Author: Vawn Himmelsbach

A new study by Insurify is projecting a hike in homeowners insurance premiums — and Minnesotans will be particularly hard hit.

Indeed, Realtor.com says that Minnesotans will face the fifth-highest rise in homeowners insurance premium rates in the country by the end of this year.

But some are saying it’s already happening.

Natalie Beazer, along with her sister, Noleene Counts, searched far and wide for an accessible multi-generational home in Rogers, MN. Beazer told 5 Eyewitness News that “it was just struggle after struggle after struggle.” Then, finally finding a potential new home, they struggled to find an affordable homeowners insurance policy.

“It’s still ridiculously high,” Counts told 5 Eyewitness News.

Their ‘affordable’ policy is around $4,000 a year, which is double what they were paying to insure their previous home.

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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

How extreme weather is fueling insurance price hikes

Minnesotans can expect to spend about 15% more this year on their homeowners policy, according to an Insurify report.

Realtor Amanda Cox Zuppan told 5 Eyewitness News that her clients are already seeing higher premiums.

“We’re seeing premiums double and even triple at this point, and it really is affecting affordability for home buyers … specifically first-time home buyers or lower-income home buyers who are already struggling to come up with those monthly payments.”

What’s behind these sharp increases? The weather.

In 2024, there were 27 confirmed weather or climate disaster events in the U.S. with losses exceeding $1 billion each, according to the National Centers for the Environmental Information (NCEI).

But insurers need to stay profitable, so they’re passing on the cost of higher claim payouts to customers through higher premiums.

The average annual cost of home insurance is predicted to increase 8% to a national average of $3,520 by the end of the year, according to Insurify. That would translate to an estimated $261 over the next 12 months.

But some states, like Minnesota, will pay more than others.

“Areas that are more sensitive to climate risks will naturally experience sharper insurance increases, but even less disaster-prone areas will see insurance premiums rise simply due to the fact that repairs have become more costly,” said Joel Berner, senior economist at Realtor.com, in a trends analysis piece.

“Labor and material costs continue to grow,” he added, “which puts insurers in a position where they have to pay out more for full-replacement claims and therefore have to charge higher premiums.”

From hurricanes and tornadoes, to hail, flooding and wildfires, some parts of the country are becoming hard to insure.

Floridians continue to pay the highest home insurance premiums, which are expected to rise to $15,460 by the end of the year — that’s a 9% increase. The biggest culprit? Hurricanes. California homeowners will see their premiums jump 21%, thanks to factors such as the Palisades and Eaton fires. But Louisiana’s premiums are rising the fastest.

However, homeowners in every state will see price increases from 2% to 27%.

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

What can Minnesota homeowners do?

Mark Kulda, former Insurance Federation of Minnesota spokesperson, told 5 Eyewitness News in a previous newscast that an increase in storms in the state is largely to blame for the increase in premiums.

“All of a sudden, in 1998, someone [flipped] the switch, and we had year after year after year of billion-dollar-plus storms come… Now, we have six billion-dollar storms in one year,” he said.

“They’re stronger, they’re more intense, they’re more frequent, and it’s costing everybody more money.”

Since 1980, Minnesota has experienced 58 weather disasters that have caused an estimated $20 to $50 billion in damages, according to the Insurance Federation of Minnesota, a non-profit state insurance trade association.

So what can homeowners do about this? After all, they can’t exactly control the weather.

The Insurance Federation of Minnesota says they can start by reviewing their homeowners insurance coverage. It may make sense to shop around and compare policy options from different providers or bundle it with other policies from the same provider.

The National Association of Insurance Commissioners offers a Consumer Insurance Search tool to help research specific insurance companies, including complaint data.

But in high-risk areas, some insurers may stop selling policies altogether. However, the Minnesota Fair Access to Insurance Requirements (FAIR) Plan can help. The FAIR Plan provides “basic and affordable property insurance” to homeowners “without regard for environmental hazards.”

And, while it hasn’t yet launched, the Strengthen Minnesota Homes program will (eventually) provide financial assistance to homeowners “to improve the resilience of their homes to protect against extreme weather events such as high wind and hail.”

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• Accredited investors can now buy into this $22 trillion asset class once reserved for elites – and become the landlord of Walmart, Whole Foods or Kroger without lifting a finger. Here’s how
• Rich, young Americans are ditching the stormy stock market — here are the alternative assets they’re banking on instead

Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

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

Thinking about buying or selling a used car?

You may want to proceed with caution so you don’t fall victim to a fake overpayment scam that uses fraudulent checks.

“I could see how so many people could easily fall for this,” Matt Neff, who was recently trying to sell his 1948 Packard online, told KHOU 11 Houston.

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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

Neff learned firsthand how a scam like this can happen. Here’s what you need to know so it doesn’t happen to you.

How the fake ‘overpayment’ scam works

This type of scam typically takes place via online marketplaces (rather than in person) where the buyer overpays for the product you’re selling.

“The buyer may claim to have seen the listing on Craigslist or on Facebook Marketplace, and declare that they want to buy it for more than you are asking just to ensure no one else buys the listing before they do,” according to Chargebacks911.

Or, they might say they overpaid to cover shipping and handling or other fees. Whatever the excuse, they follow up by asking you to refund the overpayment to a third party.

In the meantime, they’ve sent you a check and you’ve sold them your car. When, several days later, the bank processes the check, you’re informed that the check was fraudulent — but the fraudster is already in the wind and you’re on the hook for the money.

This is what happened to Neff, when a potential buyer sent him a check for more than his asking price and then asked him to refund the overage to a shipping company.

“And sure enough, 10 days later it came back as a counterfeit check,” he told KHOU 11.

It can also happen to buyers. Dayja Wallace nearly lost $1,200 when she tried buying a used car online. In her case, the seller used a sense of urgency to push the sale forward, saying that their son had passed away and they wanted to “hurry up and sell the car,” she told KHOU 11.

The seller suggested that Wallace pay a shipping company up front to speed up the transaction and the seller would then send a check to Wallace.

A fake check can look remarkably like a real one — and in some cases it may actually be real, but it belongs to someone whose identity has been stolen.

“It can take weeks for a bank to figure out that the check is a fake,” according to the Federal Trade Commission (FTC). “Even if you see the funds in your account, that doesn’t mean it’s a good check. Fake checks can take weeks to be discovered and untangled. By that time, the scammer has any money you sent, and you’re stuck paying the money back to the bank.”

Even if you were unaware that you were being scammed, you could still be responsible for replacing the funds.

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

Red flags every used car seller or buyer should know

Summer is often the peak car buying season, according to Premier Auto Group. “Families often seek to purchase vehicles before the school year starts. While you can find deals, prices may be higher due to demand.”

Even if prices are higher, beware of customers who offer to overpay or ‘accidentally’ send you more money than the asking price.

“This is a huge red flag, and you should respond by rejecting any transaction with this customer. This is doubly true of any customer who offers to pay your transaction fees,” warns Chargebacks911.

Indeed, you may want to avoid accepting checks altogether. Instead, use a credit card, which can help protect you from fraudulent transactions (most major credit card companies have zero-liability protection). And don’t forward funds to a third party for any reason.

“Customers that ask you to transfer any amount of money for any reason should be flagged as potential fraudsters and their transactions immediately canceled,” advises Chargebacks911.

Other red flags include a sense of urgency and/or not wanting an in-person viewing (which is unusual for a major purchase like a car). You should also be wary if you’re feeling pressured to use an escrow service you’re not familiar with — fraudsters can set up a fake escrow company or even pose as a legitimate one.

“Be wary the moment a seller begins to stipulate the escrow site that must be used to complete a transaction. That is your time to run a thorough scrutiny on the website before settling for it,” says Escrow.com. You should also avoid any services that require payment through untraceable methods.

If you think you may have been targeted by an overpayment scam, report it to the FTC and your state consumer protection office.

What to read next

• You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• Accredited investors can now buy into this $22 trillion asset class once reserved for elites – and become the landlord of Walmart, Whole Foods or Kroger without lifting a finger. Here’s how
• Rich, young Americans are ditching the stormy stock market — here are the alternative assets they’re banking on instead

Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

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

Lee from Nashville, TN, is in “recovery from a crisis” after her husband of 20 years was sentenced to prison for 10 years.

“We’re not going to end up on the streets,” she told The Ramsey Show co-hosts during a recent episode. The stay-at-home mom has four children — one is a junior in college and the other three, aged 9, 11 and 15, live with her.

But she’s “paralyzed in terms of what to do next.” She has some savings, but she’s relying on her parents to help her pay the rent.

“I’m boots on the ground trying to figure this all out,” she said.

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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

What this means for her and the kids

Lee is in the process of getting a divorce; she’s also sold the family home and moved back to her hometown. While Lee has had a year to process some of her grief, she feels overwhelmed at the thought of moving forward.

“There’s the resolution of the court deal, but that light bill keeps coming and that water bill keeps coming,” said co-host Dr. John Delony.

Lee says her husband was an “excellent provider” with a high-paying job — and they were about to “push that snowball all the way down and really start building some serious wealth.” That included paying off their house in the next two to three years. Her kids were homeschooled and went to private school.

But, by the beginning of 2025, they had spent about $150,000 on criminal defense fees and divorce attorneys. Despite this, she still has about $50,000 in the bank left over from the sale of their home. And, in the divorce, she’ll receive $260,000 in a 401(k), $75,000 in a pension through a former employer and another $10,000 from a military savings plan.

Lee is now renting a house near a good public school system since she can no longer afford private school. At this point, she has $7,000 in credit card debt. But she also doesn’t have a job.

She can’t afford rent on her own, but “my parents are willing to pay half the rent pretty much indefinitely” without any strings attached, though she says she would love to be completely independent again.

Delony says Lee is going to have to do something that’s really hard: “Every second you spend thinking about what almost happened or what could have happened is energy taken away from a mama that now has to provide for three kids all by herself,” he said.

While Lee says her grief is “crushing,” Delony says the “hardest, harshest thing I’m going to say probably today on this show is the water bill doesn’t care.”

So how can she make this situation work for her under such crushing grief?

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

What are some immediate steps she can take?

Lee is overwhelmed about re-entering the workforce with a 15-year gap on her resume.

She wouldn’t be alone: A 2024 LendingTree analysis of data from the U.S. Census Bureau Household Pulse Survey found that one in 10 American adults (10.7%) are out of the workforce because they’re caring for kids who aren’t in school or daycare.

If you’ve been out of the workforce for more than a decade, your skills may be outdated (or at least a bit rusty).

Ken Coleman, in a blog for Ramsey Solutions, suggests brushing up on your hard skills, such as attending workshops or events, looking for online courses to help you learn (or relearn) a skill or applying for (or updating) licenses or certifications. It’s also a good time to start working your connections and rebuilding your network.

From there, you’ll need to update your resume. If you’re in a similar situation to Lee, you may be wondering how to address that ‘mommy’ gap on your resume. Rather than trying to hide it, you may want to directly address it.

That doesn’t mean it has to be a big blank space. For example, did you volunteer for the PTA? What were your responsibilities?

Use the opportunity to highlight any gig or volunteer work you did during your ‘mommy’ gap, focusing on transferable skills such as problem solving and leadership. You could also highlight any courses or certificates you’ve taken before your return to the workplace, which demonstrates initiative.

In Lee’s case, she homeschooled her children (at least part of the time) so she’s familiar with the curriculum, which she could highlight when applying for teaching positions.

To create a modern resume, there are several free or low-cost resume guides and templates available online that can help.

While Lee does have some savings — and the support of her parents — she’s now solely responsible for making household financial decisions. That’s where financial coaching could help, especially for a newly single mom whose ex handled most financial matters.

A financial coach, for example, may advise her to set aside a portion of her savings in an emergency fund and then pay off her high-interest credit card debt. A financial coach could also help her design a budget and make a plan for future savings.

But that may mean putting some of her dreams on hold — at least for now.

“The dreams you had about the home school and the private school — there’s a period to end that sentence. It’s over,” Delony told her. What she needs to do right now is simply “survive.”

Lee has experience teaching, so he suggests she immediately apply to “every open teaching position in your local district.” If her district is like so many others in the U.S., “they’re desperate for teachers.”

While this may not be her dream job, it will help her take care of her family while she gets back on her feet. And it could help her focus on moving forward rather than dwelling on everything she’s lost.

“The only way to get through the paralysis,” said Delony, “is to take a step.”

What to read next

• You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• Accredited investors can now buy into this $22 trillion asset class once reserved for elites – and become the landlord of Walmart, Whole Foods or Kroger without lifting a finger. Here’s how
• Rich, young Americans are ditching the stormy stock market — here are the alternative assets they’re banking on instead

Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

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

Many hard-working Americans dream of a retirement with no stress, no daily commute and no demanding boss. Life will surely be better with the freedom to do what you want, when you want… right?

Even if you have a decent nest egg of $1 million, there are potential downsides to retirement that you’ll want to consider before heading into your golden years. Here are three of them:

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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

1. The IRS doesn’t retire when you do

Most retirees believe their tax rate will drop substantially in retirement, but that’s not always the case. After all, if you aim to live off 80% of your current income and your retirement income is entirely taxable, you may end up paying close to what you did in your working years. Thankfully, there are ways to avoid this.

The key to paying less tax in retirement is to incorporate tax planning into your pre- and post-retirement planning. Unfortunately, most Americans don’t do this. A 2024 survey by Northwestern Mutual found that only 30% of Americans have a plan to minimize their taxes in retirement.

Prior to retiring, work with a financial advisor to invest in a mix of traditional and Roth 401(k)s and IRAs. The right mix will depend on your current and expected tax rates, among other factors.

Withdrawals from Roth accounts are generally tax-free in retirement. If you have a high deductible health plan (HDHP), consider contributing to a healthcare savings account (HSA), which will also have tax-advantaged withdrawals.

Also talk to an advisor about permanent life insurance policies such as universal, whole or variable life. These policies build a cash value that you may be able to borrow against to provide a source of tax-free income. Annuities are another insurance product that could be part of your tax planning.

Once retired, it’s important to have a clear, tax-conscious plan for when you’ll withdraw from your various accounts. Considerations include any employment income you’ll receive in your first year of retirement, when you decide to start collecting Social Security, which accounts have required minimum distributions, which income streams are tax advantaged and which are fully taxable.

Strategies that can be used once retired include making qualified charitable distributions (QCDs) or investing in a qualified longevity annuity contract (QLAC).

With multiple sources of income and different tax treatments, some retirees find their taxes are more complex to calculate than they were during their working years.

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

2. Your health may not be what you hoped

Many of us have a vision of an active retirement — spending our days playing golf, gardening, volunteering or traveling.

However, most of us will experience declines in cardiovascular health, muscle mass, bone density and cognition as we age. About 44% of people 65 and older report having a disability and about one-third of those 85+ have some form of dementia.

Deteriorating health might force us to rethink how we’ll spend our retirement days, but it could also influence how we spend some of our retirement dollars. In all, a 65-year-old may need $165,000 in after-tax savings to cover healthcare expenses — and as you age these costs will make up an increasing portion of your total expenses.

Between ages 55 and 64, healthcare costs will make up about 7% of your expenses, but this rises to 12% between ages 65 and 74 and 16% when you’re 75 or older.

A person turning 65 today has about a 70% chance of needing long-term care during their remaining years and about 20% will require care for more than five years. The costs for this can range from an annual national median cost of $26,000 for adult day care to a median of $75,504 for homemaker services — and a whopping $127,750 per year for a private room in a nursing home.

Preparing for these costs starts before you retire and may even influence when you retire. For instance, if you retire before you qualify for Medicare, you’ll need to plan for bridging the gap in healthcare coverage. A financial planner can help you estimate your expected medical costs, including premiums for Medicare and other insurance and out-of-pocket expenses. Incorporate these costs into your planning and saving.

3. You might find retirement boring

A 2019 survey of British retirees found that the “average retiree grows bored after just one year.” This is partially why 20% of retirees surveyed by T. Rowe Price in 2022 were working either full- or part-time and another 7% were looking for work. While almost half (48%) of respondents were working for financial reasons, almost as many (43%) were working “for social and emotional benefits.”

It turns out that for some people retirement can be boring and lonely. It’s a big adjustment to move from the purpose, structure and social interaction that comes with working every day. Like much else around retirement, this can be eased with some prior planning.

Before retiring, take time to think about what’s important to you and how you could incorporate this into your golden years.

For example, that might mean working part-time in a similar field or volunteering for a cause you believe in, or maybe even going back to school and studying something you’re passionate about.

It may take some trial and error, but retiring well involves more than just planning your finances — it involves planning your new life.

What to read next

• You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• Accredited investors can now buy into this $22 trillion asset class once reserved for elites – and become the landlord of Walmart, Whole Foods or Kroger without lifting a finger. Here’s how
• Rich, young Americans are ditching the stormy stock market — here are the alternative assets they’re banking on instead

Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

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

When COVID-19 brought Derrick Morgan Jr.’s legal career to a standstill, he looked for a way to make money from home — and found one that changed his life.

Today, Morgan works full-time as a trademark attorney offering services directly to clients through online platforms. He lives primarily in Mexico City, pays himself $350,000 a year and has traveled to more than 60 countries, all while setting himself up for early retirement.

“My goal isn’t necessarily to just be rich,” Morgan told CNBC Make It. “My goal is just to have options.”

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• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 6 of the easiest ways you can catch up (and fast)
• 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

Turning trademarks into a thriving business

In 2020, Morgan was working on a contingency basis at an Indianapolis law firm. But when the courts shut down during the pandemic, so did his income.

That’s when a cousin asked for help registering a trademark. Though Morgan had studied intellectual property in law school, he hadn’t practiced it in his day job. Still, the work came naturally and sparked an idea.

He began offering trademark services on Fiverr, a freelance marketplace. His straightforward communication and customer-friendly style helped him stand out. Within a few months, his side hustle became a full-fledged business.

Today, Morgan offers everything from trademark searches and filings to brand enforcement, charging between $600 and $800 per client. With the help of a paralegal and an AI assistant, he’s scaled down from 90-hour workweeks to about 45 to 50 hours.

Since trademark law is federal law, Morgan says he can work from anywhere as long as he has a U.S. license with a state bar. This allows him to pursue his passion for travel. He’s visited more than 60 countries so far, and splits his non-travel time between Dallas and Mexico City, where he lives for nine months each year. The other three months? “Wherever the wind takes me,” he told CNBC Make 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

How he manages and invests his money

Morgan expects to earn about $500,000 this year and pays pay himself $350,000. He supplements that with $440 in monthly rental income from a Chicago condo.

He spends about $2,000 on rent, and about $1,085 per month on dining out, mostly at his favorite taco spots. He doesn’t own a car; instead, he relies on Uber, paying about $170 a month. He doesn’t carry a balance on his credit cards and his only debt is $42,000 in student loans.

Inspired by the FIRE movement (financial independence, retire early), Morgan hopes to retire in his 40s and sets aside at least 40% of his income each month. His investment strategy includes:

• Tax advantaged accounts: Solo 401(k), SEP IRA and HSA
• Taxable brokerage account: Allows early access to funds before age 59.5
• Real estate: Including a stake in a boutique hotel development in Mexico

“I invest in real estate because I don’t want all my wealth tied to the stock market,” he said.

Morgan’s hard work has paid off as he earns substantially more than the 2024 median pay of $151,160 per year for a U.S. lawyer. He’s also setting himself up for a comfortable life moving forward by prioritizing his savings and diversifying his investments in tax-advantaged and taxable accounts.

Want to follow in his footsteps? Here’s how to start

Morgan’s story is inspiring, but replicating it starts with identifying your own skills and building a business around them. Then, you can layer in smart money moves to create long-term financial stability.

How to turn your skills into a successful solo business:

• List out what you’re good at: Include formal training, hobbies and tasks people come to you for help with.
• Look for overlap with market needs: Search freelance platforms or social media to see what services are in demand.
• Start small and test your offer: Platforms like Fiverr, Upwork or social media are great for validating your niche.
• Refine your process: Streamline your workflow, get help (like Morgan’s paralegal or AI assistant) and raise your rates as demand grows.
• Build flexibility into your business: Choose a service or model you can do from anywhere.

Smart investing tips for freelancers and solo entrepreneurs:

• Open a solo 401(k): Contribute as both employer and employee to maximize retirement savings. In 2025, solo 401(k) contributions can total up to $70,000 — or more with catch-up contributions, which raise the limit to $77,500 or $81,250 depending on your age.
• Consider a SEP IRA: Easy to set up, with high annual contribution limits. They allow employer contributions of up to 25% of your income or $75,000 in 2025. Just be sure your combined SEP and solo 401(k) contributions stay within IRS limits.
• Diversify beyond stocks: Like Morgan, consider real estate or alternative investments if they align with your goals.

Morgan’s success came from leaning into what he already knew and using discipline and smart planning to scale it into something life-changing. After years of 90-hour workweeks and committed saving, he’s now built a life of freedom and a future of financial security.

What to read next

• You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• Accredited investors can now buy into this $22 trillion asset class once reserved for elites – and become the landlord of Walmart, Whole Foods or Kroger without lifting a finger. Here’s how
• Rich, young Americans are ditching the stormy stock market — here are the alternative assets they’re banking on instead

Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

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

The San Francisco Parks Alliance (SFPA) — a nonprofit foundation established to “create, sustain and advocate for parks” — has abruptly shuttered amid a media and legal firestorm over alleged mismanagement involving at least $3.8 million in donations.

That leaves donors like Nicola Miner — whose Baker Street Foundation donated $3 million to the SFPA several years ago — “speechless.” She gave the SFPA that money to support construction of two neighborhood playgrounds.

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• Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don’t have to deal with tenants or fix freezers. Here’s how
• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 6 of the easiest ways you can catch up (and fast)
• 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

“I wanted a park here, that was what our money was for,” Miner told CBS News.

But the parks never materialized. Instead, she learned that the SFPA — an arm’s-length fundraising partner of San Francisco’s Recreation and Parks Department — funneled nearly $2 million of her foundation’s donation to cover general operating expenses.

“The money was not for general operating expenses. And so I just feel a real sense of betrayal,” Minser said. “The fact that they took money away from families, I’m speechless.”

A prominent nonprofit falls from grace

The San Francisco Standard reports that top employees at the SFPA got bonuses despite a “massive deficit”, and the nonprofit spent more on “swanky galas” and fundraising events than it made.

“You would never, in a million years, give a bonus under these circumstances,” Joan Harrington, a nonprofit ethics expert at Santa Clara University, said.

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In the wake of the allegations, San Francisco’s mayor froze the organization’s funding in May, and City Attorney David Chiu launched an integrity review into the nonprofit.

Subsequently, The San Francisco Standard reported that the SFPA was abruptly “winding down,” leaving donors and partners empty-handed.

Just days afterward, the San Francisco Government Audit and Oversight Committee subpoenaed the organization’s former CEOs and its board treasurer after they failed to show up at a committee hearing.

Doing your donation due diligence

Some donors may be left wondering how they could be let down by such a prominent and politically connected organization. It’s a reminder that a prominent name is no guarantee of continued success or appropriate management — and the prudent approach to committing funds is to perform thorough due diligence.

To help with this process, the Stanford Center on Philanthropy and Civil Society (Stanford PACS) has published “The Stanford PACS Guide to Effective Philanthropy,” with questions that donors should try to answer before making a commitment. For example:

• Does the nonprofit comply with tax regulations?
• Are its donations earmarked for a specific purpose (like a playground)?
• Are the donations restricted or unrestricted?
• How does the organization track and report restricted donations?

Restricted donations have conditions on how those funds are to be used, while unrestricted donations can be used for anything related to the nonprofit’s mission.

Stanford PACS also publishes the Philanthropist Resource Directory, which can be a helpful resource early in the due diligence journey.

Several third-party websites are also available to help with this process.

For example, GuideStar aggregates information about U.S. nonprofits registered as 501(c)(3) organizations and categorizes them based on the amount of information they self-report.

It also publishes IRS Form 990 tax returns, which are filed by “tax-exempt organizations, nonexempt charitable trusts and section 527 political organizations.”

GiveWell researches and recommends charities working in global health and poverty alleviation “that save or improve lives the most per dollar,” while Charity Navigator rates more than 225,000 nonprofits based on their “cost-effectiveness and overall health of a charity’s programs, including measures of stability, efficiency and sustainability.”

The Stanford PACS guide also suggests looking at which organizations have received grants from respected foundations such as the [Gates Foundation]https://www.gatesfoundation.org ) or Ford Foundation — both of which have searchable grants databases — and talking to people who’ve contributed to the organization or worked with it.

Donors can also consider a Donor Advised Fund (DAF), an account that allows donors to give to charity, receive an immediate tax deduction and recommend grants from the fund over time.

Donating a large amount of money to a charity is a big commitment — and even supposedly reputable organizations can run into trouble. So time spent on due diligence is time well spent.

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It seems like a plotline out of a Hollywood blockbuster: thieves cutting through a concrete wall in the middle of the night to break into a neighboring jewelry store and steal more than $2 million in cash and jewels.

But that’s what happened in a brazen heist to family-owned 5 Star Jewelry and Watch Repair in Simi Valley, California, according to ABC7 Eyewitness News.

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“I feel bad because this was my life, my retirement … they got everything we had,” Jacob Youssef told KTLA5. At 71 years old, he was about to retire and had already left the business to his son Jonathan in 2015. “I cannot rebuild what I did in my lifetime.”

Since the store was priced out of insurance, they’ve now lost everything.

Why a family’s financial future is now at stake

A security camera shows one of the thieves crawling on his stomach through the neighboring store to avoid motion sensors and then spray-painting the camera lens.

“This wasn’t random,” Ted Mackrel, owner of Dr. Conkey’s Candy and Coffee told KABC. “They sawed a hole in our roof Sunday evening of Memorial Day weekend and managed to dodge all security systems.”

From there, the thieves dropped into the shop’s bathroom, shimmied along the floor and spent at least three hours cutting through a concrete wall and then a heavy safe.

Mackrel says the break-in was discovered on Monday morning when staff reported “a big hole in the wall leading to the jewelry store.”

According to Jacob and Jonathan, the thieves stole all of the gold and jewelry in the safe, as well as customers’ heirloom pieces — including a Rolex watch — that they were repairing at the time of the break-in.

But that wasn’t all they lost.

“It’s a hit,” Jonathan, who now runs the family business, told KTLA5. “It’s [my dad’s] retirement, my future. I have a young family and three daughters. It’s a lot to have to rebuild from, especially because my dad is 71. He can’t work forever.”

Since the incident, the local community has started a fundraiser to help the family get back on their feet.

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A risky strategy for retirement

This event reveals a critical vulnerability that many small business owners face: relying entirely on their business as their retirement plan.

Recent Gallup research found that most small business owners don’t have a succession plan, yet 74% of employer-business owners have plans to sell or transfer the ownership of their business for retirement.

An earlier 2025 survey by SCORE found that 34% of entrepreneurs have no retirement savings plan for themselves, with 18% planning to sell their business and use the money to fund their retirement. Another 21% have already used their retirement savings to invest in their business.

But this strategy comes with risks, including a lack of diversification, liquidity challenges and even the myth of the eventual sale.

“Of the approximately 77 million baby boomers in the U.S., an estimated 12 million have ownership in privately held businesses,” according to a whitepaper by Butcher Joseph & Co. and ITR Economics.

At the same time, about 10,000 baby boomers reach retirement age every day. But many are facing a similar problem, since “their would-be heirs would rather have the proceeds of a sale than take over the family business.”

Another problem, however, is that with an influx of baby boomers looking to sell, “we’re entering an environment where buyers have the upper hand,” according to Entrepreneur.

That may be good news for young entrepreneurs looking to buy an established business, but perhaps less so for small business owners dependent on the sale for their retirement.

How to save for retirement

If you’re self-employed or run a business, you may want to avoid putting all your retirement eggs in one basket.

If you’re self-employed and don’t have any employees, consider a solo 401(k) to beef up your own retirement savings. If you have employees, a Simplified Employee Pension (SEP) IRA can help both owners and their employees contribute toward their retirement.

You may also want to consider contributing to personal investment accounts separate from the business. The more diversified you are, the better.

And don’t forget about liquidity. If you can’t sell the business right away, what would that mean for your retirement goals?

It’s well worth consulting with a financial advisor as well as experts in succession planning to make sure you have an exit strategy that leaves you with options.

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

Last year, Ted got hit with a surprise $2,700 bill after an ER visit. When he missed a follow-up call from a collections agency, the bill ballooned to nearly $3,000.

Now, he’s getting nonstop calls from debt collectors and doesn’t know what to do.

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Ted, 53, is one of millions of Americans dealing with medical debt. The most recent Census Bureau Survey of Income and Program Participation (SIPP) found that 15% of households owed medical debt in 2021.

A 2021 Kaiser Family Foundation (KFF) poll, which used a broader definition of medical debt that included credit card charges and money owed to family members, found that 41% of American adults carried some form of medical debt.

KFF’s analysis of the SIPP report showed that about 6% of U.S. adults — 14 million people — owe more than $1,000. Around 2% (6 million people) owe more than $5,000, and 1% (3 million people) owe more than $10,000 in medical debt.

Know your rights

Ted’s first step is to make sure that his bill is legal. He’s insured through work, so under the No Surprises Act, he shouldn’t be charged more for an out-of-network ER visit than he would be for an in-network one.

While that may not apply to Ted’s case specifically, the law also protects against surprise bills for non-emergency, out-of-network care related to certain in-network visits and air ambulance services. If you’re unsure about a bill, you can call the No Surprises Help Desk run by the Centers for Medicare & Medicaid Services.

If you don’t use insurance — either because you don’t have any or choose not to — and you book your appointment at least three business days in advance, providers are typically required to give you a written good-faith estimate of expected charges. This should include facility and hospital fees.

If the provider doesn’t automatically give you the estimate, ask for it. If your care involves multiple providers, you’ll need separate estimates from each one.

If your final bill is $400 or more above the estimate, you can dispute it through the Centers for Medicare & Medicaid Services. While the dispute is being reviewed, the provider can’t initiate collections — and if the bill has already been sent to collections, that process must be paused during the dispute.

If a debt collector contacts you about an out-of-network or surprise medical bill, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) online or by calling 1-855-411-2372.

You should also contact the CFPB if a medical charge appears on your credit report. As of July 1, 2022, paid medical collection debt and debt under $500 shouldn’t show up on credit reports. Unpaid medical debt must be at least a year old before it appears.

Debt collectors also have specific rules about how and when they can contact you, outlined in the CFPB’s Debt Collection Rule.

Ted should go over his bill to make sure it reflects the care he actually received. He should check for duplicate charges or errors. If anything looks unusual or he has questions, he should call the hospital’s billing department for clarification.

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Try negotiating and seek help

Once you’ve reviewed your bill, you may be able to negotiate a lower amount or set up a payment plan with the hospital. Some providers even offer a discount if you pay promptly. But it’s important to act before the bill goes to collections. At that point, you’ll have to deal with the collections agency — which means it’s already too late for Ted to negotiate with the hospital directly.

If the bill is large, you might consider working with a medical bill negotiator who can try to lower the amount on your behalf.

If you’re uninsured or underinsured, you may qualify for financial help through the hospital. The Affordable Care Act (ACA) requires hospitals to have a written Financial Assistance Policy (FAP) and an Emergency Medical Care policy. These programs may allow you to get free or reduced-cost care. You’ll need to fill out an application and provide financial documents, but you can ask debt collectors to pause collection efforts while your application is under review.

Several charities and government programs also offer support for medical debt, travel expenses and medical equipment. You may want to work with a patient advocate who can help you navigate the health care system, understand your bill and find assistance.

Ted’s story underscores one key lesson: Don’t wait. It takes time to apply for help and get approved, and you’ll want to set up a payment plan before the account is sent to collections.

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A Detroit police officer has been suspended without pay after he was allegedly caught stealing $600 from a suspect’s purse. While he hasn’t been charged yet, the evidence is strong — it comes from his own body camera.

“Our (internal affairs) lieutenant took a look at the video and immediately recognized that we had a criminal act here,” Commander Michael McGinnis told WXYZ Detroit.

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The officer is a four-year veteran of the Detroit Police Department. Here’s what happened, and why it matters beyond one traffic stop.

What happened

On March 7, three officers — including the accused — pulled over a car involved in a suspected drug deal. After a search, they found illegal drugs and arrested the driver and passenger.

When the suspects were later released, the woman in the passenger seat reported that about $600 was missing from her purse. She filed a complaint with the Office of the Chief Investigator.

The theft was “obvious” on the accused’s body camera, McGinnis told WXYZ Detroit. An envelope of cash disappeared from the woman’s purse while the camera was recording. There’s no evidence the other two officers were involved or even aware of what happened.

While police can seize possessions connected to illegal activity — a practice known as civil asset forfeiture — in this case, the missing money wasn’t mentioned in the police report, listed in inventory or placed into evidence.

The department is now reviewing the officer’s other body camera footage to see if similar incidents have occurred.

Commissioner Ricardo Moore, who oversees the department, told WXYZ Detroit that officers often fail to turn on their body cameras or shut them off during stops.

“I’m just happy that the body-worn camera situation worked,” Moore said. “I’ve been lobbying because a lot of officers turn off the body-worn cameras.”

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The financial toll of police misconduct

Police misconduct doesn’t just erode public trust — it also comes at a cost to taxpayers.

When lawsuits are filed against officers for misconduct, cities or counties typically provide legal representation. Whether a case settles or goes to trial, it’s the government, not the officer, that usually foots the bill.

“Every year, taxpayers in cities and counties across the country pay hundreds of millions of dollars to settle lawsuits filed in response to police misconduct, lawsuits that are often settled in secret by municipalities to quietly bury criticism and controversy,” Rep. Don Beyer and Sen. Tim Kaine wrote in a 2021 op-ed for CNBC.

At that time, Beyer and Kaine had introduced the Cost of Police Misconduct Act, which would have required law enforcement agencies to report annual spending on misconduct judgments and settlements to the Department of Justice. The bill, however, did not become law.

According to their op-ed, taxpayers cover these costs through premiums on municipal liability insurance or, in many larger cities, through general or dedicated funds.

“The money taxpayers spend on police misconduct has the potential to defund other municipal services, including those proven to prevent crime,” Beyer and Kaine wrote.

In other words, millions of dollars in judgments and settlements can divert funds from education, infrastructure and other public priorities.

A 2022 investigation by The Washington Post found that the 25 largest police departments in the U.S. had spent $3.2 billion on settlements over the past decade. In 2024 alone, Chicago taxpayers paid $107.5 million in misconduct lawsuits, while New York City paid more than $205 million, according to Window to the World (WTTW).

Police misconduct also carries a wider cost when it damages community relations or leads to civil unrest.

In 2020, after the death of George Floyd, protests in 140 cities were mostly peaceful, but some incidents of arson, vandalism and looting led to insured property losses estimated at $1 billion to $2 billion, according to Axios.

And sometimes, all it takes is one incident to tarnish the reputation of an entire department.

“I wouldn’t be doing my job if I wasn’t worried,” McGinnis said. “What worries me is that this is an officer wearing a police uniform stealing from the citizens.

“I see it as just him doing it, but the rest of the world sees it as Detroit police stealing. And that’s just not the case.”

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

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