Author: Monique Danao

When Ed Mondello’s 83-year-old wife received a text message about an unpaid toll, it seemed legitimate.

“They said she didn’t pay the toll and had to pay $6.99 by a certain time,” the Tampa Bay resident told WFLA News. “If not, it would go to her credit report, and she would lose her registration. I feel lousy."

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The link in the message looked official, appearing to come from Florida’s SunPass system complete with branded logos and language. Wanting to resolve the issue quickly, she clicked the link and entered her debit card information.

That small decision cost $4,500. According to Mondello, the thieves used his wife’s debit card 25 times over three days, making purchases at Staples stores in Connecticut and Massachusetts.

Their story is part of a troubling national trend: a surge in toll-related phishing scams.

Toll-related phishing scams on the rise

The toll scam targeting the Mondellos follows a typical playbook in which scammers impersonate toll agencies and send mass text messages claiming that recipients owe a small amount for unpaid tolls.

The messages typically include a link and urgent warnings of steep late fees or even the threat of license suspension without immediate payment.

The link directs victims to a fake payment portal. Once a victim enters their credit or debit card information, scammers charge large sums or steal sensitive information for future use.

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

According to the Federal Trade Commission (FTC), Americans lost $470 million to text-message scams in 2024 alone — five times as many as in 2020.

Older adults are particularly vulnerable.

AARP reports that people in their 70s suffered median losses of $20,000 to investment scams — a stark contrast to the $1,551 median loss reported by victims in their 20s.

How to avoid falling victim

Here are some ways you can protect yourself from toll-related text scams:

• Don’t click links in unsolicited texts: If you receive a toll notice, contact the tolling agency through their official website.
• Look closely at the sender: Scam texts often come from email addresses or numbers you can’t trace. Verify the message with the tolling agency using a trusted source when in doubt.
• Watch for urgency: Scammers rely on panic to prompt quick action. A legitimate agency won’t threaten license suspension or credit damage over a single missed payment.
• Enable alerts from your bank: Instant notifications can help you catch and respond to fraudulent activity before it causes more damage.
• Report suspicious messages: Forward scam texts to 7726 (SPAM) and delete them from your device.

In the end, the Mondellos were fortunate. Their credit union, Achieva, reimbursed the more than $4,500 they lost in the scam.

Still, the experience left its mark. Ed says his wife learned a challenging but important lesson about suspicious text messages.

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Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

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

Being in your mid-30s with mounting debt and no safety net can feel like you’re stuck in financial quicksand.

If you’re living paycheck to paycheck, carrying $11,000 in debt and bringing in $3,800 a month — $3,000 from your main job and another $800 from side gigs — it can seem impossible to get ahead or build wealth.

But the truth is, you’re not alone, and recovery is possible.

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According to Experian, the average non-mortgage debt balance in the U.S. was $27,976 as of late 2024. While your $11,000 debt may feel like a giant obstacle — you can conquer it with a clear strategy.

Here are some steps you can take on the march toward financial freedom.

Build a budget and emergency fund

Build a budget that aligns with your financial reality. Even with an income of $3,800 a month, you can prepare a budget that supports your goals without making life miserable.

Try the 50/30/20 rule as a starting point:

• 50% of income goes to needs (housing, utilities and groceries)
• 30% to wants (entertainment, dining out and non-essentials)
• 20% to debt repayment and savings

In this case, $3,800/month breaks down to:

• $1,900 for needs
• $1,140 for wants
• $760 for savings or debt payoff

Depending on your area’s cost of living, you may want to adjust accordingly.

If debt is your most significant stressor, temporarily allocating income from the “wants” category to savings or debt payments could help you eliminate your balance faster. You may also want to consider establishing a modest emergency fund of, say, $1,000, before tackling your debt head-on. This can provide you with a financial cushion in case of an unplanned expense that might push you further into debt.

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

Tackle your debt — and don’t let it linger

Not all debt is created equal, but credit card debt in particular comes with a high interest rate. That might motivate you to get rid of it faster over other types of debt with low interest rates. Either way, the goal is to be debt-free, and if you’re juggling multiple types of debt, there are different ways to get there:

• Avalanche method: Focus on paying off debts with the highest interest rates and make minimum payments on other debts.
• Snowball method: Start with your smallest debt to keep moving on up to build momentum.
• Debt consolidation: If you have multiple credit card balances, consolidate them with a new loan or line of credit. This strategy can simplify payments and may require closing the original accounts.

Paying off debt takes time, but every small step counts. Even putting just an extra few hundred dollars each month toward your balance can reduce your payoff period and save you loads in interest.

Increasing savings and income

If you’re working side hustles that earn you $800 per month, on top of your regular job, you might already be feeling stretched thin.

At the very least, once your debt is paid off, you have more room to start saving. It’s a good time to boost that emergency fund — experts recommend stashing away three to six months’ worth of expenses — and start putting money away for your retirement.

Take this moment to reflect on your accomplishments, and then ask yourself, what can you do moving forward? Does the budget need adjusting? Is this a good opportunity to look for better-paying work?

You’ve taken a step forward with your finances already, and you can do it again.

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Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

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

She’s debt-free, has some savings and no major expenses. But at 60, Andrea still isn’t sure she can buy a home or retire — and she called into The Ramsey Show to ask if it’s even possible.

“I want to own a home and retire one day,” the Phoenix, Arizona resident told co-hosts George Kamel and Dr. John Delony.

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But with a modest monthly income of $2,864 and no retirement strategy in place, she’s unsure how — or if — she can make that dream a reality. Here’s the skinny on her retirement plan and how it can help you.

Breaking down her income

Andrea lives with her son and his family and only pays for car insurance, gas and the occasional incidental. That leaves her with approximately $2,154 each month to save.

She has $69,000 in a 401(k) and $45,000 in a savings account. She’s also considering relocating to Ohio, where her aging siblings live, to be closer to family and cut living costs.

Andrea works in medical records and hopes to move to a remote role at her company that pays about $40,000 annually. She’s also certified in medical coding but hasn’t worked in that role.

The hosts quickly identified her biggest hurdle: boosting her income.

“What you’re facing here, Andrea, is an income problem,” Kamel said. “We’ve gotta get your income up because that’s going to create more margin for you to save for that home.”

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

Saving for retirement at 60

Starting late doesn’t mean it’s too late. At 60, Andrea still has solid options to grow her retirement savings.

1. Put money away for a down payment

The hosts recommended using her $45,000 as both an emergency fund and a down payment reserve. They advised setting aside three to six months’ worth of living expenses as a safety net, with the rest going toward a future home purchase.

2. Invest 15% of her income into retirement

Andrea said she’s currently investing only about 1%. The hosts stressed that saving alone isn’t enough. They encouraged her to invest in mutual funds through her retirement account. If done consistently, she could see 10-12% average returns over time.

3. Pursue higher-paying roles

With her experience and certification in medical coding, Andrea could land a better-paying remote job. While her starting salary is $40,000, the field offers room to grow.

“ Even if it’s not the exact role you want, I would just try to get on a ladder,” Kamel said.

4. Continue living with family or find a roommate

To keep saving aggressively, the hosts suggested Andrea stay with her son or consider moving in with her siblings once she’s in Ohio.

“It might not be ideal,” Delony said, “ but I love the idea of you saving money over the next five or 10 or 15 years until somebody can help you.

5. Adjust expectations around retirement

Andrea may need to work into her 70s to reach her goals. That’s not uncommon — in 2022, 24% of men and about 15% of women ages 65 and older were still in the labour force, according to the Population Reference Bureau.

“ You know you got $69,000 in that retirement account,” Kamel said. “(If) you keep investing, let’s say, a thousand bucks a month. If you can do that to 72, you’ll have over half a million in that nest egg. ”

He added that she could also get a reasonable mortgage to avoid paying rent forever.

Andrea’s situation underscores a growing concern for older Americans: how to make a smooth and comfortable transition to retirement. The co-hosts stressed that with focus and a solid long-term plan, Andrea still has a real shot at a meaningful future.

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Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

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

The streets of Oak Park, Illinois, erupted in chaos when $300,000 in cash spilled from a Brinks armoured truck into the street.

“People were running down the streets with money bags,” Nicole Phillips-Edwards, an Oak Park resident, told CBS News Chicago.

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Although she did not witness the unfolding event, Phillips-Edwards says police arrived at her home to provide details of the incident.

Bystanders scramble for found money

In a scene reminiscent of a Hollywood heist, Oak Park turned into a frenzied free-for-all when the back door of a Brinks armoured truck suddenly swung open and three bags of cash, worth $300,000, tumbled out.

The Brinks driver reported to police that a swarm of people — estimated between 50 and 100 — rushed to collect the loose bills scattered across the street. Bystanders stuffed their pockets with cash and fled the scene.

With the police involved in the investigation, authorities are scrambling to track down those who took part in this unusual incident. If caught, individuals involved may experience serious legal consequences.

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

The legal line between found and stolen

According to Illinois law, the rules regarding found property are clear: If a person comes across lost items, including money, they are legally obligated to return them to the rightful owner — in this case, Brinks — without expecting any form of compensation.

Former FBI agent Mike Driscoll shared insights on the challenges of apprehending suspects in this scenario.

“In an instance like this where you’re talking about loose cash, that’s very, very difficult,” he told CBS News.

“Law enforcement will have to rely on old-fashioned investigative techniques.”

Investigators will likely comb through surveillance footage and interview witnesses to identify potential offenders.

Anyone who keeps lost money can face severe penalties. If someone commits property theft of between $500 and $10,000, they may be charged with a Class 3 felony. Individuals caught may face a prison sentence of 2 to 5 years, alongside fines reaching up to $25,000.

Depending on the amount, passersby who believe they found an extraordinary stroke of luck may instead face court appearances and lasting criminal records.

Returning found money

As the investigation continues, the incident serves as a cautionary tale: When you come across lost cash, report it immediately to local authorities.

If you find cash or property valued at $100 or more in Illinois, you must file an affidavit within five days.

This document should detail what you found, where and when you discovered it, and affirm that you have no knowledge of the rightful owner — and have not kept any portion of the money or property.

In the meantime, Village of Oak Park spokesperson Dan Yopchick told USA Today that the Oak Park Police Department is continuing to investigate the incident. Any witness who can share valuable information can contact the department by calling 708-464-1636 or visiting www.oak-park.us/crimetip.

As the dust settles on this freak event, those who seized the moment may find that the real cost of their actions is only beginning to emerge.

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Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

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

A Rosemead, California, woman says she’s had strangers arrive at her front door after a scammer falsely listed her home as a short-term rental online.

“We found out our house was listed on Booking.com,” Alexis Cavish told KTLA 5 News in a story published May 16. “We are not renting out our house.”

Cavish says she doesn’t even have an account with the website. The address on the listing was hers, however, it included photos of another property, and was priced at nearly $400 per night. She’s had to turn away visitors looking to check in with booking confirmation emails in hand.

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“Luckily, so far, the people have been really nice,” Cavish said. “But they’re strangers coming to the house where I have kids.”

She criticized Booking.com for publishing listings without any verification.

“I’m frustrated because the company is not doing its due diligence,” she said. “Why doesn’t the owner have to prove some ownership before charging people money to stay?”

A growing trend in online rental scams

According to KTLA 5 News consumer reporter David Lazarus, this type of fraud is becoming more frequent.

“It’s a common enough scam that there’s a name for it — short-term rental scams — and it’s most common on Airbnb and Booking.com,” Lazarus said in the report.

These scams can involve criminals creating fake listings using either stolen or generic photos and attaching them to real addresses. Some booking platforms rely on automated systems, which can allow fraudulent listings to go live without being flagged or verified.

The rise of digital platforms and third-party payment apps has made it easier for scammers to exploit homeowners and renters. In cases like Cavish’s, the fraud is a financial and safety concern.

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 protect yourself

Lazarus warned travelers to proceed cautiously when booking short-term stays online.

“In terms of any payment, communication, don’t leave the platform,” Lazarus said. “So, if the listing says they want you to pay with Zelle or Venmo or some other digital payment plan, and especially if they ask for crypto, walk away.”

Another simple precaution is to cross-reference the property’s address with Google Maps. If there are exterior photos of the building in the listing and they look different, that’s a major red flag.

One more tip is to verify hosts and read reviews carefully. When a listing lacks reviews or seems too good to be true, it just might be.

For homeowners, checking periodically to ensure their property isn’t being misused online and setting up Google alerts for their home’s address may help catch scams early.

Meanwhile, if you find a suspicious listing, consider reporting it to the platform. Some platforms have dedicated channels for reporting fraud, and flagging a suspicious listing can prevent others from falling victim.

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Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

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

As home prices soar and dreams of ownership slip away for many Americans, one couple decided to stop chasing the market and a new life from the ground up.

In spring 2024, Sophie Hilaire Goldie, 37, and her husband Rocky Goldie, 50, purchased a 37.5-acre fixer-upper homestead in rural Kentucky for $390,000 and began transforming it into their forever home.

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They are now dedicating their energy, time, and skills to remodeling the property into a self-sustaining lifestyle. Their plans include raising chickens, starting a dairy goat farm and launching a new skincare business.

“We are not moving,” Sophie said. “It’s weird even to think that’s an option because it’s not how we think. I have no interest in leaving — ever.”

From match to mortgage

Sophie, an Army veteran, and Rocky, a former Marine, met on Match.com. They quickly bonded over their shared love of the outdoors and their desire to embrace life.

When they started dating, Sophie transformed a friend’s Home Depot shed into a tiny home after spending two years living in a Sprinter van. Their second date was spent working together to build the shed.

“It was important for me while we were dating to see if we could work together on projects,” Sophie told CNBC.

After she returned from a trip through Southeast Asia, Rocky suggested they find a place of their own. They turned to Zillow and searched for rural properties with at least 10 acres and a sense of history.

A local photographer introduced them to a real estate agent, who showed them the abandoned property. It included two log cabins from the 1840s, a 2,200-square-foot home with four bedrooms and one bathroom, a 200-square-foot separate cabin and two barns — all on 37.5 acres.

The couple secured a 30-year mortgage with minimum monthly payments of $1,790, but they plan to pay off their home within five years. Sophie recently launched her own skincare company, Seoul + Soil, inspired by their natural lifestyle on the homestead. The business is part of a larger goal to become 85% to 90% self-sufficient.

“I think it’s the most excited I’ve ever been about anything,” Sophie said. “There’s nothing more entrepreneurial than just making up your life.”

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

Why homesteading may be a smart financial strategy

For the Goldies, homesteading is more than a lifestyle — it’s a financial strategy grounded in long-term resilience and freedom.

According to a 2022 survey by Homesteaders of America, nearly 40% of respondents said they had adopted homesteading within the past three years. Here’s how the Goldies are making it work:

• Reduced Housing Costs: It’s rare to find a 37.5-acre property with existing infrastructure for less than $400,000. By purchasing this land, the couple is eliminating decades of future housing expenses and aiming to be mortgage-free within five years.
• Income Diversification: Sophie’s skincare company is one source of income. Additional revenue may come from selling farm produce, hosting workshops or providing agritourism experiences such as farm stays.
• Asset Appreciation: Historic properties on large rural land are increasingly seen as wise investments. Renovations and the addition of sustainable infrastructure can significantly increase long-term value.
• Financial Resilience: A self-sufficient lifestyle that includes livestock, gardens and renewable energy systems can provide protection against inflation, food shortages and job loss.

For the Goldies, this bold experiment in modern homesteading is driven by passion and purpose.

“We only have a few more decades left, but we want to do 200 years’ worth of stuff,” Sophie says. “Everything we did brought us to where we are now, but it would be nice to be 20 and starting this.”

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Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

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

Gwinnett County Police in Georgia are warning car buyers to be cautious when shopping online, especially on Facebook Marketplace.

Authorities have uncovered a scheme in which thieves are selling stolen vehicles — specifically Honda CR-Vs — with altered Vehicle Identification Numbers (VINs) to unsuspecting buyers. The cars are primarily stolen from New York, given fake VINs and resold in the Atlanta area.

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A growing scam

Public information officer Juan Madiedo of the Gwinnett County Police said the vehicles are being sold for between $29,000 and $30,000.

“They are pretty pricey,” he told Atlanta News First. “They are making out with a lot of victims’ money.”

The investigation began when a local buyer reported VIN inconsistencies after taking their CR-V to a mechanic. That tip led police to uncover multiple victims and triggered a Facebook Marketplace sting, where investigators posed as buyers. The seller tried to flee but was caught.

A second suspect, Karen Mendez, remains at large. Authorities are urging anyone with information to contact 911.

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

Dealerships targeted too

VIN fraud — or “VIN cloning” — involves copying a legitimate VIN from a similar car and placing it on a stolen one. The scammer makes the vehicle appear clean and legal during resale.

The fraud has reached beyond individual buyers. Atlanta Used Cars unknowingly purchased a stolen vehicle through a Carvana auction. They only learned the truth after a customer reported it stolen. Authorities later traced the vehicle back to Hertz Rental Car Company.

“Saving up money for a down payment or the whole car, purchasing it and being accused of stealing it definitely from law enforcement is definitely not a good experience,” said Shameel Shad, the dealership’s general manager.

Carvana reimbursed the dealership after confirming the fraud. Shad said the experience forced his team to tighten their inspection process. They now triple-check VINs on the windshield, driver-side door and vehicle computer.

How to protect yourself

Gwinnett County Police and consumer advocates recommend several steps to avoid becoming a victim of VIN fraud:

• Meet in a public place: Complete private car sales at a police station or designated “safe exchange” zone.
• Cross-check the VIN: Make sure the number matches on the windshield, driver-side door, and title documents. Any mismatch is a red flag.
• Use an OBD2 scanner: These tools reveal the VIN stored in the car’s electronic system, which scammers can’t easily alter.
• Run a vehicle history report: Use services like Carfax, AutoCheck or the free VINCheck tool from the National Insurance Crime Bureau to check for theft or salvage records.
• Trust your instincts: If a deal seems too good to be true or the seller avoids basic questions, walk away.

“There is an endless amount of ways that people can commit fraud in this business, VIN swapping is the simplest and easiest to catch,” Shad said. “But there are a lot of other crafty ways.”

With online car sales on the rise, Gwinnett County Police say vigilance is key. Taking extra steps now could save buyers thousands or prevent legal trouble later.

What to read next

• JPMorgan sees gold soaring to $6,000/ounce — use this 1 simple IRA trick to lock in those potential shiny gains (before it’s too late)
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Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

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

Jim Ross, mayor of Arlington, Texas, was furious when he learned his city was losing millions of dollars yearly because of a real estate loophole allowing private developers to avoid paying property taxes.

"I think it’s inappropriate at best. It’s underhanded," Ross said to CBS News. "I was pissed. I still am."

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• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now

The controversy centers on failed negotiations involving a Dallas-based real estate developer called TDI and the Arlington Housing Finance Corporation (HFC).

The prospective deal would have allowed the developer to claim a tax exemption for converting the Jefferson North Collins apartment complex into affordable housing.

Although the city rejected the proposal, the developers secured approval in the small Texas town of Pecos, allowing them to forgo taxes on the Jefferson North property, hundreds of miles away.

Ross said the arrangement is costing his city $1.7 million of lost property taxes.

“My first question was, what in the world are they doing,” he said. “What makes them think that they know better than the city of Arlington what this community needs.”

How the deal unfolded

The Pecos HFC approved the deal with the Dallas-based real estate developer.

Because HFCs can legally operate beyond the boundaries of the governments that created them, Pecos’ HFC quickly expanded its reach and approved several real estate deals across North Texas.

One of them is the complex in Arlington, which has been renamed Zenith. And, by law, the owners don’t even need to reduce any of the residents’ rents to meet the HFC affordability criteria — the only requirement is that at least half the tenants in the complex have a household income below $88,000.

The legality of these cross-jurisdictional operations has been questioned. In the meantime, the practice has spread. Even as HFCs operate far outside their original borders, more small governments have embraced the "travelling HFC" to raise money.

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

What are Housing Finance Corporations (HFCs)?

HFCs intend to support affordable housing development for low-income communities.

They can issue bonds, offer property tax exemptions, and provide other financial incentives in exchange for long-term revenue agreements with developers.

In many cases, HFCs partner with private developers to "own" properties on paper. They allow developers to claim public tax exemptions while operating as a for-profit business.

Unlike city councils or other public agencies, HFCs are often not required to hold public meetings or disclose detailed records. As a result, it’s challenging to track the amount of affordable housing built.

Critics say the consequences are significant. Every project that shifts onto an HFC’s books removes valuable properties from the tax base, depriving cities of crucial revenue for public services like schools, emergency response and infrastructure repairs.

The CBS News Texas I-Team in the area found that Pecos’ HFC has approved similar deals across North Texas — in Fort Worth, Grand Prairie, Lewisville, Haltom City and Azle — amounting to more than $500 million in forfeited taxes.

The impact on residents

When cities lose primary sources of tax revenue, the burden can shift to residents. Homeowners and small businesses may face higher tax bills, while public services — from school funding to street repairs — may see cutbacks.

Across Texas, local governments are increasingly sounding alarms about HFCs being used to shield private developments from taxes.

Officials are now calling for state lawmakers to reform the system. The loophole could continue to drain city budgets when many communities struggle to make ends meet.

"In hindsight, it’s gonna be one of the greatest frauds put on the Texas taxpayers — the introduction of this program and how it’s being abused," said Texas Rep. Gary Gates.

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

As IRS employees in Kansas City rallied outside their workplace to protest layoffs that could delay tax refunds for millions of Americans, they argued that job cuts could disrupt operations at a critical point in the filing season.

Members of Chapter 66 of the National Treasury Employees Union (NTEU) gathered at the IRS processing center on April 15, Tax Day, admitting the strain of filling the workforce gaps of those laid off.

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“We’re working seven days a week in this building to process returns so American people can get their refunds. It’s going to impact that because we’re hearing that any day now, they’re going to start reducing more people forcefully from the building,” said Chapter 66 NTEU Chapter President Shannon Ellis to Fox 4.

The heavier workload that current IRS employees are experiencing is a direct result of the Trump administration’s government efficiency initiative, which involves mass layoffs.

Those layoffs will trickle down to Americans at the most inopportune time: tax season.

Concerns over refund delays

In the aftermath of recent layoffs, the IRS has experienced a 25% reduction in its workforce.

As of April 11, the agency had processed 116.3 million returns, down 1.5% from 118.1 million processed by the same time last year, according to IRS data.

While processing volumes remain relatively steady, union leaders warn that continued layoffs could worsen backlogs and delay refunds, especially when many Americans are increasingly reliant on those payments. Nearly half of taxpayers (49%) say they depend more on their tax refund to make ends meet in 2025, according to a Credit Karma survey

Among those receiving refunds, 41% plan to use the money for necessities, 35% to pay down debt, and 25% to build their savings.

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Preparing for possible delays

Financial experts recommend that taxpayers prepare for potential refund delays by following a few easy steps:

• Develop a debt payoff plan: Review all outstanding debts and prioritize essential payments for housing, utilities and minimum credit card payments. As motivation to reduce debt, you can use strategies like the snowball (smallest balance first) or avalanche (highest interest rate first) method.
• Start an emergency fund: Aim to set aside a small portion of each paycheck into a separate savings account. Even if it’s as small as $10–$25, these contributions can build a crucial financial cushion to cover unexpected expenses if your refund is delayed.
• Track spending to identify savings opportunities: Monitor daily and monthly expenses to understand where your money goes. Look for nonessential costs, such as subscriptions, dining out or impulse buys that can be reduced or eliminated.

In the meantime, taxpayers can use Where’s My Refund?, a tool to determine the status of their refund.

Union officials said Monday’s rally was intended to advocate for employees and raise public awareness about the potential impacts of the cuts.

“So what we’re trying to do is show up and just remind the American people and the people in Washington that we are real people and there’s a proper way to reduce the size of government, and it’s not being used,” said Daniel Scharpenburg, NTEU Chapter 66 first vice president. “What’s being used is a slash-and-burn method that is not good for anyone.”

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

Even multimillionaires aren’t immune to money worries.

Simon Cowell — the media mogul behind The X Factor and America’s Got Talent — recently opened up about his financial anxiety on the How to Fail with Elizabeth Day podcast and shared a vulnerable side.

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“I always worry about money,” he said, as the Daily Mail reported.

“I haven’t made anywhere near as much as people think I have.”

A surprising confession from a showbiz titan

Cowell, 65, is widely perceived as one of the wealthiest figures in entertainment. During the podcast, he was asked if he was worth £500 million (the equivalent of $671 million), as has been reported.

He quickly shut that down.

“Oh God, it’s not that. I’m not even close to that,” he said. “I’ve made a lot, I’m not going to lie. I’ve made a bit of money, yes, but not that much, no.”

His relationship with money has been shaped by hardship. At 28, Cowell found himself in serious debt.

Those days are far behind him, but he still finds the financial world so unstable that he never feels fully at ease about his finances.

“What is safe? Is it gold, cash, stocks? I don’t think anything’s safe any longer,” he said. “I guess your house.”

That sense of unease was clear during the early days of the COVID-19 pandemic, when Cowell rushed to accelerate production on his shows.

“I had a horrible feeling it’s going to be like that movie Contagion, and I think we need to get all of our shows into production around the world quicker this year,” he recalled. “And we did.”

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Letting go of the ‘myth of more’

Cowell now says he’s walked away from the constant pursuit of wealth. In recent years, he’s downsized his company, Syco Entertainment, and stepped back from the spotlight. He is focused more on spending time with his 11-year-old son, Eric, and his partner, Lauren Silverman.

“I’ve definitely got enough. I don’t need any more,” he said. “I don’t yearn for what I thought I wanted a few years ago.”

His shift in mindset stems from challenging the ‘myth of more’ or the belief that more money means more happiness. At one point, he tried to keep up with billionaires and mingled with yacht-owning elites. But the deeper he went, the more disillusioned he became.

“I didn’t like the people,” he said.

“I thought they were obnoxious, I thought they were snobby. … I remember saying to Lauren, ‘Do we actually know anyone who’s super rich and happy?’ She went, ‘No.’ I went, ‘Nor me.’”

What the research says

Cowell’s perspective mirrors long-standing research. A 2010 Princeton University study found that happiness rises with income, but only up to about $75,000 annually (about $109,000 today).

The message remains: financial stability can reduce stress. Still, beyond a certain point, more money doesn’t buy more happiness.

These days, Cowell says he’s choosing meaning over money. He’s inviting friends to work on passion projects without pay and has let go of the drive to accumulate wealth.

“Someone did actually say to me once, ‘Live in your money.’ And it was really good advice,” he said.

“Enjoy it, and be happy with it, but understand that the world is precarious.”

He seems to be taking that advice to heart, and offering a timely reminder: Sometimes, enough really is enough.

What to read next

• JPMorgan sees gold soaring to $6,000/ounce — use this 1 simple IRA trick to lock in those potential shiny gains (before it’s too late)
• This is how American car dealers use the ‘4-square method’ to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

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