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

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

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

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

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

    Why your benefits could be garnished

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

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

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

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

    What you need to know about the Social Security offset

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

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

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

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

    How else to fight back, or at least prepare

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

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

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

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

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

    Other options for retirement

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

    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.

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

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

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

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

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

    What to read next

    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.

  • I’m 65, have $120,000 saved, collect Social Security of $1,700/month — but monthly expenses total $3,900. How can I make sure money doesn’t run out without sacrificing lifestyle?

    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.

    At age 65, a $120,000 nest egg isn’t going to produce as much income as you might hope.

    Assuming you follow the 4% rule, you’ll only be able to withdraw $4,800 annually ($383 a month) from your retirement savings. — That rule would ensure your nest egg lasts 30 years.

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    Add a $1,700 Social Security check to that and you have about $2,000 to cover your stated expenses each month — about $1,900 shy of the $3,900 you need, not including emergency medical bills and expenses.

    Factor in taxes, and you’re in trouble. In fact, if you take this much money out of your savings, your money would only last 5 years if your investments earn 7% and you’re in the 22% tax bracket.

    You need to figure out another solution. Here are some options.

    Increase your income

    If your retirement spending needs are higher than your income, consider a part-time job, if not a full-time job.

    You can collect Social Security benefits while you’re working, but if you haven’t hit the full retirement age of 67, the government can claw back your benefits. In 2025, you’ll lose $1 in benefits for every $2 earned above $23,400 if you won’t reach FRA all year.

    The good news is that if you earn too much and lose some or all of your Social Security benefits, this is temporary. Your payment will be recalculated after you hit full retirement age.

    So, working can help you in two ways, by providing you with a livable income, and potentially giving your Social Security benefits a boost when you reach full retirement age.

    If you’re a homeowner you may be able to tap into your home equity to generate cash flow — for example, through a home equity loan or even selling your home and downsizing, then investing the difference.

    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.

    Just answer a few simple questions, and LendingTree will match you with up to 5 lenders with low rates today.

    Investments that pay dividends can also help you to add a much-needed boost to your monthly income, but you should also consider investing outside of the stock market to spread your risk.

    With only $120,000 in savings, you may assume investing in the stock market is out of the question, but new investing platforms are making it easier than ever to tap into the real estate market.

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

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

    With risk-adjusted internal returns ranging from 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 allows you to enter the real estate market for as little as $100.

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

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

    One income source that many overlook is making their essential spending go further. 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.

    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

    Diversify your portfolio

    For seasoned investors with portfolios of $50K or more, you might consider diversifying your nest egg through a flat-fee self-directed retirement account.

    A self-directed retirement account is a tax-advantaged individual retirement account (IRA) that lets investors allocate funds to a significantly broader range of alternative assets than typical IRAs offered by banks or brokerage firms.

    While traditional IRAs limit options to stocks, bonds and mutual funds, a self-directed account allows you to invest in real estate, cryptocurrency, private businesses, precious metals and private lending.

    With IRA Financial, you can work directly with experienced retirement specialists. If you prefer making your investments online, their platform and mobile app makes it easy to manage your account. They also have an in-house tax team to ensure your investments stay fully compliant with IRS rules.

    With over $5 billion in retirement assets under custody, guaranteed IRA audit protection, 25,000+ clients nationwide and a 97% client retention rate, IRA Financial can help you grow your retirement fund with alternative assets.

    Simply answer a few questions — including the kinds of assets you would like to invest in and how much you’d like to start with — to prequalify for an account in just 90 seconds.

    Reduce your spending

    Cost-cutting will be essential if a job is out of the question and you can’t dip into home equity or generate additional income.

    Some people manage to get by on Social Security alone, but it means a less comfortable, more frugal lifestyle in retirement. The Social Security Administration reports that 39% of American men and 44% of American women get at least half their income from Social Security.

    Meanwhile, for the 12% of men and 15% of women who count on Social Security to provide 90% or more of their income — not ideal as the benefits are intended to replace 40% of pre-retirement income — it can be hard to make the numbers work.

    If you have to survive on Social Security, cost-cutting may be easier if you make one or two big changes, like moving to a cheaper place rather than reducing lots of discretionary spending. One big cut can be easier to sustain than many small cuts.

    One great place to trim your spending is on your transportation costs. According to the American Automobile Association (AAA), the total cost of owning and operating a new vehicle in 2025 has climbed to around $12,297 per year — or $1,024.71 per month.

    Insurance can make up a sizable chunk of this monthly expense. According to Forbes, the national average cost for full-coverage car insurance in 2024 was $2,149 per year (or $179 per month). However, rates can vary widely depending on your state, driving history and vehicle type.

    Shopping around for better rates can cut down your costs. With OfficialCarInsurance.com, you can instantly compare quotes from multiple insurers, such as Progressive, Allstate and GEICO.

    In just two minutes, you could find rates as low as $29 per month.

    Get expert advice

    Consider working with a financial advisor to explore all your options and help you make the right decisions going forward. An advisor can help with your budgeting and may even identify potential income sources you’ve missed.

    Advisor.com can help you find someone that’s right for you.

    This online platform connects you with vetted financial advisors in minutes. How it works is easy: Just answer a few quick questions about yourself and your finances, and the platform will match you with a financial advisor best suited to helping you make your money last in retirement.

    From here, you can view their profile, read past client reviews and schedule an initial consultation for free with no obligation to hire.

    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.

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

    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.

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

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

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

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

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

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

    A new era of cryptomania

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

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

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

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

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

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

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

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

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

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

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

    Supporting stablecoins

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

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

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

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

    Read more: 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

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

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

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

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

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

    Commodity or security?

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

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

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

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

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

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

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

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

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

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

    What to read next

    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.

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

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

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

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

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

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

    His response?

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

    Why insurers pulling out is a problem

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

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

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

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

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

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

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

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

    Finding affordable insurance coverage

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

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

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

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

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

    What to do if your homeowners insurance is cancelled

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

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

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

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

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

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

    If you’re considering a move

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

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

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

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

    What to read next

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

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

  • 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 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.

    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 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.

    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.

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

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

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

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

    Don’t miss

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

    Home insurance crisis

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

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

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

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

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

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

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

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

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

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

    Ways to protect yourself

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

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

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

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

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

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

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

    Invest in property without owning it

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

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

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

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

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

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

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

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

    What to read next

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

  • This 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

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    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. However, budgeting can be challenging, especially when trying to track multiple accounts and daily expenses simultaneously. Monarch Money’s expense tracking system simplifies the process.

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

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

    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.

    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.

    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 about to graduate high school and I always thought my wealthy parents would pay for college — but now they’re telling me having student loans will be character building. What do I do?

    I’m about to graduate high school and I always thought my wealthy parents would pay for college — but now they’re telling me having student loans will be character building. What do 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.

    Imagine you’re a high school senior nearing graduation and eyeing the start of your college career. You have the grades to get into a good school but fall short of earning a full scholarship.

    However, your parents are well-off and can afford to pay for your schooling, so you always figured money wouldn’t be an issue, right? Until one day they drop the bombshell: College costs will be your responsibility.

    Don’t miss

    It turns out they have nothing saved up for your education, and suggest that taking out student loans and managing debt will build accountability and financial smarts.

    Is that true, or are your parents just throwing you to the wolves?

    How to prepare

    It’s no secret that college costs in the U.S. are high these days. The average cost for undergraduate students — including books, supplies and living expenses — stands at $38,270 per student each year, according to the Education Data Initiative. Stripped down to tuition alone, the average cost of attending college in-state is $9,750, while out-of-state tuition costs $28,386.

    Keep in mind, there are plenty of scholarships that don’t focus on grades or income. Explore receiving awards based on community service, job experience and extracurricular activities to secure extra funding.

    Getting a part-time job to chip away at loan costs upfront can also save you money over time. Try to get in as many hours as you can over the summer, and pick up a student job once you get to school. Even if you’re not eligible for a federal work-study, many universities offer traditional part-time roles that can fit around your class and exam schedule.

    And if you do need to take out loans, consider opting for federal loans first before private loans, as interest rates are typically lower, and they often don’t require parents to cosign.

    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

    Conversations about college

    Conversations between parents and children about financial expectations for college can help prepare everyone to navigate expenses, and maybe save some family relationships.

    Parents should be direct and honest about what help they plan to offer. Talk about what will be contributed, and determine if any of it will be expected to be paid back. Having this conversation ahead of time so everyone can prepare will lessen the strain and stress.

    Make sure to ask your parents to help you fill out the FAFSA form. Even if their income disqualifies you from need-based aid, you may still be eligible for federal loans. Plus, it can be beneficial to have a FAFSA application on file if applying for anything else.

    Federal student loans also don’t typically cover the whole cost of college — including your housing, food, utilities and more. In order to cover your entire tuition, consider a private student loan to bridge the gap between federal student loans, scholarships and any grants you may receive. College Ave can help you secure a private student loan at the lowest available rate for you.

    Plus, it’s easy to apply. You can start the application and choose from a few options, like becoming a borrower as your parents’ dependent.

    Parents can also sign on as the guarantor for your student loan. They can be approved with an instant credit decision, and the whole process can be completed in as little as three minutes — a major time-saving bonus considering how much planning, packing and shopping you’ll need to do before September rolls around.

    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.