Author: Vawn Himmelsbach

Florida has long been a magnet for Americans looking for a better life. Low taxes, affordable housing, a low cost of living and pleasant winter weather have made it a popular move — and not just for retirees.

Young people seeking economic opportunities have come in search of jobs in technology, health care and tourism — and stay for the laid-back lifestyle and entrepreneurial atmosphere.

But now, the number of Americans moving to the state has slowed.

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And one hot spot has been hit particularly hard.

A slowdown in domestic immigration

Although Florida’s population continues to grow, fueled by international immigration, net migration from within the U.S. has fallen sharply.

Miami and Fort Lauderdale, which had net outflows in 2023, saw these outflows increase while Orlando saw net domestic migration drop from 16,357 new residents in 2023 to just 779 in 2024.

But the greatest year-over-year drop in migration was seen in a city that US News once ranked as the fourth best place to retire in the U.S. and was rated among the top 10 American cities to move to by both millennials and Gen Z.

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In 2024, Tampa saw its domestic immigration drop to 10,544 new residents from 34,920 in 2023, a decline of 70% — and “the biggest slowdown in domestic migration of the 50 most populous U.S. metros,” according to Redfin, which based its analysis on U.S. Census Bureau data.

Redfin found that migration to the Sun Belt in general is declining, citing the rising cost of living in the area, the prevalence of natural disasters and the associated costs of insurance, the decline of remote work, the high cost of moving and economic uncertainty.

Here are 3 reasons why fewer Americans are moving to Tampa.

1. Housing has become more expensive

In past years Tampa has offered an affordable housing alternative to more expensive cities such as San Francisco and New York, but this gap is closing. Housing prices in Tampa have been outpacing the national average for close to a decade and have risen substantially faster since the start of the pandemic.

In February 2020, the median home price in Tampa was $264,995 — about 27% that of New York City.

By February of this year, the median price sat at $449,950 after peaking at $499,900 in June 2024.

That means the cost of living in Tampa is now higher than cities such as Minneapolis and Indianapolis, making a move less appealing than it once was.

2. Natural disasters

There’s also evidence that the frequency of major natural disasters is increasing in the U.S. In 2024, the greater Tampa Bay region was hit by Hurricanes Debby, Helene and Milton over a span of just 65 days.

Major storms can affect the cost of home and flood insurance — and even the ability to obtain it.

Although reforms to Florida’s insurance industry in 2023 have led to slower increases in insurance premiums, they still rose 43% from January 2018 to December 2023.

This makes it hard for many Floridians to find affordable insurance, with non-renewals by insurance companies on the rise and some insurance companies exiting the market altogether. As a result, some homeowners are under-insuring their properties due to the cost.

3. Return-to-office policies

A return to the office is another factor driving the decline in immigration. During the height of the pandemic, many people left coastal job centers such as New York and San Francisco to work remotely from lower-cost cities with a better lifestyle. Now, many employers are instituting a return to the office, meaning fewer people can move to places like Tampa.

Redfin suggests that high home prices and mortgage rates have kept people from moving in general across the U.S.

It’s also likely that the uncertain economic environment is putting major decisions on hold — after all, it’s difficult to relocate, buy a new house and commit to a new job when there’s so much uncertainty around employment, inflation and interest rates.

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Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

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

Laura’s 83-year-old mother is still sharp, stays active and pays her bills on time. But Laura no longer visits because her mother doesn’t want to host anyone in her “messy” condo.

The problem is, it’s more than a mess; her mom is a hoarder.

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Laura doesn’t know how to address the situation with her mother, but she’s worried. Cardboard boxes, old newspapers and piles of papers are a fire hazard, and rotting food and garbage could lead to mold or vermin. Those pose risks not only to her mother’s health, but to other tenants in the building.

But she’s also worried that if the condo board finds out — say, the neighbors start to notice a bad smell coming out of her mother’s unit — that social services could end up getting involved. Maybe she’d even get evicted.

Should Laura step in before someone else does?

The many risks of hoarding

Laura’s mother is far from alone. About 2% of Americans (and 6% of those over 70 years old) are compulsive hoarders.

Hoarding isn’t just living with clutter and mess; it’s a mental illness that can interfere with physical, emotional and even financial wellbeing.

Hoarding is defined as a “persistent difficulty discarding or parting with possessions, regardless of their actual value,” according to the Mental Health Academy. “The difficulty is due to a perceived need to save the items and to the distress associated with discarding them.”

Aside from making it difficult to perform everyday tasks, hoarding has potential health and safety risks (not to mention the risks of social isolation).

For example, it can be a fire hazard and lead to infestations, such as cockroaches, bedbugs or mice. Once pests take up residence, it can lead to health issues such as asthma and other respiratory conditions.

But it can also lead to financial risks. Some hoarders don’t pay their bills because they can’t find the paperwork. But they also risk eviction. While technically you can’t be kicked out of your home for being messy, a condo board could make a case for eviction if hoarding endangers other tenants or the property, or if it violates safety, fire or building codes.

“More tragically, those who hoard are more often subject to forced evictions, and if health authorities or environmental health officers become involved, the cost to the hoarding tenant may be considerable if the home is subject to a forced clearing-out,” according to the []Mental Health Academy](https://www.mentalhealthacademy.com.au/blog/hoarding-disorder-the-items-and-the-impact).

To top it off, if they’re evicted they may have a hard time finding another home, since they’d be unlikely to get a positive reference from their current landlord.

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How to manage a hoarding situation

Laura could talk to her mother and offer to help her “declutter.” If her mom isn’t amenable to the idea, she may have to address the situation with the condo board — for the sake of her mother’s health and safety. If that’s the case, she may want to come up with a plan to address the issue in a timely fashion so the condo board doesn’t escalate it further.

The condo board will likely have a process in place for dealing with this type of scenario; usually, the tenant is given a certain period of time to clean their unit. If the tenant ignores this request, however, the condo board could file a petition to have the unit cleaned, which could be particularly distressing for a hoarder.

Laura may want to consult a therapist or even a professional organizer specializing in hoarding, who could help to create a more gradual — and compassionate — plan for decluttering.

Rather than focusing on the possibility of eviction, it may be more useful to focus on the hoarding behavior and what’s causing it. By offering support and resources — and by bringing in professional help — it could lead to a more sustainable solution.

After all, forcing someone to declutter without addressing the root cause means they’re likely to repeat the hoarding behavior.

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Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

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

The U.S. is not in a recession — yet.

But with policy uncertaintly around tariffs, mass deportations and Department of Government Efficiency (DOGE) cuts, some economic observers believe the odds are rising.

“We’ve got a real uncertainty problem, it’s going to be hard to fix that,” former Treasury Secretary Lawrence Summers said in an interview on Bloomberg Television’s Wall Street Week with David Westin.

“We’re looking at a slowdown relative to what was forecast, almost for sure, and a serious, near 50% prospect of recession.”

J.P Morgan’s chief economist Bruce Kasman predicts a 40% chance of a U.S. recession this year.

“If we would continue down this road of what would be more disruptive, business-unfriendly policies, I think the risks on that recession front would go up,” he told reporters.

Of CFOs polled in the latest CNBC CFO Council Survey, the majority (95%) said government policy is impacting their ability to make business decisions. Three-quarters expected the economy to enter a recession in the latter half of this year or in 2026.

So what exactly defines a recession?

In the U.S., recessions are officially declared and dated — often retroactively — by the National Bureau of Economic Research (NBER) Business Cycle Dating Committee.

The committee defines a recession as “a significant decline in economic activity that is spread across the economy and lasts more than a few months.”

In wider practice, two consecutive quarters of negative gross domestic product (GDP) growth point to a recession.

Though there hasn’t been an official declaration, there are three warning signs all pointing to a potential recession:

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The yield curve is signaling a recession. One predictor of a recession is when the yield on 10-year Treasury bonds falls below that of the three-month Treasury bill.

This occurred in late 2022 and lasted until late 2024, and occurred again in late February — and the yield spread between the two remains negative.

The time from when this situation occurs until the onset of a recession can vary, but it’s a strong indicator of a recession in the coming 16 to 20 months.

Leading economic indicators are pointing to a slowdown. Another predictor is the Conference Board Leading Economic Index (LEI). This index fell%20in%20January.) in February for the third consecutive month. The Conference Board is forecasting that GDP growth will slow.

Data and sentiment are turning negative. Consumer confidence is dropping, recent data for retail sales has been weak and the Federal Reserve Bank’s Economic Policy Uncertainty Index is high. CEOs are more pessimistic, consumers are pulling back and “workers are getting nervous,” according to The Wall Street Journal. And the Federal Reserve Bank of Atlanta’s GDPNow forecasting model is predicting that GDP growth will retract by 1.8% in the first quarter of 2025.

Be proactive to weather a downturn

All this talk of a recession may have you concerned. The best approach is to be proactive — but not panicked.

Build up an emergency fund. Prepare for potentially difficult times by setting aside an emergency fund that covers at least three months to a year of expenses, depending on how long you think it might take to get a job if you’re laid off. To boost your savings, investigate a high-interest savings account (HISA) or a high-yield savings account.

Pay down debt and avoid unnecessary expenditures. Servicing a large amount of debt could be a problem if your income declines or everyday costs go up (like egg prices). Avoid extra financial stress by creating a budget, paring down spending where you can and weighing large purchases carefully.

Protect or increase your income. You may want to look into a side hustle or second job to bring in some extra cash.

Talk to a financial adviser about how to maximize your investment performance. Make sure your portfolio is suitably diversified, including geographically, with exposure to sectors that perform better in a recession.

Most financial professionals advise against trying to time the market. Multiple studies show that staying in the market during downturns leads to better long-term returns, especially when you employ dollar-cost averaging — investing the same amount of money in the same securities at regular intervals regardless of their prices.

If you’ve been laid off, talk to your adviser about strategies that may make sense in low-tax years, such as a Roth conversion.

You may not have much control over whether there’s a recession, but you can take steps to weather the storm.

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

Regina’s ex-husband recently passed away, which has been devastating for their daughter, Ada.

Ada shared a strong bond with her dad and helped care for him as his health declined in the last few years of his life. She was also close to her stepmom — or so she thought.

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Since Ada’s dad passed away, her stepmom has cut off communication and withheld all information about his estate, which Regina estimates to be at least $2 million. In his final days, Ada’s dad told her that he had named her the executor of his will. However, she doesn’t have a copy of the will and isn’t sure whether an original even exists.

Beyond feeling hurt by her stepmom’s cold shoulder, Ada isn’t sure if she has any legal recourse. Her dad and stepmom lived in Arizona — one of nine states with community property laws — which means her stepmom is automatically entitled to a portion of their shared estate. Regina is wondering what rights Ada has, especially if no will is found.

Most Americans don’t have a will

As of 2025, only about a quarter of Americans (24%) have a will, versus 33% in 2022, according to a survey by Caring.com.

“Since 2022, procrastination has been the most popular answer for why people haven’t made a will or a trust,” the survey found. “Men procrastinate on estate planning more than women, but only by a slim margin.”

An earlier survey by Caring.com, conducted in partnership with AARP, found that less than half (45%) of people over age 55 have a will. Many have never created an estate plan or updated an old will to reflect major life changes, such as a divorce or remarriage.

Creating a will is more important than ever, as the U.S. undergoes what’s being called the “great wealth transfer.” The Cerulli Report estimates that $105 trillion will pass from older generations to their heirs through 2048, with another $18 trillion going to charities.

If Ada’s dad had a will and named her executor (or as a beneficiary), she would have the legal right to see it. However, even if no will exists, she still has options.

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What are Ada’s options?

Because Ada’s stepmom has cut off communication, it may be time to bring in a professional. If Ada has asked to see the will but has received no response — or is being given the runaround — she should consider consulting a trust and estate planning attorney to help her understand her rights.

For example, if Ada suspects that her stepmom is hiding the will, she has legal recourse. According to the Senior Advocate Center, an organization that provides elder law resources, “you may need to file a petition with the probate court to compel the production of the will.” An attorney can help with that process.

If no will exists, the estate will be handled under intestacy laws, meaning assets will be distributed according to state law. The estate will go through probate, which determines how assets are divided or liquidated to pay off debts. This process can be time-consuming and expensive, and the state’s distribution rules may not reflect the deceased’s wishes.

In a community property state, any income or assets acquired during the marriage are considered joint property, regardless of who earned or obtained them. The nine community property states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin — though each state has its own interpretation of the rules.

Typically, in these states, the surviving spouse receives a share of the estate, while the remaining assets are distributed to the deceased’s heirs, including biological children — unless a will states otherwise.

Whatever the case, Ada has rights. And with $2 million at stake — not to mention her father’s final wishes — seeking professional guidance may be the best course of action.

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Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

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

Mark was nervous about taking the leap and investing in the stock market. As a 35-year-old health-care worker, he’d never had time to learn about the market — but with a lot of money sitting in the bank, he felt it was time to get some professional help and start making his money work for him.

He started working with an advisor, who suggested — as part of a larger financial plan — that Mark put $95,000 into an S&P 500 index fund in early February.

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But then the market plummeted and by early April he’d lost about $15,000. While the market seems to be making a comeback, Mark has yet to recoup his original investment. No wonder he’s anxious.

His advisor has told him to stay calm and hold on, but he’s wondering how long it could take till he breaks even, let alone sees a return.

No easy answers with a market correction

Numerous factors impact stock market returns, including overall economic conditions (e.g., GDP, unemployment rates), inflation, interest rates, market sentiment and geopolitical events. There’s no simple formula to predict when the market will fully recover. It could be days; it could be years.

While past performance may not predict future performance, Mark’s advisor pointed out some recurring themes that may be helpful in easing his mind.

Stock markets tend to go up over time as economies grow. For instance, the S&P 500 has returned about 10% per year (about 7% after inflation) since its inception in 1957.

This doesn’t mean the market won’t experience volatility along the way. For example, in 2024, the S&P 500’s worst sell-off was 8.45%, its biggest rally was 31.54% and it ended the year up 25.71%. Also, declines of 10% or more are common, occurring in more than 47% of the calendar years from 1980 through 2024.

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Between the Second World War and 2020, there were 26 market corrections of 10% or more from a recent 52-week high close, according to a Goldman Sachs analysis.

The average decline in these bear markets was 13.7% over four months. It took an average four months to recover the losses. In 12 of the 26 corrections, it took an average 24 months to recover.

There have already been two bear markets in the 2020s — outside the period studied by Goldman Sachs.

The first, which followed a market peak in December 2019, took only four months to recover from the March 2020 trough. The second, driven by the war in Ukraine, supply chain disruptions and rising inflation, took six months to recover from its September 2022 trough.

How long the latest correction will take to fully recover is uncertain.

However, it’s being driven by erratic policy decisions. If these continue to recur, they’ll maintain a high degree of uncertainty — which is bad for markets — and could harm the underlying economic fundamentals.

This correction also appears somewhat atypical, as usually equity market sell-offs are “risk-off” trades where investors move into less risky assets such as Treasurys. This time, long-dated Treasury prices and the U.S. dollar have fallen as well.

Dealing with a market sell-off

What should Mark do to deal with this uncertainty?

While the prospect of any losses is daunting, research shows that time spent out of the market can be costly.

Missing just the five best days for the S&P 500 from Jan. 1, 1988 to Dec. 31, 2024 might mean missing out on the potential 37% gains that some of those who stayed invested in the market enjoyed over that period.

In early April, the S&P 500 lost 12% over four days — a move some might see as a sign to exit the market.

Right after, the market leapt 9.52% to notch its third biggest single-day gain in the post-WWII period. If Mark missed this day, he would have missed a chance to recoup a substantial portion of his losses.

Mark might consider putting more money into the market by dollar-cost averaging. This means he’ll buy the same dollar amount of units of the S&P index fund at regular periods, such as every month, regardless of the price of the index fund. In this way, he’ll buy more units when the fund is cheaper and fewer when it’s more expensive.

Since his S&P 500 index fund is part of a larger portfolio, he should also reconsider rebalancing. For instance, if his portfolio was invested 80% in equities and 20% in fixed income, he might want to sell fixed income to buy equities to ensure this weighting is maintained.

Luckily, Mark is a few decades away from retirement and he won’t realize any losses until he sells, so he has time to weather a long bear market to see it through to recovery.

But he’ll want to make sure his investments are invested appropriately for his goals, age and risk tolerance — and maybe not check on them daily.

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Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

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

When Jim’s grandmother passed away, he didn’t just inherit her favorite teacups or photo albums — he inherited $100,000, and with it, a dream she always had for him: building a future, buying a home and starting a family.

Not long ago, Jim proposed to his girlfriend of three years. They’d been planning a small, intimate wedding with a budget of around $20,000 — part of which would come from their parents. They hadn’t saved much of their own money and didn’t want to go into debt for just one day.

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But since Jim received news of his inheritance, his fiancée has seemingly switched gears. Now she wants a glitzy destination wedding, a designer dress and a much longer guest list. Jim wants to stick to their original plan, but now she’s calling him “stingy” for refusing to spend “our inheritance” on her “dream” wedding.

Now Jim’s questioning how well he really knows his fiancée and whether they share the same life goals — or if he really is stingy for saying no.

Understanding the cost of big weddings

Maybe you can’t put a price on love, but you can definitely put a price on a wedding — and that price is getting even more expensive. According to Zola’s First Look Report on wedding trends for 2025, the average cost for a wedding is projected to hit a high of $36,000, up from $33,000 in 2024.

Of course, the price tag depends on location. New York City was the most expensive place in the U.S. to get hitched, averaging $65,000. Destination weddings aren’t cheap either, averaging $41,312.

Zola also followed up with couples who got married in 2024. About 20% said they went over budget by $10,000.

If Jim and his fiancée stuck with their original plan, they could use that $100,000 to get on solid financial footing as they start their life together. That could mean an emergency fund, paying off high-interest debt or boosting retirement contributions.

If they want to buy a home, the money could cover a 20% down payment on a $500,000 property. If they plan to have kids, it could help start a college fund. Or they could invest it for long-term goals — for example, if Jim invested the money with 6% annual returns, it could grow to more than $300,000 in 20 years.

In the meantime, Jim could park the money in a federally insured high-yield savings account while he decides. He should also check whether any inheritance tax applies. As of 2025, only five states have inheritance tax, which is paid by the beneficiary. Those include Kentucky, Maryland, Nebraska, New Jersey, Pennsylvania and Iowa.

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Financial planning needs joint communication

The bigger concern here is that Jim and his fiancée may not be on the same page about their financial goals.

While she could just be having a bridezilla moment, this shift might also reflect deeper differences in financial values — ones that could cause bigger problems if they’re not addressed.

Financial transparency means talking openly about shared goals — short-term (like a wedding), mid-term goals (like buying a home) and long-term goals (like saving for kids’ education or retirement).

Once they’re married, their tax and legal status will change. They’ll be sharing a household budget and likely filing taxes together, so it’s important to discuss what their financial future looks like before walking down an aisle.

Nearly one in four couples say money is their biggest relationship challenge, according to Fidelity’s 2024 Couples & Money study. But those who make financial decisions together are more likely to say they communicate well or very well with their partner.

If Jim and his fiancée can’t find common ground on managing the inheritance, it may be time to consider premarital financial counseling or working with a financial advisor.

There may be room for compromise. They already had a $20,000 wedding budget. Many financial experts agree it’s okay to spend a small portion — say, 5% to 10% — of a large windfall on something memorable. In Jim’s case, that could mean putting 10% toward the wedding, bringing the total to to $30,000.

That extra cash could cover a larger venue, a designer dress or a bigger guest list — but there would still need to be compromises. Maybe a destination wedding is still on the table, but somewhere more affordable in the Caribbean instead of Tuscany or Fiji.

Disagreements about how to spend an inheritance aren’t uncommon. It’s not necessarily a dealbreaker, but if Jim’s fiancée is focused solely on what she wants from his inheritance, it could be a yellow flag worth paying attention to.

What to read next

• JPMorgan sees gold soaring to $6,000/ounce — use this 1 simple IRA trick to lock in those potential shiny gains (before it’s too late)
• 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
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

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

“Don’t let me hear you say life’s taking you nowhere,” David Bowie crooned in his 1970s hit, “Golden Years”. And the reality is, as your life progresses eventually your career sunsets.

This has Jada, 52, facing the existential dread of retirement even though she doesn’t plan to clock out until she turns 65.

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Still she’s been saving for her golden years since her mid-20s. During her youth, she saved whatever she could scrape together. But over time, as she started to make more money, she put aside 10% of her salary annually.

While she’s crushing it with her savings, her husband of 20 years hasn’t put aside anything for retirement — and he doesn’t plan to. Instead, he’s relying on his pension and Social Security retirement benefits — along with Jada’s savings to — finance their golden years.

Jada worries he doesn’t understand how much they’ll need in retirement and feels resentful that she’s making all the sacrifices for their future. Now she’s wondering if she is, “doing all right,” and how they “gotta get smart” when it comes to saving.

What if your spouse isn’t saving for retirement?

There’s no need to run for the shadows just yet. But you do need to start a conversation — and that’s not as easy as it might sound. One in three Americans (32%) say they’re uncomfortable discussing finances in their relationship, according to Talker Research survey.

Those conversations are difficult because sometimes each spouse have different ideas about how much to save. Add to that a quarter of Americans saying they feel their partner is less responsible with finances than they are.

Jada and her husband may want to start by ensuring they’re on the same page with their goals. Maybe Jada wants to volunteer or work part-time while her husband wants to travel. Whatever the case, they’ll need to have an heart-to-heart conversation about what they want to get out of retirement.

Not to forget how much money they’ll still need to reach those goals. A general rule of thumb is to aim for about 60% to 80% of your pre-retirement income. If Jada and her husband are finding it difficult to talk or even crunch the numbers, they may want to enlist the help of a financial adviser.

But it’s not just about math. They may want to look at the issue of why Jada’s husband isn’t saving. With that in mind, the question of will they have enough to cover an uninsured medical emergency or long-term care?

On the topic of health, there may be some underlying psychological issues that could be at play. All the more reason to sit down with a financial adviser to work through these concerns.

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

Strategies for saving for retirement later in life

Once Jada and her husband are on the right track, they can start working together on a savings plan that meets their retirement goals.

While there is such a thing as a spousal IRA (aimed at helping a non-working spouse), 401(k)s and IRAs are individual accounts. Since Jada’s husband is also in his 50s, there may also be some hesitancy to open an individual retirement account.

While it’s ideal to start saving for retirement when you’re younger in order to benefit from the power of compounding, it’s never too late to start.

For example, even if you’re starting later in life, you could still benefit from opening a 401(k) and funding it to the maximum amount — especially if your employer matches your contributions. For the 2025 tax year, the maximum contribution limit for a 401(k) is $23,500.

Jada’s husband could also contribute to a Roth IRA, which uses after-tax dollars and grows tax-free. That means, as long as he follows the withdrawal rules, those withdrawals aren’t taxed as income.

For the 2025 tax year, the maximum contribution limit for a traditional IRA and Roth IRA is $7,000. Contributions to a traditional IRA are typically tax deductible during the year you contribute, but married couples who file jointly are subject to income limits — and those contributions might not be deductible.

If you’re 50 or older, you can contribute extra cash to your retirement accounts, including 401(k)s and IRAs. For the 2025 tax year, you can contribute an extra $7,500 to your 401(k) on top of the $23,500 limit. You can also make a $1,000 catch-up contribution to your traditional IRA or Roth IRA in addition to the $7,000 limit.

For Jada and her husband, having those uncomfortable conversations about money could help them synergize their retirement goals — and take some pressure off Jada.

What to read next

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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
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

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

Putting a pool in your backyard is a major decision — costing upwards of $100,000, according to HomeGuide — that inevitably involves disruption.

But for Tampa Bay-area clients of Olympus Pools, the cost and disruption were far more than they bargained for.

As WFLA News Channel 8 reports, hundreds were left with nothing but holes in their backyards and bank accounts, their money swindled by Olympus Pools’ former owner James Staten.

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In May, he was sentenced to 20 years of prison followed by 30 years of probation — found guilty of 35 felony counts, including multiple counts of grand theft and contractor fraud.

“The sentence in this case is based on the fact that, out of all the testimony, you willfully ruined people’s lives,” Judge Mary Handsel said during the sentencing.

A pool contractor pays the price for fraud

At the hearing, the prosecutor read victim impact statements to convey just how much damage Staten caused beyond unfinished pools, including this one:

“James Staten stole nearly $25,000 from us, leaving us with an unfinished pool and a shattered sense of security. Because of his actions we were forced to dip into our 401k to complete the work, setting back not just our retirement but also our daughter’s college fund.”

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

In addition to his prison sentence, Staten must pay more than $1 million in restitution to be distributed to victims. He’s also barred from owning a business or having any credit cards while he’s on probation.

At one time, Staten’s business — Lutz, Florida-based Olympus Pools — claimed to be the largest pool builder in the state.

But Staten shut down the company in July 2021 amid a slew of complaints and what Staten called “constant negative media coverage.”

Florida’s Department of Business and Professional Regulation fined Staten $1.4 million and forced him to surrender his contracting licence. Later that same year, he and his wife filed for Chapter 11 bankruptcy.

According to prosecutors, Staten collected money from clients despite knowing their pools were unlikely to be built. He used $1.3 million of his clients’ money to fund his lifestyle.

“He was stealing money from a lot of us,” former Olympus client Toni Rosier told WFLA.

In addition to receiving their fraction of the restitution funding, some former clients may qualify to receive a portion of their money back through the Florida Homeowners’ Construction Recovery Fund.

However, the amount payable is capped and is unlikely to reimburse many clients for the full amount they lost.

So, what steps can you take to prevent this from happening to you?

Be aware of the signs of potential fraud

Watch out for contractors who solicit door-to-door because they “are in the area” or “have materials left over from a previous job,” the Federal Trade Commission (FTC) warns.

Get multiple quotes for your project and don’t rush into a decision. Before making a final decision, verify the contractor’s references — and call them. Many people ask for references from previous clients and then fail to call them. Also check Better Business Bureau reports.

Confirm that your contractor is licensed and insured. You can check the license with local or state regulators and ask the contractor for proof of insurance. Also look for a contractor who’s a member of the Pool & Hot Tub Alliance (PHTA) and ask if they provide a warranty or guarantee.

Be vigilant of contractors who pressure you to commit, only accept cash, demand full payment upfront or want you to borrow from a lender they recommend. Also beware if they ask you to get the permits.

Get estimates and contracts in writing. The contract should include a timeline, a detailed cost breakdown, procedures for managing changes to the project and steps for resolving disputes. If things go wrong, keep detailed written records of conversations and events.

Set up a payment plan contingent on work milestones being completed and don’t pay in full upfront. Monitor expenses throughout the project to make sure they align with the estimate and ask for a receipt as proof of full payment once the contract is completed and paid for.

Once the project starts, watch out for subcontractors who contact you directly for payment, have frequent or excessive unexpected expenses and materials that are lower quality than what was agreed to in the estimate. Lack of activity at the job site is another red flag.

It may seem time-consuming to assess potential contractors and keep on top of their work, but this extra work could end up saving a lot of heartache — and your savings.

What to read next

• JPMorgan sees gold soaring to $6,000/ounce — use this 1 simple IRA trick to lock in those potential shiny gains (before it’s too late)
• 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
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

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

Chris from Phoenix is worried about “huge civil unrest” resulting from a collapsed dollar — and he doesn’t think President Donald Trump or billionaire Elon Musk can fix the situation.

The dad of two young daughters called into The Ramsey Show and asked co-hosts George Kamel and Dr. John Delony for their thoughts on how to prepare for a “societal collapse.”

Chris says he’s worried about the growing national debt and that he imagines “in several decades it being unmanageable and perhaps collapsing the dollar.”

Even if Trump and Musk could fix the situation, he doesn’t think it could be “sustained long enough to where you wouldn’t cause huge civil unrest.”

“Do you all personally own any physical precious metals, gems, have visas or even ammunition for the purpose of protecting against societal collapse?” Chris asked during a recent episode of The Ramsey Show.

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• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now

Worried about a societal collapse?

Dr. John Delony describes himself as a fellow worrier who’s also concerned about the ballooning national debt, but he doesn’t have any jewels hidden in his backyard (though he does have a deep freezer with about a year’s-worth of meat in it).

Delony also urged Chris to ground himself in the present, because “if you’ve confirmed in your mind” that a tragedy is coming your way in the future, “your body responds as though it’s happening right now,” said Delony. And that takes you away from being in the moment. And this isn’t necessarily helpful.

So what can worriers like Chris do to prepare for the unknowable — and live more in the moment?

Going back to basics

Before getting into precious metals (or bullets), Delony suggests going back to basics. For example, before getting into bio-hacks to improve your longevity, you’ll want to master the basics first — like exercising and eating right.

The same goes for finances. “Do I owe anybody any money?” Delony said. Is his family “actually free?”

Going back to basics means being financially “free.” That’s where good financial habits can help: building up an emergency fund, paying off debts (starting with high-interest debts, like credit card debt and loans) and investing in a diversified portfolio.

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

Take a news fast

Trying to think through how you’d handle an “epic wild west scenario is a waste of time and energy,” said Delony. “It’s just a distraction from being present with your daughters.”

He suggests taking a “news fast” for the next 60 days — not looking at news or social media — and doing something else instead, like playing with your kids or going out for a hike.

“That’s not me putting my head in the sand,” he said. Rather, it’s about getting out of that “anxious state into a world that I can actually impact, which is my family, my home.”

Gold isn’t always golden

If there was an economic and societal collapse, “gold’s not going to solve it,” said Kamel. “We’d go back to the bartering system, trading for food, water, fuel.”

As Dave Ramsey said, “At no time has gold been used as a medium of exchange in a crashed economy since the Roman Empire.”

Kamel says he doesn’t own any gold and “if we make decisions based on fear, we end up poorer — not richer,” he said, adding that he avoids precious metals and “wouldn’t use it as a hedge against anything.”

The best hedge

One of the greatest hedges — if not the greatest hedge — is “robust, connected relationships with your neighbors,” said Delony. And you “can’t buy that off of Amazon.”

If Chris is truly concerned about the world imploding, “get to know the people around you, have them over for dinner, become friends with them, talk about values.”

What to read next

• JPMorgan sees gold soaring to $6,000/ounce — use this 1 simple IRA trick to lock in those potential shiny gains (before it’s too late)
• 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
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

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