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Author: Moneywise

  • 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.

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    “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: 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

    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 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.

    What to read next

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

  • Do you rely on your monthly Social Security check to get by? Here are 3 simple money moves for US seniors during Trump’s presidency

    Do you rely on your monthly Social Security check to get by? Here are 3 simple money moves for US seniors during Trump’s presidency

    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.

    Many Americans are heavily reliant — even solely reliant — on their Social Security benefit to get by in retirement.

    More than half of non-retired Americans (53%) expect to rely on their benefit to “pay their necessary expenses once they retire,” according to a survey from Bankrate. This includes 28% of Americans who expect to be “very reliant.” Of those already retired, 77% say they rely on Social Security for necessary expenses.

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    President Trump has promised to protect Social Security, but has also floated the idea of cutting taxes on Social Security benefits. This means baby boomers could get a bump in the short term, but experts predict this could speed up its insolvency.

    So, no matter what happens (or doesn’t happen), it may be a good time to take control of the reins for your retirement.

    Here are three money moves you can consider that will possibly provide more financial stability in retirement and reduce your reliance on Social Security.

    1. Max out your retirement savings

    Some financial experts, like founder of Financial Samurai Sam Dogen, say you should aim to max out your tax-advantaged retirement vehicles. “Hopefully, it’s something that becomes automatic, and you’re not going to touch it until you’re 59½,” he said to CNBC. This will help you set yourself up for a comfortable retirement.

    However, as Dave Ramsey’s Ramsey Solutions points out, you should avoid doing this if you’re still getting out of debt, don’t have money saved for emergencies or are saving up for other financial goals.

    Only 15% of private sector workers had access to a defined benefit retirement plan as of 2023, according to the U.S. Bureau of Labor Statistics. 67% have access to a defined contribution plan, such as a 401(k). For those who don’t have access to either, there are other options available to help you save.

    For example, an individual retirement account (IRA) is a tax-advantaged savings account that can help you save for retirement. With a traditional IRA, contributions are tax-deductible; you pay taxes upon withdrawal – ideally when you’re in a lower tax bracket. With a Roth IRA, you pay the taxes upfront, but investment growth and withdrawals are tax-free once you reach age 59½. For 2025, the contribution limit is capped at $7,000 (or, if you’re 50+, at $8,000), and you have until Tax Day in April to top it up.

    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.

    2. Capitalize on lower taxes — while you still can

    In 2017, the Trump Administration passed the Tax Cuts and Jobs Act (TCJA). While this law is complex, it essentially provided for a number of tax breaks and deductions, many of which are scheduled to sunset in 2025. However, President Trump has said he plans to extend these tax cuts.

    In the meantime, it may make sense for you to convert a tax-deferred retirement account into a Roth IRA if you expect the tax rate on the converted amount to be higher in the future.

    “One reason to consider a Roth conversion this year or next: Without further action from Congress, tax rates are set to rise with the sunsetting of the 2017 Tax Cuts and Jobs Act at the end of 2025,” according to Fidelity. “Although the new administration and many Congressional Republicans support an extension of the current lower tax rates, record debt and deficits could complicate a full extension.”

    “In the meantime, a Roth conversion at current lower rates could reduce taxes on the conversion, and allow for qualified distributions in retirement that are tax-free.”

    This should be done over time so you don’t end up getting bumped into a higher tax bracket. Whether this strategy is right for you depends on your financial situation, so it’s worth talking to a financial advisor about your options for capitalizing on lower taxes.

    With Vanguard, you can connect with a personal advisor who can help assess how you’re doing so far and make sure you’ve got the right portfolio to meet your goals on time.

    Vanguard’s hybrid advisory system combines advice from professional advisers and automated portfolio management to make sure your investments are working to achieve your financial goals.

    All you have to do is fill out a brief questionnaire about your financial goals, and Vanguard’s advisers will help you set a tailored plan, and stick to it.

    Once you’re set, you can sit back as Vanguard’s advisors manage your portfolio. Because they’re fiduciaries, they don’t earn commissions, so you can trust that the advice you’re getting is unbiased.

    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. Contribute to an HSA

    Even with Medicare, retired Americans can expect to spend a chunk of money on healthcare throughout their golden years. Medicare doesn’t cover premiums or deductibles and other out-of-pocket costs, nor does it cover long-term care.

    For example, a 65-year-old retiring in 2024 can expect to spend an average of $165,000 in health care and medical expenses throughout retirement, according to Fidelity’s annual Retiree Health Care Cost Estimate. Unfortunately, Fidelity research found the average American estimates these costs will be about $75,000 — less than half the amount it calculated.

    If you’re relying on Social Security to get by, unexpected medical costs could leave you stretched thin. One way to save for these additional costs in retirement is to enroll in an eligible High Deductible Health Plan (HDHP) and open a Health Savings Account (HSA).

    An HSA has three big tax benefits: contributions are tax-deductible, the money can be spent tax-free for qualifying healthcare expenses and any investment growth in your account is tax-free.

    You cannot contribute to your HSA once you enroll in Medicare at age 65, so you may want to max out contributions to your HSA until then.

    “While your HSA can’t pay your premiums, it exists as an emergency fund for health care, and maxing it out can leave you better prepared for large out-of-pocket medical bills,” says Experian author Emily Starbuck Gerson. “There is a risk of saving more than you need, and later wanting that money for other purposes. You can’t withdraw that money penalty-free until after age 65, and even then, you’ll still owe taxes on non-qualified expenses.”

    Many people combine the benefits of an HSA with a traditional health insurance policy to manage their health care expenses.

    But searching through numerous websites to find the most affordable health insurance can be overwhelming.

    With U65 Health Insurance, however, you can quickly compare rates from various providers and get the cheapest quote in less than five minutes.

    Finding an affordable health insurance policy through U65 Health Insurance is easy, fast and free. They cover any American under the age of 65, including those who might have pre-existing health conditions.

    What to read next

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

  • A single high school class can boost a teen’s lifetime wealth by $100,000 — but most kids aren’t taking it. Here’s what they’re missing

    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 plenty of studies show the link between financial knowledge and financial success, a recent report puts a price tag on it: $100,000.

    A study from consulting firm Tyton Partners and nonprofit Next Gen Personal Finance found that taking just one personal finance class in high school leads to an average lifetime benefit of about $100,000 per student. And that number may be conservative, according to CNBC.

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    “We say it’s $100,000, but as we start to see more and more young people investing, that number is only going to increase,” said Tim Ranzetta, co-founder and CEO of Next Gen Personal Finance, a nonprofit that provides middle and high school students with financial education.

    Much of the value comes from making smarter money decisions — like avoiding high-interest credit card debt, qualifying for lower-cost loans and improving credit scores. But investing may be the most powerful lesson of all.

    The personal finance learning gap persists

    Learning how to navigate the financial markets can pay off for decades.

    “Teaching students about the financial markets is the greatest asset for building wealth,” said Yanely Espinal, director of educational outreach at Next Gen, in an interview with CNBC.

    A recent report found that roughly 70% of teens think saving for retirement is something they can think about later. At the same time, 80% of teens have never heard of a FICO score or don’t understand what it means.

    But some states are trying to close the gap. As of March 2025, 27 states require high school students to take a personal finance course before graduating.

    “The issue isn’t that we don’t have teachers,” said John Pelletier of Champlain College. “What we don’t have is highly trained teachers because it is an orphan curriculum.”

    Pelletier estimates the U.S. would need at least 23,000 trained educators to teach all 9.2 million public high school students in required-course states.

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

    How to start your personal finance journey

    Even if your school doesn’t offer a course — or if you graduated from high school a long time ago — it’s never too late to learn the basics about money management and investing. Here’s where to start:

    Learn how to make and stick to a budget

    The simplest step is to track your income and expenses — how much do you make and how much do you spend? Paying attention to where your money goes is the first step, and you can use a budget tool like Monarch Money to improve your understanding of your financial state.

    This financial management platform is a go-to for budgeting, tracking spending, and planning for the future. The all-in-one tool even helps you track investments and offers personalized advice so you can feel confident about your money. You can also feel confident about sharing your financial data with Monarch Money — the app is protected by Plaid for secure data integration, and employs multi-factor authentication at login, so you can keep your accounts safe.

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

    Create an emergency fund

    Start saving as much as you’re able each month, with the goal of saving up six months of expenses. Put it in a high-yield savings account, where you’ll earn a higher interest rate.

    The Wealthfront Cash Account is a great option for your emergency fund, designed for those seeking a reliable and safe high-yield savings plan. It offers a 4.00% APY — 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.

    To help you get started, Wealthfront is offering an extra $30 if you deposit $500 or more in your first account.

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

    You can also browse our list of the Best High-Yield Savings Accounts of 2025 to compare your options and start building your emergency fund.

    Even if it takes years to save up enough, this is the first step to building financial health. When crises arise, you’ll have savings to fall back on instead of relying on loans or credit cards that can create a spiral of debt.

    Read the (financial) classics

    Books are a simple, affordable way to start your education. Visit the library and pick up books like The Millionaire Next Door, The Simple Path to Wealth, and Die with Zero. These books offer a well-rounded explanation of how markets work and how to start building long-term wealth.

    Start investing early

    If you’re working, look into Roth IRAs. These tax-advantaged savings accounts can help you start saving for retirement — and the earlier you start, the more time it’ll have to grow. Experts recommend saving 10 to 15% of your income in a retirement account in your 20s, but max it out if you’re able. Also, do some research on index funds, as they tend to be less risky than buying separate stocks.

    If you’re intimidated by the world of investing, Acorns is one of the simplest ways to begin. This automated investing and saving platform streamlines the process of saving and investing by tying saving to spending.

    When you sign up and link your bank account, Acorns automatically rounds up the price of each of your purchases to the nearest dollar, depositing the difference into a smart investment portfolio for you. This way, you can grow your wealth without even thinking about it.

    Use reputable sources to learn

    There are plenty of social media influencers who claim to teach financial literacy, but many of them promote risky strategies like crypto or day trading. Free sites like Next Gen Personal Finance, NerdWallet and the Consumer Financial Protection Bureau offer accessible tools and courses.

    And, parents — start teaching your kids about finance early. By age six, most kids can understand simple finance concepts like buying wants rather than needs and sticking to a budget. Closing the financial literacy gap starts at home.

    What to read next

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

  • ‘Trump is steering our economy toward disaster’: Experts warn of stagflation, trade wars and a gutted SSA. Here are a few money moves you can make right now to protect your retirement

    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 talk of trade wars, fear of stagflation and slashes to Social Security staffing, you might be justifiably concerned about your retirement savings — especially if you’re one of thousands of federal workers now without a job.

    “The level of tariff increases announced so far is significantly larger than anticipated, and the same is likely to be true of the economic effects, which will include higher inflation and slower growth,” Jerome Powell, the chair of the Federal Reserve, said at the Economic Club of Chicago in April 2025.

    “Both survey and market-based measures of near-term inflation expectations have moved up significantly, with survey participants pointing to tariffs.”

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    Powell isn’t alone in his concern. Almost nine-in-ten (89%) of U.S. adults anticipate price increases as a result of President Donald Trump’s tariff policy, according to a new Gallup poll. What’s more, the Federal Open Market Committee (FOMC) — the policy-making wing of the Federal Reserve System — is also concerned about the short-term effects of Trump’s economic policies.

    Economists are warning of stagflation

    Thanks to Trump’s aggressive economic policies, there’s now fear of stagflation — simultaneous slow economic growth and elevated inflation — hitting the U.S. economy.

    “The Federal Reserve’s projections confirm what millions of Americans are already thinking: President Trump is steering our economy toward disaster,” said Alex Jacquez, chief of policy and advocacy at non-profit think tank Groundwork Collaborative, in response to the latest Fed projections.

    American optimism about their financial prospects fell for the fourth straight month in April, according to the University of Michigan’s Consumer Sentiment Report. Consumer expectations — gauging American attitudes towards the future — have tumbled by 32% since January, in the steepest three-month decline since the 1990 recession.

    Combined, these bleak figures suggest Americans believe things won’t get better any time soon.

    “Launching chaotic trade wars with our allies and gutting Social Security, Medicaid and other vital programs in order to fund tax breaks for his billionaire donors isn’t making life more affordable for working-class families,” Jacquez said.

    “It is, however, a perfect recipe for stagflation.”

    While other economists and industry-watchers are more guarded in their assessments, many agree that Trump’s policies could lead to a period of stagflation.

    Richard Clarida — global economic advisor at Pacific Investment Management Company and former Federal Reserve vice-chairman — told Bloomberg that there’s “already at least a whiff of stagflation right now” in the U.S.

    3 steps to take if you’re saving for retirement

    Prepare for shocks

    A clean balance sheet is one of the best steps you can take to brace for market impact.

    This starts with paying down any debt, reviewing your insurance and assessing your emergency fund. In the current climate this is especially important for Federal Employees who may experience downsizing. At least 120,000 federal employees have been let go, according to an analysis conducted by CNN. Notably, this already high figure doesn’t include those on administrative leave or who accepted buyouts.

    If building a nest egg sounds difficult under these conditions, Acorns is here to help to make saving and investing less daunting.

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

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

    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

    Ramp up your savings

    Once you get your feet underneath you, it’s time to start growing your wealth in earnest and ramping up your saving strategy.

    A good place to start is maxing out any employer contributions to your 401(k). If you’re over 50, take advantage of top-up provisions for your retirement accounts.

    Given the shaky start to 2025’s markets, it may also be worth considering inflation-resistant investments, such as gold. While the S&P 500 has had a volatile last six months, the price of gold breached $3,000 per ounce in April.

    To capitalize on gold’s growth potential while also securing tax advantages, one option is opening 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, thereby combining the tax advantages of an IRA with the protective benefits of investing in gold against economic uncertainties. When you make a qualifying purchase with Priority Gold, you can receive up to $10,000 in free silver.

    Revisit your investments

    Once you’ve established a solid foundation it’s time to start thinking long-term.

    Talking to your financial advisor about how to get the most for your money is a key step to securing your golden years, a college fund for your kids or paying down a mortgage quickly.

    With Vanguard, you can connect with a personal advisor who can help assess how you’re doing so far and make sure you’ve got the right portfolio to meet your goals on time.

    Vanguard’s hybrid advisory system combines advice from professional advisers and automated portfolio management to make sure your investments are working to achieve your financial goals.

    All you have to do is fill out a brief questionnaire about your financial goals, and Vanguard’s advisers will help you set a tailored plan, and stick to it.

    Once you’re set, you can sit back as Vanguard’s advisors manage your portfolio. Because they’re fiduciaries, they don’t earn commissions, so you can trust that the advice you’re getting is unbiased.

    What to read next

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

  • Can’t get rich in America with just your 9-to-5? Here are 5 simple steps to start building real wealth in 2025

    Can’t get rich in America with just your 9-to-5? Here are 5 simple steps to start building real wealth 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.

    Many dream of financial freedom but feel trapped in their 9-to-5 grind. The good news? It’s possible to build wealth and secure your future — even on a modest income.

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    British entrepreneur and personal finance expert Mark Tilbury, with more than 12 million followers across YouTube, Instagram and TikTok, recently shared his five-step roadmap to financial independence.

    Tilbury’s approach isn’t about overnight success; it’s about discipline, effort and time. Here’s how it can transform your financial life.

    Define your ‘freedom figure’

    The journey starts with setting a clear financial goal — your “freedom figure.” This is the amount you’d need to live comfortably without relying on a traditional job. It serves as both motivation and a guide.

    Or in other words, how much will it take to be able to retire early and sustain your lifestyle?

    Actually figuring out how much you need to retire can be challenging. Americans aged 18 and older estimate they’ll need approximately $1.26 million to retire comfortably — a 20% increase from the $1.05 million reported in 2021, according to Northwestern Mutual.

    Finding your financial footing is tough, but a good advisor can help define your freedom figure to help you retire comfortably

    With Vanguard, you can connect with a personal advisor who can help assess how you’re doing so far and make sure you’ve got the right portfolio to meet your goals on time.

    Vanguard’s hybrid advisory system combines advice from professional advisers and automated portfolio management to make sure your investments are working to achieve your financial goals.

    All you have to do is fill out a brief questionnaire about your financial goals, and Vanguard’s advisers will help you set a tailored plan, and stick to it.

    Once you’re set, you can sit back as Vanguard’s advisors manage your portfolio. Because they’re fiduciaries, they don’t earn commissions, so you can trust that the advice you’re getting is unbiased.

    Optimize your spending

    Once you have your goal, the next step is to optimize spending and find ways to save without sacrificing your quality of life. Tilbury suggests a few practical strategies:

    Car hacking: When you’re shopping for a new car, buy one used instead of new to avoid steep depreciation, and don’t forget to factor in monthly insurance expenses while budgeting.

    With OfficialCarInsurance, you can compare rates offered on auto insurance policies by reputable providers near you in just two minutes. Get started for free, and find auto insurance rates as low as $29/month.

    Brand hacking:* Swap pricey name-brand products for generic alternatives with comparable quality.

    House hacking: Rent out a room or basement in your home to offset mortgage costs and build equity faster. Lower your home insurance expenses by shopping around and comparing rates for free with OfficialHomeInsurance. Shopping around for the lowest possible cost can help you save roughly $482 per year.

    Tax hacking: Maximize deductions and credits to lower your tax bill, freeing up more cash for investments.

    Deal hacking: Try adopting a negotiator’s mindset. You may not be able to change the price on everything, but many purchases — vehicles, retail goods and even your internet bill — can be negotiated if you’re willing to engage the seller. Asking for discounts can lead to surprising savings.

    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

    Build your credit

    A good credit score is essential for accessing favorable interest rates on loans, mortgages and credit cards. Building and maintaining a strong credit score can save you thousands of dollars over time.

    The first rule is to make all your payments on time, including credit cards, loans and utility bills. Late payments can negatively impact your credit score. Paying down outstanding debts — such as credit card balances or student loans — will improve your debt-to-income ratio, an important factor in your credit score.

    If you have significant debt and are struggling to boost your credit score consider consolidating your outstanding loans into a single loan at an ideally lower interest rate. This way, you don’t have to worry about managing multiple deadlines or accumulating a host of different interest charges.

    If you’re struggling to pay down your debts, there are a few things you can do that might boost your financial situation..

    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.

    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. Terms and Conditions apply.

    Diversify your income

    Relying solely on a single paycheck is risky. Diversifying your income streams can accelerate your path to financial independence.

    Tilbury recommends starting a side hustle, like freelancing or selling a product based on your skills or passions. Multiple income sources reduce financial vulnerability and can help you save or invest more aggressively.

    Make your money work for you

    Tilbury’s final step is to put your money to work. Investing is key to growing wealth over time and achieving financial freedom. Look for opportunities where you can park your hard-earned money in assets that offer passive income streams like:

    Dividend-paying stocks: These provide regular income while allowing your investment to grow.

    Rental properties: Real estate can generate consistent cash flow and build long-term equity. Crowdfunding platforms like Arrived can help you invest in quality single-family homes and vacation rentals with just $100 — and you don’t even have to be a landlord.

    The best part? You can generate passive income in two ways with Arrived. You can receive monthly dividend payouts from rental income generated and any capital gains if the property is sold at the end of the hold period.

    Peer-to-peer lending: Platforms that facilitate loans between individuals can offer attractive returns.

    What to read next

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

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

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

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

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

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

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

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

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

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

    Getting more from Social Security

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

    Delay claiming benefits

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

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

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

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

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

    Consider the tax consequences

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

    With Vanguard, you can connect with a personal advisor who can help assess how you’re doing so far and make sure you’ve got the right portfolio to meet your goals on time.

    Vanguard’s hybrid advisory system combines advice from professional advisers and automated portfolio management to make sure your investments are working to achieve your financial goals.

    All you have to do is fill out a brief questionnaire about your financial goals, and Vanguard’s advisers will help you set a tailored plan, and stick to it.

    Once you’re set, you can sit back as Vanguard’s advisors manage your portfolio. Because they’re fiduciaries, they don’t earn commissions, so you can trust that the advice you’re getting is unbiased.

    Explore other investments and savings vehicles

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

    Read more: 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

    Investing

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

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

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

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

    With risk-adjusted internal returns ranging from 12% to 18%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets.

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

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

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

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

    Saving

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

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

    What to read next

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

  • ‘What we’re doing is very big’: Trump says he won’t rule out a recession — here are 3 simple strategies to help keep your finances safe in a downturn

    ‘What we’re doing is very big’: Trump says he won’t rule out a recession — here are 3 simple strategies to help keep your finances safe in a downturn

    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.

    Sometimes what leaders don’t say speaks the loudest. So, when U.S. President Donald Trump refused to rule out a recession amid a wave of price-increasing tariffs and stubborn inflation, it sent a clear message: economic pain might be part of the plan, whether America wants it or not.

    “I hate to predict things like that,” Trump said when asked by Fox News host Maria Bartiromo about a recession in a March interview. “There is a period of transition because what we’re doing is very big. We’re bringing wealth back to America. That’s a big thing … it takes a little time, but I think it should be great for us."

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    That framing has hit a nerve. After all, recessions are more than abstract economic concepts: They mean job losses, tightened budgets and financial stress for millions. Here’s how to protect yourself.

    Diversify your investments — smartly

    If recession fears become reality, diversified investments can shield your savings from significant losses. Rather than placing all your financial eggs into one basket, consider spreading your assets across multiple investment types.

    Gold

    Gold is often seen as a ‘safe haven’ investment during times of economic volatility. For starters, that’s because it holds physical value. Just like any other investment, gold’s had its ups and downs, but in the long run it’s proven its weight.

    Priority Gold offers a straightforward way of investing through a precious metal IRA, with options to buy and hold gold or silver in your account.

    It comes with a simple and quick account setup process when you open an account by phone. If you’d like to convert an existing IRA into a gold IRA, Priority Gold also offers 100% free rollover, as well as free shipping, and free storage for up to five years.

    Qualifying purchases will even receive up to $10,000 in free silver.

    Alternative assets

    Art has a low correlation with stocks and bonds, which helps with diversification. But it’s not without drawbacks: fine art is an illiquid, high-risk asset whose value can be influenced by shifting tastes, trends and the art world’s inner circle. It also requires proper storage, insurance and care — adding to the cost and complexity.

    Investing in art was traditionally a privilege reserved for the ultra-wealthy.

    Now, that’s changed with Masterworks — a platform for investing in shares of blue-chip artwork by renowned artists, including Pablo Picasso, Jean-Michel Basquiat and Banksy. They charge a 1.5% annual management fee and receive 20% of the profit when a painting sells.

    It’s easy to use, and there have been 23 successful exits to date that have distributed roughly $61 million back to investors.

    Simply browse their impressive portfolio of paintings and choose how many shares you’d like to buy. Masterworks will handle all the details, making high-end art investments both accessible and effortless.

    New offerings have sold out in minutes, but you can skip their waitlist here. See important Regulation A disclosures at Masterworks.com/cd.

    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

    Trim non-essential spending and build savings

    In booming economies, it’s easy to overlook how quickly unnecessary expenses add up. When recession risks loom, now is the time to ruthlessly assess your spending habits.

    Audit your budget

    Go line by line and identify subscriptions, services or discretionary purchases you can either downgrade or eliminate entirely. Even essentials, like insurance, can cost less when you compare your options.

    OfficialCarInsurance.com makes that process easier than ever. They’ll ask you some quick questions that help determine your insurance, then sort through leading insurance companies in your area, ensuring you find the lowest rate possible. The process is 100% free and won’t affect your credit score.

    Let’s be realistic, though. You can’t cut back on everything. But with automated investing platforms, you’re saving every time you’re spending.

    Acorns, for example, rounds up every purchase on your credit or debit card up to the nearest dollar and invests the change in a smart investment portfolio.

    This way, the most essential spending translates to money saved for the future. Sign up now and you can get a $20 bonus investment.

    Boost your emergency savings

    Aim to build a safety net of three to six months’ living expenses. Cash reserves offer a vital buffer, keeping you afloat if your income is reduced or interrupted during a recession.

    Putting that money into a flexible, high-interest account can help make it work harder in the background.

    For example, you can open a high-yield checking and savings account with SoFi and earn up to 3.80% APY. Plus, SoFi charges no 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.

    Prioritize paying down high-interest debt

    High-interest debt can become crushing when economic conditions tighten. As borrowing rates spike during a recession, carrying significant debt can rapidly spiral out of control. Therefore, prioritizing debt repayment now is a critical protective step.

    If possible, consider refinancing high-interest loans into lower-interest options, reducing your monthly payments and overall debt burden.

    One way to start regaining control is by tapping into your home’s 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.

    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.

    What to read next

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

  • US Treasury Secretary Scott Bessent claims American economy has become ‘hooked’ and ‘addicted’ to excess government spending — warns of ‘detox period.’ 3 ways to shockproof your portfolio

    US Treasury Secretary Scott Bessent claims American economy has become ‘hooked’ and ‘addicted’ to excess government spending — warns of ‘detox period.’ 3 ways to shockproof your portfolio

    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 much of last year, President Donald Trump promised “extraordinary” economic benefits from his policies and “the brightest economic future the world has ever seen” for the country. But just months into his second term, the administration is asking Americans to brace for an economic dip instead.

    Don’t miss

    In a recent interview on CNBC’s Squawk Box, Treasury Secretary Scott Bessent warned that the ongoing efforts to cut back government spending would negatively impact the economy. “The market and the economy have become hooked, become addicted, to excessive government spending and there’s going to be a detox period,” he said.

    The impact of the ‘detox period’ may already be unfolding

    At the end of 2024, government expenditures as a percentage of gross domestic product was 34%.

    However, despite the efforts of Elon Musk to cut costs via the so-called Department of Government Efficiency, there is little evidence that government spending has been reigned in. The federal budget deficit hit $1.3 trillion in March — 15% higher than the same time last fiscal year.

    While federal government revenues have risen 3% year-over-year last month, total spending increased by 7%. All told, the government is still spending a huge amount of money.

    Meanwhile, tariff-driven uncertainty has caused the stock market to record the most volatile week ever during the second week of April. Plus, JPMorgan & Chase raised the odds of a recession from 40% to 60% earlier this month.

    Such drops suggest that the only thing this “detox” is eliminating is economic optimism. Here are three ways you can prepare your portfolio for the ongoing fallout.

    Gold

    In times of uncertainty and volatility, investors often consider gold to be a safe haven. Amid the recent market turmoil, gold has been regaining steam over the last few months, trading above $3,000 per ounce.

    With more uncertainty looming, JPMorgan predicts an ounce of gold could reach an average price of $3,675 by the end of 2025, and $4,000 by the second quarter of 2026.

    Adding a little gold exposure to your portfolio could help insulate your wealth.

    You can do so by opening a gold IRA with the help of Priority Gold. This way, you can combine the recession-resistant nature of gold and the tax advantages of an IRA.

    Opening a gold IRA with Priority Gold is easy — especially if you already have an existing IRA. They offer 100% free rollover, as well as free shipping and free storage for up to five years.

    Qualifying purchases can also receive up to $10,000 in free silver.

    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.

    To learn more about how Priority Gold can help you grow your retirement nest egg, download their free 2025 gold investor bundle.

    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

    Inflation-linked treasuries

    While consumer confidence is dropping, expectations of inflation are rising. Consumers surveyed by the University of Michigan said they expect 4.9% inflation in the year ahead, while their long-term inflation expectations have jumped from 3.5% to 3.9%, the highest level in 32 years.

    Luckily, the government offers Treasury Inflation Protected Securities, or TIPS, which are designed to protect investors against inflation. For investors worried about the cost-of-living or those living on fixed income, these special treasuries could offer a safe place to park cash.

    But note that if you need to access your money in the event of an emergency, you have to sell them in the bond market. While U.S. Treasuries are quite liquid, selling them when the prices are down could lead to losses.

    Instead, consider opening a high-yield savings account. These accounts typically offer yields significantly higher than the average yields on traditional savings accounts.

    To compare your options and find one that suits your needs, check out Moneywise’s best high-yield savings accounts of 2025 list.

    Alternative assets

    Despite the 90-day pause on tariffs and increasing calls for trade agreements, the U.S. has yet to reach finalized deals with its major trading partners. As the broader market uncertainty impacts stocks and bonds, investing in alternative assets like real estate and art might help diversify your portfolio.

    If you want to invest in real estate but don’t want to take on too much risk, consider tapping into the $36 trillion home equity market.

    Homeshares’ U.S. Home Equity Fund is allows accredited investors to gain direct exposure to hundreds of owner-occupied homes in top cities across the country.

    Homeshares enters into home equity agreements (HEAs) with the property owners, which typically have built-in downside protection. Because HEAs only represent 25% to 35% of the property’s total value, there’s significant return potential at reduced risk levels.

    With risk-adjusted target returns ranging from 14% to 17%, the U.S. Home Equity Fund could unlock lucrative real estate opportunities — without the headaches of buying, owning, or managing property.

    This approach provides an effective, hands-off way to invest in high-quality residential properties, plus the added benefit of diversification across various regional markets – with a minimum investment of $25,000.

    Another option for diversification is investing in art – which has almost zero correlation with stocks. Bluechip contemporary art has outperformed the S&P 500 index by 43% between 1995 and 2024.

    Investing in art was once reserved for the ultra-wealthy, but Masterworks has changed that by enabling retail investors to invest in blue-chip art from the likes of Banksy, Basquiat, and Picasso. From their 23 exits so far, investors realized representative annualized net returns like 17.6%, 17.8%, and 21.5% (among assets held for longer than a year).

    It’s easy to get started with Masterworks, and you can even skip the waitlist with this link.

    What to read next

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

  • Warren Buffett used to think that ‘predicting’ the stock market was the most important thing in investing — until 1 book changed his life forever. Here’s the real key to long-term gains

    Warren Buffett used to think that ‘predicting’ the stock market was the most important thing in investing — until 1 book changed his life forever. Here’s the real key to long-term gains

    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.

    Warren Buffett is one of the most renowned investors of our time. So, it’s easy to forget that he was once a beginner too.

    Buffett claims he bought his first stock at age 11, then spent eight years focusing on stock price movements instead of studying the underlying companies.

    Don’t miss

    “I had the whole wrong idea,” Buffett said in a 2022 interview with journalist Charlie Rose. “I thought the important thing was to predict what a stock would do and predict the stock market.” But when Buffett was 19 or 20 years old, he read a book that would change his perspective forever: “The Intelligent Investor” by Benjamin Graham.

    Instead of charting stocks or "stock picking," Graham advocated for the valuation of underlying companies. He theorized that stock prices eventually follow a company’s financial performance. This simple philosophy shifted Buffett’s view on investing forever.

    “I realized that I was doing it exactly the wrong way,” Buffett said. “I rejiggered my mind when I read the book.”

    This philosophy has worked for Buffett, but not everyone has time to read 500 pages of financial analysis a day. Here are three ways to level up your investing depending on how much time you have.

    Do your research

    Buffett once famously said that he reads 500 pages a day. While this might not be what every investor needs to do, you should think about spending more time with news and analysis from reputable sources.

    Buffett’s approach favors analysis based on understanding the companies you’re investing in, their industry, and the forces impacting their potential for growth. However, technical analysis — focusing on the numbers — also has a place for the modern investor.

    When you learn to balance both data and investment philosophy, you’ll be well on your way to becoming a savvy market player. In short: where you get your stock market info from matters.

    With Moby, you can get advice from expert former hedge fund analysts, with a 30-day money-back guarantee. In four years, across almost 400 stock picks, Moby’s recommendations have beaten the S&P 500 by almost 12% on average.

    Moby’s team spends hundreds of hours sifting through financial news and data to provide you with stock and crypto reports delivered straight to you. Their research keeps you up-to-the-minute on market shifts and can help you reduce the guesswork behind choosing stocks and ETFs.

    Plus, their reports are easy to understand for beginners, so you can become a smarter investor in just five minutes.

    Trust the experts

    Aside from doing your own research, it can pay to invest in professional advice.

    Even Buffett surrounded himself with knowledgeable advisors at Berkshire Hathaway. Everyone has areas of expertise, but no one knows everything.

    With this in mind, an expert advisor can help you raise your game. As Buffett once said, “Pick out associates whose behavior is better than yours and you’ll drift in that direction.”

    “In looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And if they don’t have the first, the other two will kill you.”

    With Vanguard, you can connect with a personal advisor who can help assess how you’re doing so far and make sure you’ve got the right portfolio to meet your goals on time.

    Vanguard’s hybrid advisory system combines advice from professional advisers and automated portfolio management to make sure your investments are working to achieve your financial goals.

    All you have to do is fill out a brief questionnaire about your financial goals, and Vanguard’s advisers will help you set a tailored plan, and stick to it.

    Once you’re set, you can sit back as Vanguard’s advisors manage your portfolio. Because they’re fiduciaries, they don’t earn commissions, so you can trust that the advice you’re getting is unbiased.

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

    A ‘set it and forget it’ approach

    While keen investors may be willing to spend the time to learn the markets, many investors can be better off with a passive approach.

    "In my view, for most people, the best thing to do is own the S&P 500 index fund,” Buffett once said.

    "The trick is not to pick the right company. The trick is to essentially buy all the big companies through the S&P 500 and to do it consistently and to do it in a very, very low-cost way.”

    A passive approach might not produce spectacular wins, but it can be a low-risk option for the investor who is simply looking to build a reliable nest egg for retirement.

    If you’re totally new to investing and are looking for a simple way to get into the market you may not realize you can get started for pennies on the dollar.

    One option is Acorns, an automated saving platform that can smooth out your investment process.

    How it works is simple: Sign up and link your bank account then Acorns will automatically round up each of your purchases to the nearest dollar, depositing the difference in a smart investment portfolio.

    That morning coffee for $4.50? With Acorns you’ve just squirreled away 50 cents for your portfolio. Over a year these contributions can add up, especially if combined with more conscious investing.

    Plus, if you sign up today, you can get a $20 bonus.

    What to read next

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

  • ‘I learned the hard way’: Dave Bautista said his house was foreclosed on and he ‘lost everything’ after leaving WWE — but got the ‘best’ money advice from ‘The Undertaker’

    ‘I learned the hard way’: Dave Bautista said his house was foreclosed on and he ‘lost everything’ after leaving WWE — but got the ‘best’ money advice from ‘The Undertaker’

    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.

    Dave Bautista is among the few professional wrestlers who successfully transitioned to a career in Hollywood. Millions of fans followed his journey from the ring to the silver screen, yet they may be unaware of his struggles with money.

    “I came out of wrestling – I literally lost everything. My house got foreclosed on,” he shared in an interview with YouTube’s School of Hard Knocks posted on Sept. 29.

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    Bautista, who was known as "Batista" in the WWE, credits fellow wrestler Mark “The Undertaker” Calaway with helping him realize one of the secrets to financial success is living below your means.

    “[It was] the best advice that I ever got,” Bautista said. “I learned the hard way.”

    But you don’t need to be an ultra-high earner to see the wisdom in Calaway’s advice. Here’s how you can use this basic principle to boost your financial position.

    Prioritize needs over wants

    Differentiating between what’s necessary and what’s simply tempting is a key part of living within your means. Bautista agrees.

    “I know I can live more lavishly, more luxuriously,” he said. “That money in the bank means more to me than something I don’t really need.”

    By resisting indulgences, you could limit your chances of overspending and overborrowing, putting you on a clearer path to financial freedom. But it’s easier said than done. According to a survey conducted by Clever Real Estate, 74% of those surveyed reported having a spending problem, with 55% admitting that they often spend recklessly.

    If you find it difficult to stop overindulging, you can start by building savings habits into everyday spending. With Acorns, you can automatically invest spare change from your everyday purchases into a diversified portfolio of ETFs managed by experts at leading investment firms like Vanguard and BlackRock.

    For instance, if you buy a donut for $3.25, Acorns will round up the purchase to $4 and invest the change in a smart investment portfolio. So a $3.25 purchase automatically becomes a 75-cent investment into your future.

    Sign up today and get a $20 bonus investment.

    Add a margin of safety to your budget

    Sticking to a budget may seem like common sense, but 51% of Americans confessed to overspending to impress someone else, according to a 2024 survey commissioned by LendingTree. Among those who overspent to show off, 56% admitted it drove them into debt.

    Since it’s common to go over your budget, it makes sense to add a margin of safety. If you assume that all your expenses will be 10% to 15% higher, for example, you can limit the chances of overspending and relying on credit.

    In cases where exceeding your budget is a necessity rather than a compulsion, it pays to have an emergency fund to fall back on. Stashing away three to six months’ worth of expenses can help you stay afloat if your life takes a sudden financial downturn.

    If you’re looking for a way to grow your money steadily over time, a certificate of deposit (CD) could be a smart choice. CDs offer a fixed interest rate for specific terms, allowing your savings to grow more efficiently. Just keep in mind that if you need to withdraw your funds before the term is up, you’ll likely face a penalty fee.

    If you’re looking for safe, high-return options, certificates of deposit (CDs) are a great choice, and SavingsAccounts.com makes finding the best ones easy. Their comparison platform provides real-time data on CD rates and terms from various banks, offering tailored recommendations to maximize returns.

    Ideal for conservative savers and long-term planners, this tool simplifies the decision-making process, helping you grow low-risk, high-return investments without the stress.

    If you’re looking to build an emergency savings fund, a high-yield savings account is another possible place to begin. While the national interest rate average is an APY of 0.4%, online banks can offer you much more competitive returns – in some cases up to 10x more.

    You can check out the Moneywise list of the Best High-Yield Savings Accounts of 2025 and find an offer that fits with your savings goal.

    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

    Avoid or minimize credit

    Any form of credit can allow you to spend beyond your means. American households collectively had $17.94 trillion in debt as of the third quarter of 2024, according to the Federal Reserve Bank of New York. That includes $1.17 trillion in credit card debt — a record high.

    If you carry credit card debt from month to month, you’re not the only one. According to a November 2024 survey from Bankrate, nearly 53% of respondents were in credit card debt for at least one year. With rates averaging over 20%, it can pile on before you even realize it.

    Paying down debt — especially if it comes with a high interest rate — could put you on solid footing. One way to achieve this is to consolidate your debt using a home equity line of credit (HELOC).

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

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

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

    Terms and conditions apply. NMLS#1136.

    What to read next

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