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Author: Vawn Himmelsbach

  • Friends with benefits: These 2 Chicago couples pooled their money to buy their ‘forever home’ together — what’s behind this ‘transformative shift’ in how Americans approach homeownership

    Friends with benefits: These 2 Chicago couples pooled their money to buy their ‘forever home’ together — what’s behind this ‘transformative shift’ in how Americans approach homeownership

    When Austin Mark and his husband, Bryan, moved back to Chicago from the West Coast in 2024, they wanted to buy a house. They also wanted plenty of living space.

    They were able to bid on a bigger home, and put down a bigger down payment, because they teamed up with their friends, Nate and Stephanie.

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    Together, the friends put down 40% on an $800,000 multi-unit home.

    “With what we are each paying, we never could have found something similar separately, even if each couple had something half the size of this house,” Mark told Business Insider.

    The couples split the cost of the down payment 50/50 and now have equal-sized shares of the home — with a primary and secondary unit each, along with their own kitchens and bathrooms.

    “We hear a lot of people tell us they’ve always wanted to buy a big house with their friends,” Mark. “And we’ve also heard a lot of people say we’re absolutely crazy.”

    A ‘shift’ in how Americans are buying homes

    Crazy or not, these four friends are part of “a transformative shift in how Americans approach housing,” according to CoBuy, an online platform that helps people through the co-ownership process.

    They reflect a growing trend in “non-romantic co-ownership,” or buying a home with non-romantic partners.

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    A recent survey by JW Surety Bonds found that nearly 15% of Americans had co-purchased homes with non-romantic partners. Of those, 29% co-purchased a home with parents; 26% with siblings; and, 26% with friends.

    Another 48% of survey respondents — predominantly singles and renters — would consider co-buying with a non-romantic partners. The top perceived benefits: sharing costs (67%), affording a better home (56%) and gaining investment opportunities (54%).

    The survey suggested the trend is driven by “economic factors and a generational shift in values.” Currently, nearly one in three U.S. households spend at least 30% of their income on rent or mortgage payments and utilities in 2023, leaving little left for necessities like food and health care.

    The U.S. Chamber of Commerce says “soaring rents,” a shortage of 4.5 million homes and high mortgage rates are driving a housing affordability crisis.

    In a Time article on non-romantic co-ownership, Simmone Shah noted that inflation, increased cost of living and stagnant wages are reducing would-be buyers’ down-payment power.

    It’s not surprising, then, that almost a quarter of those who co-bought a home said they “could not have afforded to buy the home otherwise,” according to the JW Surety Bonds survey.

    While economics are a strong driver of the co-buying trend, changing attitudes also play a part.

    “A generation ago, most Americans would have never considered the idea of buying a home with a friend,” Shah wrote, adding that “many millennials and members of Gen Z no longer view the traditional markers of stability — marriage, children and a white picket fence — as an inevitable or even desirable goal.”

    And not everyone who co-buys does it out of economic necessity.

    Passive rental income was a big motivator for 65% of the JW Surety Bonds respondents. Other reasons given were to share a property flip, establish a commercial space or buy a shared vacation or secondary home.

    How to choose co-purchasers

    While co-buying comes with certain advantages, it’s not without challenges. One important early decision is choosing who to partner with.

    Respondents to the JW Surety Bonds survey cite “trust in co-purchasers” as the top consideration and “interpersonal conflict” as the top drawback to co-buying homes.

    For example, Mark said Nate and Stephanie were “the only people on the planet who we could imagine doing it with. We have a very balanced relationship with them.”

    The process involved open and honest conversations about finances and what everybody wanted out of the arrangement.

    Once you’ve chosen the right partner, there are still several issues to sort out.

    CoBuy, which surveyed co-buyers and co-owners, found six core challenges, including:

    • The co-ownership agreement
    • Finances, expenses and payments
    • Documentation and record-keeping
    • Roles, rights and responsibilities
    • Exit strategies
    • Risk protection

    “If you buy a house with other people, it’s important to treat it as a business as much as it is a living situation,” Mark said.

    He and his co-owners engaged a lawyer to draft an operating agreement similar to what business partners purchasing property would have.

    The couples also hold formal homeowner meetings and make decisions by voting. Each couple is responsible for upkeep and esthetics for their own unit as well as their own taxes and insurance.

    Meanwhile, they split the mortgage and expenses for the common areas and yard.

    Having their own bathrooms or kitchens helps them lead their own lives — and there’s room to grow within the units if anybody has kids.

    “We refer to it as the ‘forever home,’ which might have been a joke at first, but since we’ve gotten in here, it does feel like it’s a very long-term living solution,” Mark said.

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

  • Friends with benefits: These 2 couples pooled their money to buy their ‘forever home’ together — what’s behind this ‘transformative shift’ in how younger people approach homeownership

    Friends with benefits: These 2 couples pooled their money to buy their ‘forever home’ together — what’s behind this ‘transformative shift’ in how younger people approach homeownership

    When Austin Mark and his husband, Bryan, moved back to Chicago from the West Coast in 2024, they wanted to buy a house. They also wanted plenty of living space.

    They were able to bid on a bigger home, and put down a bigger down payment, because they teamed up with their friends, Nate and Stephanie.

    Together, the friends put down 40% on a US$800,000 multi-unit home.

    “With what we are each paying, we never could have found something similar separately, even if each couple had something half the size of this house,” Mark told Business Insider.

    The couples split the cost of the down payment 50/50 and now have equal-sized shares of the home — with a primary and secondary unit each, along with their own kitchens and bathrooms.

    “We hear a lot of people tell us they’ve always wanted to buy a big house with their friends,” Mark. “And we’ve also heard a lot of people say we’re absolutely crazy.”

    A ‘shift’ in how people are buying homes

    Crazy or not, these four friends are part of a shift in attaining the homeownership goal many young people are eager to reach.

    They reflect a growing trend in “non-romantic co-ownership,” or buying a home with non-romantic partners.

    According to the Royal LePage 2023 Canadian Co-Owners Survey, 6% of Canadians co-own a property with another party, not including a spouse or significant other. Of that number, 89% co-own with family members and 7% co-own with a friend. Another 8% co-own with someone who is not a family member or friend.

    The survey also that 76% of Canadian co-owners cite a lack of housing affordability as a major motivator for choosing to co-purchase a property.

    In a Time article on non-romantic co-ownership, Simmone Shah noted that inflation, increased cost of living and stagnant wages are reducing would-be buyers’ down-payment power.

    While economics are a strong driver of the co-buying trend, changing attitudes also play a part.

    “Many millennials and members of Gen Z no longer view the traditional markers of stability — marriage, children and a white picket fence — as an inevitable or even desirable goal” Shah wrote.

    How to choose co-purchasers

    While co-buying comes with certain advantages, it’s not without challenges. One important early decision is choosing who to partner with; you want to make sure it is someone you can trust.

    For example, Mark said Nate and Stephanie were “the only people on the planet who we could imagine doing it with. We have a very balanced relationship with them.”

    The process involved open and honest conversations about finances and what everybody wanted out of the arrangement.

    Once you’ve chosen the right partner, there are still several issues to sort out.

    CoBuy, which surveyed co-buyers and co-owners, found six core challenges, including:

    • The co-ownership agreement
    • Finances, expenses and payments
    • Documentation and record-keeping
    • Roles, rights and responsibilities
    • Exit strategies
    • Risk protection

    “If you buy a house with other people, it’s important to treat it as a business as much as it is a living situation,” Mark said.

    He and his co-owners engaged a lawyer to draft an operating agreement similar to what business partners purchasing property would have.

    The couples also hold formal homeowner meetings and make decisions by voting. Each couple is responsible for upkeep and esthetics for their own unit as well as their own taxes and insurance.

    Meanwhile, they split the mortgage and expenses for the common areas and yard.

    Having their own bathrooms or kitchens helps them lead their own lives — and there’s room to grow within the units if anybody has kids.

    “We refer to it as the ‘forever home,’ which might have been a joke at first, but since we’ve gotten in here, it does feel like it’s a very long-term living solution,” Mark said.

    Sources

    1. Business Insider: I bought my ‘forever home’ with 3 other people. Here’s how we manage our finances by Christine Ji (May 31, 2025)

    2. Royal LePage: Royal LePage 2023 Canadian Co-owners Survey

    3. Time: Meet the Friends Buying Houses Together (June 10, 2024)

    4. CoBuy: Co-buying & Co-owning a Home 2025 Report (Jan 2, 2025)

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

  • I’m 61 with a stellar resumé but I’ve failed to get a job — or even an interview — since my layoff 10 months ago. Do I need to conceal my age if I ever want to work again?

    Imagine this scenario: Gary has been job hunting for the past 10 months after being laid off by his previous employer. He has a ton of experience and excellent references, but here’s the catch: he’s 61. While he’s sent out countless resumes, he worries that he’s already aged out of the workforce.

    At the same time, he’s not ready to retire — financially or otherwise. He’d like to keep working until at least 65 when he qualifies for Medicare, but he also loves his work and isn’t ready to give it up just yet. Still, he’s willing to work part-time or take on contract jobs, so long as he can keep working.

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    Gary isn’t alone in his worries. Almost three in four older Americans (74%) believe their age could be a barrier in getting hired, according to a survey by AARP.

    And these days, feeling the impacts of ageism can start much earlier than your 50s or 60s, with nine in 10 workers aged 40+ feeling “pressure to conceal their age or downplay their experience to avoid negative perceptions,” according to MyPerfectResume’s Generational Attitudes in the Workplace Report.

    Here’s how Gary (or any older worker) can spruce up a resume to catch recruiters’ attention.

    How to make your resume stand out

    While you should never hide who you are (or lie) for a job, there are ways to make a resume stand out — without highlighting your age. For example, you could emphasize your skills, certifications and accomplishments rather than job titles or seniority.

    You could also focus on the past 10 to 15 years of your career history and omit older jobs if they’re not directly relevant to the job you’re applying for. While you may want to mention graduate or postgraduate degrees, you could omit the dates.

    Rather than sending out a generic, lengthy resume with every job you’ve ever had since high school, you could trim it down to one or two pages and tailor it for the specific role or company.

    For example, by researching the employer’s pain points, you could use your resume to demonstrate how you’d be the right person for the job. Also emphasize soft skills and transferable skills.

    Since Gary is willing to work part-time, he can reframe part-time work as a strength, positioning this as a strategic choice rather than a fallback. To do this, he could tailor applications toward consulting, contract or project-based roles, using language such as “open to flexible roles” or “seeking purpose-driven part-time work.”

    Demonstrating that you’re continually learning and staying on top of industry changes can also set you apart. For Gary, that might mean going back to school, getting the latest certifications or attending industry conferences.

    Sending out resumes is made even more challenging these days because of AI filters. Recruiters nowadays often use an applicant tracking system (ATS) to assess resumes, which requires applicants to use the ‘right’ keywords to even get a second look. You can typically find these keywords directly in the company’s job description under sections on requirements or responsibilities.

    No matter how good your resume, applying for jobs can be discouraging at any age. But older workers also tend to have larger networks, which can be key to finding a new job. Work those contacts and check your LinkedIn profile to see if you know anyone who could help you land an interview.

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    Why seniors are staying in the workforce longer

    Ageism in the workforce is happening at a time when the older workforce is growing by leaps and bounds. There are now about 11 million seniors in the American workforce, quadrupling in size since the mid-1980s, according to Pew Research.

    The same research found that 19% of adults aged 65 and older are employed (compared to only 11% in 1987), while workers aged 75+ are the fastest-growing age group in the workforce.

    Why? Older Americans tend to be healthier and have higher education levels than in the past, according to Pew Research. Plus, many employers have shifted away from defined pension plans (which encouraged workers to retire at a certain age) to 401(k)s.

    Older Americans may also opt for ‘bridge jobs’ — part-time or gig work — as a transition toward full retirement. That could even mean going back to a former employer and asking for temporary or contract work, which wouldn’t impact your severance package if you’ve been laid off.

    In some cases, older Americans may be interested in a career switch. Maybe you finally want to pursue your ‘dream’ job or a long-dormant passion. Maybe your work has become too physically demanding and you want to work with your brain, not your hands. Or maybe you want a more flexible work environment, where you can work from home or choose your own hours.

    In some cases, volunteer work could turn into part-time work (such as at a hospital), or seasonal work may be available (such as at tourist attractions).

    Older Americans could look for part-time work from one of the 1,000+ employers across America who are part of AARP’s Employer Pledge Program — meaning they’ve committed to building an age-inclusive workforce. The AgeFriendly Institute’s Certified Age Friendly Employer (CAFE) program also identifies companies that maintain policies, practices and programs supporting people aged 50+.

    Some employers are specifically looking for part-time or flex employees — and that’s something that older Americans can use to their advantage. If you’re already receiving Social Security benefits and Medicare, then you may not need a full benefits package, which could give you a leg up.

    What to read next

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

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

  • Ready to retire with $1,000,000? Here are 3 big risks that can quickly turn your retirement dreams into a nightmare — even with a healthy nest egg. Protect against them now

    Ready to retire with $1,000,000? Here are 3 big risks that can quickly turn your retirement dreams into a nightmare — even with a healthy nest egg. Protect against them now

    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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    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.

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    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

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

  • A Minnesota nonprofit linked to $250 million fraud scheme was just raided by the Feds — the FBI believes its records claiming it fed 1 million children ‘are phony.’ How the scam worked

    A Minnesota nonprofit has been raided by the Feds in a new investigation more than a year after last year’s $250 million-meal program fraud scheme. In those allegations, Feeding Our Future is said to have had scammers steal hundreds of millions of dollars from taxpayer-funded nutrition programs for hungry children during the early days of the pandemic.

    Now, more than a year later, New Vision Foundation (NVF) in Saint Paul is the focus of yet another Feeding Our Future meal fraud investigation.

    NVF is a nonprofit with a mission to “create pathways to success by motivating disadvantaged youth in Minnesota through coding and digital literacy classes,” according to its website, which also displays logos from major sponsors including 3M, Target and Wells Fargo, as well as the City of Saint Paul.

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    How meal program fraud works

    In March, a jury found Aimee Bock, founder and executive director of Feeding Our Future, guilty on all counts of fraud. She’s considered the ringleader of an elaborate scheme that stole $250 million from the federal child nutrition program in 2021, during the height of the pandemic.

    While Bock is in jail awaiting sentencing, 47 suspects “have been indicted for defrauding a federally funded child nutrition program,” according to the FBI.

    The scam was executed by claiming to serve more meals to children in need than was the case. Like other organizations taking part in the scam, “NVF allegedly submitted fraudulent reimbursement requests to the Minnesota Department of Education for meals that it never served,” according to MPR News.

    During the trial, it came to light that Feeding Our Future paid NVF more than $2.5 million in 2021. While NVF claimed to serve more than 1 million meals to children in need over an eight-month period in 2021, “the FBI believes meal count sheets, claiming to feed more than 3,000 kids two meals every day, are phony,” according to KARE 11.

    There were several red flags. For example, workers at a neighboring nonprofit called Repowered (which provides electronics recycling jobs to people recently released from jail), “told law enforcement that they never saw any children at New Vision Foundation — either being served meals or otherwise,” according to the search warrant written by FBI Special Agent Travis Wilmer.

    And, since Repowered has registered sex offenders on staff, “children could not be present at New Vision Foundation.”

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    NVF invoices claim the food was purchased from a food service company in Eden Prairie. But, according to the search warrant, the address on the invoices led to an apartment complex rather than a food warehouse for produce, dairy products and rice (as the invoices claimed).

    In addition, public tax filings show that NVF reported five times the amount of “gifts and grants” in 2021 as it did in 2020 or 2022.

    The broader economic implications of fraud

    While this was an exceptional case, it’s not the first nor the only case — highlighting what can go wrong with programs intended to help those in need without proper oversight and governance.

    A scathing report from the Office of the Legislative Auditor found that the Minnesota Department of Education’s “actions and inactions created opportunities for fraud.”

    To mitigate risks, the report recommends better oversight for reviewing and approving sponsor applications, as well as conducting monitoring visits and compliance reviews.

    Fraud wastes money and diverts resources from those who actually need it — in this case, thousands of children who never received meals and snacks during the height of the pandemic. It also has broader social impacts, such as eroding trust in government programs.

    This is particularly urgent right now, as America’s “crisis of public trust in government is growing,” according to a national survey conducted by the Partnership for Public Service. The survey found that only 23% of Americans trust the federal government and just 29% believe that democracy is working in the U.S. today.

    The federal government loses between $233 billion and $521 billion annually to fraud, according to the U.S. Government Accountability Office (GAO).

    In the case of Feeding Our Future, the FBI and law enforcement partners have “been able to recover $50 million from 60 bank accounts, 45 pieces of property, and numerous vehicles and additional items, such as electronics and high-end clothing,” according to the FBI and “additional seizures are expected.”

    When it comes to detecting and rooting out fraud, advanced technologies could help.

    For example, the U.S. Department of Agriculture’s (USDA) is targeting fraud in its Farm and Food Workers Relief Program in a variety of ways, including a centralized risk and fraud analysis tool, document verification technology to detect alterations and predictive analytics that analyze deviations from expected patterns. It also monitors social media and the dark web.

    Concerned citizens can learn more about common fraud schemes on GAO’s Antifraud Resource or they can report fraud, waste, abuse or mismanagement of federal funds to FraudNet.

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

  • I’m 54 with zero savings, $90K in debt and my business is struggling — now my kid wants to go to college and I’m dreading having to tell her that I can’t afford to help. What are my options?

    I’m 54 with zero savings, $90K in debt and my business is struggling — now my kid wants to go to college and I’m dreading having to tell her that I can’t afford to help. What are my options?

    Imagine a scenario where Sarah, 54, runs a struggling business, is $90,000 in debt and has zero savings — and now her daughter is starting to look at colleges.

    Sarah has managed to hide her dire financial situation from her daughter, who is blissfully unaware that her mom is deeply in debt. While Sarah doesn’t want her daughter to end up with a ton of student debt — she’s well aware of how debt can weigh a person down — she doesn’t know how she could cobble enough money together to pay tuition.

    She wishes she had opened a 529 account — a tax-advantaged savings plan that helps families save for future education expenses — years ago. It’s too late for that option, but she’s wondering if there’s anything she can do to fix her financial situation.

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    Face the music

    One of the first things Sarah needs to do is accept the reality of the situation. She needs to be honest with herself — and with her daughter — about her financial situation and then come up with a plan to fix it.

    Since federal student aid is based in part on financial need, Sarah’s daughter could be eligible for loans, grants or work-study funds.

    Even if she can’t afford to pay for her daughter’s tuition, Sarah could potentially help out in other ways. For example, if her daughter goes to a college close to home, she could live with her mom and save money on housing and meals.

    Tackle debt head-on

    Part of facing reality is tackling your debt head-on. That means tallying up all of your debts, including balances, interest rates and payment terms. Sarah has a few options here, such as consolidating her debt into a single loan, with one monthly payment (in this case, she may be able to negotiate a better interest rate or better terms).

    She could also tackle debts one at a time with the snowball or avalanche repayment methods. With the snowball method, you pay your smallest debt first, making minimum payments on everything else. Once that’s paid off, you move on to the next-smallest debt, and so on. With the avalanche method, you pay off the debt with the highest interest rate first.

    She could also work with a credit counselor to enrol in a debt management plan for unsecured debts, including credit card debt. In this case, she’d have a regular payment schedule, and she may be able to negotiate rates and fees. However, beware if a counselor offers this as your only option before performing a detailed review of your finances.

    Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

    Find a consistent income stream

    If Sarah’s business is failing amid a climate of economic uncertainty, she may want to consider selling the business or shuttering it and liquidating any assets. From there, she could look for a job with a more consistent income.

    If she thinks she can turn her business around, she could consider a side gig in the meantime to help her make ends meet. If that would stretch her too thin, she could consider passive income streams. For example, if her daughter moves out to go to college, could Sarah get a roommate to bring in some extra cash?

    Only consider bankruptcy as a last resort

    Declaring bankruptcy is usually considered a last resort, and Sarah may want to exhaust all other options before going this route. While this can offer some relief from overwhelming debt, declaring bankruptcy comes with long-term consequences.

    There are two types of personal bankruptcies. With a Chapter 7 bankruptcy, you sell off your assets and pay what you can, and then the rest of the debt is typically discharged. With a Chapter 13 bankruptcy, your debt is restructured so you pay off a portion over three to five years.

    But proceed with caution.

    “If you include secured debt, such as a mortgage loan or auto loan, in your bankruptcy filing, you could also lose the property or vehicle you used as collateral for the debt,” according to Experian. Plus, it can stay on your credit report for a chunk of time (10 years for Chapter 7 and seven years for Chapter 13), damaging your credit score and affecting your future ability to borrow money.

    Create a plan for rebuilding

    Whatever option she chooses, Sarah should also consider creating a multi-year plan to help her rebuild, which could include a debt consolidation or debt management plan.

    To do this, she’ll need to know how much she’s bringing in, how much is going out (expenses and debts) and how much she can reasonably set aside each month for savings and investments.

    Having a multi-year plan could help her see the light at the end of the tunnel, rather than feeling stuck and despondent. And being able to meet small, achievable goals over a set period of time could make it easier to stick with this plan.

    This is where it could be helpful to work with a financial planner or credit counselor to create a realistic plan for the future. If she can’t afford a financial advisor, there may be free credit counseling services that could help.

    What to read next

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

  • Californians say they’re not buying UPS’s stories about what happened to their ‘damaged and destroyed’ packages — after later finding their items for sale online or stuck in a warehouse

    Californians say they’re not buying UPS’s stories about what happened to their ‘damaged and destroyed’ packages — after later finding their items for sale online or stuck in a warehouse

    More complaints are surfacing about UPS, with another high-value shipment declared “damaged and destroyed.” In this case, a parcel containing copies of one woman’s birth certificate.

    JoAnn Yates told ABC7’s investigative unit 7 On Your Side that she sent three copies of her birth certificate to the Internal Revenue Service in New Jersey as part of the process of applying for Italian dual citizenship.

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    When she tracked down her shipment, she discovered it was “just sitting there at the New Jersey facility.” So she called UPS about the matter.

    “The person I got said it was damaged and destroyed,” she said. “I felt they should have contacted me before destroying documents that are damaged, so I basically didn’t believe them.”

    Sadly, this isn’t the only case of valuable, sensitive or one-of-a-kind shipments that have gone missing, with the shipping company claiming the contents were damaged, destroyed or disposed of.

    Incidents are starting to pile up

    Yates’ experience follows another incident earlier this year when California resident Tony Diaz purchased a rare guitar for his son. The seller, Adam Hulsey, sent the Dean Dimebag Dime Slime guitar via UPS, but it never showed up.

    When Diaz contacted UPS, he was told conflicting stories: “Burned up in a California wildfire, fell off a truck, fell off a train.” Eventually, he was told the package had been damaged and destroyed.

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    But then he discovered that very guitar — with the same serial number — for sale on a Guitar Center website. The seller, Adam Hulsey, snapped it up so that Diaz could retrieve it in person.

    Following that news report, two more viewers contacted 7 On Your Side about items that had gone ‘missing’ in transit with UPS: an original painting by artist June Chen Ahleman and a one-of-a-kind motorcycle supercharger.

    Pam Daniels, who was shipping the painting, said she didn’t know how it could go ‘missing’ given its size.

    “I don’t know how you lose something that’s five feet by seven feet big,” she said.

    As for the motorcycle supercharger, buyer Mike La Marca told 7 On Your Side that he later found what appeared to be the same supercharger for sale on eBay — and was told by the eBay seller that they buy “lost freight” from shipping companies.

    In response to questions from the 7 On Your Side, UPS said they’re “committed to providing reliable service and take any report of a missing package seriously.” They reimbursed Yates, Diaz, Daniels and La Marca.

    In the case of Yates, whose birth certificate copies went missing, UPS is not only reimbursing her for the lost package but paying for three years of identity theft protection.

    The bigger picture

    There is no question that courier services may sell “unclaimed or undeliverable packages.”

    A 2022 investigation by 11 Alive News confirmed that UPS and FedEx have policies in place that allow “for the sale of unclaimed or undeliverable packages.”

    But FedEx told 11 Alive News that it “makes every effort to return the item to its rightful owner by using advanced technologies and exhaustive customer research” and that if it cannot return the item, it may dispose of them “which could include the sale of items in some circumstances.”

    The U.S. Postal Service website says undeliverable packages are sent to its Mail Recovery Center (which serves as its ‘lost and found’) and held for 30 to 60 days. After that, the packages are either disposed of or auctioned off on GovDeals.

    There are a number of sites where consumers can buy or bid on unclaimed packages.

    The Penny Hoarder website even explains how to buy unclaimed packages from Amazon and other sources to ‘flip’ and resell as a side gig. In addition to GovDeals, it mentions eBay, Liquidation.com and 888 Lots, to name a few.

    But the article also warns to steer clear of scam sources who claim to be selling unclaimed packages and just take your money and your ID in the process.

    How to protect yourself

    While this doesn’t explain why high-value items said to be missing end up on liquidation sites or online marketplaces, it does point to the importance of insuring high-value shipments for the full replacement cost.

    The shipper is typically responsible for refunding or replacing an item that has been lost, damaged or misplaced in transit — even if it isn’t their fault.

    If the item is insured, the shipping company is liable for the amount you declared. However, if you didn’t insure it, you may not get your money back unless the seller is willing to reimburse you out of their own pocket or the online marketplace has consumer protections in place.

    For example, with eBay, if an item hasn’t been delivered after 30 days of the estimated delivery date, sellers have three business days to provide a delivery update, offer a replacement or give you a refund.

    If the seller doesn’t respond, you can escalate the issue to eBay directly and potentially receive a refund through its eBay Money Back Guarantee.

    Always keep receipts and proof of purchase, as well as request a signature confirmation for high-value items.

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

  • More and more older Americans are worried Social Security won’t be there for them — but that concern looks very different based on political party. Here’s why there’s such a big divide

    More and more older Americans are worried Social Security won’t be there for them — but that concern looks very different based on political party. Here’s why there’s such a big divide

    With cuts to Social Security staffing and programs, rumors of privatization and an impending funding shortfall, it’s no wonder some Americans are worried about the program’s future.

    Nearly one in three adults age 60 or older now doubt their retirement benefit will be there when they need it, according to a new poll from the Associated Press-NORC Center for Public Affairs Research conducted in April. That’s a jump from 2023, when only one in five older Americans felt the same.

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    How you feel, though, may depend on your politics.

    A partisan divide

    That doubt is particularly strong among older Democrats. About half say they’re “not very” or “not at all” confident that Social Security will be there for them. Just a year ago, only one in 10 felt that way. At the time, Democratic President Joe Biden was in the White House.

    Older Republicans, on the other hand, are feeling more secure. Six in 10 say they’re “extremely” or “very” confident in the program — up from just one-quarter in 2023

    Younger adults show less confidence overall. About half of Americans under 30 say they don’t trust that Social Security will be there when they retire, regardless of political affiliation. But that view hasn’t shifted much since last year.

    As of 2025, nearly 69 million Americans will receive a Social Security benefit each month.

    Under the Department of Government Efficiency — or DOGE — launched during Donald Trump’s presidency, until recently, led by billionaire Elon Musk, the Social Security Administration was targeted for major restructuring. That included the elimination of 7,000 jobs, the downsizing or closure of field offices and a proposed cut to national phone services — a move that has since been reversed.

    At the same time, the SSA is under pressure to act. Without policy changes, it won’t be able to pay full retirement benefits by 2035, according to the 2024 Social Security and Medicare trustees report. If nothing changes, recipients will only receive about 83% of their benefits.

    “If anything happens to Social Security, it would really impact me,” Timothy Black, a 52-year-old Democrat from San Diego, told ClickOnDetroit. Black, who receives Social Security Disability Insurance to help manage a chronic illness, says he’s concerned about both his retirement and disability payments.

    “If SSDI doesn’t keep up with the cost of living, my medical expenses are only going to grow and I could end up homeless,” he said.

    Republican voter, Linda Seck, a 78-year-old retiree from Saline Township, Michigan, told ClickOnDetroit she’s confident the program will last.

    “When I was in college, financial planners were telling us not to depend on Social Security,” she said. “But here we are more than 50 years later and it’s still going.”

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    How to shore up your retirement savings

    Fifty years ago, financial planners may have warned people like Seck not to count on Social Security — and they may have had a point. The program was never intended to be the only source of retirement income. Instead, it was designed to complement personal savings, investments and, when available, pensions.

    Whether you’re worried Social Security or not, it still makes sense to take a well-rounded approach to retirement planning. Just like you wouldn’t put all your money into a single stock, you shouldn’t rely on Social Security alone.

    Maximize your contributions to retirement accounts: If you have access to a 401(k), try to contribute as much as possible — especially if your employer offers a match. You can also open an individual retirement account (IRA).

    A traditional IRA lets you contribute pre-tax dollars and pay taxes when you withdraw in retirement. A Roth IR A uses after-tax dollars but allows tax-free withdrawals after age 59 ½. In both cases, your money grows tax-free. If you’re 50 or older, you can make catch-up contributions too.

    Diversify your investments: Don’t get too focused on one type of asset. A mix of stocks, bonds, real estate and other investments can help reduce risk — though no strategy is guaranteed. Ideally, you’ll want investments that don’t all move in the same direction, so a loss in one area might be balanced by gains in another.

    Get creative: If you’re still concerned you won’t have enough to retire comfortably, consider picking up a side gig or part-time work. But if you’re collecting Social Security before full retirement age, there’s an earnings limit to keep in mind. In 2025, that limit is $23,400.

    You could also explore passive income streams, like renting out a basement apartment or getting a roommate. There are plenty of ways to boost your retirement savings, so no matter what happens — or doesn’t happen — with Social Security, you’ll be better prepared for the years ahead.

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

  • I’ve worked for the county for 10 years making more than $100K with a pension — but I hate my job and dread going into my toxic workplace every single day. Should I quit or just tough it out?

    I’ve worked for the county for 10 years making more than $100K with a pension — but I hate my job and dread going into my toxic workplace every single day. Should I quit or just tough it out?

    For almost a decade, Joe has worked for the county, pulling in an enviable salary of more than $100K a year. Not only does he have job security, but he also gets generous vacation time, health insurance and a pension.

    His friends and family think he’s got it made. But every morning, Joe dreads going to work. He doesn’t get along with his overbearing manager, and the work environment has turned toxic. On top of that, he’s bored. The job is repetitive, and there’s no room to grow within the department.

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    To get his full pension, Joe still has 30 years of work ahead of him. He can’t imagine staying in a job he hates for three more decades — but he also wonders if the money and benefits are too good to walk away from.

    Joe isn’t alone. Worker engagement hit an 11-year low in early 2024, with only 30% of full- and part-time American employees saying they felt highly engaged at work, according to Gallup’s long-running workplace poll.

    So why do they stay? One reason is golden handcuffs — benefits or incentives that make it financially attractive to stick around. That includes pensions, bonuses, stock options and even company cars. Often, you have to stay with an employer for a certain period before you’re eligible for those benefits, which can make some employees feel trapped, especially when they’re already unhappy.

    Here are a few tips to help you financially plan an exit from a high-paying but soul-draining job.

    Work out your monthly survival number

    Start by calculating your bare-bones budget — the minimum you need to cover essential expenses like housing, utilities, bills, insurance, transportation, healthcare and groceries. Don’t forget minimum debt payments and regular savings, such as contributions to retirement.

    Once you add it all up, you’ll have your survival number — the amount you need to earn to meet basic living expenses. That number could help Joe figure out whether a low-paying but more fulfilling job could support his lifestyle.

    Audit your spending

    With your survival number in hand, you can take a hard look at your current spending. That means combing through your bank and credit card statements, digital transactions and savings activity.

    Where can you cut back?

    Maybe it’s canceling subscriptions or limiting takeout. Or maybe you need to delay a bigger purchase like a new car or home renovation.

    If your housing costs are eating up more than 30% of your gross monthly income — the standard threshold for affordability — could you downsize or take on a roommate? It might make sense to make those changes before leaving the job you hate.

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    Run pension and benefit scenarios

    Use free online pension calculators to estimate what you might receive based on your current salary, years of service and retirement age. Try running scenarios: What would your pension look like if you stayed another five, 10, 20 or 30 years?

    Many county pension plans allow you to collect a pension even if you leave before retirement age, provided you’ve met the service requirements. Some plans let you transfer your benefits to a new employer’s plan or withdraw your contributions in a lump sum.

    You can run these numbers yourself or work with a financial advisor to explore what would happen if you invested those funds on your own. You might find that managing your own retirement plan could leave you just as well off.

    Every pension plan is different, so talk to your pension plan administrator before making any big moves.

    Build an exit strategy and a quit fund

    Even if you’re ready to leave, it’s smart to develop an exit strategy. Give yourself time to build a quit fund and line up your next opportunity.

    Start networking, reach out to recruiters and apply to jobs. Depending on your qualifications and industry, it could take a while to find the right fit — but laying the groundwork now makes the transition easier.

    Leaving a new job lined up can be challenging, so aim to build a quit fund that covers 6 to 12 months of living expenses. Keep it separate from retirement savings and in a highly liquid account — like a high-yield savings account — in case you need it.

    Joe could also look into whether his skills are transferable to another county department or whether upskilling could help him move up. That way, he might be able to escape his toxic manager and find more fulfilling work — without giving up benefits and pension.

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  • ‘Trash that is passed as news’: Donald Trump orders funding halt for ‘biased’ PBS, NPR — and even took a swipe at Sesame Street. How this could hurt communities across the US

    ‘Trash that is passed as news’: Donald Trump orders funding halt for ‘biased’ PBS, NPR — and even took a swipe at Sesame Street. How this could hurt communities across the US

    A new executive order signed by President Donald Trump calls for an immediate halt to federal funding of NPR and PBS, citing what he calls “biased and partisan news coverage.”

    A statement from the White House called the outlets “biased” with “trash that is passed as news.” The order directs the Corporation for Public Broadcasting (CPB) to immediately cease funding of the National Public Radio (NPR) and Public Broadcasting System (PBS).

    Don’t miss

    The statement accused both organizations of receiving “tens of millions of dollars in taxpayer funds each year to spread radical, woke propaganda disguised as ‘news.’”

    Three CPB board members were removed from their role via email, with just two board members remaining. And that executive order has set the wheels in motion on litigation filed by NPR and three Colorado radio stations, who are now suing the president for violating First Amendment rights.

    Public broadcasting on the chopping block

    The Trump administration listed 24 examples of “biased” coverage, including the production of a film supporting reparations, failure to cover the Hunter Biden laptop story and the suggestion that crime fears are rooted in racism.

    Even beloved puppets weren’t spared.

    “PBS show Sesame Street partnered with CNN for a town hall aimed at presenting children with a one-sided narrative to ‘address racism’ amid the Black Lives Matter riots,” the statement said.

    Patricia Harrison, president and CEO of CPB, responded by saying the organization is not under the president’s authority

    “Congress directly authorized and funded CPB to be a private nonprofit corporation wholly independent of the federal government,” she said, adding that when it was created, it specifically prohibited any government agency or official from directing or controlling its operations.

    For the 2025 fiscal year, the CPB received $535 million in federal funding, with about 70% going to support local radio and TV stations.

    NPR says it receives about 1% of its funding directly from the federal government. Its 246 member institutions receive 8% to 10% of their funds from CPB. PBS and its stations receive about 15% of their revenues from CPB.

    “The appropriation for public broadcasting, including NPR and PBS, represents less than 0.0001% of the federal budget,” Katherine Maher, president and CEO of NPR, said in a statement.

    Maher said that NPR programming is essential to its 246 member organizations, which operate more than 1,300 stations. These stations generate on average 50% of all public radio listening, despite only accounting for roughly 25% of station programming.

    Further exacerbating the situation is Trump’s request of Congress to clawback an additional $1.1 billion it set aside for public broadcasters.

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    The impact on smaller communities

    For many rural or remote communities, free public broadcasting is often the only source of news.

    In southwestern Colorado, for example, many communities are considered “news deserts,” meaning they rely heavily on public broadcasting. According to 9News, the local affiliate KSUT in Ignacio would lose about 19% of its budget, or $333,000, while Colorado Public Radio would lose about 7% or $1.5 million.

    Shari Lamki, president and general manager of Pioneer PBS in Granite Falls, Washington, told The Journal the funding — which makes up about 29% of the station’s annual budget — is “irreplaceable.”

    In addition to local and national news, local stations provide public safety information and emergency alerts.

    “I have no doubt that the loss of this critical funding would impact this region and the safety of our citizens,” Lamki said.

    Aside from the inevitable job losses, the disappearance of strong local stations could diminish civic pride, education and cultural connection — all key to neighborhood stability and desirability. Rural and remote communities would be hit hardest.

    Funding cuts “would devastate the public safety, educational and local service missions of public media,” Kate Riley, president and CEO of America’s Public Television Stations, said in a statement. She added that more than 160 local TV stations — particularly those in rural areas — serve as a “lifeline in hundreds of communities where there is no other source of local media.”

    Cutting this content would also mean less access to free, educational programming like Sesame Street — especially for families who can’t afford paid alternatives. That includes more than 50% of American children who don’t attend preschool.

    PBS LearningMedia — a free resource developed by PBS and local stations — serve about 1.5 million educators, students and homeschoolers each month.

    “These are services that American families rely on every day,” Riley said. “In fact, according to a recent YouGov survey, 82% of voters — including 72% of Trump voters — said they valued PBS for its children’s programming and educational tools.”

    According to a Pew Research Center survey, about 24% of U.S. adults say Congress should cut federal funding from NPR and PBS. But 43% say they should continue receiving government support.

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