Author: Jessica Wong

Located just an hour from Houston, coastal getaway Galveston Island is going through a housing slump.

Once a dream destination for vacation homes and investment properties, the island city has become a buyer’s market.

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“We’ve never seen this amount of inventory sitting for this amount of time,” Galveston Realtor Shelby Forbert told KHOU News last month. “Homes are sitting six, seven, eight, nine months on the market.”

During the pandemic-era housing rush, buyers were snapping up seaside properties amid record-low interest rates.

But now, prices are falling, listings are piling up, and owners are getting squeezed by rising costs.

A perfect storm

Forbert showed off one of her listings in Jamaica Beach, a fully renovated four-bedroom home that includes brand-new furnishings. It’s been on the market for six months, and the price has taken a nosedive.

“I just brought this home down. It was listed at $625,000, and now it’s at $499,000. So, we’re just waiting it out,” she said.

The median sold price in May 2025 for Galveston single family homes was $410,500, down from $470,000 last year and $449,000 in April 2023.

Citing the Houston Association of Realtors, KHOU said the slowdown comes from a perfect storm of plunging vacation rental profits, steep maintenance costs, and soaring property taxes. For investment owners, the crowded short-term rental market is cutting into profits. During the pandemic, buyers rushed to snag beach homes, turning them into lucrative Airbnb rentals. But that short-term rental gold rush has fizzled. Galveston is now flush with vacation homes, meaning oversaturation and competition.

“Airbnb landlords are suffering because there are so many homes to choose from, and they’re being put up for Airbnb all at once,” Forbert said. “Before, there were very few, and now it’s every other home probably.”

Then there’s the skyrocketing home insurance.

Galveston, which is extremely vulnerable to hurricanes, has the highest home insurance rates in Texas, averaging nearly $12,000 a year, according to LendingTree.

The market has changed, and what used to be a seller’s dream is now a waiting game. “At the end of the day, the market will tell you what the house is worth,” Forbert said. “All you can do is keep reducing the price until it moves, and that’s what the value is.”

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

High insurance and weather disasters

Texas now ranks as one of the most expensive states in the country for homeowners insurance, with average annual cost at $5,180, nearly double the national average of $2,801, according to LendingTree.

And in communities like Galveston, that number can climb much higher.

What’s behind the price surge?

In Texas, extreme weather is taking a serious toll. The state leads in the country for the most number of billion-dollar weather and climate disasters since 1980, according to The National Oceanic and Atmospheric Administration (NOAA), and is the second-leading state after Florida in total costs ($436 billion). That kind of risk has insurers on edge, and it’s driving premiums higher.

To add to that, rebuilding a home isn’t cheap these days since construction costs have surged.

For the right buyer, that beachside dream could be a deal, as long as they budget for the full cost of keeping it above water. For those willing to weather the storm, the Gulf breeze and beachside views may come with a discount. But for sellers? The tide has turned.

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

Marty from Spokane, Washington, thought he was taking a smart step toward debt-free homeownership. But pulling $400,000 from his 401(k) to buy a house left him with a staggering $140,000 tax bill.

“I just recently found out that when I go to file my taxes, I am going to owe roughly $140,000,” he said, calling into The Ramsey Show. “I really don’t want to do a payment plan with the IRS, but I just don’t know the best path forward.”

Marty thought he had paid all the fees and taxes when he withdrew the money, but said, “I was misinformed that it had been paid… and I didn’t realize it hadn’t been done until I went to file my taxes.”

The Ramsey Show says it’s better to owe a bank than the IRS

Marty has a few ways to come up with the money: He could use a line of credit like a HELOC or credit card, dip into his $60,000 in savings, or take out a personal loan from a bank. But The Ramsey Show co-hosts Jade Warshaw and Rachel Cruze were clear: some of those options could make things worse. They advised against using a home equity line of credit (HELOC) or a credit card.

“I would not do a HELOC,” Cruze said. “I would not put your home at risk. With HELOCs, the interest rates are sometimes insane.” As for credit cards, the interest rates tend to be even higher and more volatile, and the debt can spiral fast. That’s a dangerous mix when dealing with a large IRS bill. Instead, Warshaw and Cruze recommended pulling from Marty’s savings and using a personal loan from a bank to cover the remainder.

“Use your savings, then get a personal loan to pay the IRS off as quickly as possible,” Warshaw advised.

“Because I’d rather owe a bank than the IRS at this point,” Cruze added.

IRS debt can lead to aggressive penalties, interest and long wait times when trying to resolve issues — which is why they emphasized handling it quickly, cleanly, and without risking other key assets like retirement accounts or home equity.

“You’re already in the hole,” Cruze said, adding “…be in the hole with a bank.”

The consequences of tapping into your 401(k) early

Marty’s story serves as a reminder to avoid dipping into retirement accounts, especially if you don’t fully understand the tax implications.

As Warshaw concluded, “No more leveraging very important things for debt.”

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In a financial emergency, your 401(k) might look like a tempting source of fast cash, especially when you see a hefty six-figure balance just sitting there. But taking money out of your 401(k) before age 59½ can come with serious consequences that extend far beyond the immediate tax year. You’re typically hit with a 10% early withdrawal penalty and ordinary income tax on the total amount that you’ve withdrawn.

For example, let’s say you withdraw $20,000 from your 401(k) before age 59½:

• $2,000 goes straight to the IRS as a penalty (10%)
• Assuming a 22% tax bracket, you’ll owe another $4,400 in income taxes
• Total cost in fees and taxes: $6,400, or 32% of your withdrawal
• The amount you’ll actually keep: $13,600

Aside from the fees and taxes, there are long-term implications, too.

Lost investment growth: Money withdrawn from your 401(k) isn’t just taxed, it’s no longer growing. A $20,000 withdrawal today could have grown to $80,000 or more over 25 years with compounding returns (assuming an average of 7% annual growth).

Tax time shock: Many people think taxes and penalties are deducted automatically. But if you don’t withhold the right amount when you take the distribution, you may owe thousands when you file, with penalties and interest if you can’t pay on time.

When a 401(k) withdrawal might make sense

There are some exceptions where tapping into your 401(k) early may be the only option:

• Avoiding foreclosure or eviction
• Job loss with no savings or access to credit
• Disability or death (in which case, penalties may be waived)
• Hardship withdrawals, like for terminal illness (may be exempt from the 10% penalty, but you’ll still owe income taxes)

Before dipping into your retirement funds, consider other options:

• Emergency savings
• Personal loans or credit union options
• Home equity loans, if your income supports repayment
• Selling non-retirement investments, like brokerage accounts

Pulling from your 401(k) early can feel like a quick fix, but with taxes, penalties and lost future growth, you could lose 30% to 40% of what you take out, so it should be treated as a last resort rather than an easy solution.

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

At Smith’s in St. George, Utah, 80-year-old Gary Saling is a familiar face — always bagging groceries with a smile. But, behind the uniform is a life story few shoppers know.

Saling once designed multimillion-dollar mansions for Wall Street elites and served Hollywood royalty. Now, he’s still clocking in to pay off $80,000 in medical bills after caring for his late wife at home until her final days.

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“There is no way I’m a hero. I am not an angel, and I’m certainly not a saint,” Saling told KSBY News.

Care, costs and a commitment

As an architect, KSBY reports, Saling rose to the top after being raised by a hard-working single mother, designing estates for the ultrawealthy and landing on Architectural Digest’s prestigious annual top 100 list.

After raising two sons alone following a divorce, Saling says he found unexpected love in 1991, at a red light.

“I mean, it was the exact instant. We both raised our sunglasses,” he said.

The woman was Carol, an artist. They later discovered they’d been regulars at the same coffee shop for years. In 2017, Carol was diagnosed with Sundown syndrome, a form of dementia. The couple moved to southern Utah to be closer to a neurologist.

“The neurology was covered by Medicare,” Saling said. “What wasn’t covered was the promise that I would keep her at home and never put her in a nursing home.”

Carol passed away in 2021. But Saling works five days a week, long past retirement, to pay for her medical bills he still owes.

Duana Johnson, who runs a local ministry, noticed Saling working and decided to act.

“I saw Gary bagging groceries, and I thought, ‘What’s this guy? Why is this elderly man still here?’” she told KSBY News.

She launched a fundraiser, opening a donation account at the State Bank of Southern Utah and setting up a Venmo account. Around $2,000 has been raised so far.

“I’m trying to raise enough money for him to be able to retire and not have to worry about working anymore,” Johnson said.

Saling didn’t expect the spotlight, but doesn’t regret a single choice.

“I made the promise to keep her at home and never put her in a nursing home,” he said, “because I took vows.”

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 manage large medical bills

If you’re facing overwhelming medical bills, like Saling, you’re not alone. Here are some strategies to help you navigate this burden.

Always ask for an itemized bill

Always ask for an itemized bill, which breaks down each charge by medical code. This can help with finding mistakes, like duplicate charges or services not rendered.

Platforms like Grok and Openhand use artificial intelligence to analyze medical bills and identify potential overcharges.

Negotiate the bill

Many hospitals and providers are open to negotiation. You can:

• Ask for a discount for paying the bill in full up front.
• Request a discount based on your financial situation.
• Inquire about payment plans or financial assistance programs.

Apply for charity care or financial assistance

Nonprofit hospitals are legally required to offer financial assistance programs, known as charity care under the Affordable Care Act. These programs can reduce or even eliminate your medical bills based on income and family size.

Use assistance programs and advocacy resources

While the U.S. government doesn’t provide direct debt relief for medical bills, there are related programs:

• Programs like Medicare and Medicaid cover a significant portion of medical expenses for eligible individuals.
• Some states, like Utah, offer additional assistance for medical expenses.
• 211.org is a free, confidential service connects individuals with local resources, including medical assistance programs.
• The Patient Advocate Foundation offers support in negotiating medical bills and understanding your rights.

Explore low-interest loans or credit options

If you’re not able to pay the medical bills up front, there are other options you can consider:

• Some financial providers offer medical credit cards with promotional 0% interest for a set period.
• Banks or credit unions may offer loans with lower interest rates compared to credit cards.
• There are financial institutions that specialize in medical financing.

Consider bankruptcy — as a last resort

If the medical bills are too much to handle and you’ve exhausted other options, bankruptcy may be an alternative:

• Chapter 7 bankruptcy can discharge unsecured debts, including medical bills.
• Chapter 13 bankruptcy allows for a repayment plan over time.

Check in with a bankruptcy attorney to understand the implications and figure out if this is the right path for you.

Lastly, you’ll want to stay organized and keep records of all communications and documents related to your medical bills. And seek professional help from a financial advisor or credit counselor for personalized assistance.

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

Florida might still be basking in sunshine, but its once-sizzling housing market has simmered down.

The momentum that fueled pricing spikes during the pandemic has taken a sharp turn. For the first time in years, buyers are regaining leverage.

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Sellers, squeezed by skyrocketing insurance premiums, softening demand and growing inventory, are cutting prices, covering closing costs and easing up on contingencies just to seal the deal.

But is this shift a buyer’s paradise? According to real estate experts, the Florida housing story is more complicated than simply buyer-friendly.

Pandemic housing frenzy hits pause

During the COVID-19 era, a wave of remote workers, sun-seeking transplants and looser restrictions turned Florida into ground zero for red-hot real estate. Builders raced to meet demand. Now that demand has cooled.

Then came two hurricanes, a spiraling insurance crisis and record-breaking homeownership costs. Panic-inducing headlines are drawing comparisons to the 2008 crash, but experts urge caution before sounding the alarm.

“It’s nowhere near that,” real estate expert Vincent Arcuri said recently on Full Circle Florida. “Interest rates are at 6.5 %, if you saw interest rates go anywhere in the 5s, you would see the market shift overnight, properties would start to skyrocket again, so it does have a lot to do with how much I’m putting down and how much is my payment? And that’s what really drives the economics of people buying homes.”

Some homeowners who bought at the peak may be feeling the pinch.

“You have people that came from the pandemic that overpaid, now it’s time to pay the fiddler,” Arcuri said. “I think those people that came in and paid $50,000, $100,000 over market, they’re seeing a reduction now in value, plus they overpaid when they bought, which is offsetting some of the equity in those homes.”

So are the issues local or regional? According to Arcuri, Florida’s housing market isn’t uniform.

Inventory is rising in parts of Florida like Tampa Bay, St. Petersburg and Clearwater, but much of that is due to condos, not single-family homes. The surge is being driven by region-specific factors: new milestone inspection rules, skyrocketing HOA fees and soaring insurance premiums — all of which are dragging down condo sales.

While headline numbers may suggest a broad market slowdown, many statistics are skewed by the flood of condo listings. The situation is more regional than statewide.

Recent hurricanes have only added pressure, particularly on older and coastal condo communities, while inland areas and single-family markets remain more resilient.

So, when will the market bounce back? That largely depends on policy. And as Arcuri puts it, “Until we have significant insurance reform.”

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

What does it mean for buyers and sellers?

As homes spend more time on the market — especially in places like Tampa Bay and South Florida — buyers are seeing the return of perks not seen since before the pandemic.

But that doesn’t mean today’s buyers have it easy. While home prices may be stabilizing, hidden costs loom:

Florida now has the highest average home insurance premiums in the U.S., with some regions seeing rates above $11,000.

Condo owners in coastal cities are facing 15% plus hikes in HOA fees due to mandatory inspections and storm upgrades.

Mortgage rates remain high, hovering around 6.5%, making monthly payments a real hurdle. Many first-time buyers are already stretched thin by student loans and rising living costs.

Sellers, meanwhile, must adjust to a slower market. Price cuts and concessions are increasingly common, especially for condos facing the brunt of the state’s insurance and structural safety challenges.

So, what should sellers be thinking about? First, price your home realistically. Overpricing means your listing will sit. Consider offering incentives, like covering closing costs, to stand out. Know your costs. High insurance and maintenance fees can make your home harder to sell, so be upfront and ready to discuss those with potential buyers. Most experts agree — this isn’t 2008. Homeowners today typically have equity and more responsible loans. Still, without insurance reform, expect a choppy market.

For now, buyers should do their homework and negotiate hard. Sellers should stay realistic and flexible. Arcuri suggests homeowners just stay put.

“If you’ve got a low interest rate, be patient,” he said. “These markets are cyclical. I’ve seen this happen time and time again. Florida’s fundamentals are still strong. Give it a couple of years, and we’ll be talking about the next housing boom.”

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

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

Imagine spending nearly $18,000 on brand-new furniture, only to end up face down on the street, confronted by cops with guns drawn.

That’s exactly what happened to Noah Jacob, a Naperville, Illinois, father who says a home delivery from Ashley Homestore turned into a nightmare.

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“The kids are freaking out. They got scared. My wife got scared,” Jacob recalled to CBS News Chicago in a story published May 9.

“I have never been embarrassed in my life that much,” he said. “It was horrible. Like, I can’t believe that I was treated that way. For furniture.”

It turns out the delivery dispute was only the beginning of a nearly year-long saga that has culminated into a $50,000 lawsuit.

‘This is not what I paid for’

The story begins in June 2024, when a crew from Urlo Delivery Service, on behalf of Ashley Homestore, arrived at Jacob’s new home with thousands of dollars in furnishings, including sofas, beds and dressers. According to the local broadcaster, Jacob was promised a “white-glove premium home delivery” service.

Instead, the homeowner says the crew’s work resulted in dings, scratches and a cracked wall. It was enough to make him snap and kick the workers out of his home.

“Enough is enough. I don’t want this. This is not what I paid for,” Jacob said.

That’s when things escalated dramatically.

The delivery crew called 911, according to CBS News Chicago, the driver claiming Jacob had a gun and threatened to kill them if they didn’t leave his property. Police body cam footage shows officers brandishing firearms confront Jacob on the sidewalk, ordering him to raise his hands, kneel and lie face down.

Jacob denies pulling a gun on the delivery crew. CBS News Chicago says it spoke with the owner of Urlo Delivery Service, who insisted her employees were telling the truth. The crew described the gun as a black pistol. According to the broadcaster, the police report notes Jacob does own a black pistol but he says it was kept locked during the delivery. An electrician working inside the home at the time claims he didn’t see a gun or hear any threats. Police ultimately didn’t file charges.

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

After the dust settled, Jacob was left with only a partial delivery of the items he purchased. So, his lawyer sent a demand letter to Ashley Homestore in August 2024.

“Initially when we got involved, we actually thought it would be quite simple,” Jacob’s attorney Aaron Rapier told CBS News Chicago.

But after “getting the runaround” from the company, the legal battle escalated to a lawsuit being filed in early May against the furniture giant, and other companies, seeking at least $50,000 in damages.

“You can pay $18,000 for this furniture, but we’re not going to deliver it all, we’re going to damage your property, and we’re going to file a false police report. Do you think any consumer in the world would do that deal?” Rapier said.

CBS News Chicago says a statement from Ashley Homestore said the company’s involvement was “limited to selling furniture.” There was no mention of Urlo Delivery Service, however, the broadcaster says it was directed to a different third-party delivery service that didn’t answer journalists’ questions.

The broadcaster reports Ashley Homestore said it’s working on a resolution with Jacob, while Urlo Delivery Service denied any wrongdoing — even regarding the alleged damage to the home.

Why mishandled disputes can cost you big

When a consumer dispute spirals out of control, like in Jacob’s situation, the hidden costs can hit harder than a shattered coffee table. Here’s what every shopper in America needs to know.

You might end up with unwanted or damaged goods. But the fallout can be much more than that:

• If a retailer reports the dispute as nonpayment, it could hurt your credit score, making future loans or credit cards more expensive.
• If the issue escalates to court, you could be looking at thousands in legal fees, even if you’re in the right.
• Phone calls, follow-ups and waiting on hold to deal with the situation can be a time killer that can burn hours you’ll never get back.
• The stress of fighting a corporate giant can weigh heavily on your mental health and cause emotional distress.

If you’re spending thousands on big-ticket items like furniture, appliances and electronics, don’t just swipe and hope. Here’s how to shop smart:

• Make sure to document everything. Take photos. Save emails. Keep receipts.
• Before you buy, read up on return/refund policies, warranty limits and delivery terms, especially when third-party vendors are involved.
• Keep your cool. Getting emotional or aggressive in disputes can backfire fast, especially when police get involved.
• Visit ConsumerFinance.gov (CFPB) or FTC.gov for guidance on how to report fraud, dispute charges, and escalate complaints the right way.

Nearly a year later, Jacob says his ordeal wasn’t over. His bedroom set? Still missing crucial parts. The rest of the furniture? Some damaged, some undelivered.

“There’s no hope. There’s no solution. They wouldn’t give me the furniture. They wouldn’t take the furniture,” he said.

Jacob says he went public not for attention, but accountability.

“I don’t want anybody to go through what I had to go through, honestly,” he said.

What to read next

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

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

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

Just when people are more worried than ever about their investments, even to the point of cashing them out, BlackRock Inc. CEO Larry Fink says it’s time to go all in.

But he has a specific investment in mind: private equity, also known as alternative investments.

BlackRock (BLK) has long been known for its low-cost stock index funds, or exchange-traded funds (ETFs), but Fink sees a big future in higher-fee private assets that aren’t listed on the stock markets.

“The solution isn’t to abandon markets,” he wrote in his annual letter to investors.

“It’s to expand them, to finish the market democratization that began 400 years ago and let more people own a meaningful stake in the growth happening around them.”

Fink has overseen BlackRock’s rise to the world’s largest money management firm with more than US$10 trillion in assets. He also serves on the board of the World Economic Forum, and believes opening up private-equity markets will help reduce the gap between rich and poor.

More asset management firms offering private equity

Fink notes that up until recently only wealthy people could invest in infrastructure projects like data centres, ports and power grids — even real estate projects and private credit were hard to access for the non-accredited investor. That’s because these large-scale investment projects usually require cooperation between private firms, government agencies and stakeholders — and due to their complexity are rarely available as investment options through through shares on a stock exchange.

To find a way to access these investment opportunities fund managers found opportunities using private equity. Among the asset management companies forging a path to these opportunities are Blackstone (BX), Apollo (APO) and KKR (KKR) — all offering regular investors access to private equity investment opportunities.

At this point in time, Fink is so bullish on this asset class that he steered his firm to take a lead position. Last year, BlackRock acquired Global Infrastructure Partners for US$12.5 billion and data firm Prequin for US$3.3 billion. The firm is also wrapping up a US$12-billion deal for private credit company HPS Investment Partners.

Together, these investments will help BlackRock manage US$600 billion in alternative assets.

Updating the traditional portfolio mix to private equity

Fink suggested that the traditional 60/40 portfolio of 60% stocks and 50% bonds may no longer be enough to diversify effectively.

Going forward, Fink suggests investors consider a new portfolio mix with 50% in stocks, 30% in bonds, and 20% in private assets like real estate, private credit and infrastructure.

To help retail investors tap into these markets, BlackRock started rolling out model portfolios that include private equity and credit funds alongside traditional assets like stocks and bonds.

These portfolios, which average 15% exposure to private assets, are now available to those invested in the U.S. stock market.

How can investors get exposure to private equity?

While it’s possible to invest in BlackRock fund traded on an American stock exchange, investors will need to consider the impact of withholding tax, as well as currency fluctuations.

For investors who would prefer to avoid U.S. withholding tax and currency exchange fees, consider investing in exchange-trade fund (ETF) with exposure to private equity. Good examples include:

iShares Diversified Monthly Income ETF (XTR): This fund aims to provide consistent monthly cash distributions with the potential for modest long-term capital growth. Best suited for investors seeking regular monthly income. Primary holdings include Canadian iShares ETFs that offer exposure to a diversified portfolio of income-bearing investments.

• Asset Allocation (as of March 31, 2025): 40% equities, 50% fixed income, 10% real estate investment trusts (REITs).
• Top Holdings: iShares Canadian Financial Monthly Income ETF, iShares Canadian Corporate Bond Index ETF, iShares Canadian Real Estate ETF.
• Best suited for investors seeking regular monthly income.

iShares Core Income Balanced ETF Portfolio (XINC): Seeks to provide long-term capital growth and income by investing primarily in one or more ETFs managed by BlackRock Canada.

• Asset Allocation: 80% fixed income, 20% equities.
• Top Holdings: For fixed income: iShares Core Canadian Universe Bond Index ETF (XBB), iShares Core Canadian Short Term Corporate Bond Index ETF (XSH), iShares U.S. Treasury Bond ETF (GOVT), iShares Broad USD Investment Grade Corporate Bond ETF (USIG). For equities: iShares Core S&P/TSX Capped Composite Index ETF (XIC), iShares Core S&P Total U.S. Stock Market ETF (ITOT), iShares Core MSCI EAFE IMI Index ETF (XEF), iShares Core MSCI Emerging Markets IMI Index ETF (XEC).
• Best suited for investors looking for a low-cost, diversified exposure to a broad range of asset classes and regions with a conservative goal of regular income.

The easiest way to get access to these or other ETFs with private equity exposure is to open a discount brokerage account. One good option is to build your own investment portfolio with Investor’s Edge online and mobile trading platform and enjoy low commissions. Get up 100 free online equity trades when you open a CIBC Investor’s Edge account using promo code EDGE100. Offer ends September 30, 2025. Conditions apply.

Bottom line

While these new investment opportunities are exciting, investors need consider the risks and additional costs associated with this new portfolio strategy. For instance, investing in private assets can result in higher management fees, less liquidity, and more complexity compared to traditional investments. That means you might not be able to access your money as quickly, so consider your financial goals before diving in.

To keep up with changes in private-market investments and diversification, check out trusted government and financial resources on the subject.

Before you make any moves, it’s always a good idea to chat with a financial advisor who can help you figure out whether private-equity investment fits with your risk tolerance and long-term goals.

Sources

1. BlackRock: Larry Fink’s 2025 Annual Chairman’s Letter to Investors

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

In the early hours of the day, Francisco, a father of two, is already hard at work. By 5 a.m., he’s in the cherry orchards near Washington’s Tri-Cities, where on a good day he can fill 75 buckets.

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It’s peak cherry season in the nation’s top-producing state, but there’s more fruit on the trees than there are hands to pick it.

“We’re a little behind in workers. People are scared about the current immigration situation,” Sergio Mejia, a supervisor with Baker Produce, said to Fox 13.

According to Mejia, the fear of Immigration and Customs Enforcement (ICE) raids is keeping workers away from the orchards, and harvesting is about two weeks behind.

There’s a real risk of fruit rotting on branches.

‘We’re afraid there won’t be anyone left to work’

Growers told Fox 13 they fear the labor shortage will spill into Washington’s other crops like apples, grapes, and hops.

“Workers who typically come from California aren’t here,” Mejia noted. Despite California’s own cherry season being shorter this year, he suspects fear is keeping many farmhands indoors and out of the fields.

“If people don’t show up, the fruit stays. It overripens and it can’t be picked,” said Mejia, who has spent 24 seasons among the trees. He now spends part of his day fielding desperate calls from growers begging for workers.

"Many families don’t want to leave their homes. Their fear is, ‘What happens to my family if I get caught?” he added.

Fear may have only deepened with renewed threats of immigration raids. The Trump administration recently reaffirmed plans to target farms, hotels, and restaurants.

“The fear is that people get more scared. Many are already leaving the U.S. We’re afraid there won’t be anyone left to work,” said Mejia.

This is not just a local crisis. As the largest producer of sweet cherries, Washington’s bottleneck could ripple across national supply chains, pushing up prices at grocery stores from coast to coast.

“We feed the world,” says Enrique Gastelum, CEO of Worker and Farm Labor Association (WAFLA), told Fox 13. “These are all perishable crops – cherries, hops, vineyards. Mother Nature’s not going to say, ‘Oh pause, hold up, we can wait to pick you tomorrow.’”

Desperate to save their crops, some growers are reportedly turning to emergency measures like investing in special tarps to shield fruit from the elements, buying time while they scramble for labor.

WAFLA told Fox 13 the stress is mounting. After five straight years of net losses, many in Washington’s farm community are on edge.

Widespread panic in farm communities

After briefly backtracking, U.S. President Donald Trump ordered ICE to continue raids at farms, hotels, and restaurants. The administration aims for 3,000 arrests per day.

That’s likely fueling widespread panic among workers. Over 30 were detained in Ventura County earlier this month.

Maureen McGuire, chief executive of the organization, told the Associated Press between 25% and 45% of farmworkers have stopped showing up for work since large-scale federal enforcement actions began this month.

“When our workforce is afraid, fields go unharvested, packinghouses fall behind, and market supply chains, from local grocery stores to national retailers, are affected,” McGuire said in a statement. “This impacts every American who eats.”

With the domestic labor pool drying up, U.S. growers may turn to the federal H-2A visa program to fill the gap with seasonal guest workers. But it is expensive for farmers, says the American Farm Bureau Federation.

“The visa program imposes thousands of dollars in application fees owed to multiple U.S. agencies, including the Departments of Labor (DOL), State and Homeland Security,” writes associate economist Samantha Ayoub. “In 2024, the U.S. Customs and Immigration Service increased H-2A petition fees 65% to 267%. Minimum H-2A wages have increased 60% over the past decade.”

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Short-term consequences of a labor shortage could be unharvested crops, spiking grocery prices, and rising wage inflation for essential work.

But the long-term risks are scarier. Smaller family farms could fold under labor and legal costs. The U.S. might shift to fewer, more automated farms. Crop diversity and food security could also decline.

“Without these employees, crops would go unharvested, rural businesses would suffer and food prices could rise for families across the country. This is not just a farm issue, it’s a food security issue, an economic issue and a community issue.” said Bryan Little of the California Farm Bureau.

Mejia is calling for federal action, not just fear. He’s hoping for an amnesty like Reagan’s in 1986 and encouraged farmworkers to hold on.

He said, “Keep fighting for the American dream. It’s not a quick one, but step by step it will come true.”

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