI initiatives, announced in January. Other faith leaders supported the effort and 20,000 people signed up.

    At Easter, he told his congregants at New Birth Missionary Baptist Church that their boycott had cost Target $12 billion, and encouraged them to keep it up beyond Easter until the company restored its DEI efforts.

    Now, as Fox 5 reports, he says it’s time for the fast to shift into a “full-on boycott.”

    Here’s a look at how much the pastor’s initiative — and similar boycotts — are affecting Target’s bottom line and its DEI policies.

    Megachurch pastor says Target must meet demands

    Bryant has a significant profile as the head of a megachurch and a celebrity who once appeared on The Real Housewives of Potomac with his ex-wife Gizelle Bryant.

    He has used his influence to issue demands that Target must comply with for the boycott to end. Bryant demands that Target:

    • Renew their commitment to invest $2 billion in Black-owned businesses by July 31
    • Restore internal DEI efforts
    • Deposit $250 million into Black-owned banks
    • Establish new partnerships with historically Black colleges and universities

    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

    According to the pastor, as of Easter, Target had only met one of these demands — committing to invest in Black-owned businesses. That’s why his megachurch continues to boycott the mega-retailer.

    Bryant’s is not the only Target boycott going on. Minnesota activists launched a national boycott of Target on Feb. 1, the first day of Black History Month. The Latino Free Movement is also urging Latinos to stop shopping there.

    The boycotts are changing consumer behavior in measurable ways.

    The St. Louis American reports that data from two analytics firms — Placer.ai and Numerator — shows an overall decline in consumer support for Target, with Black and Hispanic households cutting their Target visits at the highest rate.

    Target has lost $12.4-billion in revenue since the boycotts began and its stock has plunged by $27.27 per share. While markets have been volatile in the wake of tariffs, there is reason to believe the boycotts are having an impact.

    Will efforts to stop DEI rollbacks make a difference?

    The boycotts may affect Target’s bottom line, but their impact on its DEI policy is uncertain.

    The Arizona Republic recently published a list of 40 businesses cutting back diversity, equity, and inclusion programs — including Amazon, AT&T, Bank of America, Disney, Ford, Google and General Motors.

    They have all faced protests and boycotts, including a 24-hour economic blackout on February 28 that urged people not to spend money at any organization that had dropped its DEI initiatives.

    The challenge is that all these companies, including Target, also face headwinds from President Donald Trump, who signed executive orders banning DEI in federal agencies and among federal contractors.

    They may fear retaliation from Trump — through lawsuits — and counter-protests from MAGA followers opting to shop at retailers from an anti-DEI shopping list.

    With boycotts blowing both ways, businesses have been left in a no-win situation with a good portion of the country likely to be upset with any DEI policies they put in place.

    What to read next

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

  • Should Canadian retirees own or rent their home? Use this simple ‘5x5x5 rule’ to figure it out

    Should Canadian retirees own or rent their home? Use this simple ‘5x5x5 rule’ to figure it out

    Faced with the rising cost of living, many American retirees are looking to control one of the most fundamental expenses: housing.

    Since the pandemic, the cost of housing has remained stubbornly high. According to a recent report, home affordability slipped further in January, as rising prices raised the income needed for a mortgage in 12 of 13 major markets.

    Moving is not easy at the best of times, but for retirees, deciding whether to rent or own their home will have a long-term impact on their finances and their lifestyle. To help clarify whether renting or owning is your best option, retirement author and YouTube host Geoff Schmidt advises following what he calls the 5x5x5 rule.

    About the 5x5x5 formula

    The 5x5x5 rule is a way to gain clarity on your decision to move by breaking down the pros and cons of renting versus owning both short- and long-term. Most importantly, retirees need to consider where they’ll be — not just geographically speaking — 10 years down the road. Here’s a breakdown of each of ‘five’ in the 5x5x5 rule.

    5 pros of ownership

    The first step in deciding if you want to buy a new home as a retiree is to think about the five big perks of having your own property. For retirees, the pros of owning a home allow you to:

    1. Build equity in your home: Each mortgage payment you make brings you closer to owning your house free and clear with no payments. If you can buy a new home or condo outright by selling your current home, you can still build equity in your new dwelling over time.
    2. Predictability: If you have a fixed-rate mortgage, your mortgage payments will remain consistent for years and you don’t have to worry about a landlord ever making you move.
    3. Tax benefits: While mortgage interest and property taxes are not tax-deductible on a principle residence, you could find tax deductions if you use a portion of your home for a home-based business or to rent out as short-term accommodation or to a long-term tenant.
    4. Customization: You don’t need a landlord’s permission to alter and improve your home.
    5. Home appreciation: Homes generally increase in value, so you can increase your net worth by owning a property.

    5 pros of renting

    Renting also has five significant upsides, particularly for retirees who want greater freedom to travel and to make bigger moves — potentially across the country or even abroad. These include:

    1. Extreme flexibility: You can leave your property after giving notice and go wherever you want much more easily than with an illiquid home you’d have to sell first.
    2. Lower upfront costs: You only have to pay first and last month’s rent and a security deposit to move into a rental, not make a large home down payment.
    3. No maintenance concerns: If something breaks, your landlord is responsible for the cost of fixing it and the actual repairs. You don’t have to build up an emergency fund for maintenance.
    4. Predictable expenses: For the duration of your lease, your monthly housing costs including utilities will remain consistent, even if the cost of energy goes up, for example.
    5. Lack of worry: If you’re in a rental apartment, you won’t have to concern yourself with shovelling snow, mowing grass or other matters of general, external upkeep.

    5 variables that help you make the decision whether to rent or buy

    The last step in the 5x5x5 rule is to consider specific variables that affect you. These include:

    • Financial stability: Considering your current and future Canada Pension Plan (CPP) benefits and retirement income, will renting be more affordable long term, or will owning be more beneficial?
    • Lifestyle preferences: Think about quality of life and what matters to you. Maybe your biggest priority is to be close to family. Perhaps you want easy access to amenities like health care and recreation. Do you want more predictability or more flexibility? Which option — buying or renting — comes closest to matching your desires?
    • Current and future health: Are you in a position to maintain your home and does it have aging-in-place options?
    • Estate planning: Do you want to have a home to leave as an asset to your loved ones?
    • Market conditions: Is it a good time to buy a property? What do you think will be happening in the real estate market in the next decade?

    By asking yourself these detailed questions about your own personal financial goals and lifestyle preferences, it will be easier to decide whether to own or rent now and in the long term.

    This article Should Canadian retirees own or rent their home? Use this simple ‘5x5x5 rule’ to figure it out originally appeared on Money.ca

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

  • ‘I was dumbfounded’: Minneapolis mother hit with $24K bill for daughter’s allergy test — why patients across the US are suddenly facing massive bills for routine medical care

    ‘I was dumbfounded’: Minneapolis mother hit with $24K bill for daughter’s allergy test — why patients across the US are suddenly facing massive bills for routine medical care

    Imagine taking your daughter to a clinic for allergy testing, then learning your insurer was billed $24,000 for it, $5,400 of which you must pay. You’d probably assume a mistake was made. That’s exactly what Kaitlin Johnson of Minneapolis thought when this happened to her.

    Johnson called around and found most clinics charged around $1,827 for the testing. Yet, her clinic insisted the fee was correct. Only after eight months of fighting and inquiries from PBS News did the facility finally reduce that price.

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    Obviously, most people can’t get the press to call to question their medical bills. So, sadly, many patients at that clinic likely got stuck paying through the nose for allergy testing. They aren’t the only ones, either. All across the country, patients are being surprised with huge bills for routine care, even as many states try to take action to stop it.

    Here’s why this is happening, along with some tips on how to avoid it.

    Facility fees hit more independent clinics — and patients

    There’s one big reason why so many patients are facing unexpectedly high bills for basic care. More of that care is now being provided by clinics affiliated with hospitals. In fact, in 2024, 55% of all doctors were employed by hospitals or health systems, which is more than double the number from 2012, according to PBS News investigation.

    This becomes a problem because hospitals can tack on facility fees and inflate charges for routine care. They do this to make up for the fact that they’re often reimbursed less than the cost of care by insurers, or not reimbursed at all, because laws like the Emergency Medical Treatment & Labor Act require them to provide emergency care regardless of payment ability.

    "Insurers payers are squeezing providers to the point where they are no longer financially stable," Molly Smith, vice-president of public policy at the American Hospital Association, told PBS.

    Smith also explained that inflation has made providing care even more expensive, but insurers haven’t adjusted payouts accordingly, leaving hospitals with a greater financial burden to compensate for.

    Sadly, while most people expect inflated prices at hospitals, patients often don’t realize until it’s too late that fees and surcharges are showing up in bills for outpatient care at hospital-owned clinics. That’s what happened to Jess Ayers when she took her daughter for treatment of a lazy eye and got a bill with a $176 facility fee.

    "I was dumbfounded because I’d never heard of it, and having worked in health care for a long time, I was taken aback," Ayers told PBS.

    Christine Monahan, assistant research professor at the Center on Health Insurance Reforms at Georgetown University, also pointed out another reason patients like Ayers and Johnson are coping with these surprising costs. It’s because insurance deductibles have increased over time.

    "More and more, you might be directly responsible," Monahan told PBS.

    Consumer Shield confirms average deductibles hit $1,790 in 2024, up from $584 in 2006 and $1,220 in 2014. With higher deductibles, more consumers must pay out-of-pocket for facility fees and inflated hospital prices, rather than their insurer just footing most or all of the bill.

    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

    How to protect against huge surprise bills

    If you’re now worried about high facility fees, the first thing to know is that some lawmakers are trying to protect patients from this financial burden. Georgetown University reported on the state of these reforms in 2023, indicating that Connecticut, Indiana, Maine, Maryland, New York, Ohio, Texas, and Washington had banned facility fees for at least some providers and care settings.

    In Connecticut, for example, facility fees can’t be charged for telehealth or for evaluation and management services on or off campus. New York lawmakers are now hoping to go even further by imposing a cap not just on facility fees, but also on services charged at outpatient clinics for those with commercial insurance.

    Other states, like Colorado, limited consumer financial exposure to outpatient off-campus facility fees by prohibiting a separate co-payment on them. And, more than half a dozen locations require covered providers to disclose facility fees and expected costs.

    Unfortunately, not everyone who seeks medical care lives somewhere where these protections are in place. Those who don’t need to be especially careful to avoid surprise bills. Patients can do this by:

    • Asking for a detailed written estimate up front.
    • Researching clinic ownership and looking for providers who aren’t affiliated with hospital systems.
    • Requesting itemized bills to better understand charges.
    • Negotiating with care facilities to reduce rates.
    • Asking about discounts for cash-paying patients if they don’t have insurance or won’t meet their deductible.

    Finding a clinic that doesn’t charge these fees may involve added time and hassle. Ayers, for example, located a provider 40 minutes away that doesn’t impose a facility fee for her daughter’s eye treatment. However, if you can save hundreds by doing the research to find a clinic that won’t overcharge, it’s likely worth the effort to make that happen.

    What to read next

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