News Direct

Author: Moneywise

  • ‘We’re looking at a downsized America’: Kevin O’Leary cautioned any new house, car and lifestyle you take on will be a lot ‘smaller’ — here’s what he meant and how you can prepare

    ‘We’re looking at a downsized America’: Kevin O’Leary cautioned any new house, car and lifestyle you take on will be a lot ‘smaller’ — here’s what he meant and how you can 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.

    Rampant inflation has cooled off significantly in America. While it remains slightly elevated, the Federal Reserve continues to hold its target interest rate. But if you think now is the time to upgrade your lifestyle, “Shark Tank” star and investor Kevin O’Leary has a wake-up call.

    “We’re looking at a downsized America,” he said in a November interview with Fox Business. “Three years ago, even 24 months ago, you’d get a mortgage at 4.5%. You’re lucky to get one at 8% today.”

    But the impact of high rates extends beyond the housing market. Edmunds reports that borrowing rates for new vehicles in the third quarter of 2023 hit an average of 7.4%, a figure not seen since 2007. In Q3 2024, it sat at 6.11%.

    O’Leary summed it up by saying that if you are in your early 20s, your lifestyle will be “about 20% less.”

    Don’t miss

    The blunt reality is that while the headline inflation figure is no longer at 40-year highs, price levels remain elevated. In April, the U.S. consumer price index jumped 2.3% from the previous year.

    Since the U.S. central bank is committed to using monetary policy to bring inflation down to 2% over time, O’Leary believes more rate hikes could be on the way.

    Despite this intimidating financial climate, you’re not totally in the dog house so long as you adjust your finances accordingly. Here is how you can do just that:

    Plan, don’t panic

    If the prospect of a “downsized America” has you wanting to readjust your financial plan, consider hiring an advisor to help get you on the right track.

    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.

    Take more steps to reduce debt when rates are high

    As O’Leary indicated, you may have to downsize — particularly for items that require borrowing money.

    When rates are high, it makes sense to reduce your monthly costs so as to pay down your debts as quick as you can, while also increasing your savings.

    You can reduce the cost of essential bills like home insurance and auto insurance just by taking a closer look at what’s available.

    Do not assume companies charge the same price for the same benefits. The index for motor vehicle insurance has increased by 15% since March 2022, according to the U.S. Bureau of Labor Statistics.

    BestMoney is a platform where you can compare the home insurance rates.

    Simply answer a few basic questions, and the platform will quickly show you the top insurers in your area so you can find the best deal for the coverage you need.

    Similarly, OfficialCarInsurance can help you find and compare car insurance rates quickly and easily.

    When you fill in a bit of information about yourself, bestmoney.com will provide you with a list of car insurance options near you.

    There are essentials you need to include in your budget, so make sure you aren’t overpaying on these monthly bills amidst high inflation.

    Paying down debt amidst high interest rates and multiple bills can be daunting. But you can actually save money by consolidating your debt with a personal loan from Credible.

    Credible makes it easy to find the right loan to streamline your debt repayment at an affordable rate. Their online marketplace of vetted lenders provides personalized personal loan offers based on your needs.

    As a result, you can pay off your debt at one interest rate, instead of juggling multiple balances every month.

    Debt repayment isn’t the only place you could be saving money in the current financial reality.

    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

    Find inflation-resistant investments

    Inflation-resistant investments such as real estate can act as a solid safeguard against economic volatility. The good news is that, unlike in the past you don’t have to be an accredited investor to make your mark in real estate.

    For accredited investors, Homeshares gives access to the $34.9 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 12% to 18%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets.

    Another option is targeted investments in hot real estate markets. Arrived has simplified the process, making it easy and accessible for everyday investors through the Seattle City Fund.

    The fund takes a strategic advantage of Seattle, a global business hub and home to some of the world’s most influential companies, including Amazon, Microsoft, Starbucks and Boeing. Potential returns are generated through rental income and any appreciation in the value of properties within the fund. The average home value in Seattle is over $910,000, with a 10-year average appreciation of 95.5%, according to Redfin.com

    The Seattle City Fund lets you capitalize on the city’s steady growth and increasing property values, giving you diversification across multiple properties. Each home in the fund is projected to have equity ranging from $800,000 to $900,000.

    If you are an accredited investor looking to add a larger real estate position to your portfolio, you also have the lucrative potential of commercial real estate open to you.

    First National Realty Partners — a private equity firm that specializes in commercial real estate — stated that in times of market stress, there’s an opportunity to acquire high-quality properties at a discount.

    With FNRP’s platform, accredited investors have access to institutional-quality, grocery-anchored commercial real estate investments. And since the investments are necessity-based, they tend to perform well during times of economic volatility and act as a hedge against inflation.

    Using proprietary technology, FNRP’s team of experts vets every deal against a rigorous set of investment criteria and manages them in-house, which means you get to enjoy your quarterly returns without worrying about the quality of your investment.

    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.

  • Almost every millionaire in America owns these 5 simple things. You may have most of them already — and you could have them all

    Almost every millionaire in America owns these 5 simple things. You may have most of them already — and you could have them all

    The average net worth among U.S. households in 2022 was $1,063,700, according to the Federal Reserve. However, the median net worth was only $192,900, suggesting that most Americans are not that close to being millionaires.

    That being said, millionaires tend to have similar money habits to everyday Americans that helped them get to where they are today.

    Don’t miss

    For example, they usually avoid spending their entire paycheck, invest money they aren’t using and create clear financial goals instead of leaving things to chance.

    There are also certain things that millionaires tend to own — and some may surprise you.

    1. Appreciating assets

    Millionaires tend to own things that go up in value after you buy them. A good example is real estate.

    Consider this: In the first quarter of 1995, the median U.S. home sold for $130,000. By the first quarter of 2025, the median jumped to  $416,900 — almost three and a half times as much. That’s a notable increase in value.

    Good news for homeowners, but not so much for those looking to buy. If that’s you, it’s important to find an affordable mortgage rate for your means.

    One option is Mortgage Research Center (MRC). MRC can help you quickly compare rates and estimated monthly payments from multiple vetted lenders. By entering basic details — such as your zip code, property type, price range and annual income — you can view mortgage offers tailored to your needs and shop with confidence.

    Not only are millionaires homeowners, but according to a Ramsey Solutions national survey of millionaires, the average millionaire pays off their house in just 10.2 years. Paying off a home ahead of schedule means that you spend less on interest, allowing you to grow your wealth even more.

    Another way to spend less on your home is by shopping around for home insurance providers. With OfficialHomeInsurance.com it takes just two minutes to comb through over 200 insurers, for free, and find the best deal in your area. The process can be done entirely online and can save you an average of $482.

    2. Reliable used cars

    Houses are a prime example of an asset that tends to appreciate in value over time. Cars tend to do the opposite, losing value the older they get.

    This may be why a chunk of millionaires skip picking up the latest land rover, according to The Millionaire Next Door by Thomas J. Stanley. Buying a used vehicle instead of the latest model can lead to significant savings, from the purchase price to operating costs like insurance and maintenance. Spending less on cars is part of what allows people to grow their wealth. The trick is to then invest whatever you save, not spend it as fun money.

    Once you have a car, it’s worth sticking to that mentality. 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.

    3. Degrees from state schools

    It may not surprise you that most millionaires have attended college, with 88% having a degree compared to 38% of the general population, according to  Ramsey Solutions. But most don’t hold degrees from fancy private schools.

    Only 8% of millionaires attended prestigious private colleges while 62% graduated from a public state school.

    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

    Attending a less expensive college could help you start adulthood with far less debt. Like with mortgages and insurance, the less money you have to pay toward student loans the more you have to invest.

    But it’s not a lost cause even if you do have student loans. Refinancing options, such as those offered through Credible, could help you.

    Typically, refinancing a student loan means lowering your payments and increasing your term, but you can also do the opposite if you want to try and aggressively pay a loan down. Credible lets you compare student loan refinancing rates from up to 10 lenders without affecting your credit score, and all for free.

    4. 401(k) plans

    Next up: investing. You may have noticed that the end goal of saving money for a millionaire isn’t to have extra funds laying around. It’s having more cash to invest for growing your money over your time.

    Ramsey Solutions’ survey found that 80% of millionaires invested in their employer’s 401(k) plan. Doing so could be a great way to become a millionaire — even on an average salary, especially if combined with the other tips in this article.

    Say you contribute $350 a month to a 401(k) plan over a 40-year period. At a yearly 8% return, you’re looking at accumulating nearly $1.1 million while only contributing $168,000.

    Best of all, you don’t need to be an investing genius to grow your 401(k). With platforms like Acorns, all the research and heavy lifting is already done for you. When you make a purchase on your credit or debit card, Acorns automatically rounds up the price to the nearest dollar and places the excess into a pre-built, ETF-driven smart investment portfolio. This way, even the most essential spending translates to money saved for the future.

    Acorns is also a great way for young investors to get started. When you sign up for a recurring deposit Acorns will kickstart your investment journey with a $20 sign-up bonus.

    Another pro 401(k) tip? Take advantage of your employer match every year, if you have one available. That’s free money you can invest in your retirement.

    5. Paid-off credit cards

    Credit cards can be helpful, but carrying a high balance can become an instant wealth-zapper due to the high interest rates.

    Most millionaires pay their credit cards in full every month. In fact, Ramsey Solutions found that nearly 75% have never carried a credit card balance in their lives. This isn’t to say you should cut up your credit cards and never use them.

    Charging everyday expenses on a credit card can be a great way to earn valuable traveler cash back rewards. Just make sure to pay those balances in full every month so you don’t lose money to interest.

    There are also alternative ways to secure borrowed funds, like through a Home Equity Line of Credit (HELOC).

    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.

    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.

  • Colorado landlord gets massive shock after 300-plus police raid his property — turns out tenants were using the rental space as an illegal club linked with drug trafficking, gang activity

    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.

    Mike Moon got quite the shock when he found out what his tenants were really doing in his rental property.

    In late April, more than 300 law enforcement officers from around 10 federal agencies zeroed in on Moon’s property in the early hours of the morning.

    Don’t miss

    During the raid, officers seized cocaine, pink cocaine and meth. They detained over 100 people and arrested two on existing warrants.

    Jonathan Pullen, a Drug Enforcement Administration (DEA) special agent in charge, told reporters at Denver7 that many of those detained will face federal immigration charges.

    What was the landlord’s reaction?

    “They were supposed to be out of here by the end of this month,” Moon told reporters. He said he felt dumbfounded after learning what his former tenants were doing on the property.

    Moon said that the lease contract specified that the space was for events like weddings, quinceañeras and birthdays. The lease had strict terms, and tenants weren’t allowed to serve alcohol on the property — a rule that was blatantly ignored.

    What rights do landlords have when tenants misuse the property?

    According to state statutes, tenants must adhere to any lease agreements set by the landlord, provided they don’t break any fair housing laws.

    For example, if a tenant “commits a material violation of the rental agreement,” the landlord has the right to evict them. In Moon’s case, the tenants used the property for illegal purposes and didn’t adhere to the property’s intended use.

    There are also cases where landlords can exercise the “no fault” law — as opposed to “for cause” — where they can evict a tenant by not renewing the lease. In Moon’s case, he told the tenants he’s taking back the property to convert it for another use.

    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 can landlords protect themselves?

    The best way to protect yourself as a landlord is to be proactive — in other words, by being scrupulous before taking on a new tenant.

    When listing your property for rent, review tenant applications carefully and ask for information such as their business license and registration, especially if renting the property for commercial purposes. Interview the applicants in person, request references and background checks. Unfortunately, even with these checks in place, you can still run into bad actors, not to mention the burst pipes and midnight maintenance calls that come with being a landlord.

    But there are other ways to potentially profit off property without the headaches and responsibilities of being a landlord.

    Platforms like Homeshares provide accredited investors  — or those with $25,000 to invest — with direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund.

    This fund can provide an effective, hands-off way to invest in high-quality residential properties.

    With risk-adjusted target returns ranging from 14% to 17%, the U.S. Home Equity Fund could unlock lucrative real estate opportunities without needing to become a landlord, offering a low-maintenance alternative to traditional property ownership.

    If residential real estate doesn’t sound like a good fit, there are also commercial real estate investment opportunities available.

    First National Realty Partners, or FNRP, can allow accredited individual investors access to institutional-quality commercial real estate investments — and without the leg work of finding deals themselves.

    FNRP’s team works with some of the nation’s largest grocery-anchored brands, including Kroger, Walmart and Whole Foods, while providing insights into the best properties both on and off-market. And since these brands sell necessities, the investments tend to perform well even during economic volatility, acting as something of a hedge against inflation.

    You can speak with experts, explore available deals and easily make an allocation, all through FNRP’s personalized portal.

    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’m 52, putting away at least 10% of my paycheck for retirement — but my husband isn’t saving anything and has no plans to. What should I do?

    I’m 52, putting away at least 10% of my paycheck for retirement — but my husband isn’t saving anything and has no plans to. What should I do?

    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.

    Jada, 52, is facing the existential dread of retirement. She doesn’t even plan to clock out until she turns 65, and she’s been saving for her golden years since her mid-20s.

    But her husband of 20 years hasn’t put aside anything for retirement, and he doesn’t plan to. He’s relying on his pension and Social Security retirement benefits — along with Jada’s savings — to finance their golden years.

    Don’t miss

    Jada worries he doesn’t understand how much they’ll need in retirement, and feels resentful that she’s making all the sacrifices for their future. Now, she’s left wondering what to do next, and if they’ll be alright.

    What if your spouse isn’t saving for retirement?

    First things first, you’ll want to have a conversation about your expectations. But that can be easier said than done with one in three Americans (32%) saying they’re uncomfortable discussing finances in their relationship, according to a Talker Research survey.

    In Jada and her husband’s case, they should start by ensuring they’re on the same page with their goals. Not to mention, how much they’ll need to reach those goals. A general rule of thumb is to aim for about 60% to 80% of your pre-retirement income. If Jada and her husband are finding it difficult to talk or even crunch the numbers, they may want to enlist the help of a financial adviser.

    They know the right questions to ask to help you figure out your shared retirement goals.

    With Advisor.com, you can find a vetted financial advisor that offers personalized advice, guiding you towards the right choices for the retirement you’ve always dreamed of. They can help you get your retirement mapped out 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

    Strategies for saving for retirement later in life

    Once you’re aligned on your goals, it’s time to work together to make them happen. That might look like a spousal IRA (aimed at helping a non-working spouse), 401(k)s and IRAs as individual accounts.

    Jada’s husband would greatly benefit from opening a 401(k) and funding it to the maximum amount — especially if his employer matches his contributions.

    Jada’s husband could also contribute to a Roth IRA, which uses after-tax dollars and grows tax-free. That means, as long as he follows the withdrawal rules, those withdrawals aren’t taxed as income.

    To take advantage of the benefits of diversification, Jada and her husband could also open a gold IRA through American Hartford Gold. This retirement account can help stabilize their finances by allowing them to invest directly in physical precious metals rather than stocks and bonds.

    When you open a gold IRA, you’re looking out for your future self and cushioning your retirement funds too.

    They’d also benefit from her husband beginning to invest as soon as he can. The power of compound returns means that the longer they give their money to grow, the more they’ll benefit.

    With Acorns, it’s easy to get started today.

    When you make a purchase on your credit or debit card, Acorns automatically rounds up the price to the nearest dollar and places the excess into a smart investment portfolio. This way, even the most essential spending translates to money saved for the future.

    Sign up now and you can get a $20 bonus investment.

    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.

  • Walmart CEO says food prices are a major source of ‘frustration and pain’ for lower income customers. Here’s what’s to blame for rising prices and what you can do to save

    Walmart CEO says food prices are a major source of ‘frustration and pain’ for lower income customers. Here’s what’s to blame for rising prices and what you can do to save

    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.

    Soaring food prices have been hurting consumers for years. But things are coming to a head, especially as retailers and consumers grapple with tariff concerns.

    Walmart CEO Doug McMillon recently shared at the Economic Club of Chicago that food prices are still elevated — and that consumers are showing signs of "stress behaviors."

    Don’t miss

    “We worry about that,” McMillon said. “You can see that the money runs out before the month is gone.”

    McMillon says that shoppers are being more selective in what they buy and are prioritizing value purchases.

    “There are lots of income levels in this country — if you’re at the lower end of that scale, you are feeling more frustration and pain because of higher food prices,” he said. “They’ve persisted for years now, and you’re just tired of it."

    But what’s the ripple effect behind these price increases?

    Food prices aren’t slowing down

    Food prices away from home were up 3.9% broadly year over year in April, while food prices at home were up 2% annually, according to the Consumer Price Index.

    All told, food prices have shot up nearly 25% since 2020. A big reason for the spike is the supply chain issues caused by severe weather and global events. It hasn’t helped that several food staples have been in short supply.

    In late 2024, a survey by Swiftly found that 70% of American consumers are having difficulty affording groceries.

    The broader immigration crackdown could also negatively affect food costs, as it might lead to labor shortages that impact supply. With the potential return of tariffs to drive prices up even more, things could get worse before they get better.

    How to save money on groceries

    Unfortunately, consumers may be in for another year of soaring grocery prices. But there are steps you can take to reduce the burden.

    Planning your week based on what’s on sale at your local supermarket is a good idea. Focus on meals that freeze easily — like casseroles and stews. This way, you can whip up a lot of food and have leftovers.

    Make sure you’re signed up for your supermarket’s loyalty program. You may qualify for extra discounts, promotions or digital coupons that save you even more.

    You can also save while you shop for groceries — and all your other purchases — with Acorns.

    Acorns is an automated investing and saving platform that simplifies the process of setting aside your spare change.

    When you sign up and link your bank account, Acorns automatically rounds up the price of your purchase to the nearest dollar and deposits the difference into a smart investment portfolio for you.

    As the pennies add up, you get to grow your wealth without even thinking about it. Plus if you sign up today, you get a $20 bonus investment.

    Using the right credit card when you shop for groceries can also make a big difference. Some offer bonus cash back on supermarket purchases. That won’t lower your costs, but it could put cash back in your pocket.

    Another way to keep more money on hand is to ensure the cash in your bank account is earning you money. One option is opening a high-yield savings account. These plans can offer up to 10 times the average national APY of 0.41%.

    With SoFi you can open a fully digital checking and savings account while earning up to 3.80% APY. The best part? SoFi charges no account, monthly or overdraft fees.

    You can get up to $300 when you sign up with SoFi and set up a direct deposit.

    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

    Find other ways to save

    While you may not be able to prevent your grocery budget from creeping up each month, there are other ways to find savings in your budget that can help offset the cost of food.

    For example, searching for a better deal on home insurance can save you as much as $482 per year.

    Cutting out the time-consuming task of gathering quotes for multiple insurers, OfficialHomeInsurance.com makes it easier to find the lowest rates on your home insurance for free.

    In under 2 minutes, OfficialHomeInsurance.com can show you offers tailored to your needs from a list of over 200 reputable insurers.

    Simply fill in a bit of information and quickly find the coverage you need for the lowest possible cost.

    Another pain point for many is car insurance. A report by Market Watch found that 82% of Americans struggle to keep the monthly cost of car ownership below 10% of their monthly income.

    But with OfficialCarInsurance.com, you could cut your insurance costs down to size, and keep them within the scope of your budget.

    Getting started with a quote is easy: When you enter your age, your state, the type of vehicle you drive and your driving record OfficialCarInsurance.com will sort through the leading insurance companies in your area, including top providers like Progressive, Allstate and GEICO.

    The process is 100% free and won’t affect your credit score — guaranteed.

    Finally, one of the best ways to save money is to plan ahead. For those with a fur family, you could save thousands of dollars down the line on costly emergency vet bills by searching for a new plan with BestMoney.

    Their easy-to-use platform allows you to instantly compare coverage benefits, including deductibles, geographical availability and reviews — all in one place.

    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.

  • ‘Never give up’: This Tennessee janitor went from living in his car to driving a $3 million Bugatti — here’s how he invested his money to create wealth

    ‘Never give up’: This Tennessee janitor went from living in his car to driving a $3 million Bugatti — here’s how he invested his money to create wealth

    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 anyone questioning the continued relevance of the American dream, the story of Sammy Poori serves as a powerful testament.

    Poori arrived in the U.S. as an Iranian refugee in the late 1990s, supported by a church that helped him secure a janitor job at a Nashville hospital. With little money, he managed to save up $1,000 to buy a 1989 Toyota Camry, which became his home.

    Don’t miss

    “I parked at Wal-Mart, which was the only place at the time that was open 24 hours. I parked where employees parked so I could sleep safely. I went to a gym to take a shower and clean up and go to work,” he told USA Today via The Tennessean.

    Starting his own business

    Poori met his wife Ana, also an Iranian refugee, in May 2000. When she became pregnant, he decided to become his own boss, buying a "junk tow truck" and partnering with his brother-in-law to start a business.

    After working many 14- to 15-hour days moving cars, this entrepreneurial drive led him to launch BBB Auto Sales in 2005.

    Poori has also amassed an impressive multimillion-dollar roster of exotic sports cars. For example, the 2022 Bugatti Chiron Pur Sport in his collection starts at well over $3 million, according to Car and Driver.

    Real estate investing options

    Earnings from the car dealership enabled Poori to venture into real estate investments. He says he now allocates 60% of his time toward real estate and 40% to managing the dealership.

    You may not have the capital to be a real estate tycoon or a luxury car dealer, but you can tap into this market by investing in shares of vacation homes or rental properties through Arrived.

    Backed by world-class investors including Jeff Bezos, Arrived allows you to invest in shares of vacation and rental properties, earning a passive income stream without the extra work that comes with being a landlord of your own rental property.

    To get started, simply browse through their selection of vetted properties, each picked for their potential appreciation and income generation. Once you choose a property, you can start investing with as little as $100, potentially earning quarterly dividends.

    For accredited investors who are looking to make a larger investment in this sector, First National Realty Partners (FNRP) offers access to institutional-quality commercial real estate deals that can allow you to passively collect distribution income.

    Commercial real estate has long been touted as a wise investment for adding stability to your portfolio, outperforming the S&P 500 over a 25-year period.

    As a private equity firm, FNRP acts as the deal leader and offers white-glove service to investors, providing expertise and doing the legwork. The team has developed relationships with the nation’s largest essential-needs brands, including Kroger, Walmart, and Whole Foods, and provides insights into the best properties both on and off-market.

    While the FNRP takes care of sourcing new deals, you can engage with experts, explore available deals and easily make an allocation, all on FNRP’s secure platform.

    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

    Better ROI than real estate?

    Reflecting on his passion for exotic cars, Poori remarked to USA Today, “I don’t do drugs, I don’t gamble, I don’t do anything.”

    “My only hobby is cars.”

    His investment in this hobby surpasses that of the typical car enthusiast. And while cars are generally seen as depreciating assets, Poori claims the exotic models in his collection have proven to be financially advantageous.

    “A lot of my cars have a better return on investment than my real estate or my business,” he said. “I don’t think I have a car in my entire collection I have ever lost money on.”

    If you have enough passion, you can find a way to invest profitably in what you love, too.

    Take fine art, for instance – it has long been the secret weapon used by the richest 1% to safeguard and compound their wealth. In fact, with over $67 billion in annual transaction volume and a total estimated global value of $1.7 trillion, art represents a massive asset class, according to Deloitte.

    But you no longer need to spend millions at auctions to invest in art.

    With Masterworks, more investors can gain access to this prized asset.

    Instead of buying a single painting for millions of dollars at auction, you can now invest in fractional shares of blue-chip paintings by renowned artists, including Pablo Picasso, Basquiat and Banksy.

    Masterworks investors have realized representative annualized net returns like +17.6%, +17.8%, and +21.5% (among assets held for longer than one year).

    New offerings often sell out quickly, but you can skip the waitlist here.

    • See important Regulation A disclosures at Masterworks.com/cd

    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.

  • Tony Robbins just blasted this 1 popular approach to Social Security in America — calls it ‘disaster’ that seriously risks running out of cash. Are you falling into this trap, 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.

    Tony Robbins, the well-known motivational speaker, warns that the most popular approach to Social Security is also the most dangerous.

    On his blog, he says relying on the program as the foundation of your retirement plan is a “recipe for disaster."

    Don’t miss

    Here’s why Robbins encourages people to look beyond this safety net and why a growing number of working-age Americans are already leaning towards alternative strategies.

    Social Security isn’t nearly enough

    For most Americans over the age of 65, an average monthly Social Security benefit of $2,000 isn’t enough. Data from the Consumer Expenditure Surveys (CE) program shows that retired households spend over double that every month.

    The program’s sustainability is also in doubt, meaning future retirees could potentially see even lower benefits. Trust fund assets are expected to be depleted by 2033, according to the Social Security Administration (SSA), while the Trump administration’s proposed tax cuts could deplete the funds in as little as six years, according to Marc Goldwein of The Committee for a Responsible Budget.

    In other words, Social Security might not be a solid foundation for your retirement plan.

    “Time to get your head out of the sand and do some easy number crunching to find out where you are and where you need to be,” Robbins wrote in a blog post.

    A better plan for your future

    Robbins goes on to encourage working-age Americans to create their own nest egg. Instead of relying on Social Security, it could be a good idea to start building out an independent retirement fund as soon as you can.

    Robbins recommends targeting savings of roughly 20 times your annual expenses. This can be coupled with the 4% withdrawal rule, which means you can safely use 4% of these assets after adjusting for inflation to meet your living expenses without depleting your funds over the long term.

    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

    To reach that level of savings, it’s important to start investing early and often.

    With Acorns, you can start automatically investing your spare change to begin working on a nest egg in less than 3 minutes.

    How it works is simple. Acorns rounds your purchase up to the nearest dollar and invests the rest in a smart portfolio of ETFs on your behalf. That $4.25 morning coffee? It’s now a 75-cent investment in your future.

    Even better, when you set up a recurring investment with a minimum of $5, you’ll get an extra $20 within 10 days of the following month to help kickstart your investing journey.

    Diversify your portfolio

    The key to building a robust portfolio for the long run is spreading your wealth across different asset types. As you approach retirement, you’ll often need to sell off assets to maintain your lifestyle.

    But if all of your investments are in a single stock, and that stock is down when you want to retire, what will you do? That’s why diversification is key.

    Gold

    The stock market has see-sawed during 2025 due to a combination of geopolitical uncertainty and shifting economic priorities, driven in part by U.S. tariff negotiations.

    This is one reason why considering inflation-resistant investments for your retirement, such as gold, may be worthwhile. This precious metal is typically more stable than stocks during economic downturns and recessions. In April 2025, gold breached the $3,000 per ounce benchmark. What’s more, JP Morgan Chase predicts that gold could soar to $4,000 per ounce in 2026.

    One way to invest in gold that also provides significant tax advantages is to open a gold IRA with the help of Thor Metals.

    Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, which combines the tax advantages of an IRA with the protective benefits of investing in gold, making it an attractive option for those looking to potentially hedge their retirement funds against economic uncertainties.

    To learn more, you can get a free information guide that includes details on how to get up to $20,000 in free metals on qualifying purchases.

    Fine Art

    According to a Deloitte survey, 89% of wealth managers believe art and collectibles should be a part of a wealth management offering. That could be a sign it’s worth considering this physical asset as a part of your retirement strategy.

    This market has traditionally been the domain of the ultra-rich, but now you don’t need to be an expert in art to take advantage of this asset class.

    Platforms like Masterworks simplify the process of art investing, allowing everyday investors to buy fractional shares of blue-chip artwork from iconic artists like Picasso, Basquiat and Banksy. Like blue-chip stocks, these are pieces of art that tend to only increase in value over time. This can make it easier to diversify your portfolio without the complexity and cost of managing art investments on your own.

    Through 23 exits so far, investors have realized representative annualized net returns like 17.6%, 17.8% and 21.5% among assets held for longer than one year. You can get VIP access and skip the waitlist here.

    See important Regulation A disclosures at Masterworks.com/cd.

    Real estate

    Then there’s real estate. For most people, this means purchasing a home, but there are now ways to invest without amassing a sizable down payment and taking on a mortgage.

    For accredited investors, Homeshares gives access to the $34.9 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.

    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.

  • This Florida family was left with staggering $700,000 in flood damage after Costco fridge installation turned into nightmare — why ‘free’ service often costs far more than you think

    This Florida family was left with staggering $700,000 in flood damage after Costco fridge installation turned into nightmare — why ‘free’ service often costs far more than you think

    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.

    What should have been a straightforward home upgrade has turned into an ongoing nightmare for one family in Jacksonville, Florida.

    The problem started when Bradley Byrd purchased a $3,500 fridge from Costco. The fridge came with a free appliance installation service, but he’s now facing an estimated $700,000 in damages due to a faulty water line installation.

    Don’t miss

    “They dropped the ball and are hoping that I foot the bill with my life savings for their bottom line,” Byrd told News4JAX.

    His family is now living in a partially habitable home, without a fully functioning kitchen or bathroom. Many of their possessions were ruined, including furniture, electronics and musical instruments. The rest is in storage, which he’s also covering out of pocket.

    A fridge installation gone wrong

    Byrd’s new fridge was delivered on Dec. 2 and the installation appeared to go smoothly. But soon after, he discovered Costco’s third-party installer had incorrectly installed the water supply line — causing it to crack and eventually burst.

    “When my daughter got home from school that day, she FaceTimes me and says, ‘Dad, the house is underwater,’” Byrd said .

    The flooding caused damage to the home’s structure, and an air quality inspection revealed an abundance of mold, according to the News4JAX report. The best settlement offer he received from Costco and the third-party installer was for $175,000.

    “I have spent about $300,000 on repairs, mitigation, third-party charges for reports and testing and to get our belongings moved out and into storage,” Byrd told News4JAX.

    At the time of writing, Byrd was still seeking a resolution from Costco and the third-party installer — all while paying out of pocket to repair his home.

    “Crickets from Costco and RXO,” Byrd wrote on his website, costcowaterdamage.com, on June 6.

    Public adjusters say the repairs will cost upwards of $700,000.

    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

    The risks of ‘free’ appliance installation

    In some cases, “free” might cost more than you think. Many retailers offer free installation services as an incentive. But they can be outsourced to third-party contractors, so you should ask a few questions to ensure there are no hidden fees before going ahead.

    And, like the Byrds, a botched installation could result in a broken appliance, property damage and limited accountability.

    Before scheduling an appointment, ask the third-party installer whether they’re licensed and insured. In some states, third-party installers are required to be licensed if they’re performing certain types of work, such as plumbing.

    Next, find out who is liable if things go wrong. Does the installer have liability insurance that covers damage caused by their negligence? How much liability coverage do they have? What is their process for handling claims? Who is responsible for repairs if damage occurs?

    It’s best to get this in writing. If they’re uninsured, they may not be willing or able to pay for damages.

    It’s also important to understand your homeowner’s policy before having any work done on your home, even if it seems as minor as a fridge installation.

    Your policy may cover certain damages, but not others. And, even if your insurer pays for damages, they may not pay for subsequent repairs.

    Insurance is an especially thorny issue in the face of more and more extreme weather — from flooding in Texas to wildfires in California and hurricanes in Florida. With insurance premiums on the rise, according to the U.S. Department of the Treasury, taking the time to find the perfect policy for you could be more important than ever.

    If you’re not satisfied with your current policy, you can shop around for better terms with reputable insurers near you through OfficialHomeInsurance.com.

    Here’s how it works: Just answer some questions about yourself and the property you’d like to insure, and OfficialHomeInsurance.com will comb through its database of over 200 providers and display the best deals for you.

    Even better, this process is entirely free and takes under two minutes — all without impacting your credit score.

    Finally, note that you don’t have to always wait for your current plan to expire if you’re planning on switching – just make sure to watch out for any cancellation fees.

    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.

  • How much is the average Social Security check of a middle-class retiree?

    How much is the average Social Security check of a middle-class retiree?

    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.

    Social Security is an important piece of the retirement puzzle, particularly for middle-class retirees who count on the safety net to supplement their post-career income.

    But if you see Social Security as an income centerpiece, not just icing on the cake, a closer look at the numbers may prompt you to think again.

    U.S. Census Bureau data from 2022 shows the national middle-class income range is between $49,271 and $147,828 — a span heavily influenced by location and cost-of-living considerations.

    Don’t miss

    The Bureau says the median household income in the U.S. that year was $74,580. A 55-year-old earning that amount today and planning to take Social Security at age 62 would get an estimated monthly benefit of about $1,869 a month — or $22,428 a year. (This figure was reached using the AARP’s Social Security calculator.)

    Presuming the retiree has no savings and would rely on Social Security alone, that’s dangerously near the U.S. Department of Health and Human Services’ 2024 poverty line ($15,060) for one person.

    Social Security benefits vary greatly but generally depend on how long one is willing to defer their benefit. Planning for a retirement that doesn’t count on Social Security, some argue, makes sense given persistent questions about the safety net’s sustainability.

    Getting more from Social Security

    Getting the most from Social Security comes down to strategy, forethought and planning — along with a decent understanding of how the system works. Here are several strategies middle-class retirees can employ to increase their benefits:

    Delay claiming benefits

    While starting your Social Security draw early may make sense in some scenarios, the most effective way to increase your monthly check is to delay the benefit.

    While retirees can start receiving benefits as early as age 62, doing so results in a reduced monthly benefit. Each year you wait, up until age 70, significantly increases the benefit amount.

    One way to invest in gold that also provides significant tax advantages is to open a gold IRA with the help of Thor Metals.

    Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, which combines the tax advantages of an IRA with the protective benefits of investing in gold, making it an attractive option for those looking to potentially hedge their retirement funds against economic uncertainties.

    To learn more, you can get a free information guide that includes details on how to get up to $20,000 in free metals on qualifying purchases.

    Consider the tax consequences

    Social Security benefits can be taxable depending on the retiree’s total income. It’s essential to understand how other sources of income, such as pensions or investment withdrawals, impact the taxability of Social Security benefits. Proper tax planning can help minimize Uncle Sam’s share of your money.

    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.

    Explore other investments and savings vehicles

    While maximizing Social Security is important, it should be part of a broader retirement strategy. Middle-class retirees should also consider other sources of income, such as part-time work, rental income and investments to supplement their Social Security benefits.

    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

    Investing

    Both residential and commercial real estate have long been solid choices for investors looking to diversify and add stability to their portfolios — especially while saving for retirement. Since having a place to live is essential, real estate remains a stable, relevant asset.

    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.

    You can also invest in shares of vacation homes or rental properties through Arrived.

    Backed by world-class investors including Jeff Bezos, Arrived allows you to invest in shares of vacation and rental properties, earning a passive income stream without the extra work that comes with being a landlord of your own rental property.

    To get started, simply browse through their selection of vetted properties, each picked for their potential appreciation and income generation. Once you choose a property, you can start investing with as little as $100, potentially earning quarterly dividends.

    First National Realty Partners specializes in grocery-anchored commercial real estate properties with historically strong return potential.

    FNRP has developed relationships with the nation’s largest essential-needs brands, including Kroger, Walmart and Whole Foods, and provides insights into the best properties both on- and off-market.

    If you’re a newer investor, it’s normal to feel overwhelmed by the prospect of getting into investing, especially if your retirement fund is riding on it. That being said, investing doesn’t have to be all that complex with platforms like Acorns which put your investments on autopilot.

    Once you’ve downloaded the app and linked your bank account, Acorns will round up every purchase you make to the nearest dollar and invest the spare change into a diverse portfolio of ETFs. That way, you can work towards your savings goals a few cents at a time — without even thinking about it.

    Saving

    Saving for retirement is no small feat, but using the right savings vehicles can take a bit of the pressure off.

    You might also consider checking out the Moneywise list of the Best High Yield Savings Accounts of 2025 to find some great options that can earn you more than the national average of 0.45% APY.

    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’m kind of lost right now’: NY man’s debt explodes from $30K to 100K in under a year despite earning six figures. What Dave Ramsey says to do ASAP

    ‘I’m kind of lost right now’: NY man’s debt explodes from $30K to 100K in under a year despite earning six figures. What Dave Ramsey says to do ASAP

    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 Jelani from New York called into The Ramsey Show about his financial problems, he didn’t sugarcoat his situation.

    "I owe over $100,000. I’m kind of lost right now,” he told finance personality Dave Ramsey in a clip posted May 28. “I don’t know if I should file [for] bankruptcy. I just need some advice."

    Don’t miss

    Jelani owed around $80,000 in credit card debt, $8,500 in student loans and $11,500 on a car loan. His debt has accumulated rapidly since Thanksgiving, when he only owed $30,000.

    Jelani is a truck driver earning between $110,000 and $140,000 per year. The source of his rising debt? Gambling via an online dice game.

    A way out

    Ramsey and co-host Jade Warshaw warned Jelani about the mental and financial toll of gambling and the psychological traps it creates.

    Jelani admitted he quit gambling cold turkey and hadn’t yet sought help through therapy or Gamblers Anonymous, prompting Ramsey to urge him to get support from someone who understands the sobriety process.

    As for a financial recovery plan, Ramsey laid out a no-frills approach:

    1. Create a “scorched-earth, no life” recovery budget where all spending halts except for necessities and tackling debt. “Eat peanut butter and jelly. Eat beans and rice. That’s it,” Ramsey advised
    2. List debts from smallest to largest and use the snowball method to pay them down aggressively
    3. Pick up extra shifts at work and aim to increase income as much as possible

    Jelani’s story is far from unique. Nearly 1-in-4 adults are drowning in “unmanageable” debt, according to a survey from Experian conducted in March.

    But there’s a silver lining. With proper planning and execution, 45% of those who once felt overwhelmed have wiped their debt clean.

    If you find yourself in a similar situation, you could consider paying down your debt by leveraging your home equity through a Home Equity Line of Credit (HELOC).

    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.

    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

    The rise of online gambling

    Online gambling has grown in America.

    According to the National Council on Problem Gambling, an estimated 2.5 million adults in the U.S. meet the criteria for a severe gambling problem every year. Around 85% of adults have gambled at least once in their lives, while 60% have gambled within the past year.

    Sports betting also went up nationwide in 2024, with revenue jumping 25.4% to a record-breaking $13.71 billion. This rise may be thanks to easier access to sports betting as more states have legalized the practice.

    Back to basics

    If you’re unsure how to take control of your finances or are facing financial anxiety, an advisor can help you get back on track.

    Financial advisors can help you chart a course to being debt free, then help grow your wealth when you’re on the other side. After all, a good advisor can be a lifelong financial partner.

    If you’re trying to figure out where to start, you can find vetted FINRA/SEC registered advisors near you for free with Advisor.com. Their network of experts only includes fiduciaries, which means they are required by law to act in your best interest.

    All you have to do is answer a few questions about your financial situation, and Advisor.com will pair you with an expert.

    From there, you can set up a free introductory call with no obligation to hire to test the waters, and see if they’re a good fit for you.

    Once you feel more confident about your money, the next step is to build good habits that can help you achieve financial freedom.

    Knowing where your money is going at all times can help you trim unnecessary expenses. Money management platforms like YNAB can help you simplify spending decisions and clarify your financial priorities.

    Assigning every dollar a job — whether it’s paying down debt or saving for retirement — can help you take control of your finances. YNAB  can help you create a personalized debt paydown plan and calculate how much you could be saving in interest if you top up your monthly payments with a little extra.

    You can also sign up for a free coaching session to learn more about managing your finances from experts. Plus, you don’t have to enter your credit card information when you sign up for YNAB’s free trial.

    Once you’ve paid down your debt, consider saving and investing in order to build wealth. Even if you start from scratch, a little goes a long way toward developing a hefty nest egg.

    For instance, investing just $30 each week for 20 years could add up to just over $80,000, assuming it compounds at 10% annually.

    The S&P 500 index has averaged 13.46% returns annually over the last 15 years. So, consistently investing in low-cost index ETFs could be your ticket to long-term growth.

    You can turn everyday purchases into an investment opportunity with Acorns.

    Here’s how it works: Once you link your debit and credit cards, Acorns will round up each transaction to the nearest dollar and invest the difference into a smart investment portfolio of diversified low-cost ETFs. The result? A $4.25 coffee becomes a $0.75 investment in your future.

    What’s more, you can get a $20 bonus investment when you sign up with Acorns with a recurring deposit.

    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.