Author: Sarah Sharkey

Mike from Florida recently was put in a tough situation by his dad. He called into The Ramsey Show for some advice on how to move forward.

He revealed that his retired dad recently called up to ask for a loan of around $1,000 per month from Mike to cover some outstanding debt payments. The kicker is that his 65-year-old dad has been retired since age 49.

“I’m sorry he did that to you,” said Dr. John Delony, a host on The Ramsey Show.

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Delony continued, “Dads aren’t supposed to do that to their boys.”

Retired dad racked up debt and now wants his sons to bail him out

According to Mike, his dad has around $85,000 in personal loans and $5,000 in credit card debt. In total, these come with minimum payments of around $2,500.

However, he receives only around $4,000 per month from a retirement pension. In addition to his monthly income, he receives an annual bonus of around $7,000 to $12,000 at the end of each year.

But, understandably, the debts are making it challenging to live out his retirement dreams.

After a health scare, Mike’s dad shared his account passwords and asked his sons to cover his debts with whatever he had available.

More recently, he’s asked his sons to help him out financially. Ideally, he wants them to provide $1,000 per month to help cover the debt payments.

Supposedly, he plans to repay them at the end of the year, after receiving his annual bonus.

After learning that the dad retired at age 49 and is currently 65, Ramsey hosts pushed back against the idea of Mike handing over cash to his father.

“I would say you need to go back to work,” said Jade Warshaw.

Recently, Mike visited the family home and suggested that his father sell off some of his assets, specifically a paid-off farm.

Unfortunately, his father didn’t take that suggestion well. “He said that was his dream when he retired to be able to have that land,” said Mike.

“But was his dream also to go hit up his sons for money?” responded Delony.

Ultimately, the Ramsey hosts suggested Mike skip loaning his dad any money. Instead, they believe the dad should head back to work to fund his own dreams.

“My thing is like he can work. He’s not 85, he’s 65,” said Warshaw, “He for sure has six good working years in him.”

Warshaw suggested telling his dad, “This is not my burden to carry.”

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 dangers of retiring too early

Retiring early is a dream for many. But retiring too early comes with significant financial dangers, specifically around the possibility of outliving your savings.

When you choose to retire around age 50, instead of a more traditional retirement age, your nest egg needs to last significantly longer. After all, you have a longer timeline for covering your costs. But you’ll have a shorter timeline to build the nest egg you need.

If you leave work early, you’ll miss out on years of retirement contributions from you and your employer. Additionally, your portfolio won’t have as much time to grow in the lead-up to your retirement years.

Beyond your own nest egg, if you choose to take Social Security benefits early, you’ll face a smaller monthly check. For retirees with a pension option, retiring early often cuts down on your annual income.

Healthcare costs are another overlooked factor for early retirees. Without an employer-sponsored health insurance plan, you’ll need to pay for your own until you’re eligible for Medicare at age 65. Many early retirees are shocked to discover their new healthcare costs are significantly higher, which can throw a wrench into their retirement plans.

While retiring early seems to receive a lot of attention in the press, it’s not a common choice to retire before age 60. In fact, just 18% of Americans retire before age 60, according to the LIMRA Secure Retirement Institute. And 13% of retirees are leaving the workforce between the ages of 55 and 60. Only around 2% of retirees opt out of work before age 55.

Early retirement isn’t too common. And likely for good reason, few Americans have enough savings to comfortably retire early. On average, households aged 55 to 64 have $537,560 in retirement savings. But the median household retirement savings for the same age group is $200,000.

Although the actual amount required for a retirement varies, estimates suggest that retirees need to leave the workforce with around $1.2 to $1.5 million for a comfortable retirement. The gap between actual savings and suggested savings puts many retirees at risk of running out of money, even when leaving the workforce at a traditional retirement age.

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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.

When Alex Oleksy and his young family moved into an unfinished subdivision in Mooresville, North Carolina, he looked forward to peace, quiet and beautiful surroundings.

He got quiet all right. Eerie quiet. And the view? Half-built homes with fraying housewrap, rusting construction materials and other eyesores. It’s like a subdivision ghost town.

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“Very unexpected,” Alex Oleksy told WCNC. "You see rods sticking out. You see tall grass. There’s a roof being held by a 2×4. Looks unstable.”

It’s the same for other homebuyers who purchased new-build homes from Helmsman Homes and Nest Homes in Mooresville and nearby Statesville. These builders, both connected, ran into financial difficulties.

That led to work stoppages as subcontractors demanded payment for their work. As work stalled on the subdivisions, unfinished homes were left vacant, and deteriorating, for a year.

Homes sit unfinished for months

“Doesn’t look good, does it?” said Dolphus Lee, a Marine veteran and homeowner in a similarly half-built neighborhood in Statesville. “I’m upset, but ain’t nothing I can do about it.”

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

Homeowners have heard little from the developers.

But contractors, including masonry and roofing companies, have filed lawsuits against both Nest Homes and Helmsman Homes, with claims that the developers owe them a combined total of $1.7 million.

According to Iredell County’s director of building standards, the companies have shuttered and the remaining properties are now owned by mortgage companies and banks.

That leaves homeowners like Oleksy and Lee — who’ve waited months hoping their subdivisions will be completed — in limbo. Now, there’s light at the end of the tunnel.

Another developer has stepped in to finish building the homes in Olesky’s neighborhood. Homeowners like Lee hope something similar will happen in their subdivisions.

Tread carefully when buying a new-build

The situation is instructive for anyone looking to buy into a new subdivision.

“Buyers need to be aware of buying into a neighborhood that’s not complete,” attorney and real estate expert James Galvin told WCNC.

“You can’t treat that purchase the same way as you’re treating a purchase in a finished neighborhood. You’re going to really want to kick the tires.”

Here are some tips on how to do your due diligence on a new development.

Seek out reviews of the developer to get an idea of how homeowners like working with them. Consumer review sites like Consumer Affairs often have customer reviews on popular builders.

Request a copy of the developer’s financial statements. Comb through the details to confirm whether the company can afford to finish building and maintaining the community.

Be wary if the HOA fees are especially low. That’s because developers own the HOA until the development is completed. Low HOA fees may indicate that construction is stalled.

Look for lawsuits in the builder’s past, ongoing litigation or signs of financial mismanagement. You might even consider hiring an investigator to dig deeper.

Take red flags seriously.

Finally, if you decide to move forward, keep a solid emergency fund on hand. If something goes wrong, you want to be able to rent a place to call home until you sort out any unexpected issues.

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

Sarah of Jacksonville, Florida, has been watching her widowed dad lose what’s left of his nest egg to multiple scams over the past five years. While unsure of the exact figure, after caring for an ailing wife and recently being pushed into retirement, she says it’s likely he has very little savings left.

Eager to help, Sarah called into The Ramsey Show for advice on how to improve her father’s financial situation.

“He is trying to take care of himself and he doesn’t want to be a burden,” she said in a clip posted June 28. “He’s made that really clear.”

Despite dad’s financial troubles, cohosts Rachel Cruze and George Kamel pushed back against the idea of Sarah helping out. Here’s why.

Dad keeps falling for scams

Sarah doesn’t believe her dad was able to build a substantial nest egg because her mom was stricken with a rare form of cancer at a young age.

“A lot of the stuff they were putting aside for their retirement ended up going toward her medical bills,” she said.

On top of that, after no longer being able to meet the physical demands of his job, he recently retired at age 65.

Any savings he stowed away has been reduced after falling for at least two scams. Sarah says he fell for a romance scam and a cryptocurrency scam. She estimates the first scam cost him US$80,000-$90,000, and he used a home equity line of credit (HELOC) to cover the loss.

Sarah doesn’t know the full scope of the damage, but says there are signs of desperation.

“This man has never gambled a day in his life and recently I saw two Powerball tickets sitting on the table at his house,” she recalled. “He’s also never carried credit card balances and now he’s telling me he can’t afford a two-hour trip to see his mother.”

Sarah pitched the idea of moving out of her rental home — which her dad owns and originally intended to flip, but she ended up moving in during the pandemic — so he can sell it to increase his funds. Cruze told Sarah that’s probably the advice she’d give if he called into the show, but there’s one big problem.

“You can’t help people who aren’t asking for help,” Cruze said.

Helping family members in need

Cruze applauded Sarah’s suggestion, especially given the heartbreaking situation, but she cautioned against mixing family finances when one side refuses assistance.

“I kind of want to separate your dad’s situation from you and your husband’s,” Cruze said. “I think you and your husband need to make decisions on what’s best for you guys.”

Kamel suggested Sarah soften her dad up to the idea of accepting help by approaching him without judgment and a desire to reverse his financial woes.

“He’s probably feeling a lot of shame and guilt and doesn’t want to drag you into it,” he said.

Unfortunately, it’s common for older folks to fall victim to fraud. According to the Government of Canada, fraud is the number one crime against older Canadians.

But there are steps you can take to help those close to you who might be victims. Stay in regular contact with older relatives and talk with them about their daily lives. If they share something that sounds suspicious, look into it further. Hopefully they feel comfortable asking you if something is legitimate or not.

If you discover a scam is happening, do your best to stop the bleeding. Act quickly to secure all of the victim’s accounts with new passwords, alert relevant financial institutions about the situation and block all communication from the scammer. Additionally, it’s important to report the issue to the police and the Canadian Anti-Fraud Centre (CAFC). Keep in mind, however, it may not be possible to recover any money lost.

The best way to avoid scams is to be informed. Stay engaged with your family and friends to ensure they’re aware of the latest schemes.

Sources

1. The Ramsey Show Highlights: My Dad Keeps Falling For Scams, What Can I Do? (Jun 28, 2025)

2. Government of Canada: What every older Canadian should know about: Fraud and scams

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

Mike, 36, from Pittsburgh called into The Ramsey Show for advice on his relationship’s next steps.

He told Dave Ramsey, “I want to propose to my girlfriend, but we disagree on finances.”

Mike quickly expanded that the couple discussed their potential future together — including his intention to combine their relatively similar assets — devolved when she requested a prenup in order to keep their finances separate.

“I see no reason for [the prenup],” said Mike. Dave Ramsey and Jade Warshaw agreed. “So, you’re not ready to propose,” said Ramsey.

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Getting on the same page before marriage

Mike recently sold a piece of land and will walk away from the deal with $180,000. He’s made a budget and plans to use those funds to pay down the mortgage on his own home and be mortgage-free within four years.

As they’ve gotten more serious, Mike broached a conversation about his intention to combine their finances in the future. Eventually, once they potentially marry, he wants to buy a bigger home with his now-girlfriend.

His girlfriend, who owns a rental property of her own, doesn’t want to combine finances at all, even though their assets are similar and she doesn’t come from a wealthy family. Instead, she wants the prenup to outline individual assets and keep their money separate.

In fact, she represents 50% of American adults who are open to prenups and hers would represent one in five marriages that actually have one, if she were to go through with getting it.

However, after learning the couple has only been together around eight months, Ramsey advised against jumping into an engagement right away. “You’ve got some more work to do on this relationship before it becomes a marriage.”

Ramsey pointed out that, “The number one cause of divorce in North America is disagreements over money.”

With that sobering statistic in mind, Ramsey suggested the couple get on the same page about money before taking things any further. According to Ramsey, disagreements about money generally reflect a deeper misalignment of values, which is important to work through before getting married.

“I think you scared her,” said Ramsey. She might not be ready to combine her finances due to other fears, particularly around completely trusting a spouse with combined finances.

“What it sounded to me like what she was dealing with was fear-based and it wouldn’t have mattered who the guy was,” said Warshaw.

But when considering marriage, Mike and his girlfriend still have work to do.

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

Financial red flags that can predict a breakup

Financial disagreements can put strain on any relationship.

In fact, a recent survey from the New York Post found that 32% of Americans are uncomfortable discussing finances in their relationship. And 44% worry that discussing finances with their partner will lead to disagreements.

If you cannot openly discuss finances with your partner, it’s often a red flag. When sharing your life with someone, the ability to openly dialogue about big picture issues, including money, is critical.

When a partner actively avoids talking about finances, it can put an ongoing strain on your relationship. After all, anytime you need to make a household money decision, the lack of communication could quickly lead to an issue.

In Mike’s relationship, Dave already spotted one financial red flag: this couple has mismatched goals. Mike wants to pay off debt and interweave their finances. In contrast, his girlfriend wants to keep her assets protected, just in case. This pre-made exit strategy represents a red flag in Ramsey’s eyes.

Another potential red flag is when your partner hides financial information from you (the extreme end of this is financial infidelity). While you might not talk about money on your first date, you’ll want to put your cards on the table as the possibility of marriage enters the relationship and as managing shared finances becomes a part of the equation.

If one or both partners can’t bring themselves to share their financial situation, it could represent an impasse for the relationship. And it can take multiple conversations and time to work through this new chapter together in a thoughtful and strategic way.

Another issue can be being on different timelines. For example, wanting to be mortgage-free by 45 while another individual is okay with delaying this milestone if it means travelling and enjoying life a little more.

One option is to enlist the help of a pre-marriage counselor — a suggestion Ramsey made to Mike. Building a joint value framework together that both parties can agree on and make decisions with can help this couple step into their marriage with confidence and not fear.

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• 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.

After moving to Knoxville from Albuquerque for his girlfriend, Christopher is going through a breakup — but still lives with his ex. He called into The Ramsey Show for advice.

He doesn’t want to leave his ex, but revealed he has $19,000 in debt and isn’t making big money in Knoxville. He earns $3,000 a month as a personal trainer at a local gym.

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“What’s your point of staying there?” co-host Jade Warshaw asked him. “Did you go just for the relationship or is there any other reason you’re there?”

“Yeah, pretty much just for the relationship,” Christopher replied. “Her and I are still living together. Trying to work things out, but it’s not super clear on if that’s going to happen, but I’m just trying to do some growth as a man right now.”

Ramsey was surprised and confused about the situation Christopher finds himself in.

Broken up but still living together?

Although the couple has broken up, Christopher feels committed to supporting his ex for a year while she takes a physician’s assistant program, helping around the house and supporting her emotionally.

“Dude, you know how weird that sounds?” asked 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

He told Christopher that he did not have to help an ex get through a school program and certainly didn’t need to live with her.

Ramsey tried to get clarity on whether Christopher was done with his relationship.

“You either are together or you’re broken up,” Ramsey said.

“I don’t know how you kind of stand in the middle with one foot on the boat and one on the dock and the boat’s leaving. I think you’re just going to get wet.”

Although Christopher said didn’t want to be done with the relationship, Warshaw and Ramsey advised him to move out and stand on his own for a while — preferably back in Albuquerque.

“I would move out immediately, basically, if you can,” Warshaw advised.

Ramsey said Christopher needs to get his own place and pay his own bills.

“Do the man thing and stand alone and then you’ll like you better,” Ramsey said. “And the next time you go into a relationship you’ll be a different person.”

How to move forward financially after a breakup

Breaking up can be devastating, particularly if you were married or living together. It can also disrupt your finances in a big way.

But taking quick action can help you get your finances back on track after a breakup. Here are some tips.

Separate joint accounts immediately. For shared savings and checking accounts, transfer your share of the funds into an individual account in your name. Tackle this task as soon as possible. Unfortunately, the worst-case situation could involve your ex taking out all of the funds without leaving your share.

Evaluate your shared assets and debts. If married, you may have a pre-nup or state laws that dictate how your assets and debts will be divided. If you weren’t married, splitting shared debts and assets (such as a car and car loan, or a house and mortgage) could require negotiation and even mediation. Consider consulting with a lawyer to ensure parties each get their fair share.

Update the named beneficiary on any accounts — like retirement funds or a life insurance policy — and your will to someone other than your ex. Otherwise, they could inherit your funds after your death.

Map out your own financial goals and create a budget that supports your vision as you untangle your finances from your ex,

For many, a financial fresh start can be daunting. If you aren’t sure which direction to take, consider getting financial advice from a trusted advisor.

You can share your numbers and goals with a competent professional to get guidance on what might work best for your situation.

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.

When juggling the responsibilities of life as a single parent, it can be easy to slide into debt.

Sarah, for example, recently turned 50, is a single parent of two and has $80,000 in debt total. She owes $55,000 on her credit cards and an additional $25,000 that she missed paying on taxes, not including the total she owes on her mortgage.

Her credit card debt alone is larger than the average American household’s credit card balance of $6,065. In terms of overall debt, the latest data from the Federal Reserve shows that the average U.S. household debt is just over $105,000 per household, but this includes mortgages as well as auto loans, student debt, credit cards and other forms of personal debt.

Beyond the almost $2,000 per month in debt payments, Sarah also needs to cover her $2,100 mortgage payment. With retirement age on the horizon, she feels like she’s drowning under mounting financial pressures. And without savings or retirement funds, she wants to map out her next steps carefully.

For Sarah, bankruptcy is off the table, but she still wants to find a way forward. So. here is what she — and you — could do next, when faced with such a situation:

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1. Evaluate your finances and set a realistic budget

When facing a mountain of debt, the first step is to assess the situation. Gain clarity by tracking each of your expenses and income.

This will give you a realistic picture of where you stand with your expenses and income, help you plan ahead and stretch every dollar as far as it can go, while helping you eliminate any unnecessary spending. Next, build a bare-bones budget that allows you to cover all of your basic needs.

With this in place, ratchet down your spending. Move on to actually eliminate any unnecessary spending. This will alter your lifestyle and feel uncomfortable, but it doesn’t have to last forever if you do it right.

Take a closer look at your largest expenses. For most Americans, housing, transportation and food represent the biggest line items in any budget.

Start by taking a look at your housing expenses and how they ladder up to your long-term financial goals. Sarah is a homeowner with a $2,100 monthly mortgage payment and $100,000 in home equity.

If you don’t want to relinquish homeownership, then refinancing your mortgage to lock in a lower payment could help. Downsizing or renting out a room may be other ways to help offset housing costs.

If you aren’t married to the idea of homeownership, then look into the cost of renting a reasonable place to call home. Selling your property with $100,000 in equity would help you wipe your debt in the quickest way possible.

Beyond potentially paring down your housing costs, evaluate your transportation costs. If you drive a relatively expensive vehicle, swap it out for a more affordable ride. You may also want to consider remote work, if this is possible for you, as this would further free up both any time and money spent on commuting.

Lastly, try to meal plan once a week, so you only buy the groceries you need (preferably at discount or cheaper grocery stores), avoiding dining out.

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

2. Make a debt repayment plan

After making adjustments to your spending habits, it’s time to make a debt repayment plan.

Starting with the tax debt, consider applying for an IRS payment plan to break down your large tax bill into more manageable monthly payments.

Next, tackle your credit card debt. If you have the debt spread across multiple credit cards, start by making a list of each balance and the attached interest rate.

Common repayment strategies include the [snowball or the avalanche methods]https://moneywise.com/u/managing-money/debt/what-is-the-debt-snowball-method-explained (). The snowball method involves putting all available cash toward the smallest balance so you rid yourself of that first before moving onto the next one, while the avalanche method tackles the balance with the highest interest rate first.

Technically, the avalanche method is more mathematically efficient, reducing the total amount of money you pay on interest but the small wins of the snowball method might give you the motivation to stick to the plan.

Refinancing offers another way to manage debt repayment. Typically, personal loans come with significantly lower interest rates than credit cards. If you can refinance your debt into a single larger “consolidated” loan with a lower fixed interest rate, a home equity-based loan (or HELOC) or a transfer balance card, this may allow you to pay down your balance more quickly without added costs.

Lastly, while this isn’t an option for Sarah, you may want to explore Chapter 13 bankruptcy.

3. Look to the future

Picking up extra income can help you make headway in your debt repayment faster. And, if you take on a side hustle, you aren’t alone; more than half of Americans have one.

Some possible side gigs include delivering groceries or meals, tutoring, freelancing graphic design or writing. You may even consider a more traditional part-time job at a small business in your area.

Depending on the age of your children, you can involve them in contributing with their own part-time job to help cover their non-essential expenses or as a way to contribute to their education fund.

Once you’ve made headway in reducing your debt, it’s time to start shoring up your emergency fund. Experts suggest saving three to six months of expenses. This will help you have enough to cover unexpected expenses without sliding back into debt.

With these blocks in place, you can divert funds to help pay off your mortgage faster and even start saving for your retirement.

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.

Serenity from Houston wants to support her best friend — but the costs are starting to spiral out of control. She called into The Ramsey Show and asked the hosts for some advice.

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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

She revealed she is committed to attending her friend’s bachelorette party, which will take place over a three-day weekend. However, she admitted she’s starting to get uncomfortable about the unexpectedly high costs attached to the event.

“.. it’s outside of my budget, and I don’t know how to tell her that,” Serenity said. She also mentioned that the bride is an engineer making six figures a year.

Ramsey co-hosts, Jade Warshaw and Ken Coleman, have different opinions on how Serenity could handle this delicate — but common — situation.

Spiraling out of control

Although Serenity is excited to support her friend, she is apprehensive about the costs.

Since she’s already paid $700 for flights and the hotel stay, and both are nonrefundable, she’s not planning on bailing altogether. But as the event gets closer, details about the weekend’s activities are coming out. And it’s clear that the weekend could get very expensive quickly.

“Every activity is at least $150,” said Serenity.

In total, she had planned for $400 in spending money for the three-day weekend. But, with the latest details, she expects all of the activities to add up to about $650.

Warshaw jumped in with, “I do feel like it can be a little tone-deaf to have these big bachelorette trips. You’re already in the wedding, you already have to get a dress or a tuxedo, and then don’t let it be a destination wedding.”

At this point, Coleman pointed out that Serenity isn’t actually in the wedding party, and he began to try offering some practical suggestions. He acknowledged that Warshaw is "upset" that Serenity is even going on the trip.

“I’m trying to help her with her reality,” he said, and proceeded to suggest Serenity pick and choose what activities she attends based on her budget. Since she has $400 to spend on the weekend, she’d only need to skip out on one or two activities to make the trip work for her budget.

Coleman suggested politely finding an excuse for the other activities. For example, she might claim to have a headache to skip out on one of the pre-scheduled events.

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Alternatively, she could decide to share with her friend that the itinerary doesn’t fit her budget, so she’ll have to skip out on a few things. “I don’t think it’s too late to not go,” said Warshaw, before Serenity clarified that she cannot get any money already spent refunded.

“I say go and you budget the $400,” said Coleman. “You got $400 … so, you can have $400 worth of fun.”

How to navigate expensive wedding festivities

For many, bachelor and bachelorette parties have gone from a night on the town to a full-blown weekend away. As the expectations rise for these events, so do the costs.

According to a study from The Knot, 37% of attendees of bachelor and bachelorette parties spend more than $1,000 on the event. And, on average, 64% of attendees spend more than $400 on each of these events.

If you get invited to a bachelor/bachelorette bash or trip, saying yes to the costs can devastate your budget and endanger your financial future. And, this is before the actual wedding weekend, with all of those expected costs.

When trying to navigate the event on a budget, the key is to think about your budget and how much you can afford to spend before you commit to everything. It’s tempting to say yes to everything. But getting the details of the itinerary, location, and lodging can help you make an informed decision.

Beyond the baseline costs, like the hotel and potential flights, consider the hidden costs, like a rental car, ridesharing fares, meals, tips, and matching outfits.

Once you have more details, you have an opportunity to start saving up for the big weekend. If you have room in your budget, you can set aside those savings. If not, you might have to make room.

Cutting back on discretionary purchases or picking a side hustle could help you find the money to cover the fun weekend without going into debt.

Another way to make it work might be to only attend some of the weekend’s activities. For example, you might claim you have a headache before an expensive activity you don’t truly want to attend or you might pick an early flight out, which gives you an easy way to say no to an expensive brunch.

Or simply let the host know that you won’t be able to attend certain activities since you’re trying to get your finances in order.

If you really cannot find a way to make it work, consider respectfully declining the invitation. You might claim you had something else scheduled or be honest about the fact that you simply can’t afford it.

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Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

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

Around 140 condo owners in a West Palm Beach, Florida, building are facing a gut-wrenching decision: sell their units or face steep charges thanks to the state’s updated safety regulations.

Paul Moreno, board president of the La Fontana condo building, nestled on the Intracoastal Waterway, says new laws passed after the Surfside tragedy in 2021 means his 10-story building is subject to mandatory inspections and potential repairs. He adds that special assessment fees to unit owners would follow, which many cannot afford.

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“Those are not doable for a lot of these people,” Moreno said of the fees to WPTV News in a story published June 17.

Thankfully for residents of La Fontana, they may have an escape route.

Sell or face repairs?

The new safety laws passed after the Surfside collapse, which killed 98 people, created an affordability crisis for condominium owners, which has led to some buildings in prime locations being sold to developers.

“They are being affected by the new condo laws and assessments,” Paul Lykins, a real estate agent in Palm Beach County, told WPTV News. “Developers are coming in and waving bags of money at them.”

That may be the fate of La Fontana. Moreno says he’s working with Serhant, the real estate company run by broker Ryan Serhant of Bravo TV and Netflix fame, to sell the building for around $200 million. He assumes it would end up in the hands of developers.

“It’s our paradise,” Moreno lamented when describing the scenic property. “Maybe some people won’t be able to find something comparable, but they’re going to have their million-some-odd dollars.”

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Florida’s condo affordability crisis

The Surfside tragedy exposed holes in the way Florida regulates condo building maintenance, prompting lawmakers to quickly create new rules.

Key new rules include mandatory structural reviews, which required every three-story-plus condo at least 30 years old to undergo milestone inspections. After that, the buildings must undergo recurrent inspections every 10 years. In addition, condo associations were required to fully fund reserve accounts to cover major repairs.

These have resulted in significant assessment fees for condo owners — in some cases tens or even hundreds of thousands of dollars. An assessment represents an additional payment required of condo owners, and many condo owners struggle to afford these payments. WPTV News reports La Fontana faced potentially millions in repair costs.

After several years of condo owners struggling, Florida lawmakers passed a new bill in June aimed at providing some relief for condo owners. Notably, it allows for a two-year pause in reserve contributions in order to prioritize any critical repairs identified during a milestone inspection.

For condo owners in buildings that don’t have major repairs to undertake, these measures may make remaining in their home a more affordable proposition. But for condo owners in buildings with critical and expensive repairs required, the costs might still be a challenge for owners.

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• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement

Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

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

When Natasha and Randy Roosekrans used Uber to secure a ride from their hotel to their cruise ship in South Florida, they didn’t expect to run into any issues.

Despite being first-time users of the rideshare app, they successfully navigated their way toward the cruise port destination without complications. However, their journey took an unexpected and problematic turn just before they reached the entrance to the cruise terminal.

During their outing, they discovered their Uber driver was unauthorized, forcing them to awkwardly find alternative transportation from a roadside location. Fortunately, this unexpected setback didn’t derail their plans. However, they are now raising awareness about the potentially hazardous situation they encountered.

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Riding with a ‘bogus’ rideshare driver

Before getting into the vehicle, the first-time Uber passengers double-checked that the driver had all of the correct information. He had the right vehicle, an Uber sign and even a four-digit PIN that both drivers and passengers receive from Uber.

After thorough verification, the couple felt confident and proceeded with their ride. Everything seemed to be going smoothly until they approached the cruise port security checkpoint, where drivers are required to present valid identification.

“Ten minutes in, the driver starts kind of looking around himself and, you know, feeling over on his seat. He said ‘Well, I seem to have left my wallet somewhere,’” said Randy Roosekrans in an interview with WSVN 7 News Miami.

At that point, the driver asked Randy to take over driving to avoid any issues.

Randy assumed control of the vehicle. However, upon arrival at the checkpoint, officials required identification from all occupants, including the counterfeit Uber driver.

When the illegitimate driver couldn’t produce sufficient documentation to prove his identity matched the Uber account, the law enforcement agent seemed frustrated and explained to the couple this situation was illegal.

When Randy said he was trying to help, the officer responded with, “You’re not, so keep your mouth shut at this point.”

It turns out that the Uber driver was illegally using a family member’s account to drive passengers around town. Ultimately, the driver was detained by the police, leaving the Roosekrans stranded on the side of the road with their luggage.

“We’re standing there with our luggage, just, in the middle of the street,” said Natasha.

The good news is the couple made it to their cruise ship in time and had a wonderful three-week vacation.

But when they filed a complaint with Uber, they initially weren’t given a refund.

“Illegal driver, you know, not his car, asked the passenger to drive him in, got detained by the police. We were escorted out by the police. If this doesn’t qualify for a refund, I’m gonna have you tell me what does,” said Randy.

After speaking with the media, the Roosekrans did end up getting a full refund. However, they are now sharing their experience to prevent other travelers from enduring similar distressing situations.

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Fraud contributing to an insurance crisis

Fake Uber and Lyft drivers aren’t uncommon around Fort Lauderdale and Miami. Although prolific, illegitimate rides are unregulated, illegal and potentially dangerous.

Law enforcement agencies have launched numerous undercover operations at both Miami International Airport and Fort Lauderdale-Hollywood International Airport to combat illegal transportation services. Despite impounding dozens of vehicles during these crackdowns, the issue of unauthorized drivers continues to persist at these major South Florida transportation hubs.

The influx of unlicensed drivers serving as impromptu rideshare operators poses significant risks not only to passenger safety but also exacerbates Florida’s already troubled insurance landscape. With individuals unknowingly entering vehicles operated by drivers lacking proper credentials and insurance coverage, this underground transportation network is further destabilizing the state’s insurance market.

Under the law, Uber and Lyft require drivers to meet specific insurance mandates. In Florida, legitimate drivers must carry at least $1 million in liability coverage when a passenger is in a vehicle. Both Uber and Lyft enforce this insurance requirement with their legitimate drivers.

But the cost of insuring drivers isn’t cheap. Uber and Lyft incur significant costs to maintain the necessary level of coverage. In fact, Uber claims that 19% of fares in Florida go toward insurance.

It’s no secret that the legal landscape in Florida is topsy-turvy. Many businesses, including Uber, claim the state has rampant lawsuit abuse, which pushes up insurance costs for everyone. After all, if someone sues an insurer, who must pay significant damages, the insurer often passes on that cost to the other policyholders by increasing their insurance premiums.

The good news is that recent legal reforms at the state level were passed in 2023. Since then, the changing legal landscape has shown possible signs of stabilized insurance costs.

But with rampant fake Uber drivers on the streets of South Florida, passengers must remain wary. And, when accidents happen, it may put upward pressure on insurance premiums, which affects the budget of every Sunshine State resident.

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• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement

Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

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

When you get married, it might feel like a relief to pass off all financial duties to your spouse. But choosing to offload your financial responsibility can come at a cost.

Take, for example, the following scenario: A wife recently checked into her household finances and discovered that there was $31,000 in credit card debt. With her husband controlling every cent, she doesn’t have clear insight on where the money goes.

The debt is shocking to her, especially because she earns $120,000 per year. Now, she wants to learn how to protect herself financially, especially in the event the couple gets divorced.

Although the average household with credit card debt carries a credit card balance of $6,065, the high interest rates typically associated with credit cards can make it difficult to climb out of this hole.

But the real problem doesn’t lie only with credit card balances. After all, financial infidelity isn’t just about secret spending. This couple is likely also dealing with a lack of financial literacy.

According to a recent study, only around 48% of adults in the U.S. possess a baseline level of financial literacy. Without the right knowledge, it can be difficult to get a household’s financial situation under control, even without the added complications of a controlling spouse.

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Do shared assets come with shared liabilities?

Married couples often have shared assets, like a home or bank account. In addition to shared assets, many married couples share liabilities, like a mortgage or credit card debt. But when one partner doesn’t know about shared debts, that puts them at financial risk, especially during a divorce.

Many married couples often share joint responsibility for debts accumulated during the marriage. For example, if both partners open a joint credit card, they are both legally responsible for repaying that debt.

Even if you and your partner actively choose to keep your finances separate and avoid joint credit cards, state law might dictate that both partners are still on the hook for any outstanding debts. For example, if you live in Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington or Wisconsin, you’re on the hook for debt your partner assumes.

Whether or not divorce is on the table, it would be important for this person to get involved in the household finances immediately.

Although it can be challenging to establish new patterns of behavior around money, getting on the same page with your partner financially is critical.

If you find yourself in a similar situation, start by investing in your own financial literacy. As you gain competence around financial topics, you’ll likely start to develop confidence around making joint and individual financial decisions.

If planning to stay together, ideally, you’ll both come together around the central goal of money management. For example, if debt repayment is important to you, then hopefully you and your partner can commit to a debt repayment plan that takes care of the credit card debt as soon as possible.

If divorce is on the table, you’ll need a different approach. Start gathering information about the household’s financial situation. Tally up the assets and debts. If you aren’t sure where to start, look for credit card statements, tax returns, and bank account transactions to build a picture of where your funds are going each month.

With a clearer picture, move quickly to open your own bank account. Start depositing your paycheck into that account and build up savings to get you through the potentially rough patch ahead. In terms of household bills, you could transfer the necessary funds, and only the necessary funds, into the joint account for scheduled payments.

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If you are worried about your spouse opening more joint credit cards, freeze your credit temporarily, which prevents any new loans from being opened in your name or damaging your individual credit score.

Consider enlisting the help of a financial advisor to help you evaluate the situation and help you prevent any future financial damage. If divorce is a pressing concern, consider getting an attorney involved as soon as possible.

How do I rebuild financial autonomy?

Regardless of the situation, it’s critical for both partners in every relationship to build some financial autonomy. Although it’s somewhat common for women to leave money management to their spouses, that can backfire even with the most supportive of spouses.

A recent report from Fidelity shared that almost 90% of women become financially responsible for their own situation at some point in their lives. This might be due to divorce, widowhood, or choosing to stay single.

With that in mind, it’s better to build financial autonomy sooner than later. It’s often most important to start with building financial literacy. Learning how to manage your money can help you set up a plan to protect yourself financially.

For many women, rebuilding financial autonomy involves building an emergency fund and establishing individual credit accounts, while keeping diligent track of your finances and your personal budget. After hitting these basics, the right move varies based on the individual’s situation.

For example, one woman might choose to pay down her credit card debt, but a debt-free woman might start to aggressively save for retirement.

For those lacking the confidence to map out their own financial plan, consider turning to a financial advisor to get started.

Along the way, you can evaluate the continuing need for a financial advisor as you gain the skills required to build long-term financial stability and independence.

What to read next

• Financial aid only funds about 27% of US college expenses — but savvy parents are using this 3-minute move to cover 100% of those costs
• Here are the 6 levels of wealth for retirement-age Americans — are you near the top or bottom of the pyramid?
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement

Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

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