Author: Sarah Sharkey

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

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

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

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

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

Prenups aren’t just for the rich

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

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

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

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

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

Otherwise, shared debts could drag down their financial plans.

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When should you consider a prenup?

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

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

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

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

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

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

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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.

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

Before the world watched on as wildfires engulfed large swathes of California early in 2025, an insurance crisis was already starting to heat up.

In the months and years before the disastrous 2025 fires, insurance companies began backing away from the California market.

As they pulled away from the market, by dropping policies and choosing not to insure certain homes, insurers generally cited the rising risks of extreme weather and growing rebuilding costs.

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For many California homeowners, the changing insurance market left them scrambling to get the coverage they needed.

California facing an insurance crisis

Peggy Holter was one of the many Californians who lost their home in the blaze of the January wildfires.

With her home of 47 years left in a pile of rubble, she was not sure what her next move would be. But, she voiced her frustrations with the insurance market in an interview with PBS News Hour.

“They made money off people [like me] for 47 years. That’s the point of insurance, isn’t it? That you chip in and, when somebody else needs it, they get it, and when you need it, you get it,” Holter said.

“But, in this case, they’re saying, ‘We’re sorry. Too bad.’”

Like many, Holter was dropped by State Farm, her previous insurance company of many years, before the wildfires.

Although she was able to get a policy through the California FAIR Plan, a state-backed insurance option of last resort, she didn’t expect the pay out to cover rebuilding costs at the time of her interview.

For homeowners struggling to find an affordable home insurance option, the FAIR Plan can help. It offers all California homeowners access to basic fire coverage, making it especially useful for homeowners with high-risk properties that other home insurance companies don’t want to cover.

But in the long term, for Ricardo Lara, commissioner for California’s Department of Insurance, the goal is to work with insurers to reenter the market.

“If we’re going to ever get to affordable rates, we have to tackle the availability issue,” Lara told PBS News Hour. “Insurers have to come back to California and expand in order to bring down the cost, and that is what the reforms do.”

State Farm is one of the insurers under pressure for backing out of the California home insurance market. Even though the company dropped many homeowners, it still faced thousands of insurance claims after the 2025 wildfires.

Although the company has paid out around $4 billion in related claims, many have complaints about how State Farm has handled the situation.

“Californians deserve fair and comprehensive treatment from their insurance companies. No one should be left in uncertainty, forced to fight for what they are owed, or face endless delays that often lead consumers to give up,” Lana said In a recent press release announcing an investigation by his office.

“While there are national standards for insurance claims handling, they can be vague and inconsistently applied, especially during large-scale, climate-driven disasters. This examination will assess whether State Farm has complied with California’s consumer protection and claims handling laws and will help determine if further reforms are needed as natural disasters increasingly disrupt insurance markets across the country,” he went on to say in the release.

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No easy fix on the horizon

While everyone wants a straightforward solution to the California insurance crisis, the reality is that there isn’t an easy fix to reach for.

“We are in a statewide insurance crisis, affecting millions of Californians. Taking this on requires tough decisions. This is not a game,” Lana said In an earlier press release.

Those tough decisions impact homeowners, renters and insurance companies. Earlier this year, Lara testified to state lawmakers than he expects the California insurance market to stablize in 2026, with assurances from the major insurance companeis that the recent wildfires won’t impact that timeline.

California isn’t the only part of the country dealing with devastation due to natural disasters, with other widespread losses occurring in North Carolina and Florida.

“Climate change has affected every aspect of our lives, and I would be lying to you if I told you that [it] doesn’t impact insurance,” Lara told PBS.

As a part of the way forward, he spearheaded new rules for insurers. For starters, the rules allow insurers to consider the likelihood of a disaster and the cost of reinsurance when determining rates.

Additionally, Lara has advocated for homes to be built and upgraded with disaster-resistant features. He’s hoping that as Californians build back after the Los Angeles fires, smart building choices will mitigate potential losses and risks for insurers, which could lure them back to the state.

But even with all these changes, the California insurance market has yet to stabilize. For now, homeowners can only wait to see how regulatory changes play out on the insurance market.

If you are a California homeowner who needs coverage, look into the FAIR Plan, it might offer the last-resort option you’ve been looking for.

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

When a single vehicle crashed into their home, homeowners Melissa and Ryan Langhor were shaken up. But now, after 18 crashes and counting, the Phoenix couple is calling for changes to protect their home from future incidents.

They live near the corner of West Northwest Ranch Parkway and 163rd Lane, where drivers face a near-90-degree turn with little warning. Miss the turn, and you end up in the Langhor’s backyard.

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With their safety at stake, the couple painted a bold message on the backyard wall that’s been hit over and over again:

“City of Surprise. Do we have to die? Fix the road.”

The message is hard to miss. For the Langhors, it’s more than a cry for help. It’s a plea born of fear and frustration, aimed squarely at city officials. But how did it come to this?

How did it happen?

It sounds like something out of a movie, but for the Langhors, it’s a recurring nightmare. Of the 18 crashes so far, some have shattered windows, others have sent vehicles through their concrete wall. In one case, a car plowed into their dining room while they were sitting there with their kids.

They no longer feel safe in their own home and don’t even sleep in their primary bedroom, worried a car might crash through the wall in the middle of the night.

“Driving down the road, you can see the problem. All of a sudden, you hit a near-90-degree turn. And if you miss it, you end up right in their backyard,” reporter Steven Nielsen told Fox 10.

Although the speed limit is 25 mph, drivers often go much faster.

“It’s sad when you’re not feeling safe in your own home,” said Melissa Langhor.

After a particularly bad crash in 2021, Melissa spoke at a Surprise City commissioners meeting, but nothing changed. Then, just last month, a truck crashed through their wall, stopping just feet from where she was sitting.

“We have PTSD,” she told News 2.

After that crash, city staff showed up — not to talk safety, but to make sure the wall was repaired and painted to match neighbourhood guidelines.

“That’s what the city was concerned about — the color matching,” Langhor said.

Instead of repainting, the couple turned the wall into a sign calling for change. Since then, the mayor has vowed to address the issue, starting with improved speed signs and traffic studies.

“I hope he keeps his promise,” Melissa Langhor said.

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How to make a neighborhood feel safe again

After this many crashes, it’s clear something needs to change — and not just for the Langhors.

Down the street, the city is taking action. After the Langhors put up their sign, officials installed concrete barriers along the road to protect the homes. Drivers may still speed, but the barriers make it far less likely they’ll crash into someone’s living room.

That offers some peace of mind. Still, for families living near dangerous roads, it’s worth taking a few extra steps to prepare — just in case.

Start with an emergency fund. A cushion of cash can be a lifesaver if your home is damaged and you need to cover repairs quickly.

Also, consider setting aside money each month to invest in home safety over time. Ryan Langhor built a garden along the back wall to help slow down any incoming cars. Other ideas include planting trees or placing large boulders as barriers.

And of course, make sure that your homeowners insurance is up to date. If a car hits your house, you’ll want help covering the cost to fix 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.

Canadians lose millions 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 RRSP and other savings.The magnitude of this loss would put his entire financial future at risk.

It can happen: According to the Canadian Anti-Fraud Centre (CAFC), in 2022, the elderly population lost more than $137.8M that year to scams, showcasing how this group of Canadians continue to be a prime target for fraudsters.

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 CAFC and the police.

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 scam, 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 Canada Pension Plan (CPP) benefits. For eligible seniors who haven’t applied for CPP benefits yet, it might be the right time to tap into this monthly income. Although CPP income alone likely won’t replace your savings, it can help you cover your needs.

Beyond CPP, you can also tap into Old Age Security (OAS), another guaranteed benefit provided by the federal government and can provide some necessary extra income.

You should also 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.

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 CPP benefits, it might be enough to help reorient your retirement finances.

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 golden 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 CAFC, investment scams is the costlier form of fraud perpetrated against seniors, at $78.7 million in 2022 alone. In this scenario, an elderly person falls victim to a fake get rich quick or investment decision based on misleading information. A scammer may try to get you to buy digital currencies such as crypto, stocks, bonds, or real estate or to invest in a business directly.

The Competition Bureau cautions Canadians to be aware of these four warning signs:

1. Claims of making a lot of money with little or no risk
2. A person giving you a “hot tip” or revealing that they have insider information
3. Feeling pressured to make a decision on the spot
4. The seller isn’t registered with the provincial securities regulator

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.

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 CAFC at 1-888-495-8501. The agents can help you determine whether or not something is a scam.

Sources

1. Canada Anti-Fraud Centre: Canadian Anti-Fraud Centre: Annual Report 2022 (2023)

2. Competition Bureau: Investment frauds

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

After leaving college with a finance degree, Zack, from Nashville, Tennessee, started day trading professionally.

He’s excellent at his chosen profession, netting between $30,000 and $90,000 every month. But day trading doesn’t take up all of his time and he wants to branch out into the world of real estate investing.

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“I am trying to figure out when to make the jump into real estate because, that’s kind of where I want to take my end goal,” Zack told Ramsey Show hosts, George Kamel and Rachel Cruze.

But both Kamel and Cruze think there’s a step in between that Zack should take before diving straight in.

Day trading to real estate — when to make the move

Although Zack wants to jump into real estate, the Ramsey hosts needed to gather more information about his current income.

Zach explained that he had practiced for over three years before deciding to make an initial investment of $3,000 of his own money to start day trading. After doing well, he shared his results with several proprietary (prop) trading firms, which offered him a chance to work for them.

Essentially, a prop trading firm allows him to trade using “other people’s money.” When he makes a profit, he can keep between 70% to 90% of the profits. But if he makes too many bad trades, the prop firm will boot him out of their system.

“I was able to pay my student loans off by doing it,” said Zack.

“If you’re so good at this, why not use your own money?” asked Kamel.

Although Zack is good at trading, he doesn’t always have the large lump sums required to make it worthwhile. With that, he prefers to lean on the funds provided by prop trading firms and split part of the profits.

“I was raised a Ramsey kid, so the less risk and the more success, then that’s kind of where I was going with it,” Zack told the hosts.

As he’s earned this money, he’s put the Ramsey principles to work. He started by paying off his student loans, building up a substantial emergency fund and setting aside a large portion to cover his income taxes. Currently, he is debt-free and has around $50,000 in liquid cash.

His end goal is to use the funds to invest in real estate.

“I’ve always wanted to get into real estate. And so, I’m trying to figure out when the best time would be to make that move and start investing in real estate as well,” said Zack.

The Ramsey hosts urge caution, especially against taking out loans to purchase rental properties or flipping projects. Instead, they suggested he first get into real estate by purchasing his own home to live in. After that, he could consider purchasing rentals as he has the cash available.

“With real estate, we say, if you’re going to go beyond your primary residence, you want to do it with cash,” Cruze told him.

Since he just signed a year-long lease, the Ramsey hosts suggest he save up for a home during this upcoming year. From there, the time to branch into rental real estate is whenever he has the cash available, according to the Ramsey principles.

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 day trading

So far, day trading is working out well for Zack. But he’s only been doing this for a couple of months. The appeal of the type of day trading he’s doing is undeniable. After all, who wouldn’t like the possibility of quick profits without any major overnight market risks.

“A bad day would be me breaking even or only losing about a thousand or two,” Zack said.

Plus, day traders enjoy a more flexible schedule with increased independence to do other things throughout the day. For example, Zack mentioned he only spends about three to four hours a day trading, leaving plenty of space in the day for other activities.

Although enticing, day trading comes with some serious risks.

For starters, there is a steep learning curve. It can take years of practice to become proficient in trading. Zack mentioned that he practiced for several years before trading with real dollars. Even with experience, traders can face a high risk of financial loss and must account for the high fees tied to every trade.

Many think they can beat the odds. But the vast majority of day traders lose money. According to recent research by Tradeciety, only 1% of traders earn a profit after the fees are taken into account.

If you’re serious about day trading, consider learning with play money. You can find online simulators to practice day trading without running the risk of losing real money.

Depending on how that goes, you may or may not want to jump into the market with your hard-earned savings.

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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.”

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.

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

Wade called into The Ramsey Show in an emotional and financial quandary, hoping Dave Ramsey could give him some advice.

The Florida man told the finance guru he doesn’t want to use his recently licensed mother-in-law as the listing agent when he and his wife sell their home.

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“I’m not comfortable with that because she’s brand new with no experience selling homes, and I feel like this is too big of a transaction to mix family with business,” Wade said. “But my wife is afraid it will cause a rift with her mom if we don’t use her.”

Initially, the situation left Dave Ramsey stumped, saying, “Wow, you’re screwed.”

High financial and emotional stakes

Either Wade’s mother-in-law, an inexperienced real estate agent, will be involved in a major financial transaction, increasing risk, or — if Wade and his wife decide not to use her — she’ll be offended.

“Neither one of these choices are good,” Ramsey admitted, describing it as “an absolute lose-lose scenario.”

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

So far, Wade and his wife haven’t mentioned anything to the mother-in-law.

“We’re trying to come to terms together before we even start talking,” he said.

Ramsey praised Wade for having a “very healthy marriage” with clear examples of open communication, then he and co-host Ken Coleman explored possible strategies to deal with the situation at hand.

Coleman asked whether Wade’s mother was signed on with a successful real estate agency and he confirmed she was.

Coleman and Ramsey said that was good news, because it meant Wade’s mother-in-law could co-list the property with a more experienced agent.

With that in mind, Ramsey offered up some options:

• Use Wade’s mother-in-law as a real estate agent but only on the condition that she agrees to a co-list with a top performer in the offer. That way, Wade and his wife would feel confident knowing someone else with extensive real estate experience was involved.
• Use Wade’s mother-in-law as an agent but make it clear to her that it’s for a 90-day trial, and if she is unsuccessful at selling their home in that time, the couple will end the agreement and contract with a new listing agent.
• Do not use Wade’s mother-in-law as a real estate agent and politely explain why they aren’t comfortable working with her for this major financial decision.

“I don’t think there’s a magic wand here,” said Ramsey. “Don’t do anything until you and your wife are in solid agreement.”

He even advised writing down the agreement that Wade, his wife and his mother-in-law come to on paper, so they can refer back to their agreement if anything goes wrong down the line.

How to navigate family dynamics and money

Mixing family and money can get complicated quickly. In this situation, both finances and feelings are at play. And no one wants to damage a relationship over this.

“Dude, this is very sensitive,” Ramsey said.

Regardless of how Wade and his wife move forward, it’s likely going to involve a difficult conversation.

Here are his tips on how to deal with sensitive family discussions around money:

In agreement with your spouse, map out your position before the discussion. That preparation will help you both respectfully stick to the decision you’ve made together through the course of the discussion.

Get a third party involved when it comes time for the discussion, inviting a pastor or another trusted party to help share your decision in a respectful way.

Acknowledge the elephant in the room right away and communicate with honesty and clear boundaries. In this case, the elephant would be the mother-in-law’s new career path and the couple’s upcoming home sale.

Wade and his wife might say something like, “A home purchase and sale is a huge financial step for us, and we feel more comfortable with an experienced real estate professional.”

Try to end the conversation on a positive note by offering other ways to support your family member. For example, Wade and his wife could spread the word about his mother-in-law’s new license.

Although it might be a challenge, it’s important to do what’s best for you and your household on this size of a transaction.

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• This is how American car dealers use the ‘4-square method’ to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs

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.