News Direct

Author: Moneywise

  • ‘I’m working my butt off’: This 66-year-old works 11-hour days, has no savings or 401(k), and lives with roommates — here’s how to start building a nest egg ASAP

    ‘I’m working my butt off’: This 66-year-old works 11-hour days, has no savings or 401(k), and lives with roommates — here’s how to start building a nest egg 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.

    Maryann O’Connor, a single mom who adopted and raised three kids, envisioned a comfortable retirement. However, her reality tells a different story.

    Don’t miss

    “I’m working my butt off,” the 66-year-old told CBS News.

    O’Connor has no savings, 401(k) or even an emergency fund. She works two jobs, sometimes up to 11 hours a day.

    “It’s been a matter of life and death,” she said, reflecting on her financial struggles. “I [had hoped] to be retired, playing the piano again, just enjoying my life.”

    Instead, O’Connor sold her home and purchased a smaller one, which she shares with two other women.

    It’s increasingly common for Americans to continue working into their golden years. According to the Pew Research Center, approximately one-in-five Americans aged 65 and over were employed in 2023, a figure that has nearly doubled compared to 35 years ago.

    Saving for retirement isn’t just a good idea — it’s essential. And it’s never too late to start. Here’s how to begin building your nest egg.

    Track your expenses

    Data from the U.S. Census Bureau reveals a troubling trend: Nearly half of U.S. women aged 55 to 66 have no personal retirement savings. For men in the same age group the figure is only slightly lower at 47%.

    Smart financial planning — particularly for retirement — begins with knowing where your money goes. Track your spending for a full month and sort each expense into two categories: essential needs or discretionary purchases.

    However, budgeting can be challenging, especially when trying to track multiple accounts, food shopping and daily expenses simultaneously. Monarch Money’s expense tracking system can simplify this process for you.

    Monarch Money seamlessly connects all your accounts in one place, giving you a clear view of where you’re overspending. Whether you’re looking to save, invest or simply control your expenses, Monarch Money offers the tools to help you succeed. Plus, for a limited time, you can get 50% off your first year with the code MONARCHVIP.

    Working additional hours and years can greatly increase your retirement savings — but it’s important to approach it strategically.

    One easy way to make the most of these extra working hours is by automatically investing your spare change with Acorns.

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

    For example, when you spend $2.45 on coffee, Acorns will automatically invest the 55-cent difference. These small amounts can add up over time.

    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 a safety net

    While the allure of growing your nest egg through investments is strong, you might want to consider establishing a solid financial cushion first.

    CBS highlighted that O’Connor lacked the savings needed for an emergency — a situation many Americans face. Only 42% of American adults could handle an unexpected $1,000 expense with their savings, according to a U.S. News survey.

    An emergency fund is vital for financial security, helping you avoid debt during challenges like job loss, medical bills or car repairs. The ideal amount depends on your personal situation, but financial expert Dave Ramsey recommends saving enough to cover three to six months of living expenses.

    One way to grow your emergency fund is by using a high-yield savings account, which can offer returns up to 10 times higher than those of traditional banks. Unfortunately, over 82% of Americans are not taking advantage of this opportunity, according to CNBC.

    A healthy savings account balance gives you the means to fund your lifestyle, handle unexpected expenses and save for retirement. If you’re looking for the best bank for your savings, compare and select from the Moneywise list of the Best High Yield Savings Accounts of 2025.

    Wealthfront is another strong option to consider when it comes to growing your savings. While most traditional banks offer interest rates that barely register — sometimes as low as 0.01% APY — the Wealthfront Cash account offers a much higher 4.00% APY on deposits. That’s just about ten times higher than the national average of just 0.42% APY offered by traditional savings accounts.

    The account has no annual or maintenance fees and is insured by the Federal Deposit Insurance Corporation for balances up to $8 million. Plus, you can get started with as little as $1.

    Invest for retirement

    Investing plays a key role in retirement planning, helping your savings grow and compound over time.

    However, there are important factors to consider. The first is your investment horizon. Longer timelines allow for higher risk, while closer retirement dates call for safer investments.

    Understanding your risk tolerance is also crucial to ensuring your investments align with your comfort level and long-term goals.

    Investment options such as stocks, bonds, ETFs and mutual funds come with varying levels of risk and growth potential. Stocks offer high returns but are subject to volatility. Bonds provide more stability, though they can still be affected by interest rate changes. ETFs and mutual funds offer diversification, which helps spread out risk, but it’s important to factor in any fees.

    Real estate presents another reliable way to build wealth, offering steady income through rental properties and long-term appreciation. Thanks to modern crowdfunding platforms like Arrived, you don’t need to buy entire properties or have large amounts of capital to get started.

    Arrived allows you to enter the real estate market for as little as $100. It 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.

    If you’re looking for another safe-haven investment, gold could be a strong option. The precious metal breached $3,000 per ounce for the first time ever in April 2025. Moreover, J.P. Morgan is forecasting that gold could surpass $4,000 per ounce in 2026.

    You can take advantage of the long-term market potential of this precious metal by starting a gold IRA with help from Thor Metals.

    This can be a secure and stable investment option, enhancing diversification and safeguarding your cash value against economic uncertainties.

    Plus, you can get $20,000 in free precious metals with a qualifying purchase. Thor Metals offers expert guidance and secure storage of your precious metals assets in partnership with IRS-approved depositories.

    They also provide guides for investors to help you to better understand the market and make sound decisions about your investments. Get your free guide today to find out if a gold IRA is the right investment option for you.

    What to read next

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

  • Here’s 1 big money move that sets rich American retirees apart from other seniors — do it now to rocket up the wealth ladder

    Here’s 1 big money move that sets rich American retirees apart from other seniors — do it now to rocket up the wealth ladder

    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’s the secret to a wealthy retirement? It’s more than saving or investing earlier — though those help. The real game-changer, the move that separates the financially comfortable from the truly rich retirees, doesn’t involve a single trade or real estate deal.

    It all starts with a plan.

    Don’t miss

    “The biggest piece of advice for retirees is to create a financial plan before retiring,” Patrick Marcinko, a certified financial planner, told Nasdaq. “A good financial plan should provide peace of mind that you are on track for a successful retirement, financially.”

    Getting retirement right goes way past hoping for the best. It’s mapped out, and now we have evidence those plans can help retirees thrive while others are just getting by.

    How a financial plan drives your retirement

    Many retirees wonder if they’re saving enough or putting their money in the right places. A plan answers those questions with precision, showing you how to optimize your 401(k), IRA, or Health Savings Account (HSA) to take full advantage of tax benefits. It also ensures you’re not leaving money on the table when it comes to employer matches or overlooked savings opportunities.

    Next, it addresses your lifestyle. No two retirements are the same: Whether you envision traveling the world, downsizing to simplify your expenses or picking up part-time work, a financial plan aligns your income with your personal goals.

    It also prepares you for rising costs in critical areas like health care, which Fidelity estimates will cost the average 65-year-old retiring in 2024 around $165,000 over their lifetime. With medical expenses rivaling inflation — WTW’s Global Medical Trends Survey anticipates a 10.2% increase in U.S. medical costs in 2025 — planning ahead can mean the difference between staying afloat and struggling to cover basic needs.

    To make a rock-solid financial plan, you need an advisor you can trust. Finding a match is easy with Advisor.com — a platform that can connect you with a vetted professional best suited to your income level and portfolio.

    Just answer a few quick questions about yourself and your finances, then the online platform connects you with a vetted financial advisor in minutes. You can schedule an initial consultation for free and with no obligation to hire.

    Diversify your portfolio

    Risk management is another essential piece of the puzzle. A recent outlook from Morgan Stanley found that a diversified investment strategy is more likely to offer better risk-adjusted returns compared to familiar approaches like passive exposure to the S&P 500 Index. A financial advisor can also help you manage the right asset mix for your portfolio based on your risk profile, investing time horizon and financial goals.

    Diversification acts as a hedge against market downturns, economic uncertainty, future inflation spikes and even your own longevity.

    If you’re feeling shaky about the current state of the stock market, you can spread your risk by investing in commodities.

    Opening a gold IRA with the help of Thor Metals allows investors to hold physical gold or gold-related assets within a retirement account.

    You get the tax advantages of an IRA as well as 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, request a free information guide. It includes details on how to get up to $20,000 in free metals with qualifying purchases.

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

    Real estate investing

    Another investment that has a reputation for potential growth is real estate. It used to be cumbersome, costly and very admin-heavy, but no longer.

    Crowdfunding platforms like Arrived are making it easy to enter the real estate market for as little as $100.

    Their platform allows you to invest in shares of rental homes and vacation rentals without taking on the responsibilities of property management or homeownership.

    Simply browse a curated selection of homes, each vetted for their appreciation and income potential. Once you find a property you like, you can choose the number of shares you want to buy and start investing today.

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

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

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

    Accredited investors might also consider investing in commercial real estate.

    For years, direct access to this $22.5 trillion sector has been limited to a select group of elite investors — until now.

    First National Realty Partners (FNRP) allows accredited investors to diversify their portfolio through grocery-anchored commercial properties, without taking on the responsibilities of being a landlord.

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

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

    Fine art investing

    In times of economic uncertainty, alternative investments can be an appealing way to hedge your investments. One of the most attractive options is investing in fine art.

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

    Masterworks takes care of all the heavy lifting in art investment — from buying the paintings, to storing them, to selling them opportunistically for you — with no art experience required.

    All you have to do is select how many shares you want to buy and Masterworks will take care of the rest. As soon as Masterworks sells a piece you invested in, you get a return from the net proceeds. While every artwork performs differently, from their 23 exits so far, Masterworks investors have realized representative annualized net returns like +17.6%, +17.8%, and +21.5%, among assets held for longer than one year.

    What to read next

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

  • Tony Robbins issues dire warning about retirement — calls on Americans to get ‘head out of the sand’ and says Social Security isn’t enough. Here’s the ‘ultimate power’ you need now

    Tony Robbins issues dire warning about retirement — calls on Americans to get ‘head out of the sand’ and says Social Security isn’t enough. Here’s the ‘ultimate power’ you need now

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

    America’s Social Security program is both popular and woefully underfunded.

    Experts have been warning that the social safety net millions of Americans rely on is on the verge of fraying. Now, personal finance author and motivational speaker Tony Robbins is calling on people of all ages to start weaving their own safety net.

    Don’t miss

    "Time to get your head out of the sand and do some easy number crunching to find out where you are and where you need to be," his website advises.

    "Remember this: Anticipation is the ultimate power. Losers react; leaders anticipate."

    Robbins might be preaching to the choir. According to the AARP, 74% of Americans believe Social Security will not provide enough to live on during their retirement. Two-thirds of them also consider the monthly benefits too low to live on.

    If you share these concerns, here’s what you can do to secure your financial future.

    Craft your own financial security plan

    Since Social Security payments are likely to be insufficient, creating your own independent nest egg seems like an obvious solution. Robbins recommends setting a target to save at least 20 times your annual living expenses to fund a comfortable retirement.

    On average, U.S. adults currently believe the “magic number” to retire comfortably is $1.46 million, according to Northwestern Mutual. This is 15% higher than the estimate in 2023, even though the average retirement savings dropped to $88,400 in 2024, nearly $1,000 less than the previous year.

    In other words, most Americans understand how much they need to save but are unable to take the necessary steps.

    If you’re struggling with where to start, Advisor.com can help you find a financial advisor in just a few clicks. Advisor.com combs through a database of thousands of vetted experts and matches you with those best suited to make the most of your money. Even better, each advisor is a fiduciary, which means they must put your interests first by law.

    Set up a free, no-obligation consultation with one of their pre-screened financial advisors today.

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

    Push for change

    Despite its limitations, Americans overwhelmingly support the Social Security program and want the government to salvage it. A January 2025 poll by the Associated Press-NORC Center for Public Affairs Research revealed that two-thirds of Americans believe the government is spending “too little” on Social Security.

    An AARP survey found that 85% of Americans back efforts to preserve the program, even if it requires higher taxes for everyone. According to the National Institute on Retirement Security, 87% of U.S. adults believe ensuring the program’s funding should be a top priority for elected officials, no matter the country’s fiscal challenges.

    Regardless of how well-funded the program is, it’s clear that relying solely on Social Security for retirement is a risky proposition. On average, Social Security benefits replace only about 40% of pre-retirement income, which is often not enough to cover basic living expenses, let alone healthcare costs, leisure activities or unexpected emergencies.

    Investing in gold can reduce your dependence on Social Security, providing a diversified source of income for retirement. Gold is often considered a hedge against inflation, as its value tends to rise when the cost of living increases, protecting your purchasing power over time.

    It’s also seen as a safe-haven asset that investors flock to under uncertain market conditions. For instance, the price of gold surged to record highs in April 2025 amid concerns around the fallout of President Trump’s global tariffs.

    For those looking to capitalize on gold’s potential, 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. This can give you the tax advantages of an IRA with the potential protective benefits of investing in gold, making it an option for those seeking to ensure their retirement funds are well-shielded against economic uncertainties.

    When you make a qualifying purchase with Priority Gold, you can receive up to $10,000 in free silver.

    Retire abroad

    As of 2024, 21% of Americans say they would like to move abroad, up from just 10% in 2011, according to a Gallup poll. Meanwhile, the Social Security Administration reports that over 760,000 retirees are already collecting benefits while living overseas.

    For those struggling with the ongoing retirement crisis, relocating to a country with a lower cost of living and a high quality of life — like Japan, Panama, Portugal, or Greece — could be a smart solution.

    To make this more achievable, consider setting up a dedicated automatic savings fund for your retirement goals. This can help you build a larger nest egg for either relocating or ensuring a more comfortable retirement, even if you decide to stay in the U.S.

    One of the most effective ways you can make this happen is by automatically investing your spare change with Acorns.

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

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

    What to read next

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

  • The No. 1 rule for becoming a millionaire in America, according to Maria Bartiromo and this Ramsey Show host — will you ignore or follow it in 2025?

    The No. 1 rule for becoming a millionaire in America, according to Maria Bartiromo and this Ramsey Show host — will you ignore or follow it 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 Americans dream of becoming a millionaire, and most believe they’ll need to be one to retire comfortably. According to the 2024 Planning & Progress Study published by Northwestern Mutual, Americans believe they need $1.46 million to retire comfortably.

    But the average amount adults saved was just $88,400 last year — $1.37 million lower than their retirement goal.

    Almost 50% of Americans are not saving for retirement at all, according to Rachel Cruz, personal finance expert and co-host of The Ramsey Show.

    In a recent Fox Business interview, Cruz said that, based on her experience, many are struggling to even find the margin to save for retirement. That’s why she says the first step is to find the margin in your budget.

    While it may seem daunting, you don’t need to be a top executive, famous athlete or popular musician to make big bucks. The secret is much simpler — and perhaps more boring — than that, and failing to take advantage of this one money rule could impact your retirement greatly.

    Don’t miss

    The No. 1 rule for becoming a millionaire

    According to Fox Business host Maria Bartiromo, “The number one thing to do on your road to becoming a millionaire is very simple: join your company’s 401(k) plan. Put as much money in there as you can early on, and make sure you do not touch it.”

    Cruz recommends contributing to your 401(k) up to the match your company offers if it offers one. Matching can add significant contributions to your retirement savings over time. After maximizing your employer’s match, Cruz recommends contributing to programs such as a Roth IRA or Roth 401(k), which have tax-free withdrawals in retirement.

    But you might be one of many Americans who don’t have access to a 401(k) through your employer. According to a recent study from AARP, around 56 million Americans work for employers that don’t offer any type of traditional retirement or pension plan.

    Opening a self-directed retirement account like an individual retirement account (IRA) can help you in this case. The main benefit? You can grow your assets tax-free or defer paying tax until you retire.

    Gold prices rose by over 26% in 2024, outperforming the S&P 500 index’s 23% returns.

    Opting for a gold IRA gives you the opportunity to hedge against market volatility by allowing you to invest directly in physical precious metals rather than stocks and bonds.

    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.

    Build a financial footing and think long-term

    For many younger people, retirement seems a long way off — especially when they have more immediate needs for their money. But Cruz says you need to adopt a “long-term mindset.”

    You can start putting 15% of your income into retirement, starting with a 401(k) if it’s available to you. She says it’s important to contribute to the plan consistently and avoid pulling any money out, even if the market is down.

    After maxing out your 401(k) contributions, you can look for other ways to boost your wealth. A great place to start is by investing spare change from everyday purchases through a micro-investing app like Acorns.

    You can link your bank account or credit card, and Acorns will round up your everyday purchase to the nearest dollar and invest the excess into a smart investment portfolio.

    For instance, if you make a $23.45 purchase at a restaurant, Acorns will round up the expense to $24 and automatically invest the 55-cent difference into a diversified portfolio of seven ETFs.

    If you sign up now, you can get a $20 bonus investment from Acorns.

    A key step to building a sound financial footing is to take inventory of your goals. For instance, if you want to retire by the time you’re 50, you need to plan your finances and investments accordingly.

    Consulting a financial advisor can help you there.

    FinancialAdvisor.net is a free online service that helps you find a financial advisor who can help you create a plan to reach your financial goals. Just answer a few questions and their extensive online database will match you with a few vetted advisors based on your answers.

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

    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

    Invest now and stay invested

    Waiting for the perfect entry point will likely cost you, according to research from Charles Schwab, and time out of the market could hurt your returns. To put this into perspective, research by Fidelity shows that if you invested $10,000 in the S&P 500 Index on Jan. 1, 1980, but missed the best five days in the following years, you’d miss out on $411,258 of potential returns by Dec. 31, 2022.

    It’s a not-so-secret rule that starting early and regularly contributing to your 401(k) — and not touching the money until you retire — can start you on the journey to becoming a millionaire. And, like any journey, it all starts with taking the first step.

    The S&P 500 index is often a good place to start. But if you want to beat the market, identifying key investment opportunities is critical.

    Run by a team of hedge fund managers, Moby can help you discover stocks before they deliver multi-bagger returns. The investment research platform’s stock picks have outperformed the S&P 500 index by an average of 11.95% over the last four years. And that’s on top of the S&P’s 10.13% annualized returns since its 1957 inception.

    With Moby Premium, you can get access to the top three picks from the team of analysts every week. Sign up today and become a wiser investor within minutes.

    What to read next

    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: 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.

  • Warren Buffett dumped 2 US-based investments he’s told millions of Americans to buy for years — should you get rid of them too?

    Warren Buffett dumped 2 US-based investments he’s told millions of Americans to buy for years — should you get rid of them too?

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

    Warren Buffett is not only one of the savviest investors of our time, but also one of the wealthiest.

    The Oracle of Omaha, who announced on May 5 that he plans to retire as chief executive of Berkshire Hathaway at the end of the year, now has an estimated net worth of over $160 billion.

    Don’t miss

    The veteran investor has long been an advocate of investing in as simple a manner as possible.

    "There’s huge amounts of money that people pay for advice they really don’t need … In my view, for most people, the best thing to do is to own the S&P 500 index," he said in May 2020.

    Buffett also once said that 90% of his wife’s inheritance will go into an S&P 500 index fund.

    But SEC filings data from March revealed that Buffett’s company Berkshire Hathaway unloaded its entire positions in the Vanguard S&P 500 ETF and SPDR S&P 500 ETF Trust — two low-cost exchange-traded funds the company had previously held for years.

    That’s a move that may be spooking investors and causing them to question their own portfolios.

    Why Buffett just dumped the S&P 500

    Buffett didn’t say why his company chose to completely exit two established S&P 500 ETFs last quarter. But there are a number of reasons why he might have gone this route.

    "This could indicate concerns about market valuations, increased volatility, or even a shift toward individual stock selection over broad index exposure," Daniel Milks, founder of Fiduciary Organization & Woodmark Advisors, told etf.com.

    Collectively the shares were a relatively small position for Berkshire at only $45.3 million of a $267 billion portfolio. It’s possible that the exit was a means of cleaning up Berkshire’s portfolio, something it has reportedly done before.

    "Given Warren Buffett’s history of emphasizing long-term investing, this isn’t necessarily a warning sign for retail investors to panic," Milks said.

    Should Buffett’s S&P 500 exit sound alarms about a market crash?

    Between Buffett dumping Berkshire’s S&P 500 ETFs and other stocks, plus his growing cash pile, investors may worry he’s anticipating a near-term market crash. After all, recent market volatility due to U.S. tariff rollouts has caused many investors and analysts to question if the country is headed for a recession.

    In Q1 of 2025, Berkshire also sold its entire stake in Ulta Beauty, and trimmed holdings in Bank of America, Citigroup, Nu Holdings, Charter Communication and Capital One.

    If you’re worried about a stock market crash it can pay to remind yourself of your long-term investing goals and your investment horizon.

    If you’re investing for retirement in 20 or 30 years, reacting to imminent market events — hypothetical or actual — can distract from long-term wealth management.

    Planning your financial future over the decades might be intimidating, but the right wealth expert can help you chart a course.

    Advisor.com helps you find a fiduciary who can help rebalance your portfolio to potentially weather stock market storms.

    This online platform connects you with a vetted financial advisor in minutes. Simply answer a few quick questions about yourself and your finances, and Advisor.com will match you with the professional best suited to diversifying your portfolio. You can schedule an initial consultation for free with no obligation to hire.

    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

    No matter what the rest of the year has in store for the NYSE, you can protect yourself by shepherding your money to less volatile pastures. While many investors are looking at stock markets in Canada and the EU, you can also consider diversifying outside of the markets with commodities, real estate and passion assets like art or fine wine.

    For instance, gold has seen strong growth in the last five years. If you want in on this asset without the hassle of hiding gold bars in your closet, you could open a gold IRA with the help of American Hartford Gold.

    Even better, you can often roll over existing 401(k) or IRA accounts into a gold IRA without tax-related penalties. American Hartford Gold offers a free guide on investing in precious metals in 2025.

    Qualifying purchases can also receive up to $20,000 in free silver.

    Real estate is another asset with growth potential in 2025. Though some markets are beginning to cool, experts agree that a falling interest rate could get buyers back in the game.

    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.

    For accredited investors, you could instead consider opportunities in commercial real estate. First National Realty Partners (FNRP) gives you the opportunity to diversify your portfolio through grocery-anchored commercial real estate properties.

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

    Finally, alternative assets like fine art have traditionally been out of reach for everyday investors But now with Masterworks you can access the growth potential of this market.

    Masterworks helps non-accredited and accredited investors purchase fractional shares of artwork by iconic artists like Banksy and Basquiat.

    Fine art has consistently outperformed the stock market in the long-run. In fact, contemporary art outperformed the S&P 500 with a compound annual growth rate of 12.6% between 1995 and 2022, according to a report from Fortune magazine.

    As such, art can sometimes be used to diversify and potentially safeguard your investments with Masterworks. What’s more, Masterworks investors have realized representative annualized net returns like +17.6%, +17.8%, and +21.5% among assets held for longer than one year.

    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.

    Don’t miss

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

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

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

    Getting more from Social Security

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

    Delay claiming benefits

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

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

    Those looking to incorporate precious metals into their retirement strategy can benefit from modern investment solutions, like those offered by companies like American Hartford Gold.

    American Hartford Gold is a leading precious metals dealer – allowing you to invest directly in gold or silver.

    With secure storage, expert guidance, and customizable investment plans, American Hartford Gold helps investors diversify their portfolios while protecting against inflation. Gold IRAs provide a tangible safeguard for retirement savings, combining financial security with significant tax advantages, making them an appealing choice for long-term wealth preservation.

    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.

    FinancialAdvisor.net is a free online service that helps you find a financial advisor who can help you create a plan to reach your financial goals. Just answer a few questions and their extensive online database will match you with a few vetted advisors based on your answers.

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

    Explore other investments and savings vehicles

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

    Read more: 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.

    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.

    For example, 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.

  • ‘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.”

    Don’t miss

    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.

    If you don’t have a financial expert in your corner, Advisor.com can help you find a trusted fiduciary to chart a course through tough market conditions.

    Advisor matches you with a vetted financial advisor that can offer personalized advice to help you make the right choices, invest wisely and secure the retirement you’ve always dreamed of. Start planning early, and get your retirement mapped out today.

    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.

    Don’t miss

    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

    You can match with a vetted financial advisor near you for free through Advisor.com. Simply answer a few questions about your current financial situation and your goals, and Advisor.com will match you with a FINRA/SEC-registered advisor best suited to your needs. Advisor.com’s experts are registered fiduciaries, which means that they have to act in what they believe to be your best interests.

    From here you can read reviews, learn more about their service offerings and set up a free introductory call with no obligation to hire to see if they’re the right fit for you.

    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.

  • ‘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.

    Don’t miss

    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.