Author: Rebecca Holland

Road construction is always disruptive. But for Houston businessman Kent Edwards, years-long roadwork has cost him so much that he’s suing the Texas Department of Transportation (TxDOT).

“This is a long-term saga going back to 2015 for me,” Edwards told Moneywise.

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Edwards has run Motorcars Limited, his restoration shop for luxury and classic cars, on Hempstead Road since the mid ’80s. As he shared with KHOU, it used to be full of cars. Now it’s nearly empty. It’s hard for customers to drive in.

That’s because for 10 years, Hempstead Road has been under construction with repeated roadwork delays and no end date in sight. Edwards has not only lost customers but had to sell a commercial property across the street when all his tenants moved out due to the disruption.

As for his auto body shop, “I can’t sell it. I can’t rent it. I can’t do anything with it.”

Now he’s filed an “inverse condemnation” lawsuit against TxDOT seeking compensation for lost profits and business damages.

Meanwhile, the road construction is also costing the state a lot of money. TxDOT has to pay for ongoing delays with tax dollars. What is TxDOT doing to recover the cost of delays?

State charges, then refunds, road contractors for cost of delays

KHOU reported that when a roadwork project is past due, the state is within its right to charge the contractor damages. In the case of the roadwork outside Edwards’ business, those damages amount to $1.7 million.

But as the news outlet discovered, as soon as TxDOT charges contractors for these damages, it regularly reverses course and waives the costs, crediting money back to the same contractors.

In the past three years, TxDOT charged roadwork contractors $88 million in damages, but credited them back $39 million. In some cases, the credits were almost equal to the damages, essentially negating the cost to contractors.

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“There ought to be consequences,” said Adrian Shelley of the government watchdog group Public Citizen. “If there’s no consequences for delays, they’re going to keep happening, right? It’s that simple."

TxDOT Executive Director Marc Williams told KHOU that contractors are not being let off the hook, but that contractors dispute the damages, claiming legitimate reasons for delays, like bad weather.

“We work very hard to hold those contractors accountable,” he said. “We want the projects … to be done right, to be done on time, but we also are fair.”

What can small business owners do?

But Edwards doesn’t think TxDOT is being fair to business owners.

“I don’t think it’s acceptable at all,” he said.

In other parts of Texas, city councils offer financial assistance to business owners affected by construction.

San Antonio City Council has earmarked $1.4 million for businesses in construction zones to help them with advertising and operating costs — during and after construction.

For small businesses across the U.S., the Small Business Anti-Displacement Network offers tools and resources to help owners stay afloat, including advice on filing for tax credits and incentives and information on commercial tenant protections.

Small business owners can also reach out to their local community organizations and business development councils for support and to organize cross-promotional activities to keep the community aware that the business is open while construction continues.

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

Insurance companies are cautiously optimistic about the Trump administration’s policies for their industry: insurers saw their stocks soar in early April when the federal government announced a record 5.06% benchmark increase to Medicare Advantage plans.

That is more than double the rate (2.23%) proposed by the Biden administration in January 2025, which was seen as a budget cut by the insurance industry. The Trump administration increase will amount to $25 billion for insurers like Humana and UnitedHealthcare, which participate in the revitalized Medicare Advantage program.

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Advocates highlighted that program costs have seen margins fall sharply in the insurance sector. Enrolled older adults have used more care than anticipated since the pandemic, and many insurers have already cut benefits, exiting some markets to remain profitable. The increased funding is expected to make health insurance companies a haven on the stock market during an unpredictable and volatile time.

Lo and behold, both Humana and UnitedHealthcare’s first quarter earnings caused the companies’ stocks to drop precipitously on April 16.

Adding to the pinch, the Trump administration also enacted changes that will make it harder for insurers to inflate their profits. These changes are expected to dull the shine of the increased funding and may make companies even more reluctant to pass on savings to customers.

Criticism of the plan

The Medicare Advantage program has not been without its critics since its inception in the Balanced Budget Act of 1997.

The program uses taxpayer dollars to pay private insurers for coverage for older adults and those with disabilities. Medicare Advantage was introduced by Republican Representative John Kasich in the omnibus, and the Democrats have been critical of using public funds to pay private companies through the program.

How much the federal government spends on Medicare Advantage influences its monthly premiums and plan benefits. There is no baseline of coverage across the different private insurers who participate in the program.

Pundits have said the Biden administration was skeptical of the program, and the low rate of increase proposed for 2026 by Biden was seen as a cut to funding, given the rate of inflation.

Despite stricter rules enacted by the Trump administration on billing practices, the Department of Justice has launched a civil fraud investigation into UnitedHealthcare’s practices. Critics have looked askance at Trump for continuing to pour taxpayer money into an industry mired in legal woes.

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Trump’s policies and their impact on older adults

There is little evidence, however, that Trump’s policies will be a big win for the average American. While a boost in funding might mean savings will be passed on to clients, it seems more likely that the cash injection will be used to rally the insurers’ market performance.

“Though required by law, this excessive increase in payments to Big Insurance — when evidence demonstrates they are already being overpaid — demonstrates the crucial need for Congress to fix the way payment rates for MA insurers are calculated,” pundit Rachel Madley wrote on her Substack Health Care Un-covered. “Sadly, analysts expect the extra payments Big Insurance will get in 2026 will go to increasing profit margins, not increasing benefits or availability of care.”

With Medicare Advantage enrollment already on the rise, other analysts predict that, following this announcement, even more Medicare-eligible seniors may elect to join the program in 2025 and 2026. Only time will tell if the $25 billion is used to improve profits or to increase benefits for a growing number of seniors.

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

Vitalii Stefurac, a South Florida man, is accused of defrauding Alan Sue of nearly $300,000 in a wire fraud crime.

Stefurac, who also went by the alias Viktor, was the owner of Dream Auto Collection, a luxury car dealership in Hollywood, Florida, specializing in imported vehicles.

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In 2023, Sue, 78, ordered a Mercedes-Benz G63 with a rare BRABUS package for $275,000. He wired the money in two installments but never received the luxury vehicle. Records show that the car in question was sold to another buyer.

After months of investigation, federal agents arrested Stefurac just before he boarded a flight from Miami to Cuba. His final destination was reportedly Russia, a country he is known to have visited several times.

Tracking down an accused fraudster

In an interview with WPLG News in Florida last year, Sue described the experience as emotionally and financially draining.

“I thought about killing myself … I’ll say it right out — I was stupid and foolish,” the Hawaiian resident said. “I think Viktor took my money and went on expensive vacations.

“He went to Nepal and climbed some mountain — sent me a picture,” Sue added. “I think he went to Europe, too. I think it was all on my money.”

Stefurac appeared in federal court in Fort Lauderdale earlier this month. His bond was set at $100,000, although prosecutors argued he posed a flight risk. As for Sue, it remains unclear whether he will be reimbursed for the cost of the car and his legal expenses.

How to avoid phony dealerships

Scams like this just don’t happen with big-ticket items — they can happen to anyone. Here are some key signs to look out for to protect yourself when you’re in the market for a new or used car.

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

1. Avoid wire transfers or upfront payments

Licensed car dealers typically do not request wire transfers or large upfront payments. If you’re dealing with a private seller, don’t give in to pressure — inspect the vehicle thoroughly before handing over any money. Always conduct transactions in person, document everything and don’t hesitate to walk away if something feels off. To stay safe, buy only from registered dealers.

2. Do your own research

Always get a CARFAX report yourself, even when buying from a registered dealership. Their reports may be outdated or inaccurate. Before visiting the lot, research fair pricing for the vehicle you’re interested in. If you’re trading in a car, don’t rely solely on the dealer’s valuation — check the fair market price yourself and shop around for better deals.

When buying from a used lot or private seller, verify the legal ownership of the vehicle. Inspect registration documents and request a vehicle history report. Your local police department can check the vehicle identification number (VIN) to ensure it has not been stolen. VIN inconsistencies between parts may indicate past crashes or swapped components.

3. Get an inspection from a trusted mechanic

Always inspect the car in person — don’t rely on photos. A trusted mechanic can alert you to potential problems, such as costly repairs, evidence of previous accidents or modifications that might be illegal in your area, such as dark window tint or loud exhaust systems. If a seller resists a pre-purchase inspection, that’s a red flag.

4. Hold on to your keys

If you’re trading in your car, dealerships may ask for your keys to assess its trade-in value. However, some shady operations use this as a high-pressure tactic — stalling or refusing to return your keys until you agree to buy.

Make it clear you’re just browsing and keep your key until you’re ready to decide. Delaying a trade-in inspection until a second or third visit is acceptable.

Remember, you’re in control of buying the car. Understanding common sales tactics can help you avoid being manipulated into a bad deal. With the right research and preparation, you can find a trustworthy dealership and a car that meets your needs and budget.

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

A Bay Area family has won a victory in court after their home was significantly undervalued in a reappraisal.

Ron and Dominique Curtis were hoping to refinance their mortgage to take advantage of the historically low interest rate in 2020. It was appraised a year earlier at well over a million, but upon reappraisal was valued at $900,000, or $254,000 less than the previous estimate.

With no major changes to their home and many homes in the neighborhood in ill repair being valued similarly, the Curtises were forced to conclude that their appraiser was acting with racial bias.

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The low appraisal caused the couple to lose out on refinancing their mortgage.

As part of the settlement, the appraiser has been ordered to pay the couple $75,000, and the appraiser ordered to watch Our America: Lowballed, a documentary produced by KGO ABC7 News, which spotlights the couple and the ongoing problem of Black and Latinx homeowners in the area facing similar treatment.

The appraisal ordeal

In the evaluation, the appraiser, who, as the documentary notes, has been cited by the State of California for violating the appraiser’s code of ethics, compared the couple’s Oakland home to several others with boarded-up windows, caved-in garages and missing shingles.

Following the appraisal, the Curtises filed a 60-page rebuttal asking for a reconsideration and a new appraisal. They didn’t receive that appraisal until after ABC7 News reached out to the company, Quicken Loans, for a statement.

Ron Curtis serves as a licensed real estate broker, and therefore had access to the multiple listing service (MLS) to help strengthen their filing with data. Dominique Curtis is now a real estate appraiser herself, and is seeking to bring more equity to the industry.

After filing several complaints with the California Civil Rights Department (CRD) against the appraiser, the appraisal management company, Clear Capital, and their lender, the couple finally got closure, almost five years later.

In addition to paying the Curtises $75,000, and watching the ABC7 documentary, the appraiser has also been ordered to pay $15,000 to the CRD.

Ron said that the ordeal has caused them significant financial hardship, beyond the limits of the settlement paid to them.

"We’re renters now. We’ve moved three times since, and we’re still trying to push and move forward,” he told ABC7 News.

“We really don’t know how it is going to affect us two or three decades from now."

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

A pattern of racial bias

ABC7 News reported in the 2022 documentary that “the likelihood of appraisers lowballing homes is 10 to 30 times higher in America’s poorest Black neighborhoods than in the wealthiest white neighborhoods.”

For others in their situation, Ron Curtis says “document and to gain as much support as you can, and make sure you reach out to Fair Housing Advocates of Northern California." He also recommends reaching out to a real estate professional who may be able to help.

Some of the other couples profiled in Our America: Lowballed noted that they asked white friends to act as proxies to help them get a fair evaluation for their homes. One family had a friend pose as the owner of their home. It was evaluated for over 50% more than their previous appraisal while she was there.

Some interviewees even reported that homeowners were swapping out family photos in the home for pictures of white families.

At the time, the documentary was credited in leading to new California laws and reform in the appraisal industry. Former President Joe Biden also vowed action on racial discrimination in the real estate industry.

Now, however, the guardrails that helped families like the Curtises are coming down. ABC7 News reports that President Trump’s Department of Housing and Urban Development “appears to be dismantling how it handles alleged acts of discrimination.” They further report that the webpage dedicated to appraisal bias on the department’s site was deleted, then archived.

How to ensure your home is properly appraised

There are several types of home appraisals. In a traditional one, the appraiser will come into your home, collect relevant info, ask questions about any work you’ve done to the property and compare your home with similar properties in your area. These appraisals are most common when your home is being sold, and can be costly.

But there are also county appraisals, where a picture of the exterior of your home is taken and compared to similar homes in the area, without an inspection. Online appraisals are also becoming more popular, particularly with some mortgage companies, as they can cost less. The value of your home is simply based on searching for comparable homes in your area.

If you think your home is likely to be undervalued in an online or county appraisal, you can insist on a traditional appraisal. If you’re post-appraisal and looking at a valuation that’s below your expectation, make sure you review it to ensure all your property details are correct. Look at the homes used as comparables and evaluate whether they seem genuinely similar. If you ask for a reappraisal, you should document all the ways in which you feel your home was undervalued.

You can also ask for a second opinion with a different appraisal company, though this process can get costly. According to Angi.com, the average cost of a home appraisal is $358, nationally, but can be double that, depending on your location.

Finally, if you feel that you have been the victim of discrimination, the Appraisal Complaint National Hotline will take your report via email or phone, call 1-877-739-0096.

Be sure to look for local or state advocacy groups, who can help connect you to resources to challenge your low appraisal, and help you get in touch with fair and ethical appraisers.

If you live in the Bay Area, the Fair Housing Advocates of Northern California (FHANC) is a non-profit dedicated to equal housing opportunity.

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

Personal finance guru Dave Ramsey is famous for his no-nonsense advice, and also for his insistence on avoiding debt.

The millionaire advisor started his finance journey at the bottom. He filed for bankruptcy at just 28 years of age, and since then, he’s built an empire advising everyday people on how they can ditch their debt and make their first million.

Recently, he’s come down hard on 30-year mortgages, offering an in-depth look at how a longer mortgage term can see you paying thousands more in interest than if you choose a 20- or 15-year term. He warned readers of his blog strongly against taking a longer mortgage simply to make monthly payments smaller.

In his words, “Sure, the 30-year plan gives you a smaller monthly payment. But this longer, drawn-out repayment plan has more of your money going toward the interest each month — which also makes the principal balance go down much slower.”

How amortization works

A mortgage is an amortized loan, or one where you make a scheduled payment (typically each month) and this payment is applied to both the principal of the loan and the interest that accrues. The payment goes to the interest first, and anything remaining goes towards the principal. This can mean that a smaller monthly payment will see you paying mostly interest, rather than paying down your principal.

To demonstrate the difference between a 15-year mortgage and a 30-year, let’s take this example.

Say you have a $700,000 mortgage on your home and you’ve put 20% down, or $140,000. At a 7% mortgage rate, if you choose a 15-year term, you will pay $6,252.75 per month and your interest payments over the life of the loan will be $230,757.76.

By contrast, on a 30-year mortgage, your monthly payments will be $4,610.22 and you will pay $406,625.99 in interest. In other words, the extra 15 years will cost you an additional $175,868.23. That’s a quarter of the value of your home, and a serious amount of cash that could be put towards your retirement savings, your child’s education or making improvements to your home.

Ramsey advised his readers to create their own amortization schedule to ensure they have a clear view of how a long mortgage could see them throwing money away.

Ramsey’s tips for mortgages

Of course, affordability is a top issue for Canadians, and 30-year mortgages are common because it can be difficult to find the extra funds for a large mortgage payment each month.

In addition to recommending a shorter loan term, Ramsey offered a few more tips for getting the best mortgage for you. Here are his words of advice — plus a few more of our own.

1. Shop around Doing your homework by comparing several different lenders could lead you to a better mortgage rate or amortization schedule for your loan. Don’t feel like you have to go with your existing bank or one that’s recommended to you. If you have time to explore your options, do so as much as you can.

2. Start early If you’re shopping for a new home, preapproval for a mortgage can help you to move faster when putting in an offer. This process can also be lengthy. From start to finish, the mortgage approval process can take a few days or up to a month or more, which is mostly dependent on the complexities of the transaction.

3. Be prepared (and prepared to wait) Your lender will review your credit history, income and current debts in the process of evaluating you for a mortgage. You may also be expected to foot the bill for appraisals, property inspections, survey fees, title searches and lender reviews.

Do your research ahead of time to understand what will be required, how much it will cost and the timeline for each step of the process. This can help you manage your stress while you shop for a new home.

4. Make additional payments If you have an existing mortgage, or will have to sign for a 30-year term, do your best to budget for additional payments on your loan. If you can make an extra monthly payment, these typically go towards your loan principal, not the interest. Every extra dollar helps and can help you chip away at your balance and pay off your mortgage faster.

5. Refinance your existing mortgage Finally, Ramsey suggests that existing mortgage holders could look at refinancing their loans to reduce the term.

“This would change things like your interest rate, monthly payment amount and amortization period,” he wrote.

Again, this is a place to shop around and take your time. Look for a lower interest rate and a shorter amortization period, while keeping the monthly payment amounts realistic. If you’ve managed to increase your salary or reduce your debt and expenses since your initial loan agreement, a refinance is a smart move to get you even closer to total debt freedom.

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

Temporary work is a reality for a significant number of Americans, who, in turn, can find it difficult to plan for the future when their livelihoods are interrupted by the end of a contract every few months or years.

According to the U.S. Bureau of Labor Statistics, as of 2023, 6.9 million Americans were temporary workers. This does not include freelance workers or those involved in the gig economy.

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Suppose you’re in this boat. At 32, you have a temporary job, some credit card debt you really want to pay off, but no new job prospects once your contract finishes at the end of the year. What should you focus on — your debt or your savings? Here, we break down what to do — and why.

The scenario

So, you make $2,500 per month at your temporary job. Your minimum expenses total $2,000, and you are currently paying down $5,000 of credit card debt at the rate of $400 per month. Your emergency fund stands at $3,500, and you figure that if you continue to try to pay down your credit card debt, you would only be able to add about $500 more to your emergency savings before the end of your contract.

If you keep on this track, you could eliminate your debt in just over a year. However, with a job that ends in a few months, you’ll need a fund to keep you going until you find a new one. With expenses totaling $2,000, and a projected emergency fund of just $4,000, by the end of the year you’ll need to be faster-than-average on the job hunt.

According to FlexJobs, it takes an average of 3 to 6 months to find a new position once you begin job hunting.

In this case, it’s likely best to make the minimum payments on your credit cards and focus on saving for when you’re between jobs next year. You should also begin your search and focus on networking towards the end of your contract to ensure you start your period of temporary unemployment on the right track.

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

Prioritize your emergency fund

According to Dave Ramsey’s Baby Steps formula for building wealth, the most important thing is to have a solid emergency fund in place as a first step.

Though you already have an emergency fund, you’ll likely have to use it, and it will be depleted quickly. When you find a new job, you’ll need to prioritize rebuilding it so that you don’t end up with more debt than you have right now.

Assuming you can shift some of your debt payments to savings, you could end up with nearly $2,000 more in just six months, which is another month of worry-free job hunting in the new year.

Dealing with debt

Debt is a fact for the average person, with 46% of Americans reporting that they expect to retire with debt.

Credit card debt can come with a very high interest rate, which, in the long term, can eat away at the value of any money you manage to save by compounding the amount you owe.

Ramsey encourages the average full-time worker with credit card debt to establish a small $1,000 emergency fund, and then tackle their highest-interest cards using the snowball method.

That is, focus on using the largest amount of your debt repayment budget on your credit card with the smallest balance. When that card is paid off, shift those funds to the next credit card, and so forth, until all debts are paid. Then, that payment can be allocated to your emergency fund, so that you eventually have a healthy six months of savings to cushion you against the end of a future contract — or any curveballs life throws your way.

Similarly, a Bankrate report cautions that living without an emergency fund can be a slippery slope to more credit card debt. Even if you’re aggressively paying off your cards, a setback like car trouble or a health emergency can mean you end up further in debt. In this way, debt becomes a revolving door. With an emergency fund, you could help break the cycle of borrowing.

If you’re very debt-focused, you may want to consider a debt-consolidation loan, or a credit card balance transfer — once you’re back in a steady job and can focus on paying down your debt again.

“Utilizing zero-percent balance transfer offers can jumpstart your debt repayment efforts by insulating you from high interest rates,” says Greg McBride, chief financial analyst for Bankrate, “and facilitating quicker progress on paying down credit card debt.”

What to read next

• Don’t have the cash to pay Uncle Sam in 2025? You may already be eligible for a ‘streamlined’ handshake with the IRS — here’s how it works and how it can potentially save you thousands
• 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
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

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

One metro area in Florida has attracted attention as the leader of a particular housing category in the U.S. — but it’s no cause for cheer.

The state’s Lakeland region had the nation’s highest foreclosure rate in 2024 among metro areas with at least 200,000 residents, according to real estate data firm ATTOM. One out of every 172 housing units had foreclosure filings.

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A number of factors may be contributing to this figure — including a population influx — but one common theme experts pointed to was the price of home insurance.

“When those insurance premiums start kicking in, they can’t make the payments, they just don’t know what to do,” Bob Miller, a real estate broker, told News Channel 8 in a story published March 27. “So a lot of them, for lack of a better term, they curl up in a little bit of a ball and they wait in a corner for someone to knock on the door. That’s not the best option.”

Here’s what’s behind the high insurance rates, and what you can do to protect your home wherever you might be.

Homeowners’ insurance prices

Florida is prone to natural disasters, including hurricanes, flooding and wildfires, and largely because of this insurance prices are among the highest in the nation.

Floridians pay an average annual premium of $5,292 for a home worth $300,000, according to Bankrate. This is nearly two-and-a-half times the national average of $2,267.

Major home insurance providers like Progressive, AAA and Farmers Insurance have reeled in some business, as the cost of operating in the state has become prohibitive for many insurers.

In 2024, Mark Friedlander of the Insurance Information Institute told CBS News Miami an internal study that found 15% to 20% of Floridians were forgoing home insurance — compared to 12% across the country.

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

However, some real estate experts say the state’s sky-high insurance rates don’t tell the whole story behind the foreclosures in Lakeland. Gate Arty, principal and co-owner at Keller Williams Realty, acknowledges the impact of insurance premiums, but he doesn’t believe Lakeland has a foreclosure problem.

“Distress sales just aren’t a significant piece of our market right now,” he told News Channel 8, pointing out that increased real estate activity in the area can affect the numbers.

Protect your finances from foreclosure risks

For homeowners anywhere in the country that face the risks of natural disasters, it’s critical to take preventative steps to protect your home and bank account in case of a serious incident.

One of the first steps toward financial security in this case is ensuring you can afford your insurance premiums while having a cushion in place in case of unexpected increases or expenses. Setting a healthy budget and sticking to it can give you room to breathe, while an emergency fund can protect you from financial stress.

To make more room in your budget, consider shopping around for a new insurance rate. A few hours spent online or on the phone may yield hundreds of dollars of savings per year that you can use to bolster your finances.

If you’re in need of serious budget relief, refinancing your mortgage or working with your lender to modify the terms of your mortgage can help you avoid defaulting and foreclosure of your home.

“A lot of times, the biggest problem is that the homeowner doesn’t communicate with the bank, and that’s when things really start to spiral out of control,” Miller said.

In the wake of these insurance affordability issues, many Florida homeowners may be considering self-insuring instead of working with an insurance company. However, experts warn against such a step.

Florida’s Insurance consumer advocate, Tasha Carter said in an interview in December, "Homeowners would need a substantial amount of capital in order to ensure that they can rebuild their home if it is significantly damaged and uninhabitable,” Tasha Carter, Florida’s insurance consumer advocate, told WESH 2 News in December. “Most homeowners simply don’t have enough accessible capital to be able to make those repairs."

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

If you’ve hit middle age and managed to earn a substantial sum investing in the stock market, congratulations, you could be well on your way to building a sizable nest egg for your retirement.

One common piece of advice people receive in their early years of investing is to put their money in a fund that tracks a market index like the S&P 500. Even legendary investor Warren Buffett recommends this approach for everyday Americans. Investing in an S&P 500 index fund gives you exposure to the top-performing companies in the U.S. across a broad range of sectors. As these companies grow — or, at times, falter — so does your investment.

But let’s say, despite having great success, you feel ready to move on from investing in the S&P 500. At the age of 35, your investment has grown to $300,000, and you want to use some of it to make a few riskier bets on individual stocks. This could potentially generate wealth at a much faster pace, but you could also lose it just as quickly.

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Here’s what you should know about investing in individual stocks. And it goes without saying: Nothing in the stock market is guaranteed.

The pros and cons of stock picking

In contrast to passively investing in index funds, stock picking is much more active, and involves knowing the market well. You need both the time to dedicate to reading market reports daily and a healthy appetite for risk, knowing that not all your picks can be successful.

Investing in individual stocks is a choice that is only for those who want to take on investing as a serious hobby or maybe even as a second career. Stock picking entails a lot of study. To become a great investor, you have to be willing to first invest considerable time to understand the market, the history of growth and decline across a number of industries, and to stay on top of reports from reputable trading firms.

However, if you’re eager to become a unicorn stock hunter, there’s the potential for greater returns than an S&P 500 index fund can offer. Experts advise against trying to time the market, since day-to-day outcomes tend to be unpredictable, but there’s room to spot an opportunity for buying low to potentially sell high. Moreover, individual stock buyers can get access to dividend-paying stocks, which you can either use to supplement income or reinvest for your retirement fund.

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 invest in individual stocks

Stock pickers use both fundamental analysis and technical analysis to make decisions and predictions about stock performance.

For fundamental analysis, annual reports, quarterly conference calls and other third-party reporting on companies help investors to understand not only growth and profitability, but also public sentiment and the potential for new products or lines of business that could increase a company’s value. This type of analysis also involves studying competitors in the market to understand a company’s place in a sector compared to similar players.

For technical analysis, you look for trends and patterns in the stock price itself. This involves historical trading data, including a stock’s price and trading volume, and the ability to see patterns that others may miss. You might also look at the trends from competitor stocks to compare growth and decline in the industry as a whole.

When you’re just starting out, look for reports from reputable sources to help you get a handle on both these types of data. At this early stage, paying more for the right tools can be helpful as you learn.

Once you feel confident that you’ve done your research, you will want to decide on the right time to buy and how long to hold a stock in your portfolio. There’s no one-size-fits-all-answer here. Ask yourself questions about your time horizon, personal financial goals and risk tolerance. Remember that holding onto a company that’s reputable today doesn’t mean the stock price will rise forever.

It’s always good to remind yourself as an investor to keep your emotions in check. There will be times, such as right now, where the market is extremely volatile and can seemingly change at a moment’s notice. It may be challenging, but focusing on your long-term strategy can be helpful.

What to read next

• Don’t have the cash to pay Uncle Sam in 2025? You may already be eligible for a ‘streamlined’ handshake with the IRS — here’s how it works and how it can potentially save you thousands
• 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
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

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

Early in your career, big pay increases can happen quickly — you get a new job in a much larger company, you advance through the ranks at your current company or you move to a new industry where salaries are typically higher than you could command before.

After the excitement of signing a big contract is over, you might ask yourself: “Now what?”

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While you might be tempted to make your first major payday all about fun purchases, it’s still important to stick to tried-and-true financial principles. There are no guarantees in today’s world. You could suddenly lose your job, and the money you’ve made has to last.

Let’s say you’re a single young professional who has moved from a $100,000 to a $200,000 salary role. We’ll cover budgeting, saving and investing to help you make the most of your new income.

Calculating your new take-home pay

Just because your before-tax income has doubled, doesn’t mean your take-home pay will double as well. Moving from $100,000 to $200,000 means you cover new tax brackets, and if you have any other income outside of your regular job, you’ll have to take that into consideration as well.

The federal tax brackets for 2025 at your income level as a single filer are as follows:

• 10% for income up to $11,925
• 12% for income from $11,925 to $48,475
• 22% for income from $48,475 to $103,350
• 24% for income from $103,350 to $197,300
• 32% for income from $197,300 to $250,525

It’s important to note, even if you earned $200,000 over the entire year, your total income will not be taxed at 32% — only the amount after earning $197,300 will be taxed at this rate. Federal tax rates begin at 10% and rise correspondingly with income. So, you’ll need to do some calculating to understand what your actual tax rate will be. On top of that, you’ll have to calculate taxes for your state, if any. Depending on where you live, you may face no additional state taxes, a progressive rate like federal taxes or a flat rate regardless of your income.

Your take-home pay will also be impacted by your health insurance, any additional life insurance costs and other benefits programs you register for. If you have questions, be sure to ask your employer for more information.

Spending responsibly

Once you have a good handle on the figure that will flow into your bank account each month, it’s time to set a new budget. Start by looking at your old budget and spending. Were you happy with how you were managing your money? Did you feel like you were getting the most bang for your buck, balancing saving with enough funds to enjoy your favorite activities?

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

It’s a useful, if time-consuming, step to track your spending from the previous year. You can gain a lot of insight into how you used your money and where you can add or trim spending to align with your personal goals. With your new income, you may want to seek the advice of a financial advisor to help you adjust your contributions to retirement savings and investments.

You may also find the prospect of paying down debt or purchasing big-ticket items such as a home to be more realistic. The median sale price of a home in the U.S. was $419,200 in the fourth quarter of 2024, according to the Federal Reserve Bank of St. Louis. Home values will vary by location, but you now have an opportunity to save up for a large down payment. If you want to pay off debt or own a home, your new budget should account for these goals.

Avoiding lifestyle inflation

Getting a new job with such a high salary can be a heady experience. You may feel tempted into excess spending to keep up with your peers in your new role or to demonstrate to friends and family that you’ve finally “made it.” However, it’s easy to slip into living paycheck-to-paycheck with a big income if you’re not careful about your spending.

To keep it in check, make sure your money moves align with your values. Ask yourself how you really like to spend your free time and allocate a portion of your budget to those activities. If it’s important to you to give back to your community or donate to funds you support, consider building that into your budget over more frivolous spending.

One common purchase people make after boosting their income is a new vehicle. In this case it’s best to think in practical terms. Do you really need a fancy new car to commute to work every day, or does it make more sense to buy something that best supports your lifestyle? Cars drop in value quickly, and in many cases the best value can be found on the secondhand market.

Managing your new take-home pay goes hand-in-hand with managing your new lifestyle. If you were mostly satisfied before your income upgrade, how much really needs to change? This is a chance to live a good life while pursuing long-term goals to set yourself up for a happy and comfortable future.

What to read next

• Don’t have the cash to pay Uncle Sam in 2025? You may already be eligible for a ‘streamlined’ handshake with the IRS — here’s how it works and how it can potentially save you thousands
• 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
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

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