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  • Dave Ramsey issued a blunt reality check to Americans under 40: ‘If you don’t retire a millionaire, that’s no one’s fault but yours.’ Here’s the math to hit $11,600,000 at 65

    Dave Ramsey issued a blunt reality check to Americans under 40: ‘If you don’t retire a millionaire, that’s no one’s fault but yours.’ Here’s the math to hit $11,600,000 at 65

    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.

    While the headlines have been dominated by a rollercoaster in the stock market, financial guru Dave Ramsey isn’t going doom-and-gloom.

    In fact, the radio host believes every young American has a shot at becoming a millionaire.

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    “If you’re under 40 years old and you don’t retire a millionaire, that’s no one’s fault but yours,” the 64-year-old posted on X, formerly known as Twitter.

    Here’s a closer look at the math behind his exhortation.

    Everyone can be a millionaire

    Despite the economic challenges facing young Americans, Ramsey believes that the average 25-year-old needs to save just a fraction of their annual income to retire at 65 with over $1 million.

    However, his thesis assumes that this 25-year-old invests in “good growth stock mutual funds.” Diligently investing just $100 a month into such growth funds could create a $1,176,000 nest egg within 40 years, according to Ramsey’s calculations. Choosing the right fund is a big part of this.

    For example, since 2010 the Vanguard S&P 500 ETF (VOO) has delivered a compounded annual growth rate of 14.00%. Meanwhile, the S&P 500 has posted an impressive average annual return of 10.13% since 1957.

    The appeal of these platforms lies in their accessibility. Anyone, regardless of wealth, can participate.

    With Wealthfront’s automated investing platform, the power of compound interest works for you. Their sophisticated "set it and forget it" approach means your money is professionally managed and automatically rebalanced, allowing your wealth to grow steadily over time.

    Start investing for the long term with globally diversified portfolios or go for a higher yield than a traditional savings account with an automated bond portfolio.

    Open your account today and receive a $50 bonus to jumpstart your investment journey. Whether you’re saving for retirement, a home, or building generational wealth, Wealthfront’s low-cost, automated investment strategy can help you achieve your financial goals.

    Ramsey’s path to $11.6 million

    The four variables for compound growth calculations are time, initial investment, regular investment and growth rate. Of these, the only variable you can somewhat control is regular investment.

    Investing $200 or $300 a month could help you create a nest egg significantly bigger than just $1 million. Ramsey recommends setting the bar even higher at 15% of gross annual income.

    “The average household income in America today is $79,000. If you invested 15% of that ($11,850 a year), you would retire with around $11.6 million,” he wrote in the same thread on X.

    However, most Americans are saving significantly less than Ramsey’s target. As of May 2025, the average personal savings rate is just 4.5%, according to data by the Bureau of Economic Analysis.

    Another common financial mistake is keeping your money in low-interest savings accounts. High-yield savings accounts can offer returns up to 10 times higher than those from traditional banks, according to NBC Select and Dynata Banking Behaviors. 82% of those surveyed weren’t using this type of account.

    If you’re looking for the best bank for your savings, you can compare and contrast from Moneywise’s list of the Best High Yield Savings Accounts of 2025.

    For example, you can open a high-yield cash account with Wealthfront Cash and earn 4.00% APY on deposits — which is almost 10x the national average. Plus, Wealthfront charges no account, monthly or overdraft fees.

    Enjoy 24/7 instant withdrawals, plus no transfer fees if you want to move your money into a Wealthfront investment account.

    Fund your account with $500 or more to get a $30 bonus today.

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

    Leveling up your investments with real estate

    Once you’ve started to save in earnest, it’s crucial to protect your portfolio against inflation. Investing in real estate can help diversify your holdings and grow your wealth over the long term.

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

    For accredited investors, Homeshares gives you 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 12% to 18%, 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.

    Arrived’s 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.

    Other paths to become a millionaire

    Homeownership can be a key stepping stone to reaching millionaire status by retirement. Refinancing your mortgage to accelerate your ownership is one way to get ahead.

    Refinancing your home loan through Mortgage Research Center could help you pay off your mortgage early in two ways. By securing a lower interest rate, you can either maintain your current monthly payment while more of it goes toward the principal, or you can opt for a shorter loan term to accelerate your path to homeownership.

    When you refinance to a shorter term, such as moving from a 30-year to a 15-year mortgage, you’ll typically receive a lower interest rate while significantly reducing the total interest paid over the life of your loan. Though your monthly payments may increase, you’ll build equity faster and own your home outright years earlier than planned.

    Mortgage Research Center, licensed in all 50 states, can help you explore your refinancing options and find the solution that best fits your financial goals.

    Their team of experienced professionals will guide you through the process, helping you understand the potential savings and a timeline to becoming mortgage-free.

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

  • JPMorgan studied 5 million retirees across America — and found 3 surprising spending shockers. Is your 7-figure nest-egg actually hurting you?

    JPMorgan studied 5 million retirees across America — and found 3 surprising spending shockers. Is your 7-figure nest-egg actually hurting you?

    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.

    Most retirees worry about running out of money because of spiralling inflation and unexpected medical costs as they age.

    However, after studying the spending patterns of five million retirees, JPMorgan has uncovered something surprising: Some of these concerns might be overblown.

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    Perhaps the biggest shocker is that some retirees might not need as much savings as they believe to retire comfortably. Here are three reasons why.

    1. Inflation isn’t as scary

    Most financial planners assume your retirement spending will rise annually with inflation. Historically, inflation averaged 2.9% from 1982 to 2024, according to JPMorgan.

    But that’s a general figure. Retirees tend to shift their spending as they age — dropping more on healthcare but less on clothes, dining out and commuting.

    As a result, some retirees with modest wealth often see their overall expenses gradually decline over time. Their inflation experience differs from those in their peak earning years.

    “Looking across the range of households in our dataset, our key finding is that people generally spend less than expected,” notes a previous JPMorgan report.

    “For partially and fully retired households with $250,000 to $750,000 in investable assets, the annual inflation-adjusted change in spending is just 1.65%.”

    Still, inflation remains a constant reality — especially over a retirement that could last decades. That’s why it’s important to protect your purchasing power. One proven strategy is investing in gold, which has historically served as a hedge against inflation and currency erosion.

    Even better, the price of gold has jumped by more than 40% since 2023. JPMorgan projects that it will hit the $4,000 mark by 2026.

    If you buy into gold’s long-term value, you don’t have to find and store the bars yourself. Instead, you could opt for a gold IRA to hedge against inflation by investing directly in precious metals.

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

    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 $10,000 in free silver on qualifying purchases.

    2. Big, temporary bump in spending

    JPMorgan’s analysis revealed an interesting trend: Spending tends to rise noticeably in the few years leading up to and following retirement. Retirement marks a significant life transition. It’s perhaps unsurprising for people to spend more during these early years — whether on healthcare, relocating, traveling, wining and dining or finally enjoying long-anticipated leisure activities.

    After this surge, spending typically levels off and declines over time. It’s important to factor this spike into your retirement planning so your finances stay on track.

    To help manage this transition, it’s wise to maintain a cash cushion in a high-yield savings or checking account, such as those offered by SoFi. A high-yield account can help your savings grow while still keeping funds accessible.

    SoFi offers up to 4.00% APY and doesn’t charge account, monthly or overdraft fees.

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

    As you near retirement, try to keep at least one year’s worth of living expenses in cash. For added peace of mind, some experts — like Suze Orman — advise setting aside up to five years’ worth to ensure greater financial stability and flexibility.

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

    3. Everyone doesn’t spend the same way

    Retirement planning isn’t a one-size-fits-all endeavor. Your senior years could look very different depending on your health, life goals and personal relationships.

    To account for this, JPMorgan places retirees into six different categories depending on their spending patterns.

    These categories range from “Steady Eddies” who spend a consistent amount of money, to “Upshifters” who enhance their lifestyle post-retirement and “Rollercoasters” who have a more unpredictable lifestyle.

    One unexpected expense that can catch you off guard in retirement is insurance. U.S. homeowners insurers have hiked premium rates by double-digits over the past two years, with the largest calculated increase occurring in Nebraska at 22.7%, according to S&P Global Market Intelligence.

    It could pay to take a closer look at your home and auto insurance, especially if they’re up for renewal. Shopping around is one of the best ways to find better rates, but calling individual providers can be time-consuming and tedious.

    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 can fit your budget.

    But home insurance premiums aren’t the only thing coming out of homeowners’ pockets. If you own a car, you have another cost to deal with.

    Car insurance rates rose an average of 16.5% in 2024, according to ValuePenguin. Like with home insurance, shopping around and bundling can lead to substantial savings.

    OfficialCarInsurance.com lets you compare quotes from trusted brands — including Progressive, Allstate and GEICO — to make sure you’re getting the best deal. Their matchmaking system takes into account your location, vehicle details and driving history to find the lowest rate possible for you.

    Deals start at just $29 per month and you can switch over your policy in only a few minutes.

    Planning for tomorrow, today

    Considering all the research, creating a retirement plan based on broad assumptions probably isn’t the best approach. For a truly comfortable retirement, your plan needs to be customized to your individual needs.

    For example, you could be planning to travel during your golden years or downsize to reduce housing costs. These choices will significantly impact how much money you’ll need and your investment plan.

    Being up front in accepting what you want is one thing. Figuring out how to get there is another.

    A trusted, pre-screened financial advisor can help you develop a solid retirement strategy — whether you’re downsizing to take better advantage of city life or you’re beachward bound.

    Those who work with financial advisors see a 3% increase in net returns, according to research by Vanguard. This difference compounds over time. For instance, you could potentially retire with an extra $1.3 million after 30 years of professional guidance if you start with a $50,000 portfolio.

    Finding the right advisor for your needs is simple with Advisor.com. Their platform connects you with an experienced, qualified financial professional in your area who can offer personalized guidance and support in managing market fluctuations and optimizing your portfolio mix.

    Once you match, you can book a free consultation call to see if they’re a good fit for you. After all, a good financial advisor is a lifetime partner in making the most out of your money.

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

  • NFL legend Steve Young still drives a broken down 2011 Toyota Sienna with 132,000 miles — made over $49M in football but Dad told him to ‘get the most’ out of cars. Here’s what you can learn

    NFL legend Steve Young still drives a broken down 2011 Toyota Sienna with 132,000 miles — made over $49M in football but Dad told him to ‘get the most’ out of cars. Here’s what you can learn

    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.

    Legendary 49ers quarterback Steve Young earned nearly $49 million playing football, according to Spotrac, but you’d never guess it from the beaten-up 2011 Toyota Sienna he drives.

    In a recent interview with journalist Graham Bensinger, the two-time NFL MVP admitted he could easily afford a replacement for the car, which has racked up 132,000 miles. However, he’s reluctant to let it go because of advice from his father, who always told him to “get the most out of it.” And he’s not the only Young family member who’s emotionally attached to the vehicle.

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    “This is a car that the kids all grew up in,” Young told Bensinger. “My youngest Laila — that seat over there with the camera is the seat that she won’t give up. That’s her seat for life … she’s like, ‘No, I love this car [and] how it smells.’”

    Surprisingly, multimillionaires driving modest cars isn’t as unusual as some might think.

    The modest cars of millionaires

    Contrary to the stereotype, many wealthy people aren’t driving around in flashy Ferraris and bright orange Lamborghinis. The top car brands for households earning over $250,000 were Toyota, Ford and Honda, according to a 2022 study by Experian Automotive.

    Even billionaires opt for relatively inconspicuous cars. Warren Buffett reportedly drives a Cadillac XTS — no Bugatti for the Oracle of Omaha.

    While most affluent people who can splurge on luxury vehicles simply choose not to, many ordinary consumers are already stretching their budgets to the limit. A recent survey by CDK Global found that 57% of car buyers said they hit the top end of their budget, while 7% exceeded it.

    The strain on consumers is also reflected in auto loan data. As of mid-2024, one in 24 drivers with a car loan was paying more than $1,000 in monthly payments per vehicle, according to Experian — a ratio that has nearly quadrupled since 2020.

    For many, the family car is becoming a significant financial burden. Here’s how you can avoid the growing auto loan crisis.

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

    Drive smart

    For most consumers, cutting transportation costs is one of the most effective ways to improve their finances. After all, transportation is the second-largest annual expense for the average household, according to a 2022 report by the U.S. Bureau of Transportation Statistics.

    One way to reduce this expense is by purchasing a car that’s within — or even below — your means.

    To figure out whether a vehicle fits your budget, consider the 20/4/10 rule.

    • Put at least 20% down
    • Choose a loan term of no more than four years
    • Keep all car-related expenses below 10% of your gross income

    If you find yourself shelling out a significant portion of your salary in car payments alone after running the numbers, you could try to refinance your car loan at a lower interest rate.

    By setting up firm financial guardrails, you can avoid the auto loan debt trap many consumers drive into.

    LendingTree is an online marketplace that allows you to compare auto refinance rates from leading lenders near you for free.

    Once you answer a few questions about yourself and the vehicle you want to refinance, LendingTree will connect you with three to five lenders from their network of over 300.

    From there, you can read reviews and compare the loan terms at your discretion — all without impacting your credit score. What’s more, you may be eligible for refinanced loans as low as  5.03% APR through LendingTree’s network.

    You should also consider the hidden costs of car ownership. It’s not just the monthly car payments you should budget for — you’ll be shelling out for gas, maintenance and insurance.

    Out of these three factors, insurance is the one you likely have the most control over. It can also be a big cost. The average American spends $2,692 per year for full coverage auto insurance, according to a study conducted by Bankrate.

    And, if U.S. tariff policy holds, insurance premiums are likely to rise. Tariffs on imported car parts and rising climate-related repair costs are expected to drive car insurance premiums to rise 60% faster in 2025 compared to last year, according to a study from Insurify.

    But there are ways to save. LendingTree found that 92% of Americans saved money when they switched insurance providers.

    With OfficialCarInsurance.com, you can shop around and compare insurance rates from reputable providers near you like Allstate, GEICO and Progressive.

    The process is easy and takes less than two minutes. Here’s how it works: Simply enter some basic information about your driving history and the vehicle you want to insure, and OfficialCarInsurance.com will comb through its database and show the lowest rates available for you in your area.

    The best part? The process is 100% free and won’t impact your credit score. Get started today and find quotes as low as $29/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.

  • America’s seniors are happiest living in these 5 US states, study says — do you live in one of them?

    America’s seniors are happiest living in these 5 US states, study says — do you live in one of them?

    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.

    One of the great perks of reaching your golden years is the newfound freedom to live wherever you choose.

    With the kids out of the house and work no longer tying you down, retirement opens the door to relocating somewhere that better suits your lifestyle. So, why not consider moving to a state where seniors report the highest levels of happiness?

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    Caring.com, a leading online resource for senior care information and support, has just unveiled its latest Senior Happiness Index, a comprehensive look at where older Americans are thriving.

    To compile the index, a wide range of factors were evaluated – including the cost of living, average life expectancy, access to health care and the availability of senior centers.

    The result is a state-by-state breakdown highlighting where older Americans enjoy the greatest well-being.

    1. Utah

    According to Caring.com, Utah tops the list as the best place to retire, scoring 7.69 out of 10 on the Senior Happiness Index. Seniors in Utah are generally healthier, less isolated and more likely to be engaged in community volunteer work, which makes retirement much more satisfying.

    On the flip side, according to ElderLife Financial, senior care in Utah tends to cost more than the national average. This is where long-term care insurance can be a big help in covering costs of in-home assistance, nursing homes or assisted living facilities.

    GoldenCare offers a wide range of insurance policies that are based on your needs — whether it’s for long-term care benefits, short-term care, extended care, home health care or assisted living.

    2. Idaho

    Idaho is second on Caring.com’s index, scoring 7.38 out of 10. The state ranked well because of the density of seniors living here, along with access to senior services and support resources.

    Fortunately, Idaho is also considered a tax-friendly state for older Americans, according to SmartAsset, which means you can expect no taxes on your Social Security benefits and relatively lower sales and property taxes, saving you money.

    Make sure you’re putting that money you save to work with a high interest account, such as the Wealthfront Cash Account which offers a 4.00% APY — that’s 10x the national average.

    With full access to your money at all times, Wealthfront also offers fast (and free) transfers to internal Wealthfront investing accounts, as well as external accounts. And when you fund your cash account with $500 or more, you even get a $30 bonus.

    3. Connecticut

    Connecticut is tied for third on the Senior Happiness Index, scoring 7.01 out of 10. The state has the third-highest life expectancy and is in the top 10 for overall health. So if you’re trying to live long and stay fit in retirement, this could be an ideal state for you.

    Unfortunately, according to SmartAsset, the state is a relatively unfriendly tax jurisdiction for seniors. This means you may have little to no tax benefits for retirement income and could be exposed to relatively high property and inheritance taxes.

    Given this, you may wish to speak with a qualified financial advisor to best build tax-efficient investments and withdrawal strategies. With Advisor, you can connect with a personal advisor who lives near you and is best equipped to help assess your retirement strategy.

    Their network of advisors are fiduciaries, so you can trust that the advice you’re getting is unbiased.

    You can set up an introductory call with no obligation to hire with your match to see if they’re the right fit for you.

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

    4. Delaware

    Delaware ties with Connecticut, also scoring 7.01 out of 10, while ranking ninth for health outcomes. It is in the top five states with the lowest ratio of older adults living alone, which suggests seniors are less vulnerable to social isolation here.

    Delaware is also tax-friendly to seniors, according to SmartAsset. But the average monthly cost of living independently here is $3,862, which according to Senior Living is 26% above the national average. To save more money, you might consider looking at how to cut down on monthly expenses like car insurance and home insurance.

    With OfficialCarInsurance.com, you can compare quotes from trusted brands like Progressive, Allstate and GEICO — with some offers as low as $29 per month.

    Similarly, OfficialHomeInsurance.com helps you get great rates to protect your home. All it takes is two minutes for them to comb through over 200 insurers — for free — to find the best deal in your area. The process can be done entirely online too.

    5. Nebraska

    Nebraska ranks fifth on Caring.com’s Senior Happiness Index, and is also home to a famous recent retirees in America: billionaire Warren Buffett.

    Fortunately, if you’re looking to join the Oracle of Omaha and retire in the Cornhusker state, it won’t cost you much.

    The average monthly cost of living for an independent senior is just $1,917, 37% lower than the national average, according to Senior Living.

    You can save even more by keeping a close eye on your finances with a money management platform such as Monarch Money, which can give you a clear view of where you’re overspending. It also helps you monitor your expenses and payments in real time.

    For a limited time get 50% off your first year with the code MONARCHVIP.

    What to read next

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

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

  • 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

    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.

    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.

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

    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 Wealthfront’s automated investing platform, the power of compound interest works for you. Their sophisticated "set it and forget it" approach means your money is professionally managed and automatically rebalanced, allowing your wealth to grow steadily over time.

    Start investing for the long term with globally diversified portfolios or go for a higher yield than a traditional savings account with an automated bond portfolio.

    Open your account today and receive a $50 bonus to jumpstart your investment journey. Whether you’re saving for retirement, a home, or building generational wealth, Wealthfront’s low-cost, automated investment strategy can help you achieve your financial goals.

    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.

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  • Failed Sotheby’s auction of $70,000,000 bronze bust leaves bidders speechless, art insiders stunned — here’s how the jaw-dropping turn of events unfolded

    Failed Sotheby’s auction of $70,000,000 bronze bust leaves bidders speechless, art insiders stunned — here’s how the jaw-dropping turn of events unfolded

    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 was meant to be a quick sale of a rare antique turned into a sobering reminder of the hidden risks of so-called alternative assets.

    “Grande tête mince” — a bronze sculpture by Alberto Giacometti — failed to meet expectations at a recent Sotheby’s auction. Industry insiders and art experts estimated that the sculpture was worth $70 million, however the auction failed after the highest bid maxed out at $64.25 million, according to the New York Times.

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    This high-profile flop highlights some of the risks of storing wealth in collectibles. On average, ultra-wealthy families across the world have roughly 13.4% of their assets in artwork and collectibles, according to Deloitte. However, the market is notoriously opaque and illiquid, which means many of these collectible items might not be worth as much as their owners believe.

    Investors looking for an asset that isn’t exposed to the same market dynamics as stocks and bonds often have better options than art. Here are three alternative assets that could be more attractive than ancient sculptures or oil on canvas.

    Gold

    Gold has been on the planet much longer than any piece of ancient art, and its collectors include central banks and sovereign nations. The market for this precious metal also tends to be more transparent and robust.

    Gold’s reputation as an uncorrelated safe haven was cemented during the see-sawing of the U.S. stock market in the opening months of 2025. As President Donald Trump’s ongoing trade war whipped up volatility in stocks, bonds and cryptocurrencies, the price of gold surged roughly 25% over six-months.

    Adding some exposure to this hard asset could be a good idea if you’re worried about economic growth, inflation or interest rate volatility over the medium to long term.

    Priority Gold is an industry leader in precious metals, offering physical delivery of gold and silver. Plus, they have an A+ rating from the Better Business Bureau and a 5-star rating from Trust Link.

    If you’d like to convert an existing IRA into a gold IRA, Priority Gold offers 100% free rollover, as well as free shipping, and free storage for up to five years. Qualifying purchases will also receive up to $10,000 in free silver.

    To learn more about how Priority Gold can help you reduce inflation’s impact on your nest egg, download their free 2025 gold investor bundle.

    Real estate

    Beyond gold, land and property are other tangible investments you might consider adding to your portfolio. They can have strikingly different dynamics to stocks and bonds. Direct real estate as an asset class tends to have low or even negative correlation with the S&P 500, according to an analysis by JPMorgan. This means that if stocks crash, real estate can remain somewhat protected and occasionally even go up in value.

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

    To be clear, JPMorgan focused on direct real estate deals. That means if you’re a homeowner or landlord with direct ownership, you’re less exposed to the stock market’s volatility.

    But you don’t need to buy property outright to benefit. New investing platforms are making it easier than ever to tap into the real estate market without amassing a massive downpayment or taking on a lifelong 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.

    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, hand-picked 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 midnight maintenance calls.

    Infrastructure

    Infrastructure such as toll roads, bridges, cell phone towers and airports can actually have many of the same dynamics as real estate. However, these assets are rarer and can sometimes have higher earning potential.

    According to KKR & Co., a world-leading private equity investment firm, private infrastructure assets across the world performed better than stocks and bonds in 2022 when inflation and interest rates were rapidly rising. That can make these assets a potential shock absorber for a typical investor’s portfolio.

    If you’re looking for exposure to this niche asset class, you could consider an ETF such as the Global X US Infrastructure Development ETF. You could also take a closer look at infrastructure ETFs in the green energy space, such as the iShares Global Clean Energy ETF or the First Trust NASDAQ Clean Edge Green Energy ETF.

    You can access all of these investments through Wealthfront’s Stock Investing Account. This brokerage account is built with best-in-class technology that allows users to invest in individual stocks (or collections of individual stocks, like ETFs) more easily. You won’t pay commission on your investments, and can start with as little as $1.

    Sure, cell towers and solar panels might not be quite as exciting as exotic artwork, but they’re likely to be more lucrative and less volatile.

    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.

  • Warren Buffett has a ‘big worry’ over the US dollar ‘really going to hell’ — warns fiscal policy is what really scares him in America. Here’s why (plus 3 ways to protect yourself now)

    Warren Buffett has a ‘big worry’ over the US dollar ‘really going to hell’ — warns fiscal policy is what really scares him in America. Here’s why (plus 3 ways 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.

    With a whopping $348 billion in cash on Berkshire Hathaway’s balance sheet, it’s easy to assume Warren Buffett has no worries at all.

    But in a recent meeting with shareholders, the legendary investor admitted he’s worried about the eroding value of the U.S. dollar. What’s more, on May 3, Buffett announced he plans to retire as Berkshire Hathaway CEO by the end of 2025.

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    “We wouldn’t want to be owning anything that we thought was in a currency that was really going to hell, and that’s the big thing we worry about with the United States currency,” he said.

    Here’s why the Oracle of Omaha is anxious about the future of the greenback.

    Dollar’s decline

    Buffett’s concerns over the dollar’s value stem from increased government spending and proposed tax cuts under President Donald Trump.

    Despite the rhetoric about spending cuts, government expenditures rose by $200 billion during Trump’s first 100 days compared to the previous year. Buffett cautioned that such fiscal policies could pose significant economic risks.

    The U.S. dollar index, which tracks the dollar’s value against a group of major foreign currencies, has declined by more than 8% since the beginning of the year.

    Analysts warn that rising debt and reduced revenue could further devalue the currency and undermine U.S. creditworthiness. In fact, Moody’s downgraded the U.S.’s credit rating from Aaa to Aa1 on May 16.

    Any further erosion in the dollar’s value could impact your purchasing power. Here are three ways to protect yourself.

    3 ways to protect yourself

    If you’re worried about the U.S. dollar’s value and how it might affect your portfolio, certain assets can help protect your wealth.

    1. Gold is a good option

    During periods of uncertainty — tariff-driven or otherwise — investors often turn to gold. The precious metal is seen as a store of value against market volatility.

    The price of gold has jumped by more than 40% since 2023. JP Morgan projects that it will hit the $4,000 mark by 2026.

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

    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 $10,000 in free silver on qualifying purchases.

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

    2. Consider alternative assets

    As gold surges to historic highs, the stock market has been on a roller coaster ride. In March 2025, a major sell-off erased $4 trillion from the S&P 500 before a rebound, hitting even blue-chip stocks like Apple, Nvidia and Microsoft.

    That’s why experts often caution against putting all your eggs in one basket. It pays to diversify into new asset classes. Art is one such investment that has captured the attention of savvy investors.

    After all, art represents a massive asset class. The global art market size was valued at $552.03 billion in 2024 and is projected to reach $585.98 billion in 2025, according to Straits Research.

    In the past, you had to be ultra-wealthy to invest in art, but now services like Masterworks have opened the door to art investing. So far, over one million members have joined the platform.

    Here’s how it works: Instead of buying a single painting for millions of dollars, you invest in fractional shares of blue-chip paintings by renowned artists such as Pablo Picasso, Basquiat and Banksy. Blue-chip paintings are pieces of art that tend to only increase in value over time, much like blue-chip companies.

    From here, all you have to do is select how many shares you want to buy and Masterworks will take care of the rest.

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

    3. Add exposure to real estate

    Investors gravitate toward real estate for good reason. Well-chosen properties can generate passive income through rent while potentially appreciating in value over time. Real estate can also serve as a hedge against inflation.

    The best part? These days, you don’t need to be an ultra-wealthy investor like Buffet to take advantage of this strategy.

    With the help of First National Realty Partners (FNRP), you can invest in needs-based commercial properties.

    With a minimum investment of $50,000, investors can own a share of properties leased by national brands like Whole Foods, Kroger and Walmart, which provide essential goods to their communities. Thanks to triple net leases, accredited investors can invest in these properties without worrying as much about tenant costs cutting into their potential returns.

    Another way to invest in real estate is by leveraging home equity. This $34.9 trillion market has historically been the domain of large institutions. But now Homeshares is changing the game by helping accredited investors gain direct access to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund.

    The fund focuses on homes with substantial equity and utilizes Home Equity Agreements to help homeowners access liquidity without incurring debt or additional interest payments.

    This hands-off approach lets accredited investors access high-quality residential properties with a minimum investment of $25,000 — without the headaches of being a landlord.

    With risk-adjusted target returns ranging from 14% to 17%, the U.S. Home Equity Fund could unlock lucrative real estate opportunities, offering accredited investors a low-maintenance alternative to traditional property ownership.

    Purchasing rental properties and becoming a landlord is another way to get into the market. But for the average American who wants to avoid the need for a hefty down payment or the burden of property management, crowdfunding platforms like Arrived make it easier to slice yourself up a piece of that pie.

    Backed by world class investors like Jeff Bezos, Arrived allows you to invest in shares of rental homes with as little as $100, all without the hassle of mowing lawns, fixing leaky faucets or handling difficult tenants.

    The process is simple: Browse a curated selection of homes that have been vetted for their appreciation and income potential. Once you find a property you like, select the number of shares you’d like to purchase, and then sit back as you start receiving any positive rental income distributions from your investment.

    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.

  • Here’s the 1 surprising thing that happens when you draw down your 401(k) to boost Social Security — shrewd move or bonehead choice?

    Here’s the 1 surprising thing that happens when you draw down your 401(k) to boost Social Security — shrewd move or bonehead choice?

    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.

    On paper, drawing down your 401(k) to delay Social Security benefits seems like a clever maneuver. After all, the monthly benefit check grows larger for every year that you manage to delay retirement.

    However, there’s more to consider than just the size of the monthly payout. Here’s why you, and perhaps your financial advisor, should take a closer look at all the other variables that can impact your retirement income.

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    A surprising impact

    A simple calculation would have you believe that it’s best to delay collecting Social Security as long as possible.

    After all, your monthly benefit checks can be roughly 30% higher if you wait until retirement instead of collecting at the earliest possible age of 62, according to the Social Security Administration.

    However, this theoretical calculation is performed in a vacuum and doesn’t consider any other factors.

    Surprisingly, for some people, taking Social Security early might actually be the best option. Your total payout from the day you retire until the end of life could be higher. On the other hand, drawing down on your 401(k) first could set you up for success later.

    Here’s how to approach making this decision.

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

    Consider all the factors

    An often-overlooked yet critical factor in this equation is the opportunity cost of your 401(k) investments. Every dollar you withdraw from this account is one less dollar that could be compounding through the stock market.

    For instance, over the past five years, the Vanguard S&P 500 ETF has delivered a compounded annual growth rate of 15.85%. In other words, if you invested in this ETF, you could have boosted your nest egg by roughly 34% in just under two years, outperforming the Social Security boost, which is capped.

    Even if the stock market returns are significantly lower — say, about 5% compounded annually — your nest egg would be around 30% larger within five and a half years.

    With Robinhood, you can invest in ETFs like the Vanguard S&P 500 to get a start on your nest egg. Robinhood has 24/7 support, and you won’t pay any commission fees on stocks, ETFs and options. Their platform also offers both a traditional IRA and a Roth IRA, so you can benefit from tax-efficient retirement investing.

    New Robinhood customers can also get a free stock once you sign up and link your bank account to the app. You can pick your stock reward from top American companies, with amounts ranging from $5 to $200.

    The other factor to consider here is that if stocks are in a deep bear market (meaning, they are underperforming) when you turn 62, it might not be the best time to sell. And if your assets are limited, drawing down for several years could leave you feeling squeezed before you ultimately decide to take benefits.

    On the flip side, drawing down your 401(k) for monthly income might be easier if you have a sizable nest egg to rely on. And if you are still working in your mid-60s, drawing down your 401(k) might be a better move than taking Social Security benefits, which are subject to taxes.

    There’s a lot of variables to consider, so the ultimate calculation depends on your personal preferences and financial situation.

    Which choice is right for you?

    For many retirees in good health with a long life expectancy, it’s often wiser to first draw down from a 401(k) — delaying Social Security payments to maximize guaranteed, inflation-adjusted income. Average life expectancy for U.S. adults is 78.4, according to the CDC, which means you’re statistically likely to enjoy seven or eight years collecting benefits if you wait until full retirement age.

    This strategy offers more control over taxes and can reduce future required minimum distributions (RMDs). Typically, RMDs must take effect by 73 and set out the minimum annual withdrawal from your retirement account.

    However, taking Social Security early might be better for those with health issues, immediate income needs or smaller retirement savings.

    It’s worth speaking with a financial professional to make sure you’re considering all of these factors before drafting your long-term retirement plan. With FinancialAdvisor.net, you can find a trusted and qualified advisor to guide you every step of the way.

    From a directory of thousands, FinancialAdvisor.net matches you with two to three vetted SEC/ FINRA qualified financial advisors that can offer personalized guidance to help you make the right choices, invest wisely and secure the best retirement possible for you.

    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.

  • My wife and I, both 79, are trying to survive on $2K/month from Social Security. Our house is paid off and we have $50K in savings, but we’re scared of running out of cash — what do we do?

    My wife and I, both 79, are trying to survive on $2K/month from Social Security. Our house is paid off and we have $50K in savings, but we’re scared of running out of cash — what do we 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.

    Running out of money during your retirement can take the shine off your golden years, and the risk might be greater than you think.

    After all, the average life expectancy for 79-year-olds is slightly over 10 years, according to the Social Security Administration. Meanwhile, the average annual spending for U.S. households of those 75 years and older was $53,481 in 2022, based on Bureau of Labor Statistics data.

    Don’t miss

    With a modest $2,000 monthly income from Social Security and $50,000 in savings, it’s natural to be worried about outliving your savings and looking for some guidance.

    And those savings might not get you as far as you expect. Using a Fidelity retirement calculator shows that if your savings are invested, and earn an average annual rate of return of 5%, you can afford to make nine yearly withdrawals of around $6,700. That’s only an extra $558 a month.

    Let’s walk through how you can navigate this difficult financial situation.

    Maximize your home value

    While owning a home outright is a huge advantage, maintaining it can be costly — especially during retirement.

    Moving to a smaller, lower-maintenance home or a senior-friendly community can reduce property taxes, utilities and upkeep. Downsizing can also free up capital and reduce monthly costs significantly. You can also consider renting out a spare room to generate extra income.

    If you want to age in place, you could consider tapping into your home’s equity through a HELOC — or Home Equity Line of Credit.

    With home values higher than ever, you can make your home work harder for you by making the most of your equity. The average homeowner sits on roughly $311,000 in equity as of the third quarter of 2024, according to CoreLogic.

    Having access to your home equity could help to cover unexpected expenses, pay substantial debt, fund a major purchase like a home renovation or supplement income from your retirement nest egg.

    Rates on HELOCs and home equity loans  are typically lower than APRs on credit cards and personal loans, making it an appealing option for homeowners with substantial equity.

    Unlock great low rates in minutes by shopping around. You can compare real loan rates offered by different lenders side-by-side through LendingTree. Terms and Conditions apply. NMLS# 1136.

    Homeowners can also consider a reverse mortgage to supplement their retirement income.

    Reverse mortgages let you tap into your home equity to support your income, pay off substantial debt or fund renovations. You can choose to borrow the funds as a lump sum or as fixed monthly payments, and can spend them however you want.

    The reverse mortgage becomes due once the borrower passes away, stops using the home as their primary residence or sells the property.

    You can check out Moneywise’s list of industry-leading companies offering reverse mortgages here.

    Compare offers instantly and request a free information guide to help you understand how to get started.

    Optimize your healthcare

    Medicare provides essential coverage, but supplemental insurance can be pricey.

    Seniors with limited income should check their eligibility for Medicare Savings Programs. These state-administered programs help pay Medicare premiums, deductibles and co-pays for low-income seniors.

    There’s also the “Extra Help” program for prescription drugs. The SSA offers assistance to reduce Part D prescription costs based on income and resources.

    Staying on top of these programs through resources like Medicare.gov can save you hundreds, or even thousands, of dollars per year.

    Older adults should also ensure they have plans in place if their health takes a turn, or when they can no longer age in place.

    Long-term care insurance offers coverage that can help with in-home assistance, nursing homes or assisted living facilities.

    For example, GoldenCare offers a range of insurance options based on your needs, including hybrid life or annuity with long-term care benefits, short-term care, extended care, home health care, assisted living and traditional long-term care insurance.

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

    Reduce your living expenses

    Stretching $2,000 a month requires some discipline, but living a frugal lifestyle while still enjoying your quality of life can still be within reach.

    This starts with making a monthly budget.

    After all, knowing where your money goes is the first step to creating a realistic lifestyle plan. From here, it can pay to track your expenses and categorize your needs versus wants. If you’re tech-savvy, tools like Monarch Money can give you an overview of your financial situation.

    Monarch Money helps you assess your budget and spending habits while planning for the future. This all-in-one tool can also track your investments, and offer personalized advice so you can plan with confidence. Even better, the app is protected by Plaid for secure data integration, and employs multi-factor authentication at login, so you can keep your accounts safe.

    You can download the app now for a 7-day free trial. After that, you can get 50% off your first year with code MONARCHVIP.

    Beyond budgeting, try to limit dining out, subscriptions and non-essential purchases. Buy in bulk, shop sales and utilize food assistance programs if you’re eligible. Local senior centers, food banks and utility assistance programs can also help reduce expenses.

    Another way to drive down expenses is to look at essential spending like insurance policies.

    Many seniors can lose out on savings because they don’t shop around for lower prices, and stick with the insurer they’ve used for decades. This can leave money on the table that could go towards funding their retirement.

    If you’re questioning whether your insurance rates could be lower, it may be time to consult OfficialHomeInsurance.com, which helps you look for low rates for free.

    In under 2 minutes, OfficialHomeInsurance.com makes it easy to compare offers tailored to your needs from a list of over 200 reputable insurance companies.

    Simply fill in a bit of information and you can quickly find home insurance coverage at the lowest cost for you. On average, OfficialHomeInsurance.com users save $482 a year.

    While you’re saving money on home insurance, you might also consider whether you’re being gouged on your auto insurance rates.

    OfficialCarInsurance.com helps you instantly sort through the best policies from car insurance providers in your area, including trusted names like Progressive, GEICO and Allstate.

    With rates as low as $29 per month, you can find coverage that suits your needs, and potentially save you hundreds of dollars per year.

    To get started, fill in your information and OfficialCarInsurance.com will provide a list of the top insurers in your area.

    Prepare an emergency fund

    Unexpected health expenses, home repairs or other emergencies can quickly throw you off a tight budget.

    Many experts recommend that you keep at least three to six months worth of expenses in a highly liquid account, such as a dedicated high-yield savings account. This means that, if you need to access funds right away, you won’t have to tap your investments or take on debt.

    Retirees are generally advised to build larger emergency funds, but this can be tricky to do if your savings are limited. Consult a trusted financial advisor about this if you can.

    Abid Salahi, finance expert and co-founder of FinlyWealth, told GOBankingRates that retirees should aim to keep 12 to 18 months of living expenses in their emergency fund.

    One way to grow your emergency fund quickly is to open a high-interest savings account. Wealthfront’s cash account is designed for those seeking a reliable and safe high-yield savings plan. With full access to your money at all times, Wealthfront can help seniors access a highly liquid option for their emergency fund, while also allowing them to grow their savings in a meaningful way.

    Plus, you can get a $30 bonus when you fund your account with $500 or more, giving you a little boost to your saving power.

    If you’re a senior living on a tight Social Security income, it’s important to be proactive about emergency savings, optimize your home and healthcare costs, and have control over daily expenses.

    Although nothing is a guarantee, being more aware of your saving and spending habits can help you feel more secure in your retirement.

    What to read next

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

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

  • This Brooklyn landlord with diabetes is clashing with tenant over 1st-floor unit, unpaid rent — but tenant is going nowhere and accuses him of harassment. Who’s right?

    This Brooklyn landlord with diabetes is clashing with tenant over 1st-floor unit, unpaid rent — but tenant is going nowhere and accuses him of harassment. Who’s right?

    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.

    A landlord-tenant showdown in Borough Park has raised questions about housing rights, health needs and who gets to decide who stays and who goes.

    Landlord Aneiello DeGiuda, a diabetic homeowner in a multi-family building, claimed climbing the stairs was too much for him. He wanted to move into the more accessible first-floor unit occupied by his tenant, Kenyatta Blakely.

    Don’t miss

    Blakely, however, argued DeGiuda can’t just kick him out, and if the landlord wanted the apartment back he needed to follow the law.

    With harassment complaints filed and eviction notices served, this landlord denies any wrongdoing.

    “He tried to file a harassment charge because I’m asking him for the rent, which he hasn’t paid,” DeGiuda told News 12.

    So who is in the right?

    Eviction laws are clear, but so are building violations

    DeGiuda may hold the deed, but he doesn’t hold the power. In New York, tenants are protected under strict housing laws, which means a landlord can’t simply decide when someone has to leave. Eviction is a legal process that starts with a written notice to vacate. That notice period can range from three to 30 days, depending on the state, and must be backed by a legally valid reason.

    Wanting easier access to the first-floor unit for health reasons might tug at the heartstrings, but it doesn’t meet the legal standard for eviction.

    Next stop: Housing court

    In New York City, landlord-tenant disputes are often a legal chess match. Many cases drag on or end unfavorably for landlords simply because they don’t follow lease terms or the legal procedures required by law.

    Blakely may be withholding rent — and for now, he might be able to get away with it. While it’s rarely a good idea to stop paying rent outright, tenants do have rights, especially when their living conditions are unsafe.

    In this case, the Department of Buildings has issued a vacate order on the unit due to code violations. But that doesn’t mean tenants can automatically stop paying rent. Unless a court or housing authority says otherwise, rent is still legally owed — even if the unit is in poor condition.

    Before you take matters into your own hands, consider talking to a tenant advocate or attorney. With the right guidance, you can protect your rights — and avoid getting caught up in a legal mess.

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

    Hassle-free property ownership

    Between 2000 and 2018, landlords in the U.S. filed an average of 3.6 million eviction cases each year, according to research published in the Proceedings of the National Academy of Sciences. Dealing with tenants can be tough under the best of circumstances, so to get the most from the hot housing market, you may want to consider alternative investments instead of becoming a landlord.

    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.

    What to read next

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

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