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Author: Sarah Sharkey

  • Florida woman says her widower father has fallen for multiple different scams over the last 5 years. But The Ramsey Show hosts warn her not to get involved — here’s why

    Florida woman says her widower father has fallen for multiple different scams over the last 5 years. But The Ramsey Show hosts warn her not to get involved — here’s why

    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.”

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    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 had 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 $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.

    Read more: 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

    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 help.

    “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. The FBI’s latest internet crime report, shows Americans aged 60-plus reported the most complaints and losses totaling $4.8 billion in 2024.

    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. 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.

    What to read next

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

  • This small Washington city was forced to declare bankruptcy over $26M development dispute — and now residents are worried about what it’ll mean for them

    This small Washington city was forced to declare bankruptcy over $26M development dispute — and now residents are worried about what it’ll mean for them

    Cle Elum, a picturesque community in central Washington state, has been embroiled in a long-term land development dispute. After a lengthy legal proceeding, the city was directed by the courts to pay City Heights Holdings $25.9 million in damages.

    In reality, the city of about 2,200 cannot afford to pay the developer this eye-watering sum. With account garnishment coming into play, the city acted quickly to declare bankruptcy. While the move keeps the lights on, sewage flowing and wages paid for now, residents are worried about what happens next.

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    “It’s a wonderful rural town, just a wonderful place,” resident Shawn Daly told KOMO News, "To tell you the truth, it’s like a bad dream.”

    A city in bankruptcy leaves unanswered questions for residents

    “We bought out here with the hopes of this being a good investment and space. And if they’re bankrupt, I mean, I don’t know how that’s going to affect our investment and just everything here in general,” Kyle Green told Fox 13 Seattle.

    “It’s a little scary,” Green added.

    The need to declare bankruptcy didn’t happen overnight. It all started when the city entered into a land development contract with City Heights Holdings (CHH) more than a decade ago. When the deal went south, the developer and the city attempted to reach an agreement but could not.

    Essentially, the financial pressure on the city can be traced back to an arbitrator’s decision requiring the city to pay CHH $22.2 million at 12% interest, a total of $25.9 million.

    After receiving this notice, the city began to negotiate with the developers in earnest to avoid bankruptcy. According to a press release from the city, it made “increasingly generous” offers over a three-month mediation process. But, ultimately, the developer rejected the city’s offers, meaning the city remained on the hook to pay the damages.

    In a statement to Fox 13, Sean Northrop, founder and CEO of Trailside Group, which operates CHH, said his team was surprised by the bankruptcy filing after a draft resoultion was proposed on July 20. He wrote, in part, "Instead, the city abruptly went silent — then filed for bankruptcy. This leaves a critical question unanswered: If the city genuinely intends to continue ‘good faith negotiations,’ why didn’t it respond to the mediator’s draft before initiating a bankruptcy filing? And if it found any part of the agreement unworkable, why not say so?"

    With a city budget of around $5 million, Cle Elum’s mayor said there simply wasn’t room to keep up with the debt payments.

    “We felt like we had to take this step in order to, you know, stop the clock," Mayor Matthew Lundh told KOMO News.

    After bankruptcy, garnishment is off the table, which gives the city enough leeway to keep essential services running.

    “We have to be able to make payroll. We have to be able to, you know, keep water and sewer going," Lundh said.

    The decision to declare Chapter 9 bankruptcy was reached when the Cle Elum City Council voted unanimously in favor of the move. But, this doesn’t remove the city’s financial obligation to CHH. Instead, it allows a Bankruptcy Court to step in and approve a more sustainable resolution, likely with lower payments that allow the city to continue operating.

    Read more: 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

    Moving forward with a city in bankruptcy

    Understandably, many residents are concerned about this ongoing situation.

    “The bankruptcy thing is a bit worrisome for the residents here, myself included,” Holly Tolen, who lives and runs a business in the town, told Fox 13 Seattle.

    Residents have a host of concerns that range from possible tax increases and job security to property values and municipal services.

    “I don’t know how it’s going to affect them. I don’t know how, you know, how are they going to survive? Are they going to be having extra taxes?" Daly told KOMO News.

    Municipal bankruptcy is relatively rare. But when they happen, it can spell trouble for residents.

    When a city or town declares bankruptcy, it usually needs to increase its income, lower its spending or a combination of both. Any of these changes can negatively impact residents. Generally, residents might see a combination of increased taxes, higher service fees and reduced benefits for workers.

    These changes can impact the quality of life in the community. For example, if workers receive fewer benefits, it might be difficult to attract top-performing paramedics or police officers, which could mean lower-quality service for residents.

    So far, Cle Elum officials have shared their expectation of maintaining city services and keeping up with the payroll. But, it’s too early to determine how this decision will play out in the wallets of residents.

    What to read next

    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.

  • My 71-year-old father lost ‘every cent’ of his 6-figure 401(k) and savings — all because he trusted the wrong person online, and fell for an online scam. Can he dig himself out of this hole?

    My 71-year-old father lost ‘every cent’ of his 6-figure 401(k) and savings — all because he trusted the wrong person online, and fell for an online scam. Can he dig himself out of this hole?

    Americans lose billions of dollars every year to fraud, many of them are older.

    Imagine a 71-year-old retiree who falls for an online scam and loses every cent of his entire 401(k) and savings.The magnitude of this loss would put his entire financial future at risk.

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    It can happen: According to the FBI, the elderly population loses more than $3 billion per year to scams.

    If you or a loved one has fallen victim to a financial scam, the very first thing to do is immediately report the crime to the Federal Trade Commission (FTC) and the FBI.

    Losing a retirement nest egg

    Losing your retirement nest egg due to a scam can be financially devastating. Facing the situation head-on can help you right the ship.

    For starters, stop the bleeding. When you discover you’ve fallen for a scam, do your best to mitigate the damage. Stop any additional funds from leaving your bank account.

    Depending on the situation, you may actually recover some of the funds with the help of the authorities and your financial institution.

    If you don’t have any luck through reputable channels, don’t fall for a recovery scan, which promises to help recoup your funds but actually steals more money from you. If someone asks for an upfront fee to help you recoup your funds, it’s likely a recovery scam.

    When you’ve exhausted your recovery options, the only thing to do is move forward. Luckily, there are still some strategies to help regain your financial stability.

    Concrete steps you can take

    Start by exploring your Social Security benefits. For eligible seniors who haven’t applied for Social Security benefits yet, it might be the right time to tap into this monthly income. Although Social Security income alone likely won’t replace your savings, it can help you cover your needs.

    Beyond Social Security, look into senior support programs available through local nonprofits. For example, some might offer packages of nutritious food or healthcare support, both of which might help you stretch out your budget.

    Read more: 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

    Don’t overlook the possibility of returning to work in some capacity. Although you might not feel up to a full-time position, you might take on part-time or remote work to bring in a supplemental income. When combined with your Social Security benefits, it might be enough to live your retirement dreams.

    Finally, losing your nest egg might mean you need to reevaluate your retirement plans. For example, if you were planning to move to a more expensive area, staying put might be a viable option now.

    Or, if you have a large home with lots of equity, you might consider downsizing in order to lean on that hard-earned equity during your retirement years.

    How to protect yourself (and your loved ones) from elder fraud

    Falling for a scam can come with serious financial consequences. As more retirees manage their finances online, getting familiar with common scams can help you protect your assets.

    According to the FBI, tech support scams are the most widely reported kinds of elder fraud. In this scenario, an elderly person accepts “help” from a bad faith actor online in hopes of solving a tech problem. Instead of receiving help, scammers steal funds and personal information from the victim.

    If you need technical assistance, find help from a reputable company. For some situations, it’s best to take the device to a physical location for repair, like an Apple Store or Best Buy, to get legitimate help from tech problem solvers.

    Romance scams are another common pitfall. When an elderly person starts an online ‘relationship’ with a scammer, it often ends with the victim forking over funds to solve a problem for their purported partner.

    Although slightly less common, investment scams were the most expensive type of elder fraud in 2023. With victims losing a collective total of more than $1.2 billion in 2023, some lost the bulk of their life savings.

    Generally, investment scams claim that you can make money quickly or easily through the ‘investment opportunity.’ After the victim provides the funds, the scammer typically disappears. If someone is promising an investment opportunity that sounds too good to be true, it probably is.

    When you spot a scam or think you’ve spotted a scam, discontinue all communication with the fraudster.

    If you aren’t sure whether or not something is a scam, ask others for their opinion. If possible, ask someone, such as a child or a younger relative, for their opinion. In many cases, someone from a younger generation can help you quickly uncover a scam.

    If someone isn’t available, consider calling the National Elder Fraud Hotline at 1-833-372-8311. The agents can help you determine whether or not something is a scam.

    What to read next

    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.

  • ‘It’s our paradise’: Condo owners in this Florida building being pushed to sell for $1M a unit — rather than pay to meet state’s strict safety code

    ‘It’s our paradise’: Condo owners in this Florida building being pushed to sell for $1M a unit — rather than pay to meet state’s strict safety code

    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.”

    Read more: 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

    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.

    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.

    What to read next

    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.

  • My mom bought life insurance for my toddler as a birthday gift — but I want to decline it. How do I do that without offending her?

    My mom bought life insurance for my toddler as a birthday gift — but I want to decline it. How do I do that without offending her?

    Picture this: you’re in the throes of raising a child, spending your day managing a playful toddler, when your mom sends you a text message asking for the baby’s Social Security number. Without giving it much thought, you text back and give it to her.

    But then a week later, you’re shocked to receive an invitation for a life insurance policy that your mother recently purchased for your baby. That’s the strange and troubling situation that one new mom found herself in.

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    As you may understand, the life insurance policy left this woman in tears. After all, the basic idea of life insurance is that if the named insured passes away, the beneficiaries would receive a cash payment — and no one wants to think about their toddler’s potential death.

    After taking some time to think about the situation, the new mother has decided to decline this life insurance policy, but she’s not sure how to proceed without hurting the grandmother’s feelings.

    Here we’ll take a look at life insurance policies, and how this concerned mother can go about kindly rejecting the grandmother’s gift.

    Types of life insurance policies

    Life insurance policies are broadly categorized into two main types: term life or whole life.

    A term life insurance policy includes paying a premium for a specific period of time — say 10 to 30 years — with the understanding that if you pass away during that period, your beneficiaries would receive a cash payment. However, if you were to pass away after the term expired, your beneficiaries would not receive a death benefit.

    For many, a term life insurance policy is an appropriate way to provide financial security for family members. But when discussing life insurance for a child, a term life insurance policy may not be the best option since it will only cover the insured for the first several years of their life.

    As the name suggests, a whole life insurance policy covers the named insured for their entire life, assuming that the premiums are paid. If the name insured were to pass away at any time, the beneficiaries would receive a death benefit.

    Read more: 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

    Pros and cons of life insurance for a child

    The advantages of a whole life insurance policy don’t just end with a death benefit. Whole life insurance policies often include a cash value savings component, which allows policyholders to build up cash value over time. That cash value can be used for several purposes, including withdrawing cash from it, offering tax-deferred growth and providing financial stability for the named insured.

    Additionally, locking in a life insurance policy at a young age means the child can always carry life insurance even if they develop a condition later in life that would preclude them from purchasing a new policy.

    A whole life insurance policy could be a valuable tool for providing financial stability for the named insured, but if that’s the goal, life insurance may not be the right choice.

    One of the drawbacks of a whole life insurance policy is that the cash value of these plans often include relatively low investment returns. Insurance companies invest a portion of your premiums to give your life insurance policy a cash value, and “the rate of return used to build your cash value might not be comparable to the rates of return of other savings alternatives,” according to the Government Employees’ Benefit Association.

    Investing alternatives

    This grandmother likely had the best of intentions in setting up a life insurance policy for her grandchild, but there are other ways to go about creating a bright financial future for the baby.

    For example, the baby’s mother and grandmother might consider opening a 529 plan, which allows them to tuck away funds for the child’s future education.

    They may even consider placing money in a low-cost index fund, which would likely yield better results than the cash value of a life insurance policy — and you don’t have to contemplate things like the potential death of a grandchild with such an investment.

    How to move forward

    If the grandmother has set up the life insurance policy for the baby with no plans of keeping up with the payments, the simplest solution is to just let it slide. The mother can simply stop making payments, or never start making them in the first place, which will eventually lead to a cancellation of the policy.

    However, if the grandmother intends to keep up with the payments, the mother can consider broaching the issue with her child’s best interests at heart.

    As she navigates what could be a touchy conversation, the mother can share her thoughts on why the idea of a life insurance policy is upsetting, while also mentioning some of the other investing options mentioned above as an alternative.

    The mother should do her best to communicate her gratitude for the grandmother’s intentions, while also trying to avoid pointing out all of the flaws in the life insurance plan. Instead, try to make it a team effort in moving away from the life insurance policy in hopes of pooling resources effectively for the child’s future.

    What to read next

    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.

  • ‘I’m sorry he did that to you’: Florida man reveals on The Ramsey Show that his dad routinely asked for money after retiring at 49. Now 65, he’s $90K in debt and wants a $1K/month allowance

    ‘I’m sorry he did that to you’: Florida man reveals on The Ramsey Show that his dad routinely asked for money after retiring at 49. Now 65, he’s $90K in debt and wants a $1K/month allowance

    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: 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

    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.

    What to read next

    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.

  • My wife and I love our kids equally — but we always end up giving our daughter — who’s married with a baby — more money than our single son and I worry he’ll resent us one day. What do we do?

    My wife and I love our kids equally — but we always end up giving our daughter — who’s married with a baby — more money than our single son and I worry he’ll resent us one day. What do we do?

    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: 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

    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.

    What to read next

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

  • ‘Now I don’t know’: Nearly 70% of South Dakota voters in this area cast a ballot for Trump — now, some share frustrations as they brace for the impact of tariffs on their local economy

    ‘Now I don’t know’: Nearly 70% of South Dakota voters in this area cast a ballot for Trump — now, some share frustrations as they brace for the impact of tariffs on their local economy

    In eastern South Dakota and the surrounding area, nearly 70% of voters picked Donald Trump during the 2024 election.

    Although few regret their decision, this agriculture-based community is starting to feel financial pressure from Trump’s tariff decisions.

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    “Now, I don’t know what would have been better,” Jaime Baysinger, a local waitress, told CNN, admitting that she now doubts her choice after the president’s first 100 days in office. “I was expecting a lower cost of your everyday living things.”

    Some didn’t vote for Trump, and that small minority of South Dakotans were hesitant to share their opinions with CNN reporter Elle Reeve. Those interviewed expressed anxiety, fear and concern about how Trump’s actions could hurt the Alpena, South Dakota community.

    Candor with a hint of caution

    Farmers, residents and entrepreneurs now find themselves at a crossroads. They’re proud of their political stripes, but grow increasingly worried about how trade tensions will affect their bottom line.

    Further to Baysinger’s comments, she said she was hopeful that the cost of living would not continue to increase.

    “Groceries are already outrageous, and then we put the tariffs on across the seas or whatever, like China,” she said. “It just makes everything more expensive for everybody.”

    Baysinger is not alone. Becky Hofer, a freight broker who votes Democrat, watched her neighbors vote for policies that will impact the community.

    “The biggest thing that frustrates me is that I just feel like nobody cares right now until it affects them,” she told Reeve. “And I don’t understand how they don’t see that.”

    To offset her frustration, some farmers showed patience and a laissez-faire approach.

    “I think we need to let the president do what he’s doing,” cattle rancher Rod Olerud admitted. “We need to just see what’s going to happen here and give him a little latitude.”

    Those who experienced Trump’s first term, and the tariffs on China in 2018, were skeptical, however. Tommy Baruth, a since-retired soybean farmer, felt the pinch firsthand.

    “The export market just went right down the tubes because these countries could buy them from other places cheaper, and a lot of times those markets don’t come back,” he said, adding he thinks it’s too soon for his neighbors to open up and admit they’re wrong.

    As the economic situation continues to evolve, the area will feel the pinch, regardless of whether or not South Dakotans regret who they voted for.

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    Farming under pressure

    Tariffs are poised to impact the American agriculture industry. But it’s not the first time they’ve bruised operations. According to the American Soybean Association (ASA), soy growers have still not fully recovered from the 2018 trade war Trump initiated with China.

    “In the summer of 2018, soybeans were the prime casualty when the U.S. imposed tariffs on Chinese imports,” the ASA said in a recent press release. “China quickly responded with retaliatory tariffs, including on U.S. soybeans; a move that essentially halted soy exports to the country overnight.”

    With exports halted, farmers were the first to experience the financial impact. Even with this experience, many farmers are still willing to support Trump during these renewed tariff talks.

    “If it doesn’t work, then we’re going to have to try something different,” says Olerud.

    Still, as farmers fail to break even, that laissez-faire approach may make it harder for them to repay loans and potentially increase reliance on government subsidies. Beyond cash flow, farmers who had been hoping to retire — or pass on the family farm to the next generation — may have to pull back on the reins.

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  • Sleepless Santa Monica residents say they’re fed up with ‘incessant’ beeping noises from nearby Waymo charging stations keeping them up — but is it simply the cost of regulatory compliance?

    Sleepless Santa Monica residents say they’re fed up with ‘incessant’ beeping noises from nearby Waymo charging stations keeping them up — but is it simply the cost of regulatory compliance?

    When the self-driving ride service Waymo moved two of its charging stations into a residential neighborhood in Santa Monica, no one anticipated a problem.

    But as KTLA 5 reports, local residents are complaining about the incessant noise coming from the driverless robotaxis every time they back up.

    “I can’t even keep my windows open, only during the day,” Michael McCoi told KTLA 5.

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    It’s a safety mechanism, but it’s driving some people crazy — one reportedly blocking robotaxis from entering a charging lot with his own body.

    “I want the noise stopped,” another resident, Darius Boorn told the Los Angeles Times. “I thought it was cool, and then those freaking noises started. And then I thought, ‘Oh no, this can’t be happening.’”

    Residents are looking to the city and Waymo to resolve the problem.

    What’s happening?

    Local resident Christopher Potter launched an online petition stating that the “constant beep-beep-beep” was hindering “our tranquillity during the day and our peace during the night.”

    He demands that Waymo — owned by Google’s parent company, Alphabet — operate the vehicles more quietly and only during “appropriate hours.”

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    Like all electric vehicles, Waymo’s cars must charge from time to time. The company has established multiple charging stations around the city for these robotaxis to stop and recharge, but the two in this residential area are causing the most uproar.

    Residents claim they can no longer sleep due to the constant noises emanating from the electric vehicles as they come and go from the lot.

    Sleep-deprived neighbors have complained to city council. Some have gone further by attempting to block Waymo cars from entering the lots with plastic traffic cones or — in one case — their own bodies. Waymo called for police to intervene and issue a restraining order in that situation.

    The burden of regulatory compliance

    Unfortunately, the solution is not as simple as turning off the noises on the electric vehicles.

    Federal regulations require these vehicles to make noises when backing up, in hopes of alerting pedestrians of the vehicle’s movement.

    Meanwhile, Waymo told the Santa Monica Daily Press that the city’s enforcement staff confirmed the noise levels did not violate its noise standards.

    But it also told KTLA 5 that it is “in ongoing conversation with the City’s Department of Transportation” and was looking at ways to address neighbors’ concerns. Waymo said it had planted trees and other greenery to block the noise and light from their neighbors.

    Additionally, the company has instructed employees to avoid loud music or using the vacuums between 9 p.m. and 9 a.m.

    For now, the mitigations implemented by the company haven’t created a solution.

    Of course, one option is to move the charging stations to a more suitable location away from residential areas. But that’s a costly decision for the company.

    Another solution might include rearranging the flow of the parking lot to allow for the vehicles to ‘pull through’ instead of backing in and out.

    If the neighborly complaints stem mostly from one residential building, perhaps Waymo could assist in soundproofing the residents’ apartments from the unavoidable noise of the electric vehicles.

    Ongoing communication between the company and the residents could help both sides reach a suitable solution.

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  • ‘Words matter’: Ramsey Show hosts sound off on 22-year-old Knoxville man after he said his parents were ‘financially abusing’ him over a cosigned loan — what they told him to do next

    ‘Words matter’: Ramsey Show hosts sound off on 22-year-old Knoxville man after he said his parents were ‘financially abusing’ him over a cosigned loan — what they told him to do next

    After receiving pushback from his parents over how he used a student loan refund, Tyler called into The Ramsey Show from Knoxville with claims that his parents were “financially abusing” him.

    “I’m struggling with the fact that my parents are kind of financially abusing me,” the 22-year-old University of Tennessee student told cohosts Jade Warshaw and Ken Coleman in a clip posted May 30.

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    He says he received around $4,000, partly from a work study and also a student loan refund, which he used to pay off some debt. His parents didn’t react well.

    “They were just absolutely furious at me, saying that was their money, and about how hard they worked to put me out here and everything like that,” Tyler said.

    But after getting more details, the cohosts strongly disagreed that Tyler’s parents were exhibiting signs of financial abuse.

    Family matters

    It’s unclear how much of the cash Tyler received was from a student loan refund. Warshaw clarified that student loan refunds can happen when, “you took out a loan and the loan was too much for what school actually costs, and so they gave you the money back in cash but it is still loaned money.”

    Tyler and his mom both cosigned on the student loan, which means the money would be tied to her as well.

    But Tyler described his parents as “spenders,” and while they’ve helped him financially, he also says they’ve previously haggled him for money.

    “It’s just a money struggle,” he said. “When I ask for money if I need it, they just never give it to me or they’re 50-50 on it.”

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    Coleman was quick to jump in: “But that’s not abuse.” The cohosts agreed.

    “Let me be very clear. You need to stop saying they’re financially abusing you, because this is not anywhere close to it. It’s dramatic. And by the way, words matter,” Coleman said.

    Both cohosts praised Tyler for thinking differently from his parents about money, but suggested he start acting differently toward them. There may always be tension when it comes to opinions about finances, but there are ways to respectfully move forward.

    Cons of cosigning a loan

    The cosigned student loan represents one point of financial tension between Tyler and his parents. But for any relationship, cosigning on a loan can lead to strain.

    When you cosign on a loan of any kind, each party is legally responsible for paying it off — even if the loan isn’t for your benefit. Sometimes a person who seeks a cosigner may have bad credit and requires the backing of a trusted individual. Before you cosign on a loan with anyone, ask yourself if you can afford to take on the payments if the other person can no longer do so.

    If cosigning would derail your financial plans, and you still want to help a friend or relative who needs money, consider some alternative ways to support them. Financially speaking, you could provide budgeting guidance or even offer to loan them some of your own money, which they can repay using a friendly, but firm, payment plan.

    The risks of cosigning are real. It increases liability and your credit score could suffer greatly if payments aren’t made. So, if you’re not comfortable with the practice, you can always say “no.”

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