Author: Jessica Wong

In Bogota, Tennessee, a local family came up with an ingenious way to protect their home from severe flooding — they built a DIY flood barrier over several decades.

Justin and Tucker Humphrey weren’t engineers, but their late father had taught them how to build a levee.

Earlier this month, as nearly a foot of rain fell over Bogota in just three days, they would put that knowledge to the test.

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With floodwaters threatening to swallow their childhood home, the Humphreys worked day and night to build an earthen barrier around their property, 3 acres of dirt moved with farm equipment.

This barrier has proven successful in safeguarding their property during recent storms.

In early April, Tennessee experienced a series of intense storms, with some areas receiving up to 15 inches of rain. The resulting floodwaters overwhelmed many regions, but the Bogota family’s home remained dry, thanks to their proactive measures.

A community effort

The levee, 6 feet tall at the front, rising to 9 and a half at the back to account for elevation, was completed just before the storm.

The brothers maintained it by sandbagging plastic sheeting to protect the soil and patching weak spots and as floodwaters rose, neighbors delivered sandbags, tarps and gas for generators.

"In no shape, form or fashion was it a two-man show," Justin Humphrey told FOX News.

"It was, by far, an entire community effort.”

Just 20 minutes north, Tiptonville closed its floodgates and hoped for the best.

“This much rain in such a short period of time, we’ve never experienced that,” Mayor Cliff Berry Jr. told the Washington Post, “especially over such a wide area.”

Tennessee is smack in the middle of a soggy stretch of the South where storms are only getting wetter and wilder. Fueled by warmer waters in the Gulf and Caribbean, they are dumping record-breaking rain and testing the state’s flood defences. In northeastern Tennessee, the Obion River breached a levee during the deluge.

With such storms becoming the new normal, what should residents in these areas do to protect themselves and their homes?

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Budget-friendly ways to help flood-proof your home

For homeowners looking to protect their properties, here are some key tips.

Firstly, check to see if you live in a community that participates in the National Flood Insurance Program (NFIP) to be eligible to purchase flood insurance. In Tennessee there are 400 participating communities.

You can set up products like water-filled flood tubes or inflatable barriers that can be used around your property to help prevent water from getting in during heavy rains or floods. These barriers are relatively affordable and easy to set up.

Seal windows and doors by installing weather stripping around them, and use caulk to seal cracks where air or moisture can enter.

Remember to raise electrical appliances and utilities above potential flood levels to help prevent water damage.​

The City of Memphis also recommends that residents:

• Keep curbs clear. Don’t leave trash bags, yard waste or garbage bins at the curb or near storm drains because they can potentially clog gutters and block water flow.
• Do a drain check. Take a few minutes to clear leaves and debris from gutters and storm drains near your home.
• Turn around. Never drive through standing water or near downed power lines or trees.
• See something? Say something. Spot a blocked drain, flooded street or fallen tree? Call 311 (Memphis also has 311 app) to report it and help keep your neighborhood safe.
• Practice power safety. Only operate a generator outdoors, in well-ventilated spaces and at least 30 feet from your home or garage to avoid potentially deadly carbon monoxide buildup.

In flood-prone areas, it’s critical to use flood-resistant materials like concrete, stone and pressure-treated wood for construction. The NFIP provides guidance on flood-resistant materials.

Consider consulting with a local floodplain administrator or a certified floodplain surveyor who can provide tailored recommendations to your specific location and circumstances.

The storms are coming, being prepared can help you safeguard your property.

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What seemed like an ordinary house in Boston’s Roslindale neighborhood is set to become a historic landmark, thanks to an intriguing discovery by its current owner, Adam Shutes.

The house at 318 Metropolitan Boulevard caught Shutes’ attention in 2016 when he noticed something unusual about its layout.

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“It just looked odd,” Shutes told CBS News. He couldn’t make sense of the unusual design, so he did some research and discovered that the house, originally a single structure, had been cut in two in 1941.

Determined to preserve this piece of Boston’s architectural history, Shutes applied for the property to be designated a historic landmark.

But where did the other half end up?

Maintaining it for future generations

The other half of the house was the back of the building — and it didn’t go far.

“It clicked when I realized that the house just down the road — two doors down — looked very similar,” Shutes told CBS News. "The back half was the kitchen, the storage area for the butlers, servants’ quarters in here. And there’s actually another staircase, a little staircase, a service staircase which is in the other house,” Shutes explained.

In a recent vote, the Boston Landmarks Commission unanimously approved advancing Shutes’ application. The final decision rests with Boston Mayor Michelle Wu and the City Council, who must give their approval before the property is officially granted landmark status.

The home would become Roslindale’s first historic landmark if the application is approved.

“This was the spur. ‘Maybe we should just do something about this and try and maintain it for future generations,’” said Shutes about his decision to apply.

If you’re a homeowner or potential buyer eyeing a historic property for restoration, there are some important factors you’ll want to consider to make sure the project is both financially smart and true to the home’s heritage.

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How to avoid costly mistakes when renovating a historic property

There can be a lot to consider when renovating a historic property. It requires careful planning to preserve the home’s unique character while at the same time making sure you know what to expect financially.

Here are some mistakes you’ll want to avoid and what to consider doing instead.

Underestimating the cost of materials

It’s a good idea to always overestimate material and labor costs, as they can fluctuate. Some government programs offer financial assistance to help make renovations more affordable. You can check your eligibility to see if any aid applies to your situation.

When it comes to working on a historic building, there may be other financial incentives that you can explore that are specific to older buildings, like Federal Rehabilitation Tax Credits, which are meant to help preserve historic buildings.

You can also shop for materials in bulk to get the most value for your dollar and set up a contingency fund of around 10% to 20% of your total budget to account for unexpected costs.

Overlooking hidden structural issues

Structural issues, such as outdated plumbing or mold (which can skyrocket renovation expenses) may be something you run into. To avoid this, do a thorough inspection before buying a property.

For homes built before 1978, like Shutes’ home, there could be lead-based paint. The Environmental Protection Agency provides guidelines on how to safely renovate a property with this type of paint to avoid lead exposure.

Depending on how many issues you face, you may need to prioritize the upgrades that are most crucial before considering purely superficial changes.

Failing to account for delays

Renovations take time. If you have a historic home, there may be certain precautions you have to take before making modifications.

For example, you’ll want to make sure to check in with the National Park Service to see if there are guidelines around rehabilitation, preservation and restoration of the building that you’re thinking about.

Next, you may want to check if there are best practices for upgrading any windows, lighting or HVAC systems in the home. The General Services Administration provides resources and recommendations for this type of technical work in historic buildings.

Having renovations overlap can make it difficult to inhabit a home, so you may want to consider a phased renovation approach, rather than doing it all at once.

Upgrading a historic home can be a smart investment, letting you preserve its charm while adding modern comforts. But steering clear of these mistakes can make all the difference when ensuring it’s a straightforward project rather than a costly surprise down the line.

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California wineries, which produce about 80% of American wine, are being slammed by Trump’s tariffs.

Canada has issued retaliatory tariffs of 25% in response to U.S. tariffs on Canadian goods, and a number of the country’s provinces have pulled U.S. liquor off the shelves.

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Wilson Creek Winery & Vineyards is one of the impacted California wineries. And although California’s wine industry hasn’t fully felt the impact of the tariffs yet, it’s already facing major struggles. When asked by ABC News, the owner of the winery shared that they don’t want to have to raise the prices to their consumers, even though their costs are increasing.

The decision from a number of Canadian provinces to pull American liquor from their shelves has hit the U.S. wine market acutely, one U.S. wine organization leader told NBC News. Mike Kaiser from Wine America, says his industry has been "caught in the crossfire" of a trade war. Even if the tariff disputes were ironed out tomorrow, he worries the "psychological damage with the consumer" will be hard for consumers to come back from.

Industry-wide concerns

When the tariffs were first announced in February, Robert P. Koch, the president and CEO of Wine Institute issued a press statement, highlighting the importance of the Canadian market for his industry.

“Canada is the single-most important export market for U.S. wines with retail sales in excess of $1.1 billion annually,” he said. He went on to describe wine as the “most highly value-added agricultural export” in the U.S.

“Any loss of access to the Canadian market will damage the entire U.S. wine sector,” he stated.

Kaiser agrees with Koch, and told NBC that losing that $1 billion in revenue from Canada “really disrupts the domestic wine market here from top to bottom.”

Before the tariff trouble, wine and alcohol sales were already down, partly because trends show younger generations like Gen Z are drinking less. With alcohol consumption being questioned, especially moderate drinking, demand has continued to drop.

On top of that, production costs are on the rise. Raw materials, labor and environmental regulations are pushing costs higher, and the tariffs on imports only make things worse.

Wildfires, droughts and other climate change effects are also taking a toll on grape yields and quality.

For wineries like Wilson Creek, these tariffs affect everything from production to distribution. Their Italian-made stainless steel bottling equipment and aluminum bottle toppers are all getting hit by the tariffs, putting extra strain on their bottom line.

On a bigger scale, these tariffs are adding to global economic uncertainty. Analysts are worried that rising trade tensions could spark a global recession, putting economies around the world at risk.

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A golden opportunity?

While there is uncertainty and concern about potential chaos in the industry, some see the looming tariffs as a golden opportunity for U.S. producers.

Natalie Collins, president of the California Association of Winegrape Growers, says it’s time to “reframe” the “narrative” that reciprocal tariffs would hurt the American wine industry.

Collins argues that tariffs could help level the playing field, giving domestic companies a fair chance to compete in their own markets.

Jeff Bitter, president of the Fresno-based Allied Grape Growers, echoed his cautious support in a conversation with reporters at the Unified Wine and Grape Symposium in Sacramento.

“You have to be careful with it, but you can at least explore the option,” Bitter said. “We are up against imports and we’re losing that battle.”

As tariffs continue to shake up the wine industry, California winemakers are getting creative to stay competitive. Some are looking to diversify beyond traditional markets, reportedly eyeing regions like Eastern Europe and Africa as potential growth areas.

Many wineries have also already been investing in new technologies and more efficient production methods in recent years. Some hope by cutting costs and boosting productivity, they’ll be able to maintain profitability without passing on hefty price hikes to consumers.

But in the meantime, businesses like Wilson Creek continue to be hit from all angles by the rising costs.

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In a heartbreaking scam that’s left a Naples couple reeling, two fraudsters tricked the 72-year-old couple into handing over more than $2 million worth of gold.

The ordeal has left the elderly couple shattered. The gold is nearly impossible to trace, making it unlikely they will get their stolen assets back.

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“They took money from their accounts and purchased gold,” Lt. Bryan McGinn of the Naples Police Department explained to Gulfcoast News Now, “Once they had the gold, the fraudsters sent a courier to pick it up, telling the victims that the gold would be safely stored and eventually returned to them.”

For several months, the couple was under the impression that the gold was being safely held and stored. Later, they discovered they had been duped and contacted local authorities for help. By then, the fraudsters had vanished with their precious assets.

Couple duped into believing gold was safely stored

According to McGinn, the scam began when the couple was contacted multiple times by the fraudsters.

The scammers claimed they had a warrant for the couple’s arrest and threatened they would be detained unless they purchased gold and handed it over. They were instructed to buy gold in coins or small bars, with the promise that it would be safely stored and returned later.

Authorities intercepted Soyeb Rana, one of the suspects, as he arrived to pick up gold from the couple. He faces several charges, including conspiracy, scheme to defraud, fleeing and eluding, and possession of marijuana.

“This is a sad situation,” McGinn said, offering advice to others who might find themselves in similar circumstances. “Law enforcement is never going to request money. There’s never going to be an exchange of assets for your freedom or anything like that in this country. Just take a second, take a breath, contact local law enforcement. And we don’t mind figuring out together whether something is legitimate or not.”

The arrest is a step forward in the case, but the recovery of the gold remains unlikely.

With precious metals frauds like this on the rise, here are some tips to keep your assets protected.

Top red flags to look for with precious metal frauds

The precious metals sector has become a magnet for scams. Gold, silver and other precious metals often bring out the worst in fraudsters who target unsuspecting investors. Whether you’re a seasoned investor or just beginning to explore this market, stay vigilant so you don’t fall for scams. Here’s how you can spot the warning signs of potential fraud and take steps to safeguard your investments.

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Be wary of high-pressure sales tactics

If you’re being rushed into making a decision without time to think, that’s a huge red flag. You might hear phrases like “this deal won’t last long” or “you need to act now.” Legitimate dealers, on the other hand, will give you time to research and consider your options. Be wary of any dealer or salesperson who guarantees profits or pitches an investment opportunity that seems too good to be true. While precious metals can be an effective hedge against inflation and market volatility, no investment is risk-free, and no one can guarantee returns. If someone claims they can, it’s almost certainly a scam.

Avoid unlicensed or unregulated dealers

Before you buy, ensure the company or individual you’re dealing with is properly licensed and regulated by government bodies like the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC). Research the company thoroughly, check reviews on trustworthy sites like the Better Business Bureau (BBB) and consult a financial advisor before you make big decisions.

Always ask for documentation

Every precious metals transaction should include a receipt, contract, or invoice. Be sure to read everything carefully and never sign anything you don’t fully understand. Some scams also involve too much focus on the physical possession of metals. While it’s common for investors to want to hold their gold or silver, some shady dealers push the idea that physical possession is the only way to safely store your investment. Legitimate dealers typically recommend secure, regulated storage options to ensure your assets are well-protected.

Steer clear of unsolicited calls

If you’ve received an unsolicited call, email, or social media message offering an "exclusive" investment opportunity, that’s another potential red flag. Scammers often reach out cold, offering deals that seem too good to pass up, or in the case of the Naples couple, scaring them into acting in a hurry. Scams like this are unfortunately on the rise, but the more you know, the better equipped you’ll be to avoid being a victim.

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Florida’s Governor Ron DeSantis has a bold proposal to give $1,000 rebates to homeowners as property tax relief.

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These rebates, which would cover state-mandated school property taxes, would benefit over 5 million homes statewide and save Floridians up to $5 billion this year in property taxes. Checks would roll out in December 2025 and be aimed at easing the financial burden on residents amid soaring property values and insurance premiums.

Florida is home to three of the five major U.S. metros where property tax bills have increased the most since before the pandemic, according to a Redfin report published in October. Jacksonville’s median monthly property tax bill increased 59.6% to $228 since 2019, Tampa’s increased 56.7% to $250 and Miami’s increased 48.1% to $367.

“Property taxes effectively require homeowners to pay rent to the government,” DeSantis said in a news release, “Constitutional protections for Florida homeowners require approval of the voters in 2026. In the meantime, Floridians need relief.” He said his rebate would mark a major step toward his "long-term goal of eliminating property taxes through a future constitutional amendment."

But not everyone is on board with the idea.

The Florida House of Representatives has pushed back by approving a plan to permanently lower the state sales tax from 6% to 5.25%, which they are calling “the largest tax cut in state history." It would save Florida residents $5 billion annually.

DeSantis has criticized the sales tax reduction, stating, "I don’t want to reduce taxes on Canadian or Brazilian tourists. I’d rather them pay more and us pay less."

Senate President Ben Albritton has proposed permanently cutting sales tax on clothing and shoes that cost $75 or less, “where it can help the most number of Floridians.” He also wants a research study to be done on the effects of reducing or ending property taxes on homes.

The legislative session will end on May 2, so the House and Senate have less than a month to agree on a budget.

Property taxes vital in Florida

After federal transfers, Florida’s largest source of per capita revenue is property taxes, according to the Urban Institute. The state has no personal income taxes and its tax code is considered the most regressive in the nation. Currently, property taxes contribute about $50 billion a year to the state’s budget.

If property taxes were eliminated, local governments could face a massive revenue loss. According to the Florida Policy Institute, Florida’s property taxes make up 18% of county revenue, 17% of municipal revenue, and 50%-60% of school district revenue.

These funds help pay for vital services like fire and police services, education, and safety net programs, and without them, local governments would need to find alternative ways to cover those costs.

So how would the loss of funds be made up?

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“If policymakers were to eliminate property taxes and replace them with higher consumption taxes (i.e., sales taxes), they would have to double the state’s general sales tax rate. Doing so would generate roughly $40.2 billion in the unlikely case that consumer demand remains constant,” said the Florida Policy Institute. The state’s general sales tax is currently 6%.

Replacing property taxes with higher sales taxes could worsen Florida’s already regressive tax system. Right now, lower-income households bear a larger share of the tax burden, and increasing the sales tax could make matters worse by taking a bigger chunk out of their budgets. On the other hand, wealthier residents tend to spend a smaller percentage of their income on taxable goods, meaning they’d feel less of an impact.

Nearly seven in 10 Florida voters would prefer keeping property taxes the way they are over a sales tax increase to 12%, according to a poll.

While the idea of property tax relief sounds appealing, the trade-offs are significant.

Can there be tax relief for residents while making sure the state has enough funds to support vital public services? The debate is just getting started, and the outcome will shape Florida’s fiscal future.

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In a deal set to shake up the mortgage industry, Rocket Companies is making a "bombshell" acquisition, buying Mr. Cooper, the largest mortgage servicer in America.

The deal, worth $9.4 billion, will give Rocket a massive $2.1 trillion servicing portfolio, reaching nearly 10 million customers — that’s roughly one in six mortgages in the United States, according to Housing Wire.

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The Detroit-based fintech company, which will also be acquiring real estate giant Redfin for $1.75 billion, is making waves as a powerful force in the homeownership space.

Rocket’s combination of servicing, home search and mortgage origination puts it in a prime spot to dominate. CEO Varun Krishna sees this merger as a way to harness data and AI to build lasting relationships with customers by meeting their needs before they even arise.

But what could this mean for the future of the mortgage industry?

‘We will deliver the right products at the right time’

Founded in 1985, Rocket Companies covers everything from mortgages to real estate, title services and personal finance through brands like Rocket Mortgage, Rocket Homes, Rocket Close, Rocket Money and Rocket Loans.

With more than 65 million calls a year, 10 petabytes of data and a mission to “help everyone home,” Rocket aims to lead the way in AI-powered homeownership.

Mr. Cooper Group is a provider of mortgage servicing, origination and transaction services for single-family homes across the U.S. Operating under its key brands, Mr. Cooper, Xome and Rushmore Servicing, the company is known for offering a wide range of products, services and cutting-edge technologies that simplify the homeownership journey.

Under the acquisition, Mr. Cooper CEO Jay Bray will step into the role of president and CEO of Rocket Mortgage, reporting directly to Krishna. The deal is expected to boost Rocket’s bottom line, adding $100 million in pre-tax revenue.

Rocket also projects $400 million in pre-tax cost savings through streamlined operations and tech investments.

In a press release, Krishna stated, “Servicing is a critical pillar of homeownership – alongside home search and mortgage origination,” adding, “With the right data and AI infrastructure we will deliver the right products at the right time. That’s how we build lifelong relationships, by proactively unlocking benefits and meeting needs before they arise. We look forward to welcoming Mr. Cooper’s nearly 7 million clients.”

The deal is set to close in the fourth quarter of 2025, and Rocket has secured a nearly $5 billion bridge loan with JPMorgan Chase, though it’s not expected to draw on it unless needed.

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How does this impact consumers and the industry?

The deal is set to shake up the mortgage industry by building a tech-driven, vertically-integrated platform that aims to improve the homeownership experience. But massive consolidation without the involvement of banks can have different implications for consumers and the industry as a whole.

For consumers, this could mean less market choice — but it may also mean assuming more risk. The Financial Stability Oversight Council (FSOC) published a report last year that outlined concerns about the growing dominance of nonbank mortgage servicers, including potential risks to financial stability.

The report noted that because these servicers rely solely on mortgage-related revenue, any stress in the market will have a substantial effect on their income streams. For the nonbank sector as a whole, this would create liquidity vulnerabilities across the board.

If a servicer fails in this scenario, a borrower would potentially face a lapse in their mortgage servicing, which may put them at risk of financial loss if no loss-mitigation activities are put in place. This could ultimately “lead to a wave of avoidable foreclosures,” says the Consumer Financial Protection Bureau.

On the bright side, the deal brings millions of new customers into Rocket’s fold, giving existing clients access to a wider range of services, and Mr. Cooper’s client base could benefit from more personalized offerings.

But while the merger aims to trim client acquisition costs, there’s no guarantee these savings will mean lower fees or better rates for consumers.

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Over a million Canadian snowbirds go south when it gets cold every year, and many of them choose to spend winters in Florida.

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But the current political climate is changing that.

Gulf Coast News recently reported on “a mass exodus” of Canadians from Southwest Florida as new travel regulations are imposed and the trade war escalates.

CNN also recently reported on snowbirds considering alternative destinations or selling their properties. “Some of the clients I have been dealing with want to sell at any cost, even at a loss,” said Share Ross, a realtor based in southeast Florida.

“More home purchases in the U.S. are done by Canadians than any other country — 13% from April 2023 to March 2024, the National Association of Realtors (NAR) says,” reported CBC News. “Half of all Canadian purchases were vacation homes, and roughly 41% of sales were in Florida.”

This will likely have a ripple effect on the tourism industry and local businesses.

“If we travel at all, it won’t be here”

Many Canadians are rethinking their plans to return to Florida, with some even considering putting their properties on the market.

"I’ve lived here six months. This is my home, but I’m leaving April 2," said Susan, a Canadian speaking with Gulf Coast News. She was not comfortable sharing her last name for fear of becoming a target amid the growing political divide between the U.S. and Canada.

For the Presement family, regular winter residents in Fort Myers, the political landscape has left them regretting their decision to visit Florida. “The truth of the matter is if I hadn’t prepaid everything and wasn’t here and your weather wasn’t so damn nice. I’d go home now,” said Barry Presement to Gulf Coast News. He and his wife Ruth have no plans to return next winter. "If we travel at all, it won’t be here," Ruth said. "For sure, it won’t be here. We’ll go elsewhere."

Their son Brian had even considered retiring in Southwest Florida, but now says Mexico is looking like a better option. "We thought about buying a home in Florida, but now we might reconsider that," he said.

Local businesses are probably going to feel the strain of Canadians avoiding the U.S.

“It’s not only having a negative impact on the tourism market, but business as a whole,”said Cole Peacock, owner of cannabis cafe & CBD marketplace Seed and Bean to Gulf Coast News. “You need those extra visits to kick that profit margins to another level.”

"Not only have Canadians been electing to divest from their vacation homes and investment properties in Florida, they have also been canceling their trips to the area which is having a negative impact on our vacation rental market," Robert Washington of Savvy Buyers Realty told Realtor.com. "We have heard from several of our vacation rental property owners that they have experienced multiple cancellations from Canadian guests due to the tariff battle. Hopefully the tariff situation is resolved soon, or it could have a lasting impact on our tourism industry."

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What Americans can expect with tariffs

The U.S. Travel Association has said Florida is among the top five most visited states by Canadians and it “could see declines in retail and hospitality revenue, as shopping is the top leisure activity for Canadian visitors.”

In addition to losing business from a lack of Canadian visitors, Florida businesses and consumers are also facing another blow — the implementation of tariffs on imports from Canada and the rest of the world.

These tariffs are set to raise the costs of imported goods, raw materials, and even locally produced items that rely on imported components.

The Federal Reserve Bank of Atlanta found that an additional 10% tariff on Chinese imports, 25% tariffs on Canadian and Mexican imports, and 10% tariffs on other countries could raise consumer prices on everyday retail purchases such as food and beverage items and general merchandise, covering about a quarter of the total consumption basket, by 0.81% to 1.63%, assuming the costs are fully passed to the consumer.

So what can consumers do to protect their budgets?

A good place to start is to review spending habits, since cutting costs could provide some relief. Consider buying essentials in bulk before the tariffs drive prices higher. That way, you can lock in current prices and shield yourself from immediate price increases.

For those willing to shop around, you can consider products from countries not affected by tariffs, or choose items that are produced locally to avoid the extra costs.

Above all, staying informed is critical. As tariffs and related policies continue to evolve, consumers who stay up-to-date should be better equipped to make smarter financial decisions.

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

Picture John, a 42-year-old who hasn’t started putting away money for retirement yet. He doesn’t have any savings or even an emergency fund set aside for unexpected expenses, and he’s starting to panic. Sound familiar?

If you’re in your 40s and haven’t put much thought into retirement savings, now’s the time to get serious. The need to set specific, realistic goals for retirement savings becomes crucial at this stage in life.

It’s not too late to make a dent in building your retirement fund, but the clock is ticking. Here are some strategies to help you catch up and set yourself up to maximize savings.

Better late than never

Starting to save for your golden years in your 40s might not seem ideal, but it’s critical for your financial future. Retirement is closer than you think, and delaying savings means less time for compound interest to work its magic.

You may not have decades of growth like someone who started in their 20s, but there’s still time to make an impact. Relying on just your monthly Canada Pension Plan (CPP) benefits isn’t a good idea since, depending on your lifestyle and overall health, expenses can add up quickly. And keep in mind that CPP benefits are only meant to replace about 33% of your retirement income — you’re expected to account for the rest.

An emergency fund is also key. Life throws curveballs, whether that be a job loss, medical issues or unexpected car repairs, and without savings, you could end up deep in debt. Having a financial cushion helps you handle these surprises without relying on high-interest loans or credit cards.

As you age, your expenses change. You might support kids in college or care for aging parents, and savings will help with these rising costs, including health care. Starting now gives you the resources to cover future needs.

Saving in your 40s also offers tax breaks, like Registered Retirement Savings Plan (RRSP) contributions, that lower your taxable income. If you expect a higher tax bracket in retirement, a Tax Free Savings Account (TFSA) is worth considering, since withdrawals are tax-free.

Don’t forget about inflation. As living costs rise, your savings will help keep pace.

And if your own financial well-being isn’t incentive enough, saving also benefits your loved ones, whether through being able to leave an inheritance or help with big milestones.

Even if you start saving later, it’s better than not starting at all. The earlier you begin, the more time you have to adjust your goals and strategies.

It’s never too late to invest in yourself

So, now that you know the “why,” here are some strategies to help you with the “how.” Let’s use the case of John from earlier.

John’s first move should be to get a clear picture of his finances. That means tracking all current income and expenses, either through a simple spreadsheet or a budgeting app. By categorizing spending, he can identify areas to cut back, such as frequent dining out or underutilized subscription services.

Let’s say John also happens to have $8,000 in high-interest credit card debt. This should be tackled first. He can either use the debt snowball method (paying off the smallest balances first) or the debt avalanche method (starting with the highest interest rate debt).

Paying more than the minimum payment is key to getting ahead and, whenever possible, adding an extra $100 or $200 each month. He could also consider using any tax refunds or bonuses to chip away at the balance faster. Another option is exploring balance transfer credit cards with 0% APR for 12-18 months to avoid interest while paying off the principal.

Once John has a handle on his finances, it’s time to build that emergency fund. He should aim to save at least $1,000 to cover small unexpected expenses like car repairs or a reduction in work hours.

Setting aside $100 to $200 each month can help, and opening a high-interest savings account will make the fund grow faster. Ideally, he’d reach a point where he has three- to six-months’ worth of savings shored up.

Now turning to his retirement nest egg: John should start by contributing to an employer-sponsored RRSP, if that’s available to him, particularly to take advantage of any matching contributions.

Let’s say John is aiming for a retirement income of $50,000 a year. He can use the 4% rule to help him figure out how much to save. It suggests that he withdraws 4% of his savings annually once he retires. So, to hit that $50,000 target, he’d need to have $1.25 million saved up by the time he leaves the workforce.

To speed up savings, John can cut back on expenses or find ways to boost his income. He should review monthly subscriptions and consider canceling or downgrading ones he rarely, if ever, uses.

Cooking at home instead of dining out could save hundreds each month. Depending on his lifestyle, downsizing his housing or getting a roommate might help too. On the income side, John could explore side gigs like freelancing, rideshare driving or a part-time job. Selling unused items around the house can also generate extra cash.

Ideally, John would track his progress on his wealth-building journey. He should continue to review his budget and savings monthly to stay on track and adjust as needed.

As his financial situation improves, he can increase his savings rate and explore additional investment options for retirement, like a taxable brokerage account. And it certainly wouldn’t hurt if he looped in a professional to help figure out a plan that works best for him.

Sources

1. Government of Canada: Canada Pension Plan enhancement

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

California wineries, which produce about 80% of American wine, are being slammed by Trump’s tariffs.

Canada has issued retaliatory tariffs of 25% in response to U.S. tariffs on Canadian goods, and a number of the country’s provinces have pulled U.S. liquor off the shelves.

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Wilson Creek Winery & Vineyards is one of the impacted California wineries. And although California’s wine industry hasn’t fully felt the impact of the tariffs yet, it’s already facing major struggles. When asked by ABC News, the owner of the winery shared that they don’t want to have to raise the prices to their consumers, even though their costs are increasing.

The decision from a number of Canadian provinces to pull American liquor from their shelves has hit the U.S. wine market acutely, one U.S. wine organization leader told NBC News. Mike Kaiser from Wine America, says his industry has been "caught in the crossfire" of a trade war. Even if the tariff disputes were ironed out tomorrow, he worries the "psychological damage with the consumer" will be hard for consumers to come back from.

Industry-wide concerns

When the tariffs were first announced in February, Robert P. Koch, the president and CEO of Wine Institute issued a press statement, highlighting the importance of the Canadian market for his industry.

“Canada is the single-most important export market for U.S. wines with retail sales in excess of $1.1 billion annually,” he said. He went on to describe wine as the “most highly value-added agricultural export” in the U.S.

“Any loss of access to the Canadian market will damage the entire U.S. wine sector,” he stated.

Kaiser agrees with Koch, and told NBC that losing that $1 billion in revenue from Canada “really disrupts the domestic wine market here from top to bottom.”

Before the tariff trouble, wine and alcohol sales were already down, partly because trends show younger generations like Gen Z are drinking less. With alcohol consumption being questioned, especially moderate drinking, demand has continued to drop.

On top of that, production costs are on the rise. Raw materials, labor and environmental regulations are pushing costs higher, and the tariffs on imports only make things worse.

Wildfires, droughts and other climate change effects are also taking a toll on grape yields and quality.

For wineries like Wilson Creek, these tariffs affect everything from production to distribution. Their Italian-made stainless steel bottling equipment and aluminum bottle toppers are all getting hit by the tariffs, putting extra strain on their bottom line.

On a bigger scale, these tariffs are adding to global economic uncertainty. Analysts are worried that rising trade tensions could spark a global recession, putting economies around the world at risk.

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A golden opportunity?

While there is uncertainty and concern about potential chaos in the industry, some see the looming tariffs as a golden opportunity for U.S. producers.

Natalie Collins, president of the California Association of Winegrape Growers, says it’s time to “reframe” the “narrative” that reciprocal tariffs would hurt the American wine industry.

Collins argues that tariffs could help level the playing field, giving domestic companies a fair chance to compete in their own markets.

Jeff Bitter, president of the Fresno-based Allied Grape Growers, echoed his cautious support in a conversation with reporters at the Unified Wine and Grape Symposium in Sacramento.

“You have to be careful with it, but you can at least explore the option,” Bitter said. “We are up against imports and we’re losing that battle.”

As tariffs continue to shake up the wine industry, California winemakers are getting creative to stay competitive. Some are looking to diversify beyond traditional markets, reportedly eyeing regions like Eastern Europe and Africa as potential growth areas.

Many wineries have also already been investing in new technologies and more efficient production methods in recent years. Some hope by cutting costs and boosting productivity, they’ll be able to maintain profitability without passing on hefty price hikes to consumers.

But in the meantime, businesses like Wilson Creek continue to be hit from all angles by the rising costs.

What to read next

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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?
• Do you rely on your monthly Social Security check to get by? Here are 5 simple money moves for American seniors during Trump’s presidency

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