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Author: Sarah Sharkey

  • 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.

    Don’t miss

    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: 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

    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

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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.

    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

    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.

    What to read next

    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.

  • ‘Do the man thing’: Albuquerque man moved cross-country to live with his girlfriend — and then they split. Now Dave Ramsey can’t get his head around the ‘weird’ situation it’s left him in

    ‘Do the man thing’: Albuquerque man moved cross-country to live with his girlfriend — and then they split. Now Dave Ramsey can’t get his head around the ‘weird’ situation it’s left him in

    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.

    Don’t miss

    “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

    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.

  • Houston woman stressing over how to tell her friend she has a strict $1,100 budget for her bachelorette weekend — here’s how The Ramsey Show co-hosts suggest she deals with ‘her reality’

    Houston woman stressing over how to tell her friend she has a strict $1,100 budget for her bachelorette weekend — here’s how The Ramsey Show co-hosts suggest she deals with ‘her reality’

    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.

    Don’t miss

    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.

    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

    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.

    What to read next

    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.

  • ‘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.

    Don’t miss

    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.”

    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

    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.”

    What to read next

    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.

  • 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.

    Don’t miss

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

    The silent cost

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

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

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

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

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

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    It’s a balancing act

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

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

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

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

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

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

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

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

    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.

  • I’m 33, earn $120K/year, and have no idea where our cash goes. My husband controls every cent — and I just found out we have $31K in credit card debt. How do I not get screwed if we divorce?

    I’m 33, earn $120K/year, and have no idea where our cash goes. My husband controls every cent — and I just found out we have $31K in credit card debt. How do I not get screwed if we divorce?

    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.

    Don’t miss

    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.

    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

    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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  • ‘Do we have to die? Fix the road’: Phoenix family turns to drastic measures to get help after 18 cars have crashed into their home — they say it’s just a matter of time before someone dies

    ‘Do we have to die? Fix the road’: Phoenix family turns to drastic measures to get help after 18 cars have crashed into their home — they say it’s just a matter of time before someone dies

    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.

    Don’t miss

    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.

    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

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

  • Millions of California homeowners dealing with mounting ‘statewide insurance crisis’ as providers back out of the market due to the ‘risk’ of extreme weather and rising costs of rebuilding

    Millions of California homeowners dealing with mounting ‘statewide insurance crisis’ as providers back out of the market due to the ‘risk’ of extreme weather and rising costs of rebuilding

    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.

    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

    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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  • I’m 36, engaged and finally financially stable — but I just found out my fiancée has been hiding $82K in credit card debt and now she refuses to sign a prenup. Is this a dealbreaker?

    I’m 36, engaged and finally financially stable — but I just found out my fiancée has been hiding $82K in credit card debt and now she refuses to sign a prenup. Is this a dealbreaker?

    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.

    Don’t miss

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

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

    Prenups aren’t just for the rich

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

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

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

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

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

    Otherwise, shared debts could drag down their financial plans.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    When should you consider a prenup?

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

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

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

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

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

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

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