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Author: Maurie Backman

  • This Hawaii couple retired at 55 and embarked on a lavish 15-year world cruise for less than $4K/month — why they argue their lifestyle is ‘for normal people,’ not just the ‘ultra-rich’

    This Hawaii couple retired at 55 and embarked on a lavish 15-year world cruise for less than $4K/month — why they argue their lifestyle is ‘for normal people,’ not just the ‘ultra-rich’

    It’s not unusual for people to retire in their 50s, so it’s not surprising that Lanette and Johan Canen, both 55, chose to sell their business and kick off their next stage of life.

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    What is surprising is that the couple gave up not only their business but also their Hawaii home to live on a cruise ship full-time. Not only that, but they have effectively made a 15-year commitment to living at sea.

    Now, you’d think that a 15-year world cruise would cost hundreds of thousands of dollars per year. But Lanette and Johan’s voyage, which includes food, drinks, WiFi and a cleaning service twice a week, comes at a reasonable price of just about $3,600 monthly, per the Daily Mail.

    “We had a rented cars business which we sold to be able to afford our cabin,” said Johan to the news outlet. “People think we’re ultra-rich for being able to do this, but it’s cheaper than our rent and living costs in Hawaii. This is for normal people.”

    An economical way to see the world

    Last year, payment platform doxo found that Hawaii has the distinction of being the most expensive state in the U.S. based on the cost of the 10 most common household bill categories, which include housing, auto insurance and utilities.

    The cost of living in Honolulu, Hawaii is 85% higher than the national average, according to PayScale. The city’s housing expenses are 219% higher and the utility prices are 71% higher than the national average, says the website.

    So, it’s not surprising that Lanette and Johan were eager to ditch the expense of living in Hawaii in favor of taking up residence on a cruise ship that would allow them to travel the world.

    Around seven months ago, the couple began their journey aboard the Villa Vie Odyssey, a residential vessel docking at 425 ports in 147 countries across three and a half years. So far, they have visited 25 countries.

    They have been documenting their journey on YouTube and their account has acquired over 31,000 subscribers. One of the videos from earlier this year shows them enjoying two “incredible” days in Montevideo, Uruguay.

    The nice thing about their itinerary is that, unlike week-long cruises, their ship spends multiple days docked at different ports. This allows them to explore local culture without feeling rushed.

    “We don’t have an exit strategy, we’re both 55, we don’t need things anymore. We just want adventures and experiences. We went from owning 31 cars to none," Johan told the Daily Mail.

    Meanwhile, the couple is enjoying the freedom of not having to do housework or property maintenance.

    “It feels so good to have no responsibilities — we have our laundry done and get our sheets changed twice a week,” he 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 stretch your money to pull off your dream retirement

    A recent Fidelity survey found that the average saver aged 55 to 59 has a $244,900 balance in their 401(k). For savers ages 60 to 64, that number rises slightly to $246,500.

    If your savings levels are similar, you might assume it’s impossible to do what Lanette and Johan are doing. But remember, Fidelity’s numbers represent retirement savings, not total assets. And if you’re willing to unload your most valuable assets, you might be able to pull off full-time travel.

    For example, if you have modest retirement savings but are willing to sell your home to access its equity, you might be able to afford a 15-year cruise journey that costs $3,500 monthly or $42,000 annually.

    Granted, over 15 years, you’re looking at spending $630,000. But if you’re 62 or older, you may have monthly income from Social Security, and potentially two sets of benefits if you’re part of a couple.

    The average Social Security recipient today collects close to $2,000 per month. A couple collecting $48,000 in Social Security per year could conceivably afford to spend $42,000 on a cruise ship. But they would need to make sure they have enough to cover health care expenses as well.

    Of course, not everyone relishes spending that much time at sea. But there are plenty of ways you can travel and explore different parts of the country and world in retirement, even if you don’t have a ton of money or energy.

    Once you retire, you might be more mobile and able to relocate to a lower cost of living area. That could free up money for travel and other experiences.

    You could also decide not to own a home in retirement but rather move from one short-term rental to another in low-cost parts of the country and abroad. Depending on where you choose to live, you may also find that you don’t need to maintain a car, which could be another huge source of savings.

    Another option is to buy an RV and spend your days road-tripping across the country. There will be expenses such as fuel and food, but you may find it far cheaper than living in a permanent home.

    Ultimately, if you’re eager to travel when you retire, there are ways to pull it off if you’re willing to downsize your lifestyle. And you may find that once you’re immersed in rewarding experiences, you won’t miss the things you’ve given up.

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

  • Economist Joe Brusuelas says the Fed’s recent projections ‘implied mild stagflation’ for the US economy — but will it be as bad as the ’70s? Here’s how you can still invest wisely

    Economist Joe Brusuelas says the Fed’s recent projections ‘implied mild stagflation’ for the US economy — but will it be as bad as the ’70s? Here’s how you can still invest wisely

    Most consumers are familiar with the concept of inflation — a broad increase in prices as purchasing power declines. But stagflation is a concept you may not have heard of.

    Economists coined the term to describe a period of slow economic growth, high levels of unemployment and stubbornly high prices. During stagflation (or stagnant inflation), prices remain elevated while the economy remains in a slump.

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    And the recent fear is that tariff policies will fuel a period of stagflation in the near term that could lead to a recession.

    In an analysis of a March Federal Reserve meeting, RSM chief economist Joe Brusuelas said policymakers “implied mild stagflation ahead in the near term as growth slows and inflation increases,” according to Reuters. Brusuelas also noted the “pervasive uncertainty around the size and magnitude of the trade shock."

    Here’s why the fear may be a valid concern and what you may want to keep in mind when investing amid economic uncertainty.

    Why stagflation fears are mounting

    The last time the U.S. had to deal with a prolonged period of stagflation was during the 1970s, when a large increase in oil prices triggered a series of suboptimal decisions around monetary policy and ultimately fueled a recession early on in the following decade.

    Now, the U.S. economy is showing signs of "stagflation-lite,” the title of Brusuelas’ recent analysis, as a growing number of economists are projecting a slowdown in growth and an uptick in prices as tariff policies come to life.

    Of course, it’s worth noting that unemployment is fairly low. March’s jobless rate was only 4.2%. By contrast, during the mid-1970s, it peaked at 9%. For this reason, economists aren’t necessarily predicting a repeat of the stagflation that occurred in the 1970s, but rather, a more mild version.

    "I don’t see any reason to think that we’re looking at a replay of the ’70s or anything like that," Federal Reserve Chair Jerome Powell said at a press conference after a recent central bank meeting, according to Reuters. "I wouldn’t say we’re in a situation that’s remotely comparable to that.”

    But Americans should still brace for a period of economic uncertainty ahead — one that may lead to higher costs across the board and lessen buying power on the whole.

    In February, 63% of Americans said inflation is a big problem for the country, according to Pew Research Center. And in a February CBS News and YouGov poll, 77% of Americans confirmed that their income wasn’t keeping up with inflation.

    If prices continue to rise, it could push a lot of people into serious debt and have long-lasting impacts. So when it comes to investing for your future (if you can afford to do so), you’ll want to be extra careful with your approach.

    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 invest wisely in times of economic uncertainty

    It’s hard to know what’s in store for the U.S. economy in the course of the next few months. But it’s important to financially prepare as best you can.

    That means making sure you have a solid emergency fund with enough money to cover three to six months of essential bills as a starting point.

    It’s also a good time to pay off high-interest debt if you can. The Fed is unlikely to lower interest rates anytime soon given current inflation levels and general economic uncertainty (though the central bank did recently signal that it sees two more cuts coming before the end of the year. This means your credit card balances in particular may be costing you a lot of money.

    We don’t know what unemployment levels will look like for the remainder of the year. But if you’re able to shed high-interest debt, that’s one less expense to grapple with in the event of job loss.

    Beyond that, it’s important to invest your money strategically. During periods of economic instability, the stock market can be very volatile. And it’s already been pretty rocky so far in 2025.

    So you may want to consider two things.

    First, make sure your risk profile aligns with your life plans. If you’re aiming to retire in 2026, now’s not the time to have 80% of your portfolio or more in the stock market. However, if you’re decades away from retirement, a more stock-heavy portfolio may be appropriate since you have many years to recover from near-term market turbulence.

    Next, make sure your portfolio is well diversified. This is important whether you’re close to retirement or a long way off. Loading up on S&P 500 ETFs gives you exposure to the broad market, and it’s a good option for people who don’t have the time or skills to research stocks individually.

    Given the potential for near-term economic shakeups, you may also want to add some recession-proof stocks to your portfolio. Certain health care and consumer staple stocks fit the bill, since these are things Americans may not be able to cut back on even if living costs rise or unemployment levels climb.

    You can also look at inflation-resistant assets like real estate or Treasury Inflation-Protected Securities (TIPS). TIPS are Treasury bonds whose principal value rises as inflation increases. However, TIPS should be used as more of a long-term hedge against inflation rather than a short-term hedge.

    Also be mindful of the fact that in the coming months, your portfolio value might swing. Try not to make rash decisions when that happens, like unloading assets at a loss. If you’re invested appropriately for your age, you should be able to ride out whatever storm is coming until the market eventually recovers.

    What to read next

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

  • Is a long-distance rental investment worth it? Here are the risks and rewards of managing rental properties from afar

    Is a long-distance rental investment worth it? Here are the risks and rewards of managing rental properties from afar

    Many people opt to buy real estate for the purpose of renting it out as an investment. And owning a rental property nearby is risky enough. But the risk can be even greater if you decide to buy a long-distance rental.

    It may be that you’re in your 20s or 30s without kids, so you have time to travel back and forth to a rental in another state. Or, it may be that you’re a recent retiree looking for a project plus extra money and can afford an income property that cash flows in a different market that’s a few hundred miles away.

    There can be benefits to going this route, but also drawbacks. So it’s important to know what you’re getting into.

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    The pros and cons of a long-distance rental investment

    Investing in real estate isn’t for the faint of heart. The upside is obvious — you get a chance to diversify your portfolio, collect what could be a steady stream of rental income, and have someone else’s money paying the mortgage on a property that could gain a lot of value over time.

    But investing in real estate carries risk. Your property might sit vacant, leaving you to cover its mortgage — or worse. Your property taxes could rise. Things could break. Or a tenant could do far more damage than what their security deposit covers and leave you on the hook for the bill.

    When you invest in a long-distance rental, the potential for complications could increase. Since you’re not there all the time to oversee the property, your tenants might have an easier time violating your rules (such as smoking when the lease forbids it or having pets when they’re not allowed).

    Also, being many miles away from your rental makes it challenging to address repair issues as they arise. You could hire a property manager who’s local to oversee your rental for you, but that’ll eat into your profits.

    Coastline Equity says that property managers typically charge fees as a percentage of monthly rent collected. A common range is 4% to 12%. Maintenance fees may be extra.

    On the other hand, buying a long-distance rental investment could make it possible to tap into a less expensive or less saturated market, and one that is emerging. If your local area is filled with available rentals, there’s more competition. And if your local area is expensive, a rental property may not fit into your budget. So going outside your immediate geographic area could work to your benefit.

    Also, buying a rental property in a new area might afford you the opportunity to spend time and discover another place you enjoy. If you’re fairly young and unattached, you might even look forward to visiting a different city a few times a year to check in on your rental (and potentially getting to write off that trip as an expense on your taxes). And as a retiree, you might appreciate the change of scenery.

    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

    Also, depending on the nature of your long-distance rental, it could serve as a vacation spot for you. This may not work with a property you rent out on a yearly basis. But if you live in the mountains and buy a rental property 300 miles away near the beach that you rent out week by week, you can block off a few weeks to enjoy that property yourself. And that way, you can visit a favorite area repeatedly without having to worry about securing lodging.

    How to make smart long-distance rental investment decisions

    A 2024 Clever survey found that 90% of residential real estate investors have lost money on an investment. And 87% have regrets about investing in real estate. So if you’re going to buy a long-distance rental property, it’s important to do your research.

    First, get the scoop on the local market. This may be easier with the help of a real estate agent who knows your prospective area very well and who will be familiar with the local rental trends. Find out what vacancy rates tend to look like and ask for numbers to see what sort of rent you can reasonably expect.

    There are certain types of areas you may want to focus on for a long-distance rental. First, areas with highly rated school districts tend to be a draw. You can research school districts here.

    Secondly, college towns tend to be perpetually busy, with students and staff alike needing housing on a year-to-year basis. The same holds true for areas with large hospital systems. Medical residents often need housing close to work. The same holds true for areas with booming job markets or industries.

    You can also look at rentals that are in close proximity to attractions like theme parks, beaches, and ski resorts. But again, it pays to work with a real estate agent, because some of these areas may be fairly saturated with rentals already.

    Another thing you may want to look at is up-and-coming neighborhoods — those that are being developed but aren’t quite there yet. Neighborhoods in this category often allow investors to get in at lower price points and then profit when property values soar.

    You’ll also want to be mindful of local landlord-tenant laws in any area you opt to buy. To this end, you may need — not just a good real estate agent — but an attorney as well.

    If you’re going to buy a long-distance rental, you’ll also need to have the right support system in place. That could mean hiring a competent property manager (or property management company) familiar with the area and that can handle day-to-day operations effectively. Alternately, it could mean maintaining a list of trusted contractors in the area you can call in a pinch.

    There are also different online tools landlords can use to manage their rentals, like Avail or Rent Manager. It pays to explore different options to see which platform you find easiest.

    Finally, before you buy a rental property in an area you’re not familiar with or close to, spend some time there and talk to the locals. That may give you enough insight to decide whether you’ve chosen the right location for a long-distance rental, or whether you’re about to make a decision that groups you with the other 87% of those who regret such an investment.

    In the end, if you decide that buying a rental property outright isn’t for you, you can always explore other ways to invest, such as with real estate crowdfunding platforms.

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

  • Want to retire early? Suze Orman says to open these 3 accounts ASAP to move up your departure date

    Want to retire early? Suze Orman says to open these 3 accounts ASAP to move up your departure date

    Personal finance expert Suze Orman didn’t grow up wealthy — she worked her way through a number of challenging jobs and learned how to invest before becoming the success she is today.

    Orman is a firm believer that everyone deserves to live without financial stress — both during their working years as well as in retirement. To achieve that goal, Orman is a fan of living below your means, always having a financial safety net, and working toward financial independence.

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    But doing that takes time and effort.

    As Orman says, “Financial independence is not something we snap our fingers and have materialize right then and there. It is the result of a process that we create and then commit to seeing through.”

    If your goal is to achieve financial independence to the point where you’re able to retire early, the right tools could set you up for success. To that end, here are three accounts Orman recommends putting in place as soon as possible.

    An emergency fund in a high-yield savings account

    You never know when you might face a surprise expense or a period of financial hardship. That’s why it’s important to have an emergency fund — money in savings to cover unplanned bills, or to take the place of your paycheck for a while if that becomes necessary.

    Unfortunately, an early 2025 U.S. News & World Report survey found that 42% of Americans do not have an emergency fund. In addition, SecureSave, a fintech Orman co-founded, reported in August of 2023 that 63% of workers do not have enough emergency savings to cover an unplanned $500 expense.

    At the very least, it’s a good idea to save enough money in an emergency fund to cover three to six months of essential bills. However, Orman would prefer that you save more.

    “You know that I want you to have far more than three months of living costs set aside. One year is my sweet spot advice for being prepared for major financial setbacks,” she said.

    An emergency fund could also be an important component of your early retirement strategy. If you retire before you can access your IRA or 401(k) penalty-free, you can potentially dip into your cash reserves to pay bills (though ideally, that money should be saved for unplanned expenses).

    You can also use your emergency fund to cover expenses during periods when the stock market is down and it’s a bad time to tap your portfolio.

    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

    A retirement account

    The number of Americans who are nearing retirement without savings is alarming. AARP found last year that 20% of Americans 50 and older don’t have any money socked away for their golden years.

    In addition, the Federal Reserve puts median retirement savings among Americans 65 to 74 at just $200,000 as of 2022.

    Orman says the key to building a strong retirement nest egg is to start saving when you’re young — ideally, in your 20s. The sooner you fund your retirement account, the more time that money has to grow.

    Orman also thinks people should save at least 15% of their income for retirement when they’re younger (and beyond). And if you want to retire early, you may even want to aim higher.

    If you have access to a 401(k) plan, it can be particularly advantageous to participate — and max out if possible. This year, that means contributing $23,500 if you’re under 50, $31,000 if you’re 50 or older, or $34,750 if you’re between the ages of 60 and 63.

    One easy way to boost your 401(k) savings is to claim your employer match in full. If you’re not sure what that entails, ask your benefits department.

    You should also know that your employer match won’t count against your contribution limit. So if you’re 29 and want to contribute $23,500 out of your paycheck, and your employer matches your first $2,500 in contributions, you can put in $26,000 this year.

    An investment portfolio

    The nice thing about retirement plans like IRAs and 401(k)s is that they give you a tax break on your money. With a traditional IRA or 401(k), for example, your contributions go in tax-free and investment gains are tax-deferred.

    The problem with these accounts, though, is that you’re required to wait until age 59 and 1/2 to take distributions. If you take an earlier withdrawal, you’ll typically face a 10% penalty. And a penalty like that could easily eat away at your savings.

    That’s why it’s important to invest in a taxable brokerage account if you think you’d like to retire early — though you won’t get any IRS benefits, your account will also be unrestricted. You’ll be able to take withdrawals whenever you want and contribute as much as you want in any given calendar year.

    Orman says it’s important to be strategic with your investments — and to be mindful of your asset allocation at different stages of life.

    "For many people, as they near retirement, it can make sense to reduce their reliance on stocks if they want a smoother ride," she said. "But just because you had 80% or more invested in stocks when you were 40 doesn’t mean you need or must keep that much invested in stocks when you are 65 or 75."

    To be clear, you shouldn’t reduce your stock exposure at a certain age so much as at a certain point before retirement. Generally speaking, the five-year mark is a good time to start moving out of stocks and into bonds, which tend to be more stable.

    This doesn’t mean you should dump your stocks completely as retirement nears. But you may want to limit your portfolio to 50% or 60% stocks so you’re not overly exposed to market volatility at a time when you’re ready to start tapping your investments for income.

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

  • ‘Taxpayers deserve answers’: Trump’s new US attorney for Los Angeles says billions meant for the homeless has gone ‘missing’ — is it fraud or just bad bookkeeping?

    ‘Taxpayers deserve answers’: Trump’s new US attorney for Los Angeles says billions meant for the homeless has gone ‘missing’ — is it fraud or just bad bookkeeping?

    While homelessness in Los Angeles County declined 5% last year, it remains a huge problem affecting roughly 73,500 people.

    The good news: Billions of dollars have been allocated to address the issue. The bad news: A large chunk of that money can’t be accounted for.

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    Now, Bill Essayli — President Donald Trump’s newly appointed U.S. attorney for L.A. — has announced plans to investigate possible fraud and corruption.

    "Taxpayers deserve answers for where and how their hard-earned money has been spent. If state and local officials cannot provide proper oversight and accountability, we will do it for them," Essayli said in a recent statement.

    Where has the money gone?

    Ciaran McEvoy, spokesperson for the U.S. attorney’s office, told CBS News that according to one audit, about $2 billion is unaccounted for.

    When asked whether there’s actual evidence of fraud or corruption with regard to the homelessness funds, McEvoy responded, "All we can say is we’re going to go where the evidence takes us."

    Recent audits specifically pointed to reckless spending and a lack of transparency at the LA Homeless Services Authority, or LAHSA, which provides shelter for homeless residents.

    In early April, the Los Angeles County Board of Supervisors voted to pull roughly $300 million in funding from LAHSA and transfer that money to the county’s newly created homeless services department. That vote came on the day the countywide sales tax increased by a quarter-cent to provide additional funding for homelessness programs. LAHSA has responded with its own review and series of recommendations.

    Los Angeles council member Monica Rodriguez supports an investigation into the potential misuse of homelessness funds. "I think there have been some very clear failures," she said.

    As of now, the newly formed Homelessness Fraud and Corruption Task Force will not be targeting one agency specifically. But as the investigation takes shape, that could change.

    LA County needs all the funding it can get to address the crisis. The problem is particularly noticeable in downtown LA, where hundreds of people live in makeshift shelters in the Skid Row neighborhood. Homeless encampments are also increasingly showing up in suburban areas under freeway overpasses.

    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 the crackdown means for LA

    Combating homelessness is a significant priority across California. The state accounts for nearly a quarter of the homeless population in the United States.

    Earlier this year, Gov. Gavin Newsom announced plans to distribute $920 million in funding to address the state’s crisis. But he also called upon local governments to take action individually, and he threatened to pull funds earmarked for homelessness initiatives if cities didn’t start stepping up their game.

    “We want to see results. We have to address unsheltered homelessness, encampments and tents,” Newsom said. As of 2024, more than 187,000 people in the state were homeless.

    Los Angeles Mayor Karen Bass introduced a program called Inside Safe in late 2022, which provides motel rooms for homeless residents who leave encampments. However, the program is costly, and its future is unclear. Homeless individuals who are housed in motels live in limbo until permanent housing becomes available to them.

    County officials will be tasked with developing more effective solutions, but the concern is that agencies may be stonewalled in light of the crackdown.

    The United Way of Greater Los Angeles recommends expanding housing subsidy programs and vouchers and providing more financial support to homeless people who are transitioning into housing. The group also feels that job training programs and child care initiatives are crucial to preventing homelessness by making it easier for county residents to earn a living.

    To be clear, much work has already been done to address LA County’s homelessness crisis. The Homeless Initiative of LA County says that since June of 2017, more than 125,000 homeless people have been placed in permanent housing, while almost 43,000 people were prevented from becoming homeless.

    Because more work needs to be done, there’s no room for error — or fraud. Still, reactions to Essayli’s task force have been mixed.

    Mayor Bass recently told reporters she does not want Essayli’s investigation to diminish the city’s efforts to combat homelessness.

    "I’m not opposed to the task force, but I don’t want it to be a fishing expedition," Bass said. "I don’t want it to be a distraction that takes us away from what our primary mission is."

    On the other hand, Los Angeles County Supervisor Kathryn Barger expressed support for the task force’s creation, saying it was "long overdue."

    "I believe this task force will add a much-needed layer of oversight that will help restore public trust and ensure resources actually reach those in need," Barger said in a statement.

    What to read next

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

  • Barbara Corcoran is convinced it’s ‘a good time to buy’ a home despite 77% of Americans believing otherwise — here’s why she thinks the US real estate market will come back ‘by storm’

    Barbara Corcoran is convinced it’s ‘a good time to buy’ a home despite 77% of Americans believing otherwise — here’s why she thinks the US real estate market will come back ‘by storm’

    There’s a reason so many Americans are hesitant to buy a home right now. For starters, homes are less affordable than they’ve been in the past.

    In March, the median existing-home sales price rose to $403,700, representing an all-time high for the month of March and the 21st consecutive month of annual price increases, according to the National Association of Realtors (NAR).

    And, with the average 30-year mortgage rate sitting at 6.76% as of writing, per Freddie Mac, that’s a tough combination.

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    It’s not surprising, then, that only 22% of consumers say it’s a good time to buy a home, according to Fannie Mae’s most recent Home Purchase Sentiment Index. An overwhelming 77% think it’s a bad time to buy.

    But if you were to ask Shark Tank personality and real estate investor Barbara Corcoran what she thinks of the U.S. housing market, she might put things in a more positive light.

    "We have so much hesitation in the market, and it’s giving us an opportunity for buyers to make a good deal," Corcoran recently told Fox Business.

    Why it may be a good time to buy a home after all

    Ever since the Trump administration introduced tariff policies in early April, the stock market has been volatile — and Corcoran acknowledged that the real estate market may be similarly vulnerable to upheaval, especially since she’s seeing large companies back away from long-term commercial leases.

    However, she insists that home buyers can benefit from this broad economic uncertainty.

    "People don’t like to buy in uncertain times. People worry," she told Fox.

    "People at home are worried about their futures and nervous about everything, and the last thing they do is want to make a large commitment to anything."

    That, however, could work to buyers’ advantage.

    A big reason U.S. home prices have been elevated is that the housing market has lacked inventory. In March, there was a four-month supply of homes on the market, per the NAR. But it commonly takes a five- to six-month supply of homes to create a balanced market — one where there’s enough supply to generally meet buyer demand.

    However, if a large percentage of buyers start to back away from home purchases because they’re worried about an economic downturn, it could create an opportunity for remaining buyers who aren’t skittish.

    Corcoran also told Fox that people who are moving money out of the stock market should consider putting it into real estate sooner rather than later.

    "It’s a much more stable environment, of course, because I love real estate, but I’m doing it myself. I have taken so much money out of the stock market. I’ve gotten great deals this month," she said.

    "The deals that turned me away four months ago are coming back to me. So, I know it’s a good time to buy."

    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 navigate a turbulent housing market

    If you’re looking to buy a home, you may want to take the opportunity at a time when other buyers may be backing away. But it’s important to go about things strategically, especially given that home prices and mortgage rates are up, and that economic uncertainty still abounds.

    One thing you may want to do is get preapproved for a mortgage. This is a good strategy in general during periods when housing inventory is on the low side. Preapproval tells sellers that you’re a serious buyer whose finances have already been reviewed by a lender.

    But just as important, mortgage preapproval gives you a sense of how much you’re able to borrow. And at a time when the U.S. economy isn’t so stable, it’s important to not get in over your head.

    It’s generally a good idea to keep your housing costs to 30% of your income or less. There’s debate as to whether that 30% threshold should apply to your gross income versus your net income. But either way, it’s important to run the numbers to establish a safe home-buying budget. And seeing what loan amount you get preapproved for should help.

    It’s also important to make sure you’re not overpaying for a home at a time when prices are up — especially if you aren’t going to be making a very substantial down payment. If the economy enters a recession in the coming year, it could trickle down to the housing market and send home values on a downward spiral.

    If you overpay for a home and also put little money down at closing, you risk ending up underwater on your mortgage if home values plunge. This means that if you were to, say, lose your job as a result of a recession and find yourself needing to sell, you’d risk not being able to pay off your lender with your sale proceeds.

    Make sure to get yourself an experienced real estate agent who knows the local market well and who can help you determine whether you’re paying up for a home. And be careful with loan programs like VA (Veterans Affairs) loans that allow you to make a 0% down payment, because starting out with no equity could be a dangerous thing at a time when economic conditions are uncertain.

    And, make sure you’re buying a home you can see yourself living in for the long haul. If property values do start to decline, it’s going to be harder to sell. So you may want to focus on a home that’s likely to serve your needs for the next five to 10 years.

    If you have children, prioritize things like access to good schools. If you’re trying to build up your career, prioritize access to a healthy job market.

    Finally, be very careful if you’re going to buy a fixer-upper. Yes, you may get a discount on the purchase price of the home, but you’ll also be reliant on supplies to get that home into livable condition — and tariffs could drive your costs upward. Higher supply costs could throw your renovation budget way off course, so you may want to favor a home that doesn’t need as much work.

    What to read next

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

  • Utah couple arrested at their 27,000 sq ft mansion for allegedly running $300M scam smuggling oil from Mexico — what schemes like these mean for the average American consumer

    Utah couple arrested at their 27,000 sq ft mansion for allegedly running $300M scam smuggling oil from Mexico — what schemes like these mean for the average American consumer

    James Lael and Kelly Anne Jensen’s sprawling, $9-million mansion in Sandy, Utah is the kind of luxury home out of reach to the average American — but not to the long arm of the law.

    As KSL-TV reports, U.S. Marshals arrested the couple at their 27,000-square-foot property in late April as part of a multi-state raid.

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    The same day, authorities raided James Jensen’s company Arroyo Terminals in Rio Hondo, Texas, near the Mexican border.

    The couple — along with sons Maxwell and Zachary — have been indicted for money laundering in the U.S. District Court of Southern Texas. They are accused of running a $300-million money-laundering scheme, allegedly smuggling crude oil from Mexico.

    The federal indictment outlines a complex scheme dating back to May 2022. Here’s what court documents suggest, along with a look at what criminal trade in crude oil costs Americans.

    A complex scheme and a court order to forfeit $300M

    Court documents state that the Jensens brought 2,881 shipments of crude oil into the U.S. — falsely labeled as “waste of lube oils” and “petroleum distillates.”

    The Jensens are accused of directing payments for the crude oil to Mexican businesses that operate “through the permission of Mexican criminal organizations.”

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    Court documents allege that James Jensen was aware that the payments he made were going to Mexican criminal organizations.

    The Jensens have a court order to forfeit the Arroyo Terminals business along with oil tankers, a second property in Draper, Utah, new cars and money in their bank accounts — assets that collectively total $300 million according to KSL-TV.

    At the global level, criminal trade in crude oil is a massive operation.

    Illegal trade in oil drives prices at the pump

    The Transnational Alliance to Combat Illicit Trade estimates that criminal trade in crude oil is worth upwards of $11.9 billion annually, involving up to 227 million barrels of oil every year.

    Windward AI, a U.K.-based company that helps organizations deal with maritime challenges, notes that oil smuggling causes supply-chain disruptions that lead to shortages and higher gas prices.

    Port and border agents delay the delivery of legitimate oil shipments while they investigate potential cases of smuggled oil. Those delays are costly for legitimate oil suppliers, who may pass those costs on to consumers.

    According to the Energy Information Administration, the cost of crude oil is the largest driver of the price you pay at the pump. Smuggled oil can impact the price of crude oil, making gas more expensive.

    Aside from its impact on the price of gasoline, smuggled crude oil can compromise the quality of gasoline, which is a safety concern.

    Another safety concern? Trade in smuggled oil supports criminal activity and can fund terrorist organizations internationally and here in the U.S. The Jensens, for example, allegedly engaged in activity that was said to support Mexican criminal organizations.

    That’s why shutting down such schemes is not only good for most people’s pocketbooks, but for public safety.

    What to read next

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

  • Something is rotten in the state of Florida’s orange industry — hurricanes, disease and population boom are killing it, and your grocery bill could be the next victim

    Something is rotten in the state of Florida’s orange industry — hurricanes, disease and population boom are killing it, and your grocery bill could be the next victim

    If there’s one agricultural staple Florida is known for, it’s oranges.

    Polk County, Florida, houses more acres of citrus than any other county in Florida. But in 2023, more people moved to Polk County than any other county in the country, leaving less room for citrus growers to do what they do best.

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    However, the problem isn’t limited to Polk County. The combination of population growth, extreme weather and citrus greening disease have battered the Florida orange industry. Many citrus growers across the state are shutting down operations and making the tough decision to sell groves that have been in their families for generations.

    And not just farmers and businesses reliant on oranges stand to lose. If this trend continues, consumers could also feel the impact.

    A dire situation

    Citrus greening disease, also known as Huanglongbing (HLB), has been devastating Florida citrus crops since it was first detected in 2005. It has ripped through the state, reducing citrus production by 75% and more than doubling production costs.

    Florida’s citrus industry was already in poor shape when Hurricane Irma hit in 2017. In its aftermath, a major freeze followed, along with additional hurricanes that further exacerbated the situation. A tree that loses branches and foliage in a hurricane can take up to three years to recover.

    All told, these events have contributed to a 90% decline in Florida’s orange production over the past two decades. The state’s citrus industry footprint has also shrunk from 832,000 acres to just 275,000.

    “This industry is … so ingrained in Florida. Citrus is synonymous with Florida,” said Matt Joyner, CEO of trade association Florida Citrus Mutual.

    Alico Inc., one of Florida’s biggest growers, announced plans this year to wind down its citrus operations across 53,000 acres. That decision has ripple effects for producers like Tropicana, which rely on Alico to produce orange juice. Meanwhile, U.S. orange juice consumption has also been declining for two decades.

    But natural disasters aren’t the only challenge. Booming real estate is also taking a toll.

    Florida’s population increased by more than 467,000 people last year, reaching 23 million and making it the third-largest state in the nation. But more people mean more homes — homes that encroach on orange groves.

    The good news is that researchers are developing a genetically modified tree that can kill the tiny insects responsible for citrus greening. However, those trees are still at least three years away from being planted.

    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

    Could your grocery bills be affected?

    The cost of orange juice has been rising steadily since the pandemic, with prices soaring in 2023 and 2024. In March 2020, a 12-ounce can of frozen orange juice concentrate cost $2.28. By February 2025, the price had jumped to $4.49.

    The reason is simple: supply and demand. When supply dwindles, prices rise. If Florida’s citrus output continues to shrink, consumers may have to pay even more for orange juice and related products.

    But that’s problematic. According to the Consumer Price Index, grocery prices were up 1.9% year over year as of February 2025, and many Americans are struggling to keep up.

    Rampant inflation has been hurting consumers for years. A Swiftly survey in October found that 70% of consumers were having difficulty affording groceries. Meanwhile, Northwestern Mutual’s 2025 Planning & Progress Study found that 43% of respondents cited rising grocery prices as a significant financial burden.

    If U.S. citrus production continues to decline, the country may need to rely more on imports. However, recent tariff policies and international trade tensions could drive prices even higher.

    There’s also the issue of job losses. As of 2021, Florida’s citrus industry contributed $7 billion to the state’s economy and supported more than 32,000 jobs.

    If citrus production continues to decline, many workers — especially those with long histories in agriculture — could find themselves unemployed. Whether they’ll be able to pivot successfully into new industries is unclear.

    What to read next

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

  • My dad, 75, only has $31K saved for retirement and he’s freaking out — how do I help him make the most of his $70K salary to save his retirement?

    My dad, 75, only has $31K saved for retirement and he’s freaking out — how do I help him make the most of his $70K salary to save his retirement?

    As of 2022, the typical American aged 75 and over had $130,000 in retirement savings, according to the Federal Reserve. However, Americans 65 to 74 had a median retirement savings balance of $200,000.

    The reason older people have less money may boil down to the fact that by age 75, a lot of people have been retired for quite some time and have been steadily dipping into their nest eggs.

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    On the other hand, there are people in their mid-70s and even beyond who continue to work. For some, it’s because their jobs are a labor of love. For others, it’s a matter of financial necessity.

    Let’s say your father has hit 75 and he’s still plugging away at his desk job. Having just $31,000 saved for retirement, it’s natural you’re both worried about how he’ll get by. That frankly isn’t a ton of money, even for a shorter retirement.

    But if your father still works and earns a comfortable salary of $70,000 a year, his situation is far from hopeless. And if he’s able to work a few more years, he has a prime opportunity to boost his savings.

    The upside of working later in life

    Axios analyzed data from the Bureau of Labor Services and found that almost 19% of Americans ages 65 and over were still working as of 2024. And that alone can help compensate for a lack of savings.

    If your father is 75, it means he’s beyond the point where it makes sense to delay Social Security. In fact, he hopefully claimed Social Security at 70, since there’s no financial incentive to hold off on taking benefits beyond that point.

    If not, encourage him to file right away and see how much of a retroactive benefit he can get. Those retroactive benefits max out at six months, but at least it’s something.

    Meanwhile, if your father is collecting a $70,000 annual salary plus Social Security, he may have more than enough income to cover his expenses. At this point, he should, conceivably, be able to either save some of his salary and/or the majority of his Social Security income.

    One thing you should know is that while there are age limits for traditional IRAs, they don’t apply for those funding Roth IRAs or 401(k)s. This year, your father can contribute up to $8,000 to his IRA or $23,500 to his 401(k) plan. If there’s a match in his 401(k), it’s worth capitalizing on it. It pays to save in one of these accounts for the tax benefits.

    Of course, one thing to keep in mind is that if your father is 75 years old with a traditional IRA, hey may already be on the hook for required minimum distributions (RMDs). With a 401(k), RMDs can sometimes be deferred if the plan holder is still working. Roth IRAs and 401(k)s do not force savers to take RMDs, though. In this case, your father may want to consider rolling over his traditional IRA into a Roth account.

    Of course, given your father’s age, it’s important that he not invest any savings he builds too aggressively. He may end up wanting to retire soon, so he needs a good portion of his portfolio in stable assets, like bonds. Your father should also maintain enough cash savings to cover at least a year of expenses.

    How much does it take to pull off a comfortable retirement?

    A recent Northwestern Mutual survey found that Americans think it takes $1.26 million to retire securely. But the savings data above reveals that most people don’t have anywhere close to $1.26 million by the time they reach retirement age.

    The reality is that the amount of savings it takes to retire comfortably depends on your needs and age. Someone who’s still working at 75 may not need as much savings as someone who decides to retire at 65.

    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 someone in the situation above needs to do, though, is estimate their annual expenses and see how much savings it will take to cover them in the absence of a paycheck — because at 75, it’s unclear as to how much longer it will be possible to keep plugging away.

    Now with regard to your savings, you may want to assume a 4% withdrawal rate. With $31,000 saved, that amounts to $1,240 per year, which isn’t a lot. However, keep in mind that’s on top of Social Security.

    The average retired worker today collects about $1,980 per month, or $23,760 per year, in benefits. And with $1,240 from his savings, that would bring him to about $25,000 for the year.

    However, someone still working at 75 may have delayed Social Security until age 70 for larger monthly checks. So your dad’s total income may be higher.

    Running the numbers

    Let’s say his monthly retirement expenses come to $2,800, requiring an annual income of $33,600. Let’s also say he’s getting about $2,600 a month from Social Security because he delayed his claim past his full retirement age of 66 — thereby boosting his benefits by 32% by waiting to take them at 70.

    That leaves your dad with $31,200 per year. With $31,000 in savings, that gives you $1,240 per year, you still have a small shortfall to get to $33,600.

    But if you can get your savings up to $60,000, a 4% annual withdrawal rate gives you $2,400 from your nest egg. Add that to $31,200 in Social Security, and you’re where you need to be.

    Of course, this does mean doubling his savings. But it may be doable with some strategic moves. Your dad is 75 and is fortunate he has a grown child who cares about your financial well being — maybe your or another family member could allow him to move in for a few years to boost his nest egg. There may also be other expenses he can look into reducing.

    Keep in mind, too, that he may have leeway to withdraw from his savings at a higher rate than 4% a year because he’s older. If you use a 5% withdrawal rate, $31,000 in savings gives him $1,550 per year. If you use a 6% rate, you’re looking at $1,860. And if you work with a financial advisor to maximize your savings and trim expenses, you may find that your dad doesn’t need to save so much more to get to a place where he can retire and cover his costs.

    What to read next

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

  • ‘That’s a weird thing to do’: Sacramento woman turns to ‘Ramsey Show’ after discovering her mother added her to a credit card account — what to do to protect your credit score

    ‘That’s a weird thing to do’: Sacramento woman turns to ‘Ramsey Show’ after discovering her mother added her to a credit card account — what to do to protect your credit score

    Sometimes, parents have a way of interfering with their children’ s lives — even when their kids are fully functioning, financially independent adults.

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    Such was the situation that prompted a 30-year-old woman named Nicole from Sacramento, California, to call into “The Ramsey Show.”

    Nicole spoke to co-hosts Ken Coleman and George Kamel and explained that, a while back, her mother handed her a Capital One credit card with no explanation.

    Nicole isn’t a credit card user, so she tucked the card away and didn’t think much of it. But when she pulled her credit report recently, she was surprised to find the Capital One account listed on it — and she wasn’t happy, to say the least.

    It turns out Nicole had been added as an authorized user on her mother’s credit card. This means while her mother remained the primary cardholder on the account, Nicole could use her own credit card linked to the account to make purchases and would not be responsible for any debt.

    This may sound like a generous gift, but being added as an authorized user can hurt you in some situations.

    ‘I have never applied for any credit whatsoever’

    Experian reports that the average consumer credit card balance was $6,730 as of the third quarter of 2024. That’s a 3.5% increase from a year prior.

    But some people don’t like to use credit cards, or borrow money in any capacity. Nicole is one of them.

    "I have never applied for any credit whatsoever," she told Coleman and Kamel. As such, she was annoyed to see the card account on her credit report.

    Nicole did ask to be removed as an authorized user on the credit card prior to calling into “The Ramsey Show” — and she was reassured that, while it could take a bit longer than a few weeks for the account to get removed from her credit report, it should be happening in the near future.

    But still, the hosts agreed that the situation was aggravating.

    "That’s not cool," Kamel said in response to hearing that Nicole’s mom had added her to the card without asking. "That’s a weird thing to do to your grown adult child."

    Coleman praised Nicole for not jumping at the opportunity to spend. "You had the discipline to get rid of it," he said.

    Interestingly, Nicole called the show before talking to her mother about the situation.

    "That was an immediate headache," said Nicole.

    Coleman suggested that Nicole send her mom a quick text explaining that she doesn’t want the card and had asked to be removed. He didn’t want Nicole to have to expend energy explaining to her mom that she’s someone who doesn’t want to rely on or use credit.

    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 your credit

    Getting added to a credit card as an authorized user could have a negative impact on your credit score.

    It’s not known what Nicole’s mom’s financial habits are, but a high utilization rate, late payments, or charge-offs she was responsible for could also hurt Nicole’s credit score.

    Kamel said one thing Nicole could do in this situation is file a dispute with credit bureaus that have the Capital One card listed on her account — that is, if it doesn’t drop off by itself shortly. But since that should happen, a dispute may not be necessary.

    Nicole was also advised to check her credit report regularly to monitor for unwanted activity. It’s possible to get a free copy of your credit report from each bureau every week. There are three — Experian, Equifax, and TransUnion — and there’s no guarantee that all three reports will be the same. So, it’s a good idea to check them all on a regular basis.

    That’s sound advice for consumers in general, because keeping tabs on your credit report could also alert you to fraud, or to growing credit card balances that could have a negative impact on your credit score if you don’t take steps to break the cycle.

    As frustrating as it was for Nicole to be added to a credit card account when she didn’t ask for it, being added as an authorized user this way is not a crime or unethical. It’s more a question of ignoring boundaries.

    But the Federal Trade Commission (FTC) says it received around 449,000 reports in 2024 from people whose information was misused with an existing credit card or when applying for a new one. A credit freeze can prevent you from becoming a victim of fraud. When you freeze your credit, credit card companies and lenders cannot do a hard inquiry on your credit report. This means you can’t have a new account opened in your name.

    What to read next

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