Author: Rebecca Holland

You’ve done it. At 57 years old, you’ve cleared the mortgage on your home — a major milestone most Americans only dream about. No more monthly payments looming, no lender breathing down your neck.

But now, with epic timing, your HVAC system decides to give up the ghost with summer just around the corner and your floors look like they’ve survived a small war. Suddenly, you’re faced with a critical question: What’s the smartest way to finance these urgent repairs without jeopardizing your newfound financial freedom?

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In the end, the smartest move balances immediate needs with long-term financial security. Let’s figure it out.

Tapping your home’s hidden wealth

When you own your home outright, one of your strongest financial advantages is the equity you’ve painstakingly built up. That equity can now be your best friend or worst enemy, depending on how you leverage it.

A common go-to solution is the home equity loan, a one-time loan using your house as collateral – typically offering a lump sum at a fixed interest rate.

The beauty of a home equity loan lies in its predictability. Unlike variable-rate financing, you know exactly how much you owe each month, which can make budgeting easier. Home equity loan interest rates are generally lower than unsecured loan options (like personal loans or credit cards) because a borrower’s property secures the loan.

Lenders view these loans as less risky since they can recover their money by foreclosing on the property if the borrower defaults. But home equity loan rates are not always lower than other secured options like home equity lines of credit or cash-out refinances.

Currently, home equity loan rates can sit around 6.990% for a 30-year term, which is relatively high compared to pre-pandemic levels.

But let’s pump the brakes for a second. While a home equity loan sounds attractive, it carries risks. The biggest one? You’re putting your home on the line. Miss payments, and the bank can swoop in and take what you’ve worked decades to fully own.

Any borrowing — home equity loan, credit cards, you name it — is a gamble these days, as your repayments will compete with rising grocery prices and other everyday costs in a tariff environment. It’s crucial to assess your financial stability and realistically consider your ability to handle monthly repayments.

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Credit cards and personal Loans: Convenience at a price

Maybe you’re tempted to whip out your credit card for the HVAC unit and new flooring. After all, it’s quick, easy and tempting. Credit cards, especially those with rewards, cashback or 0% introductory rates, can offer immediate relief.

If you can snag a card with an introductory period of zero interest, and you’re disciplined enough to pay off the balance before that honeymoon ends, this could be a cost-effective solution. But credit cards can quickly become a financial trap. Interest rates regularly rise above 20% and if you slip up even once, your convenient fix can become a lingering debt monster that chews up your disposable income month after month.

Another path is personal loans, which offer the advantage of unsecured financing, meaning your home isn’t directly at stake. Interest rates for personal loans are typically lower than credit cards but higher than home equity loans.

With fixed monthly payments and predictable terms, personal loans offer clarity without risking your property. But if your credit score isn’t robust, expect unfavorable terms and higher costs.

Choosing the right financial lifeline

Deciding which option is for you begins with closely examining your financial health. How much disposable income do you realistically have each month? If it’s substantial enough to comfortably handle repayments, the predictability and lower rates of a home equity loan could offer the best value. But if you’re wary of placing your home at risk or if the thought of leveraging equity makes you uneasy, personal loans become a safer middle ground, offering transparency without direct stakes in your property.

Next, take a hard look at the repair costs. Is the project extensive, running into tens of thousands, or are we talking about a more manageable sum? For smaller amounts, credit cards — especially those with promotional zero-interest periods — might work if you’re disciplined. If there’s any doubt about your ability to clear the balance quickly, steer clear.

Interest rates and repayment periods matter significantly, too. Compare current rates offered by banks, credit unions and online lenders. Credit unions, in particular, often offer more favorable terms, particularly if you’ve been a long-time member.

Lastly, consider timing. If your HVAC system failed at the worst possible moment, financing might be urgent. But even then, take a beat. You’ve spent years working toward financial security. Protecting your finances means making a calculated decision, not one driven purely by urgency.

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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.

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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.”

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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.

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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 insure 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.

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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.

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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?

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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

• 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
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• Do you rely on your monthly Social Security check to get by? Here are 5 simple money moves for American seniors during Trump’s presidency

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

As the spring homebuyer’s market kicks into gear, the average American buyer might not be feeling so optimistic about their prospects.

Most of the country is in a neutral market according to Zillow, the real-estate marketplace company. While this gives buyers more time to make decisions, the relatively cool market may also make it hard to find a home that checks all the boxes.

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Zillow forecasts 4.1 million in existing home sales for 2025, just above the 4 million sold in 2024.

There are some bright spots for buyers in certain cities. Below, we dive into the top 10 markets where you can expect to see lots of choice and hopefully find the home of your dreams with ease.

Top 10 markets with high housing inventory

Higher inventory, economic uncertainty and yo-yo-ing interest rates are suppressing price growth. Zillow anticipates a small increase in home value in 2025 — just 0.6%.

That’s good news for buyers. What else is good? Some of America’s most exciting cities top the list of markets with plentiful housing inventory, and most are in sunny climes.

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10. Atlanta

This city’s homes were ranked the second-most overpriced in the U.S. in 2024, according to a report by Axios Atlanta. Now, inventory is up 31.40% and home prices are down 10.6%, with a median selling price of $380,000. Homes are sitting longer, too — 84 days versus 55 days on average last year.

9. San Francisco

San Francisco real estate is a famously hot commodity, with an average home price of $1,150,195, the second-highest on this top 10 list. If you’re shopping for views of the Golden Gate Bridge or Coit Tower, you’ll be glad to know housing inventory has grown 32.50% since last year. Realtor.com reports that the median number of days on the market is holding at 51, so you’ll have plenty of time for viewings and making an offer.

8. Riverside, CA

Prospective homebuyers in Greater LA should check out Riverside, with housing inventory up 33.50% over year. This bustling hub boasts a typical home value of $585,739 (compared to just under a million in LA proper), and homes are sitting longer on the market, clocking in at 49 days this year according to Redfin. The typical seller sees only three offers on their home, so there’s a good chance you can close a deal.

7. Sacramento

At $578,290, Sacramento’s home prices are similar to Riverside’s, but availability is even better, with a 34.60% growth in inventory over 2024. But homes only stay on the market 36 days, so buyers may want to move fast to buy a piece of the capital city.

6. Phoenix

If you prefer your hot spots in a dry climate, Phoenix is calling. The supply of new homes is up 35.5% this year, and with an average price of $450,492, it’s one of the most affordable locales on this list. The buying is easy, too. Redfin reports that most sellers receive only two offers on their homes, which stay on the market an average of 59 days.

5. Los Angeles

Following the wildfires in Los Angeles, housing supply is up 35.5%. Homes receive an average of three offers, and stay on the market for 67 days. If you can afford the average $964,556 price, you may have an easier time buying a home in LA this spring than at any other point in recent years.

4. San Jose

The priciest spot on this list, the average home in San Jose sells for $1,648,729. This city is home to Silicon Valley, and demand for homes in the area has inflated prices for years. But in 2025, housing inventory has soared, with 36.2% more homes on the market compared to last year. You still need to move fast as most sellers receive five offers, and sell in just 11 days.

3. San Diego

The supply of homes in this California city has shot up 39% over last year. Experts believe the market is due for a correction, as high prices ($946,075 on average) continue to freeze out first-time home buyers. But buying is still competitive. Sellers receive an average of four offers, and homes stay on the market a mere 27 days.

2. Las Vegas

With a whopping 40.5% growth in supply and homes sitting on the market 61 days, Las Vegas is the second most affordable market on this list. Homes are valued at an average $430,277. Yet this relatively low number is a record high for Vegas. As of January 2025, prices jumped 9% for single-family homes and sales are trending upwards. Real estate experts note that many buyers in the area are displaced Californians looking for safer real estate options after January’s wildfires, so prices may continue to rise.

1. Denver

With a massive 40.9% increase in inventory over last year, buyers have plenty of choice in Denver — but there’s a catch. The average is valued at $581,411, a massive price tag in this region. The Colorado Association of Realtors reports that “economic conditions, affordability challenges, and tumultuous political turmoil” are making the market difficult for homebuyers. In spite of these local challenges, outside buyers will have plenty of opportunity to check out this mountainous city, with a median 59 days on the market for each listing.

How to buy this spring

Forbes reports despite the recent uptick in supply of new homes, supply may dwindle and prices rise as builders face tariffs on building materials.

Buyers still face competition in the market. Here are some tips to be prepared.

Read up on your target housing market(s), and familiarize yourself with real estate and legal jargon. It’s also an opportunity to get a realistic sense of home prices in a specific area.

Seek out guides that break down the homebuying process into stages so you know what to expect.

Ensure your credit score is in the best possible shape. That way your financing will go smoothly and you can get a great mortgage rate.

Get a mortgage pre-approval from your lender. That will help you set a budget for what kind of home you can afford.

Talk to a number of real estate agents so you can pick one you trust and will enjoy working with.

Most of all, try to enjoy the process of finding your dream home, wherever you choose to buy.

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

Atlanta businessman Calvin Darden Jr., a career fraudster with previous convictions, is facing 12 years in prison for his latest scam, convincing former NBA player Dwight Howard to part with $7 million for a fake bid to purchase WNBA team the Atlanta Dream.

Darden Jr. worked with Howard’s agent Charles Briscoe to convince the baller that the scam was real. Howard was duped into believing other big stars like actor Issa Rae, tennis star Naomi Osaka and filmmaker Tyler Perry were also investing in the team.

However, court records show that many of these supposed investors had never heard of Darden Jr., much less had any business dealings with him.

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For his involvement, Charles Briscoe is facing six months of house arrest, a three-year supervisory period and a penalty of $1.5 million.

Darden Jr. also duped former Houston Rockets player Chandler Parsons into “loaning” $1 million to NBA prospect James Wiseman. Wiseman was not involved in the deal, and Darden Jr. reportedly spent the money on luxury goods for himself.

While these large sums of money may convince you that scams of this type only happen to the rich and famous, the reality is that fraudsters can target anyone. You have to stay vigilant and informed to ensure you don’t become a victim.

Here’s how to help avoid falling for investment scams, how to vet potential business partners and deals — and how to know when to walk away.

Surround yourself with advisors you trust

Warren Buffett has offered some sage advice from his long career.

“We look for three things when we hire people. We look for intelligence. We look for initiative, or energy. And we look for integrity,” he says “And if they don’t have the latter, the first two will kill you.”

Integrity is critical, as placing your trust in the wrong person can be financially fatal. Taking the case of Charles Briscoe: the agent was not only trying to outsmart Howard, but also duped other NBA players into buying more than $5 million in overpriced life insurance policies.

When you choose a new financial advisor, a new business partner or even a service provider like a mortgage or insurance broker, be sure to do your homework on them. Check for any required certifications, and membership in professional and regulatory organizations. Ask for references, and also look for testimonials from people in your own network whom you trust.

Most of all, if the terms of an offer sound too good to be true, they probably are. Trust your gut, and be willing to pass on any opportunity that gives you a bad feeling.

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Beware of impostor scams

In the case of Darden Jr., he pretended to be a legitimate businessperson, with many important contacts, in order to convince Howard to invest in his scheme. But, as the Federal Deposit Insurance Corporation (FDIC) notes, impostors can also pretend to be someone you know and trust in order to convince you to give them money. Or, imposters may claim that they are members of a bank or government agency in order to gain your trust.

These scams are becoming more sophisticated thanks to the use of AI. The telltale signs of scams can include bad spelling and punctuation, low-quality or low-fidelity images and logos, and suspicious email addresses — although those are now largely absent from the emails, social media posts and text messages of scammers.

There are also sophisticated scams involving AI-generated voice recordings and video. If you encounter someone claiming to be someone you know, or to be a business contact of a person you know, be sure to ask questions that could not be answered by a third party, or to check in with your supposed mutual contact for a reference.

Mortgage and foreclosure scams

The FDIC warns of another common type of business scam involving fake mortgage lenders, loan servicers, financial advisors or representatives of government agencies who claim they can help with your mortgage.

Whether you’re in the process of buying a new home, acquiring new real estate for investment purposes or at risk of losing your principal property due to foreclosure, these criminals prey on people who lack legal knowledge and the typical business practices of lenders and financial professionals.

If you’re contacted by a company or individual claiming that they can offer you a much lower mortgage rate than average, or can save you from foreclosure, don’t offer up any personal information or money until you can be sure they’re legitimate.

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

While President Trump’s aggressive (and changing) foreign tariffs are expected to make the cost of living soar for average Americans, there are some groups who welcome rising prices on imports as a way to boost local trade.

The Trump administration received roughly 200 letters from Gulf Coast shrimpers asking for higher tariffs on imported shrimp.

Prices for the domestic catch have fallen from $2.85 per pound four years ago to $1.64 as of June 2024, down 42%. And shrimpers from the area say imports account for more than 90% of demand for shrimp in the US, according to NBC News. They see the America First policy as a boon for a struggling industry.

“We’ve watched as multigenerational family businesses tie up their boats, unable to compete with foreign producers who play by a completely different set of rules. We are grateful for the Trump Administration’s actions today, which will preserve American jobs, food security, and our commitment to ethical production,” Southern Shrimp Alliance Executive Director John Williams posted on the organization’s website.

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Shrimpers for Trump

Unlike the lobster fishers of Maine, who rely on trade with Canada as their largest export market, shrimpers sell the majority of their catch domestically. Foreign competition has turned the price per pound into a race to the bottom.

“I call it the ‘chickenization’ of shrimp,’” said Jeremy Zirlott, a shrimper in Alabama with three boats, and a Southern Shrimp Alliance board member. “Shrimp used to be a luxury item; now it’s gotten to where it’s one of the cheapest proteins.”

"We’ve been dying for the last 20 years, and the last four years have really been tough," said Acy Cooper, the president of the Louisiana Shrimp Association. "Then Trump comes in — that’s why we voted for him. We want change. We can’t live like this anymore."

The industry’s crisis is one that shrimpers feel the US government has, up to now, compounded.

In early March, Sen. Bill Cassidy, R-La., called attention to the fact that US taxpayer dollars are being used to fund the shrimping industry in other countries. As reported by the Southern Shrimp Alliance, private shrimp producers and exporters in Ecuador have received at least $195 million in development funding since the millennium.

Funding has also been sent to India, Indonesia, Vietnam, among other countries. The Alliance contends that this has led to a “global oversupply that has driven wholesale shrimp prices to historic lows during a time of inflation for almost all other commodity prices.”

Sen. Cassidy has called on Treasury Secretary Scott Bessent to prevent taxpayer dollars from funding foreign shrimp aquaculture. Advocates for the industry say that this foreign supply has been instrumental in gutting the domestic shrimp prices. NOAA Fisheries reported that the total value of U.S. shrimpers’ catch was $522 million in 2021 — and only $268 million in 2023, and remaining near this level in 2024.

Congressman Clay Higgins, R-La., is also calling attention to the issue and on the Trump administration to impose tariffs of up to 100% on foreign shrimp and crawfish imports.

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Shrimpers vs. consumers

"The public has to be willing to pay more for the domestic product we produce," said Zirlott. He anticipates that tariffs will provide some relief, but wants federal funding redirected into the local industry so that it can survive in the long term.

"I don’t think it’s going to solve all of our problems for sure, but it’s a step in the right direction," he said. Public support is crucial to encourage young people to join the fishery that is quickly witnessing a “graying of the fleet.”

By contrast, Maine’s governor expressed worry that tariffs on the fishery will cause major trading partners like Canada to impose retaliatory tariffs. Some products, such as lobster, cross the border for processing as Maine has 15 lobster processing plants to Canada’s 240, meaning Maine’s lobstermen would suffer in turn.

The National Fisheries Institute has also warned that tariffs on seafood and other items could cause inflation.

Some also worry that as prices for foreign imports and domestic shrimp rise, consumers are just as likely to change their tastes as they are to adjust to a higher cost for seafood they expect to be cheap.

John Sackton, a seafood industry analyst, reported to NBC that a recent survey showed consumers are more likely to simply cut back on spending for groceries and restaurants when the economy dips, meaning tariffs may not ultimately bring Gulf Coast shrimpers the relief they’re desperately seeking.

Gulf Coast shrimpers, however, rely on their fellow Americans to do the right thing.

“Today’s demand for shrimp is met at a massive human, environmental, and public health cost,” said said Williams, the executive director of the Southern Shrimp Alliance. “When we outsource our seafood production to industries that use forced labor and environmental shortcuts, we’re making a choice about the kind of world we want to support.”

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You may be aware that President Donald Trump’s global tariff war will see Americans paying more for consumer goods, but have you considered the cost of services will also rise?

According to a February report from Insurify, the cost of full-coverage car insurance in the U.S. could increase by 8% on average this year if Trump persists on 25% import tariffs on car parts made in Mexico and Canada.

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Plus, with Canadian steel and aluminum facing the same tariff, the price of manufacturing auto parts in America could also skyrocket.

The cost of auto parts is a major factor in the final price of your auto insurance. The car industry in the U.S. is highly reliant on our neighbors to the north and south, as the U.S. imports roughly 32% of its total auto parts from Canada and Mexico, according to data cited in the Insurify report. Imports of finished cars and trucks from Canada and Mexico also account for a fifth of all vehicles sold.

Tariffs on your transportation

Increasing insurance costs may not be the only headache, as demand for cars produced domestically will see automakers expand their workforces, and add to the final cost of the vehicles they make.

They’ll also have to absorb the higher cost of steel and aluminum imports, which will likely be reflected in car prices, too.

Whether you’re buying a new car or repairing a used one, the cost of parts will make transportation more expensive for Americans. Demand for cars made domestically may also increase if imports become prohibitively expensive.

USA today reports that according to Wolfe Research, tariffs could make the average cost of a new car rise by about $3,000.

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Rising costs for insurance

In February, the American Property Casualty Insurance Association reported that approximately six in 10 auto replacement parts used in U.S. repair shops are imports from Canada, Mexico or China. With higher costs for these auto parts leading to increased costs for insurers, premiums will rise accordingly.

According to a recent report from the Kelley Blue Book, the national average cost for car repairs is $838. With tariffs, this could put the cost for repairs well over $1,000.

In spite of these rising insurance costs, remember that repairing your vehicle is often cheaper than leasing a new one. You can also save money in the long run through proactive maintenance, and the upfront cost of a comprehensive plan can be worth it if you’re involved in a serious accident.

Speaking to USA Today, Insurify data journalist Matt Brannon projects that New York state will see the biggest increases in insurance rates this year, totalling $489 by the end of the year. Nearly a fifth, or $110 of that cost is directly attributed to tariffs, he reported.

The good news? Brannon said that car owners probably won’t see increases in their insurance bill until the end of the year. Most insurers, he noted, have to be approved by state regulators to increase the cost of premiums. This process can take months.

“We expect those price increases would show up when drivers renew their policies or switch to a new insurer, rather than in the middle of a six-month coverage period,” he said.

You can get ahead of these anticipated costs by setting aside more funds in your savings, and starting to do some research to find a more competitively-priced policy for your auto insurance, so that when you renew you won’t feel it in your wallet.

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