Author: Sarah Sharkey

You love your children. After all, each of them is wonderful in their own way. You enjoy visiting each of them and watching as their lives unfold.

But let’s say you and your spouse, both 68 and retired, have started offering financial assistance to your adult daughter and her growing family. Only now, you’re wondering if that show of support could sow resentment in your son, who is single and lives on his own.

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It’s a common scenario for many parents. In terms of gifts, you spend about three times more on your daughter and grandchild than on your son. Although he doesn’t need any financial support, as parents, you may feel the itch to make things fair.

The silent cost

Whenever you give your adult children gifts, it’s entirely up to you on how to divvy them up. There is no right or wrong way. But if you want to avoid potential resentment between the siblings, working to make things fair could help.

Even if your children don’t seem too bothered, their angst could be building beneath the surface.

According to a Multidisciplinary Digital Publishing Institute (MDPI) study, “children perceive it as fair when parents treat them equally to their siblings.” If things aren’t deemed equal, some children may take different approaches in rationalizing their feelings.

For example, one child might rationalize that the other needed more financial support than they did. Or they might think their parents got along better with their other siblings. Or they might allow feelings of perceived unfairness to fester into full-blown resentment, leading to family rifts down the road.

Of course, the reaction varies based on the child and the situation. It’s up to the parents to decide how they’d like to support their children, which might look different for each child. With enough foresight, parents can assuage these feelings by attempting to keep things fair.

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 balancing act

If you are concerned about your son getting the short end of the stick, consider a triage approach, and most importantly, communicate.

If you are simply concerned that you spend more on your daughter’s family during gift-giving seasons, then setting an equal budget for her family and your son could easily balance the scales.

If you are looking to the future, creative estate planning could help keep things fair. For example, you could leave a larger percentage of your assets to your son than your daughter, to offset any past imbalances.

One option is to build a hotchpot into your estate plans. Essentially, this estate planning tool takes financial gifts during your lifetime into account before dividing up your assets.

For example, if you gifted your daughter $10,000 to pay for your granddaughter’s education, this advance would be included in the hotchpot before any remaining assets are divided up. Meaning she would receive $10,000 less than your son.

Typically, this requires tracking large expenditures for your children. Before you start down this path, however, consider having an open and honest conversation with both your son and daughter. Make it clear that you are doing everything in your power to support them equally.

In terms of staying with your son for months out of the year, it might be fair to offer him some level of compensation for this generous gesture. But consider asking him if he’d like compensation during your stay. He might appreciate you picking up the increased utility bill or even a non-financial gesture, such as taking care of his pet while he’s at work or meeting with a handyman to resolve an issue without him having to take time off work.

Again, it’s critical to communicate your wishes with your children to keep things fair.

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Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

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

For decades, Florida has drawn in newcomers with its promise of sunshine and opportunity. Many envision the Sunshine State as a paradise of endless coastlines and idyllic retirement living. However, the reality that many seniors face stands in stark contrast to these postcard-perfect expectations.

In recent years, seniors of the state have been especially hard-pressed to contend with a widespread housing affordability crisis.

“I didn’t work all my life to become homeless. That wasn’t my goal,” said a Florida senior who wished to remain anonymous, detailing his struggle with rising housing costs during an interview with WESH 2.

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An alarming percentage of Florida seniors facing homelessness

It’s undeniable that Florida is a popular place to move to. The allure of warm weather and no state income taxes has made it a top retirement destination.

However, in recent years, Florida has experienced a significant acceleration in population growth. The state saw an impressive 18% increase in residents between 2010 and 2022.

Orange County, home to the epicenter of Orlando, saw the largest population gains in that time frame, with more than 304,000 new residents calling the area home.

As more people move to the state, the housing supply hasn’t been able to keep up, ultimately pushing housing costs higher. And for many Florida seniors, this mismatch of supply and demand is putting pressure on their budgets to the point that many are either homeless or facing homelessness.

One Florida senior shared his story anonymously with WESH 2.

When he moved to the state seven years ago, he bought an affordable home in a mobile home park in Lake County. But after living there just four years, the owner of the mobile home park died, and the property was sold to Legacy Communities, an Arizona-based property investment company.

After the property changed hands, the new owner raised his lot rent from $263 to $600. He must continue to pay his lot rent in order to keep his home on the property. Relocating the mobile home isn’t feasible, as moving costs have been quoted at $75,000, making it impossible to find a more affordable alternative.

“It’s quite stressful, to be honest with you, you know,” he said. “They just took my security and threw it out the window, it’s gone.”

If the rent increases continue, he’s not sure how he’ll manage. Although he has a part-time job, he’s concerned that ongoing rent increases on his lot will ultimately consume his entire Social Security check.

“So what do I live on?” he asked.

He isn’t alone in his fears. Older adults and seniors make up the fastest-growing homeless population in Central Florida. Although the problem of senior homelessness isn’t confined to Florida, it’s a growing issue in the state.

For example, in Miami-Dade County, people aged 65 and older made up nearly 8% of the homeless population in 2019. By 2024, that number had reached 14%.

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

Affordability crisis for Sunshine State seniors

The average retired worker receives around $2,000 per month in Social Security benefits.

Although many try to live exclusively off of this benefit, it’s simply not feasible to make ends meet on this monthly income in many parts of the country, including Florida.

In the Sunshine State, seniors relying solely on Social Security benefits struggle significantly with the average rental cost of $1,900, leaving minimal resources for other essential expenses. Even seniors with additional savings face challenges in stretching their limited funds to maintain financial stability.

The median retirement savings for seniors ages 65 to 74 is $200,000. While this may seem like a lot to fall back on, many seniors face expensive medical bills and other life costs that can quickly put pressure on that stockpile.

For some, like the anonymous man who shared his story, working part-time offers a lifeline. But for many seniors, working, even part-time, is simply not possible due to physical limitations.

Are you a senior at risk of homelessness? The Senior Resource Alliance offers valuable assistance in connecting you with local services designed to help you maintain stable housing. Don’t hesitate to contact them for support during this challenging time.

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Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

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

Multiple customers claim they paid a used car dealership in Baltimore thousands of dollars with the promise of a working vehicle.

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After putting down their hard-earned money, many say they don’t have a vehicle, and one that did receive a vehicle is dealing with car repairs, according to WMAR 2 News.

“It was my inheritance,” said Tammie Skinner in an interview about the funds she lost. After putting down $10,000 for a used car in March, she says she hasn’t heard back from the dealership about either a vehicle delivery or a refund.

After speaking with the press about her similar experience with the same dealership, Debra Godsey received a 2012 Chevrolet Traverse with over 167,000 miles, several recalls, and multiple error codes. The vehicle quickly broke down and was in the shop at the time of her interview with WMAR 2 News.

While these customers wait for the situation to be resolved, they are spreading the word about this allegedly “ghosting” used car dealership.

How did it happen?

According to an official document from 2024, Vehicle Veterans, a registered business in Maryland, offers a brokerage service.

In such businesses, customers are expected to pay a broker’s fee, set a budget, and let the company know what type of vehicle they are interested in. From there, the dealership monitors available vehicle listings, moves forward with a purchase that meets your needs, and eventually provides you with an agreed-upon vehicle.

After seeing videos of happy customers accepting a vehicle from the company on Facebook, Skinner went to meet with the company. At that point, she met with Vernon Crowffey, a broker who helped start Vehicle Veterans.

"Vernon’s sister was there at the secretarial desk, and she and Vernon put on a good show for me, showing me vehicles that I could purchase as long as I had that money in their hands," Skinner said.

Skinner says she put down $10,000 cash with the understanding she would receive a used car in the near future. But after making that payment on March 21, she claims she still hasn’t received word from Vehicle Veterans.

"I didn’t want the monthly payment, because right now, it is so hard, even just to put food on the table. It is, it’s a struggle. There are 13 people in this house, and I cook, I clean daily," Skinner said.

Crowffey responded to the allegations in an interview with WMAR 2 News. He claims his cousin Michael Henry, who is the owner of the business, had control of the funds.

However, the news station says several customers provided receipts showing Square payments made directly to Photogeniks, Crowffey’s photography business.

Crowffey also said that he is still trying to come through for his clients.

“I just feel so committed to people, you know, and doing what’s right in this whole situation, regardless of whether I took the money, Mike took the money or not. You know, it happened under Vehicle Veterans, which I still was a part of. And so, you know, I still planned on standing in the forefront and making sure that I can do whatever I can to make things right," said Crowffey.

For now, many customers are waiting to either receive a vehicle or get their money back. According to the news report, Vehicle Veterans has had two complaints filed against it at the Maryland Office of the Attorney General.

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 to look for when buying a used car

Losing thousands of dollars during any transaction is a nightmare scenario, especially during an auto purchase. Not only do you potentially drain your savings, but you also don’t walk away with a vehicle to get you to and from work.

If you are in the market for a used vehicle, doing your homework can help you avoid a devastating outcome.

Start by working with a reputable car dealership. Check online reviews and the business’s legal status to confirm that most customers have a positive experience.

If possible, consider getting a recommendation from a family member or friend who had a good experience purchasing a vehicle recently. Make sure this is someone you can trust.

Once you find a vehicle you are interested in, request the VIN number. Use the VIN to look up the vehicle’s accident history and title status. Don’t skip a test drive. Spend at least 20 minutes in the vehicle, drive it up hills, and test out every button you can find.

When possible, consider paying a trustworthy car mechanic to review the condition of the vehicle.

Although they cannot predict all future problems, a competent mechanic can help you assess whether or not the vehicle is in good running condition. If a mechanic spots a major issue, you might decide to walk away without any additional harm to your wallet.

As you review any paperwork associated with the vehicle, confirm that the title has the same name as the seller’s. Before signing any contracts, read the fine print and confirm you understand everything. Don’t drive off the lot without a copy of the signed contract.

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Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

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

You’ve found the one. The love of your life. You’re planning a wedding, dreaming about your future and picturing a lifetime of shared memories. So, a prenup is not even in the picture.

But then, a financial curveball is delivered. In the middle of cake tastings and venue tours, one man stumbled onto a discovery: his soon-to-be wife was carrying $82,000 in credit card debt.

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The curveball has him behind in the count. After years of building a stable financial foundation, he suddenly felt like it was the bottom of the ninth, with runners on base and the score tied. He was the last batter.

Now with the wedding date fast approaching and his fiancée unwilling to sign a prenup, he’s left wondering whether love really is enough — or if this financial mismatch could upend everything they’ve worked toward.

Prenups aren’t just for the rich

Prenups were once seen as a tool for wealthy grooms to protect themselves from a spouse’s financial habits. But that perception is slowly changing — at least for some.

While only one in five married couples in the U.S. has a prenup, about half of American adults say they somewhat support the idea, according to a recent survey by Axios.

Contrary to popular belief, prenups aren’t just for the rich. They also don’t have to protect only the wealthier partner. Instead, a prenup can serve as a financial safety net for both spouses before marriage. When done right, a prenup works like a financial planning tool. Couples can use it to clarify responsibilities, outline debt expectations, discuss potential inheritances and more.

In this case, the fiancée’s refusal to sign a prenup is a red flag. Her $82,000 in credit card debt was a surprise — and it could have long-term consequences. Instead of viewing a prenup as divorce prep, couples can think of it as a way to protect both of their interests in the long term.

For example, the prenup could lay out the plans for the fiancée’s responsibilities on addressing the extensive credit card debt, maybe with some support from her spouse. If she won’t discuss a prenup or set clear financial expectations before the wedding, it might be time to hit pause. It’s better to iron out these details before walking down the aisle.

Otherwise, shared debts could drag down their financial plans.

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

When should you consider a prenup?

While a prenup might not be romantic, it makes sense in certain situations, especially when there’s a financial imbalance. If one partner has significant savings and the other has major debt, a prenup is worth considering.

Other good reasons to consider a prenup include if one partner plans to stop working, if either person owns a business, if either has kids from a previous relationship or if one partner brings substantial assets into the marriage.

Even if it sounds like a good idea, talking about a prenup can be a tough topic to navigate with your partner. The topic is loaded with assumptions and stigma. When you bring it up with your fiancée, do it with care and an open mind.

Instead of focusing on protecting your own assets, aim to protect both of your financial futures — even if you part ways.

Start with a shared goal. Be sure to listen carefully to what your prospective spouse has in mind. If something matters to them, find a way to include it in the agreement.

These conversations aren’t easy. That’s why it helps to start sharing financial information early and consider working with a professional to create a fair agreement that leaves both of you feeling comfortable.

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Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

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

Aleese Lightyear may have never imagined a future living in China, but after a decade of struggling to stay afloat in New York City, she’s glad she took the leap.

The 35-year-old now lives in Chengdu, China, and teaches essay writing at a local university. Despite earning the equivalent of $30,000 a year, she works just 18 hours a week and says her quality of life has improved drastically.

“The quality of my lifestyle in China is much better than the quality of life I had living in the U.S.,” said Aleese Lightyear in a feature with CNBC.

From affordable rent to full health coverage and travel perks, her new life abroad has allowed her to pay off student loans and save up to $1,000 per month — something she never thought possible while living in the U.S.

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Leaving the U.S. for a better financial future

Before moving abroad, Lightyear spent 10 years working in reality TV production in New York City, often clocking 70-hour weeks. Despite her hustle, she found herself living paycheck to paycheck and burning out.

“One day I woke up and it just clicked that this is not the life that I want for myself,” said Lightyear, “I came up with this idea that I wanted to leave New York.”

Of course, she had some doubts, but she overcame those fears with the possibility of a better life.

“My excitement trumped my anxiety and my scared feelings,” said Lightyear.

She took a leap and moved to Beijing in 2019 to teach English. After four years, she relocated to Chengdu, a lesser-known city with a population of about 20 million. Now, she teaches university students how to write essays in English. Though she earns far less than the average New Yorker, she says her money goes much further.

She pays just $278 a month for a three-bedroom downtown apartment — her employer covers the other half of the $556 rent. On top of that, they provide full health insurance, a $15 monthly subway stipend, and $1,200 annually for flights home.

Groceries cost her only about $75 per month. With few major expenses, she’s been able to chip away at student loans and save a solid portion of her income.

She also earns a small side income as a content creator and has built a supportive network of local friends and expats.

“I feel completely safe — as a woman, as a woman of color, I just feel very at ease in this country,” she said. Her long-term goal? To buy a beach house in Mexico, funded by the savings she’s building in China.

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 ‘new American dream’

More Americans are rethinking the traditional version of the American Dream.

That shift may be rooted in reality. According to some estimates, achieving the full scope of the American dream, including a comfortable retirement, homeownership, vacations, raising children and more — could cost upwards of $4.4 million.

But most Americans earn far less in a lifetime. According to research published in Demography, men in the U.S. earn an average of $1.5 to $2.4 million over a lifetime, depending on education, while women earn $870,000 to $1.5 million. Even when coupled up, those average lifetime earnings aren’t enough to achieve the standard American dream.

Faced with rising costs and stagnant wages, millions have moved abroad. American expats are now scattered across the globe, with top destinations including Mexico, Canada, the U.K., Israel, Germany, Australia, South Korea, France, Japan and Spain.

For some, moving abroad is less about escape and more about opportunity: the chance to reclaim time, financial stability and personal freedom without being locked into a grueling 9-to-5.

If you’ve ever considered leaving the rat race, it may be worth exploring what life could look like elsewhere. Lower living costs and higher quality of life might just open the door to your own version of success — one that doesn’t come with a million-dollar price tag.

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• Accredited investors can now buy into this $22 trillion asset class once reserved for elites – and become the landlord of Walmart, Whole Foods or Kroger without lifting a finger. Here’s how
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Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

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

Jenn from Seattle had long felt something was off with the joint finances she shared with her husband. But things came to a head when he withdrew around $4,000 from their shared account and surprised her with an unexpected and costly anniversary gift: a cabin cruiser boat.

That prompted her to dig deeper. What she found was even more concerning: a stash of $15,000 in cash hidden in his closet. When she confronted him, he didn’t seem to think it was a big deal.

“He said, ‘I thought I was doing something good. I put money away,” Jenn told Dave Ramsey on The Ramsey Show.

Ramsey and co-host Dr. John Delony didn’t find his behavior acceptable — and they didn’t hold back.

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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

What Jenn discovered, and how Ramsey responded

Jenn explained that her concerns began about three years ago, after their 20th anniversary. Her husband withdrew a large sum from their joint account, and she later discovered it went toward buying a boat, a gift she hadn’t asked for, with monthly payments she hadn’t agreed to.

From there, Jenn noticed the joint account never grew. Her suspicions led her to the $15,000 hidden “closet cash” stash.

Jenn said the money secrecy felt deceptive, especially given other problems in their relationship, including her husband’s struggle with alcohol.

Delony cut to the emotional core: “The biggest issue here is that you don’t believe his answer,” said Delony.

Ramsey pointed out that money isn’t really the only problem — it’s the lack of trust and transparency in their relationship:

“He feels nagged about the alcohol. He feels nagged… and he thinks you spend too much, and so he squirreled money away,” said Dave Ramsey.

Ramsey urged the couple to seek marriage counseling, and, if they are going to move forward, to make a plan and stick to it:

“You’re going to have one freaking account and both of you are going to do one budget and you’re both going to be in agreement on everything that goes out of this house,” said Ramsey.

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

Root causes of financial infidelity

Financial infidelity is when one partner lies about or hides financial information from the other. It can take many forms: secret bank accounts, hidden cash, undisclosed debt or large purchases made without consent.

And it’s more common than you might think. According to a recent survey by Bankrate, 42% of U.S. adults who are married or living with a partner have kept a financial secret from their significant other.

Common reasons behind financial infidelity include:

• Fear of judgment: Avoiding criticism about spending or financial mistakes
• Control or power struggles: Using money as a form of dominance in the relationship
• Past financial trauma: Trying to feel secure by secretly saving or hoarding money
• Breakdown in communication: Avoiding hard conversations by simply hiding the truth

What to do if it happens to you

If you discover financial secrets in your relationship, don’t panic, but take action.

• Get the full financial picture: Request access to all shared accounts, liabilities, and assets.
• Initiate a calm but direct conversation: Ask open-ended questions like, “Can you walk me through why you made these financial choices?”
• Work through the breach: Depending on the severity, consider working with a financial advisor, mediator or couples therapist.
• Make a shared plan moving forward: Create a joint budget, agree to full financial transparency, set regular check-ins to review finances together and if needed, protect yourself: If trust is irreparable, consult a lawyer or financial expert to separate accounts and start fresh.

Jenn’s story is an extreme example, but it’s one that resonated with many listeners. As Ramsey pointed out, it’s not just about the $15,000 or the boat, it’s about trust. Whether the relationship survives or not, the first step is acknowledging the truth and deciding whether you’re both willing to rebuild, financially and emotionally.

What to read next

• You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• Accredited investors can now buy into this $22 trillion asset class once reserved for elites – and become the landlord of Walmart, Whole Foods or Kroger without lifting a finger. Here’s how
• Rich, young Americans are ditching the stormy stock market — here are the alternative assets they’re banking on instead

Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

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

Keeping your inbox tidy often starts with tapping “unsubscribe.” After all, nobody likes a flood of spammy emails.

But that simple click can put you at risk. One recent report found that one in every 644 unsubscribe clicks leads to a malicious website. Because most scams target your wallet, good email hygiene is more than convenience; it protects your money.

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When ‘unsubscribe’ can backfire

Clicking unsubscribe feels productive, yet it can be dangerous. Even legit-looking messages can hide bad links.

The FBI logged more than 298,000 phishing complaints in 2023, and bogus unsubscribe links remain a favorite tactic. DNSfilter, a cybersecurity firm, told the Wall Street Journal the aforementioned one in every 644 clicks it tracked landed on a malicious website.

Even if the page you reach is harmless, the act of clicking tells scammers you interact with links, making you a bigger target down the road.

"If it’s a bad actor that’s sending this email to you, and the email looks legit, but at the bottom it says, ‘Click here to unsubscribe,’ why would that link be any safer than ‘Click here to see if you won $5,000’?” Heidi Mitchell, a contributing writer to the Wall Street Journal, told WGAL.

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

Email hygiene that protects your money

A single bad link can cost you cash or hours of cleanup. To lower the odds:

• Skip every link from senders you do not recognize, even ones labeled unsubscribe.
• Navigate to the company’s real website on your own and change email settings there.
• If you do not have an account, mark the message as spam so future notes bypass your inbox.
• Create a burner email for coupons, contests and other signups so your main address stays clean.

When in doubt, do not click. Your wallet will thank you.

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