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Author: Moneywise

  • Jerome Powell quietly warned Americans there would be places in the US where you ‘can’t get a mortgage’ — and he’s not wrong. Here’s why and what to do if you’re part of this unlucky group

    Jerome Powell quietly warned Americans there would be places in the US where you ‘can’t get a mortgage’ — and he’s not wrong. Here’s why and what to do if you’re part of this unlucky group

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    Months after wildfires in California displaced thousands of residents and spurred a massive housing crisis in Los Angeles County, the ongoing impact points to a larger — and unquestionably disturbing — trend.

    As extreme weather events increase in both frequency and severity, a growing number of insurers are pulling out of disaster-prone regions. That could make homeownership even less attainable in the future.

    Don’t miss

    Federal Reserve Chair Jerome Powell recently testified before the Senate Banking Committee and was asked about the availability of mortgages in states like California.

    His response?

    “Those banks and insurance companies are pulling out of areas, coastal areas and … areas where there are a lot of fires,” Powell told the committee. “So what that’s going to mean is if you fast-forward 10 or 15 years, there are going to be regions of the country where you can’t get a mortgage.”

    Why insurers pulling out is a problem

    Climate change-driven foreclosures are estimated to cost insurers $1.21 billion in losses for 2025, according to a report from First Street. This is no surprise, as the National Oceanic and Atmospheric Administration predicts a 60% chance of an above-average hurricane season this year — with three to five major hurricanes forecasted.

    This is in addition to the challenges caused by the wildfires in California at the start of the year — estimated to have cost insurers and reinsurers $50 billion in collective losses.

    But with more insurance companies pulling out of disaster-prone states, homeowners’ options for coverage are whittling down.

    It’s common practice for mortgage lenders to require borrowers to have homeowners’ insurance in place before giving out loans. But the requirement to carry homeowners insurance doesn’t end there.

    You’re typically required to maintain homeowners’ insurance while you’re in the process of paying off your mortgage. If your insurance is canceled, your mortgage lender will typically be notified. If you don’t then find replacement insurance, your lender could compel you to use insurance it procures for you, known as force-placed insurance.

    Between 2021 and 2024, average homeowners’ insurance premiums increased by 24%, according to the Consumer Federation of America.

    The cost to insure homes in disaster-prone states has also risen at a significantly faster rate than the national average. Between 2018 and 2022, consumers living in the top 20% of the at-risk zip codes paid $2,321 in average annual premiums, according to a Treasury Department report. This is 82% higher than those residing in the 20% of lowest risk zip codes.

    In high-risk areas like Utah, premiums surged by roughly 59% over the last three years, while several insurers like Allstate and State Farm have pulled out of Florida and California.

    Finding affordable insurance coverage

    Insuring your home shouldn’t cost an arm and a leg.

    You can compare offers from leading home insurance providers near you for free through OfficialHomeInsurance.com. Simply enter some basic information about yourself and the type of home you own, and OfficialHomeInsurance will browse through their database of over 200 insurers and display the lowest quotes in just two minutes.

    By comparing your options and selecting the best rate available, you could save an average of $482 per year on premiums.

    On this easy-to-use platform, you can read reviews of various insurance providers, and once you select the one you like, set up a free introductory call with your preferred provider, with no obligation to hire.

    Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

    What to do if your homeowners insurance is cancelled

    When your homeowners insurance is cancelled, it’s important to find out why. If it’s due to a specific issue with your home, there may be steps you can take to remedy it. But if it’s part of a broad pullback at the county or state level, your options may be more limited.

    You could, of course, shop for replacement insurance. But you may not have many affordable options.

    In that situation, your best bet may be a FAIR plan. Short for Fair Access to Insurance Requirements, FAIR programs are state-run and provide insurance coverage for homeowners who can’t get it the conventional way, due to living in a high-risk area.

    The problem, though, is that FAIR plans can be pretty basic, offering only coverage for dwelling and personal property. This means you may not be able to get loss of use or liability coverage.

    Worse yet, FAIR plans commonly only insure homes at their cash value, as opposed to their replacement cost value — meaning, the amount of money it would take to rebuild. Such is the situation a number of Los Angeles wildfire victims are in now, where they’re entitled to some payout from their insurance, but not enough to rebuild the properties they’ve lost.

    That’s why it’s important to research insurance coverage options before buying a home. And if you find that your options are limited, consider it a red flag.

    If you’re considering a move

    If you’re currently living in a disaster-prone area, you may be considering a move out-of-state.

    Mortgage Research Center (MRC) can help you quickly compare rates and estimated monthly payments for your new mortgage from multiple vetted lenders. All you have to do is enter some basic information about yourself: your zip code, desired property type, price range and annual income.

    Based on the information you provide, MRC will show you mortgage offers tailored to your needs so you can shop for a mortgage with confidence.

    After you match with a lender, you can set up a free no-obligation consultation to see if you’ve found the right fit.

    What to read next

    Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

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

  • ‘I feel like an idiot’: Dallas woman says she’s divorcing her husband of 27 years after discovering he secretly racked up $1M in debt — but Ramsey Show hosts say she needs to own her part

    ‘I feel like an idiot’: Dallas woman says she’s divorcing her husband of 27 years after discovering he secretly racked up $1M in debt — but Ramsey Show hosts say she needs to own her part

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    When you enter into a marriage, you expect your spouse to be faithful. But sometimes, a different type of infidelity — financial — can rear its ugly head.

    That’s what happened to Cathy from Dallas, Texas, who recently called into The Ramsey Show seeking urgent financial advice.

    Don’t miss

    Cathy revealed to co-hosts Ken Coleman and Jade Warshaw that she suspects her to-be ex-husband has racked up close to $1 million in debt behind her back — and she’s probably on the hook for half of it.

    Here is what Coleman and Warshaw had to say.

    What happens when financial infidelity rears its ugly head?

    Money can be a huge driver of marital strife, especially when one spouse keeps secrets.

    A 2021 survey by the National Endowment for Financial Education found that 43% of people with combined finances in a relationship have committed financial infidelity.

    For 39%, that meant hiding a purchase or bank statement from their partner. For 19%, it meant hiding cash. And for 16% of couples, financial infidelity ultimately led to divorce.

    Cathy, meanwhile, learned that her husband hadn’t paid income taxes for three-years and owed $80,000 in credit card debt. The kicker? Cathy and her soon-to-be ex have a $550,000 mortgage for an office building that she co-signed on.

    Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

    Even worse, Cathy doesn’t have a record of how that money was spent.

    "I feel like an idiot," Cathy said.

    Coleman thinks Cathy owes at least $250,000.

    How to dig yourself out of debt after financial infidelity and plan for the future

    If, like Cathy, you’re struggling with substantial debt, there are a few things you can do. One option is tapping into your home’s equity through a Home Equity Line of Credit (HELOC), especially if you’ve made consistent mortgage payments.

    A HELOC is a secured line of credit that leverages your home as collateral. Depending on the value of your home and the remaining balance on your mortgage, you may be able to borrow funds at a lower interest rate from a lender as a form of revolving credit.

    Rather than juggling multiple bills with varying due dates and interest rates, you can consolidate them into one easy-to-manage payment. The results? Less stress, generally reduced fees, and the potential for significant savings over time.

    LendingTree’s marketplace connects you with top lenders offering competitive HELOC rates. Instead of going through the hassle of shopping for loans at individual banks or credit unions, LendingTree lets you compare multiple offers in one place. This helps you find the best HELOC for your situation.

    Terms and conditions apply. NMLS#1136.

    Being equal partners on all things finance-related could help avoid not just a situation like Cathy’s, but marital conflict more broadly.

    In a 2024 Fidelity survey, more than 25% of partners resented being left out of financial decisions. Be vocal and set the guardrails early on for what you expect of your partner when it comes to financial decisions.

    Setting a realistic budget and tracking where your money is going can help you avoid falling into financial traps — including noticing missing money due to financial infidelity.

    Whether you plan to merge your finances with your spouse or keep your money separate, budgeting can be challenging, especially when trying to track multiple accounts and daily expenses simultaneously. Monarch Money’s expense tracking system simplifies the process.

    The platform seamlessly connects all your accounts in one place, giving you a clear view of where you’re overspending. It also helps you monitor your expenses and payments in real-time.

    Whether you’re looking to save, invest, or simply control your spending, Monarch Money offers the tools to help you succeed. For a limited time, you can get 50% off your first year with the code NEWYEAR2025.

    What to read next

    Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

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

  • ‘I can make it any number I want’: Florida gas stations are charging customers $1 more a gallon for using credit cards — and it’s completely legal. Here’s how drivers can protect themselves

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    Credit cards have long been a popular and convenient way to pay for most things — including filling up at the gas station — and there are benefits to using one at the pump, such as bonus points or cash back on fuel purchases.

    However, if you’re not careful, paying for gas with a credit card could end up costing you more money. That’s something Pat Igo of Palm Beach Gardens, Florida, recently learned the hard way when he went to fill up at the pump.

    Don’t miss

    “I noticed this little box at the bottom,” Igo told WPTV news. “And it didn’t match the price that was out on the street.”

    Igo, like many consumers, had noticed that some gas stations are charging more per gallon for credit card purchases than cash purchases. What’s worse, some local gas stations even try to hide the extra charge for credit cards.

    Gas stations are taking advantage

    In most states, Florida included, it’s legal for businesses to impose a surcharge on customers paying by credit card. However, businesses must inform customers of those surcharges ahead of time. In that regard, some Florida gas stations are pushing the  limits.

    Igo told WPTV News that his company, North County Cooling, has a fleet of 12 trucks. Fueling them all costs his business about $3,000 per month. He recently went to fill up one of his trucks when he noticed something that shocked him at the pump.

    He says a small sign on the pump showed that those paying with a credit card would pay $1 more per gallon, so he asked the station’s manager if that was an error.

    “And he said no,” Igo said. “‘I can make it any number I want.’ And so I walked out.”

    WPTV News reporter Dave Bohman looked into the matter and found that a number of local gas stations were charging $1 more per gallon for credit card payments than cash. When Bohman asked consumer attorney Thomas Patti whether the practice was legal, Patti confirmed it is, but that gas stations must disclose the price difference to consumers. Yet, some stations advertise this in fine print on the pump, which can easily be missed while filling up.

    Igo now makes sure his crews don’t use gas stations that charge $1 more per gallon for credit cards. He also thinks there should be stricter rules in place so that consumers don’t get duped.

    “There should be a law showing what they’re going to charge you if you use a credit card,” he said.

    Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

    How to avoid overpaying for gas

    The average U.S. driver spent $2,449 on gas in 2023, according to the Bureau of Labor Statistics. If you’re spending a hefty chunk of cash on gas, it’s worth considering some ways to save at the pump.

    First and foremost, pay attention to price differences at local gas stations and aim to avoid those that impose a credit card surcharge — and, like Igo, be sure to read the fine print.

    Of course, paying by credit card is easier than paying by cash. If you’re steadfast on keeping to the card, platforms like Acorns can help you invest while you do. For every purchase you make on your credit, or debit, card, Acorns rounds up to the nearest dollar, and the excess is placed in a smart investment portfolio for you. This can turn your regular $29.54 top up at the pump into a 46 cent investment in your future.

    You can also sign up with a recurring deposit to snag a $20 bonus investment if you want to invest more regularly.

    Alternatively, you could use a platform such as the Upside cash-back app for your essential purchases, like gas, groceries and dining. Once you download Upside’s app, you can claim cash-back offers at locations near you. For instance, users can earn up to 25 cents per gallon back on gas, taking some of the bite out of pump sticker shock. You can also get a bonus 25 cents off per gallon with code MONEYWISE25 on your first transaction when you sign up.

    How it works is simple: Claim the offer in-app, shop as usual, then purchase and pay with a linked credit or debit card. You can then cash out your earnings directly to your bank account, PayPal or a gift card.

    Other ways to save

    Finally, the more efficiently you drive your vehicle, the less fuel you’re likely to use. To that end, try not to speed, make sure your tire pressure isn’t too low and consider using cruise control for longer road trips. Driving at a steady speed typically improves fuel efficiency, meaning you use less gas per mile.

    And make sure you aren’t overpaying for essentials, such as car insurance. OfficialCarInsurance.com helps you switch to a more affordable auto insurance option within minutes. Simply provide some information about yourself and your vehicle, then compare quotes from trusted brands like Progressive, Allstate and GEICO — with some offers as low as $29 per month depending on factors like the make and model of your car, and your driving history.

    What to read next

    Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

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

  • ‘We wanted to escape’: This Texas couple ditched the big city to build their dream home for $60,000 out of two 40-foot shipping containers — and they claim you can do it, too

    ‘We wanted to escape’: This Texas couple ditched the big city to build their dream home for $60,000 out of two 40-foot shipping containers — and they claim you can do it, too

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    Lexi Newkirk and her husband, Diego, weren’t interested in cramped city living. Instead, the young married couple from Austin, Texas, created their very own path to home ownership.

    “We grew up in the city and we wanted to escape it,” Lexi said in an article by content company SWNS.

    Don’t miss

    So, they decided to buy a plot of land for $180,000 in a rural area nearby and have spent $60,000 building their dream home out of two 40-foot shipping containers.

    “We’re living on 12-and-a-half acres and I love it,” Lexi said.

    From the ground up

    The couple could’ve saved up to buy a home in Austin, where according to Zillow the average price runs just north of $500,000, but they had other ideas.

    After buying their land in October 2023, they built a foundation and basement before stacking two 40-foot shipping containers on top of one another. The containers cost $5,500 apiece, per SWNS. Slowly, over about a year, the couple have added plumbing, wiring and insulation to the 640-square-foot home.

    The couple hoped to have the home finished completely by early March. They plan to live there while they work to build up the rest of the land they bought.

    Before you build a home

    Building a home from scratch is no easy feat, and it’s important to know what you’re getting into.

    For one thing, not everyone has the handyman skills necessary to construct a home. Diego performed most of the manual labor on the home in the story above, according to SWNS, but social media posts of their progress show help was needed at various stages.

    Building a home can also be more complicated than expected. For one thing, zoning laws might limit your ability to construct your dream home. And don’t forget you need all of the necessary permits to proceed with construction.

    Connecting your home to utilities, such as electricity, can also present a challenge, assuming they’re available. That’s something you’ll need to coordinate with your local utility department.

    Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

    Hassle-free property ownership

    While building a home from shipping containers is a radical solution to the ever-increasing cost of housing, there are other ways to benefit from the hot real estate market even if you don’t have the capital to buy a plot of land.

    New investing platforms are making it easier than ever to tap into the real estate market.

    For accredited investors, Homeshares gives access to the $36 trillion U.S. home equity market, which has historically been the exclusive playground of institutional investors.

    With a minimum investment of $25,000, investors can gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning or managing property.

    With risk-adjusted target returns ranging from 14% to 17%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets.

    If you’re not an accredited investor, crowdfunding platforms like Arrived allow you to enter the real estate market for as little as $100.

    Arrived offers you access to shares of SEC-qualified investments in rental homes and vacation rentals, curated and vetted for their appreciation and income potential.

    Backed by world-class investors like Jeff Bezos, Arrived makes it easy to fit these properties into your investment portfolio regardless of your income level. Their flexible investment amounts and simplified process allows accredited and non-accredited investors to take advantage of this inflation-hedging asset class without any extra work on your part.

    Finally, accredited investors will want to take a look at First National Realty Partners (FNRP). This platform allows you to diversify your portfolio through investments in grocery-anchored commercial properties, without taking on the responsibilities of being a landlord.

    With a minimum investment of $50,000, you can own a share of properties leased by national brands like Whole Foods, Kroger and Walmart. Thanks to Triple Net (NNN) leases, accredited investors are able to invest in these properties without worrying about tenant costs cutting into their potential returns.

    Simply answer a few questions — including how much you would like to invest — to start browsing their full list of available properties.

    What to read next

    Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

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

  • Mark Cuban said this will be the ‘No. 1 housing affordability issue’ for Americans — and predicts Florida will have ‘huge problems.’ How you can protect yourself in 2025

    Mark Cuban said this will be the ‘No. 1 housing affordability issue’ for Americans — and predicts Florida will have ‘huge problems.’ How you can protect yourself in 2025

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    There’s passionate debate about how to solve America’s ongoing housing crisis, much of which revolves around mortgage rates, zoning issues, immigration and construction. However, billionaire entrepreneur and investor Mark Cuban believes the biggest issue of all is being overlooked by the public.

    Don’t miss

    “Home insurance in areas hit by repetitive disasters is going to be the number one housing affordability issue over the next 4 years. And possibly going into the midterms. More so than interest rates,” he said in a post on Bluesky. “Florida, in particular, is going to have huge problems.”

    Home insurance crisis

    Home insurance rates have surged, driven primarily by two key factors: inflation and climate change.

    The cost of labor and building materials for homes has risen rapidly since the pandemic. Although the price of lumber has recovered, the National Association of Home Builders says things like drywall, concrete and steel mill products are still selling at elevated prices.

    For those with a replacement cost insurance policy, it can cost the insurer more to cover the cost of replacing your home without taking depreciation into account. The risk this presents will be reflected in your premium.

    While homes are more expensive to replace, they’re also more prone to damage because of climate change.

    Severe floods, wildfires and hurricanes have become more frequent, which must be factored into the underwriting of property insurance. According to the Insurance Information Institute, “cumulative replacement costs related to homeowners insurance soared 55% between 2020 and 2022.”

    In fact, major insurers like Farmers and Progressive have either left states like Florida or limited their exposure to these disaster-prone regions. Mark Friedlander of the Insurance Information Institute said, “We have estimated up to 15% of Florida homeowners may not have property insurance, based on input from insurance agents across the state.”

    Homeowners and potential homebuyers should be aware of how risky it is to go without coverage and prepare for the cost of adequate protection.

    Lowering the cost of home insurance may seem difficult with these facts at hand, but it is still possible to shop around for a better deal on your home insurance with MediaAlpha. Moreover, their easy-to-use platform makes finding a better deal possible in just minutes.

    Find the best home insurance rates in your area when you answer a few quick questions about yourself and your home. You’ll see a list of offers tailored to your needs so you can easily comparison shop for a new rate on your mortgage.

    Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

    Ways to protect yourself

    If you haven’t purchased a property yet, considering the climate risk of any location you seek to move to is worth your while. The Federal Emergency Management Agency offers flood maps to help you assess risk.

    If you already own a high-risk property, consider investing in resilience measures such as securing shutters and roofs, elevating structures in flood-prone areas and using fire-resistant materials in wildfire zones. Doing so can get you a discount on your premium in Florida.

    Don’t forget that shopping around is the best way to find an affordable rate. Borrowers who received two rate quotes saved up to $600 annually, according to 2023 research from Freddie Mac. That number rose to $1,200 annually for borrowers who searched for at least four rate quotes from different lenders.

    If you want a quick and efficient way to do this, the Mortgage Research Center (MRC) can help you quickly compare rates and estimated monthly payments from multiple vetted lenders. All you have to do is enter some basic information about yourself, such as your zip code, your desired property type and price range and annual income.

    Based on the information you provide, MRC will show you mortgage offers tailored to your needs so you can shop for a mortgage with confidence.

    After you match with a desired lender, you can set up a free, no-obligation consultation to see if you’ve found the right fit.

    Finally, if you can’t afford insurance, look into your state-backed insurer of last resort. California’s FAIR Plan or Florida’s Citizens Property Insurance Corporation could be your ultimate safety net if you can’t find private insurance elsewhere.

    Invest in property without owning it

    Getting on the property ladder with the soaring price of mortgages and insurance may seem impossible, but you can still grow your wealth in real estate without the hassles of buying, maintaining and insuring a property.

    The $36 trillion U.S. home equity market has historically been the exclusive playground of large institutions, but new investing platforms are making it easier than ever to tap into the real estate market.

    For accredited investors, Homeshares gives access to the $36 trillion U.S. home equity market, which has historically been the exclusive playground of institutional investors.

    With a minimum investment of $25,000, investors can gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning or managing property.

    With risk-adjusted internal returns ranging from 14% to 17%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets.

    If you’re not an accredited investor, crowdfunding platforms like Arrived allows you to enter the real estate market for as little as $100.

    Arrived offers you access to shares of SEC-qualified investments in rental homes and vacation rentals, curated and vetted for their appreciation and income potential.

    Backed by world-class investors like Jeff Bezos, Arrived makes it easy to fit these properties into your investment portfolio regardless of your income level. Their flexible investment amounts and simplified process allows accredited and non-accredited investors to take advantage of this inflation-hedging asset class without any extra work on your part.

    What to read next

    Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

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

  • Home insurance in America might double very soon — and not just in ‘disaster’ cities. Why rates are skyrocketing across the US and how to protect yourself now

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    Home insurance used to be an afterthought, but these days it’s a rapidly escalating expense that is believed to be “deepening the housing crisis,” according to the Consumer Federation of America (CFA).

    A recent report from the CFA reveals a steep rise in homeowners’ insurance premiums, which jumped 24% between 2021 and 2024, reaching an average of $3,303. This increase far exceeds the average property tax bill of $1,889 in 2023, according to the Tax Foundation.

    Don’t miss

    If this pace continues, many homeowners could see their insurance rate double in roughly 10 years.

    Unfortunately, this burgeoning insurance crisis isn’t limited to high-risk regions such as Florida, California and Louisiana. Rates are going up across the country and even homeowners in relatively “safe” states could see ballooning expenses in the near future.

    Here’s a closer look at what’s driving up insurance costs for ordinary families, and how to protect yourself before the crisis spirals out of control.

    Why homeowners insurance is going up

    Inflation and climate change are the primary drivers of the property insurance crisis, according to a report from JPMorgan.

    Climate disasters are becoming more frequent and less predictable, as scientists have been warning for years. Meanwhile, home prices have climbed rapidly, which means it costs more to repair or replace a home after it has been damaged. What’s more, inflation has raised the cost of building materials and labor, making it more expensive to repair or rebuild homes.

    Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

    While California and Florida are hit hardest by extreme weather, Midwestern states are also experiencing significant rate hikes due to increasing storm and flood damage. Insurify even predicts that the Midwest could see some of the steepest premium increases.

    As insurers adjust pricing to reflect growing risks, homeowners across the country should expect higher insurance costs.

    How to protect yourself

    While you can’t change the insurance industry or reverse climate change, there are still ways to reduce rising insurance costs. Start by shopping around each year and comparing quotes to get the best rate.

    Upgrading your home with climate-resilient features such as a stronger roof or updated wiring can help minimize weather damage and may qualify you for discounts. You can also lower your premiums by raising your deductible and avoiding small claims.

    In some cases, relocating to a lower-risk area may be worth considering, as homeowners in high-risk regions pay an average of 82% more for insurance, according to the Federal Insurance Office.

    Ultimately, shopping around is one of the best ways to find better rates, but calling individual providers can take a lot of time and effort.

    OfficialHomeInsurance.com takes the hassle out of shopping for home insurance. In just under 2 minutes, you can explore competitive rates from top insurance providers, all in one place. OfficialHomeInsurance.com can make it easy to find the coverage you need at a price that could fit your budget.

    What to read next

    Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

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

  • Student loan borrowers in default could soon see 15% of their Social Security checks being garnished if Trump administration resumes collections efforts — who’s at risk and how to prepare

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    For millions of older Americans relying on Social Security to cover their bills, another financial gut punch may be on the way — and it’s coming from their own student debt.

    The Trump administration has threatened, then revoked threats, to resume collections on federal student loans. A higher education expert, Mark Kantrowitz, told CNBC that if the administration proceeded with their initial plans, borrowers in default could see their Social Security benefits docked by as much as 15%.

    Don’t miss

    There are approximately 452,000 borrowers aged 62 or older with defaulted loans, some of whom are likely receiving Social Security benefits, according to a report from the Consumer Financial Protection Bureau.

    Why your benefits could be garnished

    The government has long had the power to garnish, or claw back, a portion of Social Security benefits to repay defaulted federal student loans.

    But those collections were paused during the COVID-19 pandemic, and remained paused under the Biden administration. Now, the Trump administration has threatened to resume collections.

    In May, the Department of Education announced it would soon resume involuntary collections, only to walk back the decision in June, when department spokeswoman Ellen Keast told CBS News it had “put a pause on any future Social Security offsets.”

    It remains to be seen whether that pause will be indefinite.

    What you need to know about the Social Security offset

    If you’re in default on loans, the federal government could theoretically withhold up to 15% of your monthly Social Security benefit without your permission. But that would be the worst case scenario, and at least part of your benefits would remain.

    Federal law protects the first $750 per month of Social Security income from garnishment. But for seniors already scraping by, even a small deduction can have a devastating impact. Of the 1.3 million Social Security beneficiaries with student loans, about 37% rely on an average monthly benefit payment of $1,523 for 90% of their income, according to the same Consumer Financial Protection Bureau report.

    Regardless of whether the administration ultimately goes ahead with its collections, the threat should serve as a crucial wake-up call for anyone struggling with debt repayment.

    Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

    How else to fight back, or at least prepare

    If you’re in default or nearing default, there are steps you can take now to reduce the risk of garnishment.

    First, you may be able to ask for a hearing or file a request to stop or reduce the offset. If you’re facing medical issues, supporting dependents or already living below the poverty line, you can submit documentation proving financial hardship to the Treasury Department or its debt collection agency.

    Second, you may be able to reenter good standing through loan rehabilitation or consolidation. Loan rehabilitation typically requires nine monthly payments, and the process can take several months. Both processes can stop wage or benefit garnishments.

    Credible can help with loan consolidation by letting you shop around for lower interest rates with just a few clicks of your mouse. In just two minutes you can compare and contrast  lenders willing to consolidate your loans into one easy-to-manage payment.

    Even if you’re just curious about your options, checking rates on Credible could be a good idea. It won’t hurt your credit score, it’s totally free and it could save you a bundle.

    Other options for retirement

    If you’re still working and planning to retire soon, retiring while in student loan default might now be riskier than it once was. If your retirement income plan was built around a full Social Security check, you may need to take a two-pronged approach and rethink your savings and spending strategies.

    When it comes to savings, a good place to start is increasing your 401(k) or IRA contributions. Investing platforms like Acorns make that process easier, as they round up your purchases and automatically invest any spare change for your retirement. Right now, Acorns offers a 3% IRA match on new contributions during your first year with Acorns Gold.

    If you’re just starting out on your investment journey, Acorns offers a $20 sign-up bonus when you set up a recurring deposit.

    As for spending, it can pay to cut monthly expenses where you can. One of the biggest line-items over time is insurance. Like with loans, shopping around for home and auto insurance rates can also help you cut costs.

    With OfficialHomeInsurance.com it takes just two minutes to comb through over 200 insurers for free and find the best deal for you in your area. The process can also be done entirely online.

    The best part? OfficialHomeInsurance.com users can save an average of $482 per year.

    Similarly, OfficialCarInsurance.com can help you switch to a more affordable auto insurance option within minutes.

    After answering a few questions about yourself, your vehicle and driving history, you can compare quotes from trusted brands like Progressive, Allstate and GEICO. Depending on factors like the make and model of your car, you can find rates as low as $29 per month.

    What to read next

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

  • ‘We have hit a wall’: Kevin O’Leary has bet 19% of his portfolio on crypto — but Congress has to pass these 2 bills to set off a trillion-dollar breakthrough

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    Kevin O’Leary has come a long way from the time he called Bitcoin “garbage.”

    Now, the Shark Tank judge tells Moneywise, cryptocurrency-related assets make up 19.4% of his portfolio. Besides coins and tokens, he also owns stakes in “picks and shovels” — or platforms and exchanges that deal in crypto.

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    The entrepreneur says he changed his mind about the asset as regulators around the world came on board. However, it hasn’t been enough to convince most institutional investors, like sovereign wealth and pension funds, to dip their toes in.

    “I never thought I’d say this, but I want more regulation, and I want it now,” O’Leary said at the beginning of his keynote speech at the Consensus crypto conference in Toronto.

    “After almost two decades of growth in the crypto industry, we have hit a wall. We have hit a wall on AUM [assets under management].”

    On the other side of that wall lies a trillion-dollar prize, according to O’Leary — but it all hinges on Congress passing two key bills. And the first, the Guiding and Establishing National Innovation in U.S. Stablecoins Act (GENIUS), was just passed by the Senate.

    A new era of cryptomania

    Like many cryptocurrency supporters and investors, O’Leary believes the space is on the cusp of something big.

    “I consider crypto to be the 12th sector of the economy within five years,” O’Leary said in an interview with CoinDesk.

    The industry is abuzz with anticipation. Optimism about the future of crypto under the Trump administration has helped drive the price of Bitcoin past $104,000 — an enormous jump after it spent much of 2024 hovering below $70,000.

    Coinbase, the largest American company in the space, has been one of the biggest winners. The SEC dropped a lawsuit against them in February, and the stock secured itself a position in the prestigious S&P 500 index.

    Crypto now holds a place in many retirement portfolios. You can invest in Bitcoin and Ethereum ETFs and the days of “regulation by enforcement” — a common complaint against the previous administration — appear to be over.  In March, the FDIC cleared U.S. banks to engage in crypto-related activities provided they manage risk appropriately.

    For those looking to get into the crypto market you could start with Gemini, which was one of 2024’s best crypto exchanges according to Forbes.

    Gemini is a full-reserve and regulated cryptocurrency exchange and custodian where you can buy, sell and store over 70 vetted cryptocurrencies. This means you can choose coins that suit your confidence level.

    You can snag $15 in free Bitcoin with code GEMINI15 when you trade $100 or more as a new user. However, the trade needs to be revenue-generating for Gemini — meaning no stablecoin or withdrawal-deposit shuffling. Just remember to act fast, the promotion is only good for 30 days after creating a new account.

    What’s more, you can earn up to 5.32% APR when you stake your crypto on Gemini. Staking is a process where you use part of your wallet to help an exchange confirm other transactions, then get a little bit back for helping out.

    If you don’t want to actively invest in cryptocurrencies, you could instead apply for the Gemini Credit card. With no annual fees, you can earn crypto on every purchase made with the credit card.

    The best part? You can earn $200 in crypto rewards when you spend $3,000 on the Gemini credit card within your first 90 days.

    Supporting stablecoins

    O’Leary said he spends a lot of time in Washington these days, and he’s focused on two bills that could change the face of cryptocurrency in the U.S.

    The first, the GENIUS (Guiding and Establishing National Innovation in U.S. Stablecoins) Act, received bi-partisan senate support in a 68-30 decision on June 17. It establishes a regulatory framework for stablecoins — digital tokens that are pegged to fiat currencies, which in theory makes them more “stable” than other digital currencies. From here, the GENIUS Act will need House approval.

    O’Leary has said he owns USDC, a stablecoin issued by a company called Circle, which he also owns shares in.

    GENIUS could grow the market to $2.5 trillion, according to some analysts. But Sen. Elizabeth Warren has claimed the bill would “accelerate Trump’s corruption” since a firm he backs has its own stablecoin.

    Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

    On stage in Toronto, O’Leary gave his best sales pitch on how stablecoins could revolutionize digital payment systems by making money transfers lightning-fast and cheaper.

    “Currency trading is a multitrillion-dollar market. And it’s old and ugly and inefficient,” O’Leary said, emphasizing that banks “suck fees on both ends” to move capital around the world.

    “The biggest threat to that monopoly or oligopoly, if you want to call it that, is a stablecoin that’s regulated.”

    He pointed out that stablecoins can also reduce costs for businesses that currently have to pay credit card fees on every transaction.

    Big Tech is already eyeing stablecoin, with Meta reportedly looking for partners, according to Fortune.

    Commodity or security?

    The second key piece of legislation O’Leary wants to see passed is the Market Structure bill.

    Earlier in May, the House Committees on Financial Services and Agriculture released a discussion draft. This would create a comprehensive framework for all digital assets, but — most importantly — it would define each as a commodity or security.

    O’Leary predicted that once this bill passes, “Katie bar the doors, a trillion dollars will come in and index [Bitcoin].”

    Whether this is an exaggeration, no one can say. But according to an EY and Coinbase survey from January of mainly U.S. institutional investors, an uncertain regulatory environment was the top concern for investing in digital assets. More clarity was seen as a top catalyst for growth.

    The main issues that investors sought direction on were crypto custody rules (50%), treatment of digital assets as a commodity vs. security (49%) and tax treatment (46%). Twenty-six percent said the treatment of stablecoins and tokenized fiat was the most important area.

    Consulting with a financial advisor can help you navigate the nuances of investing in complex  assets like cryptocurrencies.

    With Advisor.com, you can connect with vetted FINRA/SEC-registered advisors near you for free. The process is simple: just answer a few basic questions regarding your finances and future goals, and Advisor.com will match you with a reputable expert near you.

    Advisor.com’s roster of financial professionals is made up of fiduciaries, meaning they are legally required to act in your best interest.

    Once you find your match, you can set up an introductory meeting with no obligation to hire to see if they’re the right fit.

    After all, a good financial investor can be a lifelong commitment.

    What to read next

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

  • ‘Economic euthanasia’: 52% of America’s 87 million pet-owning households have decided against vet treatment — and it’s leading to deadly consequences. Here’s what’s behind the alarming trend

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    Fur babies are family. But for many Americans, the cost of caring for them is becoming unbearable.

    A Gallup poll found 52% of U.S. pet owners say they’ve had to put off veterinary care because of the cost. A whopping seven in 10 also say they forgo pet care due to financial reasons.

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    These numbers reveal a troubling reality: Financial constraints are significantly affecting how Americans care for their pets.

    According to The Atlantic, experts call this situation “economic euthanasia” — referring to the heartbreaking decision to forgo necessary treatment or euthanize a pet because the care is unaffordable.

    Why are vet bills getting so high?

    It’s not your imagination. Prices are soaring.

    In 2023, Americans spent around $38 billion on healthcare for their pets, up from $29 billion in 2019, according to The Atlantic. Capital One projects that total pet-related spending in the U.S. will reach $157 billion by the end of 2025.

    The Bureau of Labor Statistics also found that urban veterinary services saw a 5.3% price increase from April 2024 to April 2025 — more than double the 2.4% average rise in the cost of all consumer goods. Looking back a decade, the average veterinary bill is now 60% higher than it was in 2014, according to Morning Brew’s analysis of federal data.

    This is partly due to advancements in pet medicine, such as ultrasound machines, X-rays and lab equipment — an expense that’s passed down to consumers.

    However, unlike human health care, employer plans and private insurance don’t cushion these costs.

    Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

    When finances decide a pet’s fate

    Gallup reports that 71% of pet owners find veterinary care unaffordable or not worth the cost. Most cap treatment spending at $1,000.

    While 64% could pay twice that for lifesaving care if offered a year-long, no-interest plan, only 23% have received such an option. The lack of financing leads to pets going without care, being surrendered or even euthanized.

    What can pet owners do?

    For many pet owners, avoiding the vet might seem like the only choice due to high costs. However, smart budgeting and pet insurance can help make care more affordable.

    If you have a furry friend, you are probably shelling out big bucks at your  vet during each visit. With only 2% of pets insured across the U.S., pet owners typically spend up to $186 on average for a routine veterinary checkup, and anywhere between $374 and $1,285 for an emergency visit.

    You can cut these costs with pet insurance. BestMoney is an online marketplace that lets you compare pet insurance policies offered by reputable providers like Spot Pet Insurance, ASPCA Pet Best and more.

    You can compare the coverage benefits, potential deductibles, geographical availability and reviews — all in one place. Many of the featured insurance providers offer customized coverage plans, ensuring your pet’s needs are met.

    Get started and you can find offers starting at just $10 per month

    For millions of Americans, rising veterinary costs are forcing an impossible decision: pay the bills or risk your pet’s health. It’s a choice no one should have to face.

    While the financial strain is real, planning ahead and getting the right pet insurance can help make care more accessible.

    After all, pets aren’t just animals — they’re family — and every family member deserves a chance at a healthy life.

    What to read next

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

  • This San Diego married couple lives paycheck to paycheck on $500K-$600K a year — admits to $30K in monthly expenses including car lease payments. Here’s Dave Ramsey’s advice

    This San Diego married couple lives paycheck to paycheck on $500K-$600K a year — admits to $30K in monthly expenses including car lease payments. Here’s Dave Ramsey’s advice

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    Despite earning an estimated combined income of $500,000 to $600,000 a year, Bill from San Diego admits he and his wife struggle to save any money — and it’s easy to see why.

    “Our monthly expenses are about $30,000, and then add taxes to that, so we pretty much even out every year,” Bill told Dave Ramsey on an episode of “The Ramsey Show” in a clip posted Jan. 13.

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    An exploration of the San Diego, California, couple’s finances and spending habits reveals how even high-earning households can struggle and end up living paycheck to paycheck.

    Spending problem

    A 2023 Empower survey found that 71% of U.S. adults believe earning more money would solve most of their problems, a mindset Ramsey once shared. However, he learned that higher earnings can’t fix poor organization and lack of detail.

    Bill’s case shows that increasing income isn’t enough. He and his wife spend $12,000 a month on mortgages, $8,000 to $10,000 on charity, and $750 on a leased vehicle.

    Ramsey considered their spending excessive, comparing it to “throwing a bale of dollars over the fence and coming back to see what’s left.” He advised them to create a detailed budget that tracks every dollar in and out.

    Budgeting and tracking can help you understand where your money is going, so you can make every dollar work for you.

    With YNAB, you can track spending and saving all in one place. Link your accounts so you can see a big-picture look of your expenses and net worth growth. You can prioritize saving for short or long term goals — like a vacation or a down payment for a house — with the app’s goal tracking feature.

    If you want to pay debts faster, you can create personalized paydown plans to calculate how much interest you’d save if you topped up your monthly payments with a little extra.

    The easy-to-use platform allows you to simplify spending decisions and clarify your financial priorities. Plus, you don’t need to add your credit card information to start your free trial today.

    Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

    Easy targets

    Data from Bank of America shows that 20% of households earning over $150,000 lived paycheck to paycheck in 2024, often due to expensive homes and high mortgage payments.

    However, Bill and his wife seem to be spending just as much on their mortgages as they are on easily avoidable expenses. For example, they lease a vehicle, which Ramsey believes is unnecessary given their income. He suggested buying the car outright instead.

    Additionally, nearly a third of their monthly expenses go to charity. While Ramsey supports generosity, he advised the couple to adjust their donations temporarily, especially since they aren’t investing.

    Even high-income earners can struggle to save and invest, often facing lifestyle inflation and increased spending. You can significantly increase your savings by automatically investing your spare change with Acorns.

    The app automatically rounds up your everyday purchases to the nearest dollar and invests the difference into a diversified portfolio. This means that while you’re still earning an income, every transaction — from your morning coffee to grocery shopping — contributes to building your wealth.

    For example, when you spend $3.50 on coffee, Acorns will automatically invest the 50-cent difference. These small amounts add up over time.

    Plus, with an Acorns Gold plan, you get a 3% IRA match on new contributions and the ability to customize your portfolio by selecting your own stocks.

    Get help from a professional advisor

    Seeking professional help from a financial advisor can be a game-changer when it comes to managing your money. According to Vanguard’s research, people who work with financial advisors see a 3% increase in net returns. This difference can be substantial over time. For example, if you’re starting with a $50,000 portfolio, you could potentially retire with an extra $1.3 million after 30 years of professional guidance.

    If you’re unsure which path to take amid today’s market uncertainty, it might be a good time to connect with a financial advisor through Advisor.com.

    This online platform connects you with vetted financial advisors best suited to help you develop a plan for your new wealth.

    Just answer a few quick questions about yourself and your finances and the platform will match you with an experienced financial professional. You can view their profile, read past client reviews, and schedule an initial consultation for free with no obligation to hire.

    You can view advisor profiles, read past client reviews, and schedule an initial consultation for free with no obligation to hire.

    What to read next

    Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

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