Author: Victoria Vesovski

Whether it’s the loss of a spouse or a fresh start after divorce, the need for companionship doesn’t fade with age — if anything, it deepens, especially as social isolation sets in.

It can make emotionally vulnerable people financially vulnerable, too. That’s what happened to 82-year-old Brian Ketcham, as his son Christopher relates in The Cut.

Christopher’s story about his father serves both as a heartbreaking family exposé and cautionary tale about older adults’ vulnerability to online romance scams.

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Brian Ketcham was in his 80s — a retired transportation engineer and urban planner once hailed by The New York Times as an “influential environmentalist” — when he began spending his days chatting online on the Dream Singles website.

His first connection was with ‘Vasilisa,’ a smoky-eyed Russian blonde. As he wrote:

“You are perfect. Only I am 82. In good health (you do know the 80’s is the new 60’s). As you report in your introduction if I got to know you for 5 minutes we would be in love. I already am.”

Brian Ketcham’s fantasy partners never materialized. What was real was the amount Dream Singles charged him for every online chat.

Christopher and his sister Eve estimate that over the course of three years, their father spent at least $45,000 on the site.

“Only his death stopped the hemorrhaging of cash,” Christopher wrote.

Swipe right, get scammed

Romance scams aren’t new, but the tools used to execute them have evolved into something far more sophisticated — and dangerous. Artificial intelligence can generate lifelike photos, clone voices and write convincing love letters, often tricking elderly victims.

When Christopher and his sister suggested that the women on Dream Singles were all an illusion and the site was just a way to separate him from his money, Brian Ketcham wrote to ‘Vasilisa’ to confront her with his children’s doubts.

In response, he received this grammatically awkward but convincing response from his Russian dream girl: “I’m here not that prove you something, if you don’t trust me we can forget about each other.”

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Afraid of losing the fantasy woman he believed cared for him, he doubled down and sent her his Brooklyn address and phone number in the hope she’d connect in person. In the wrong hands, these two deeply personal details could open the door to far more than heartbreak.

He continued to spend money on the site, as Christopher relates: “Our father, we agreed, seemed intent on handing his money to liars and thieves,"

Of course, Brian is only one among thousands of Americans who fall prey to such manipulation every year. Last year alone, Americans 60 and over lost at least $389 million to romance scams, according to the FBI’s 2024 Elder Fraud Report.

Exploiting isolation and cognitive decline

In 1963, AARP founder Ethel Percy Andrus warned Congress that fraudsters were preying on older Americans — selling fake arthritis cures, posing as government agents and draining savings through real estate scams that never existed.

“Nothing could be more invidious,” she said, “than the pressures that plague older persons and place their health in jeopardy and further deplete their reduced incomes.”

More than 60 years later, the tactics have changed — but the targets haven’t. One in four Americans over 65 are socially isolated, according to the National Academies of Sciences, Engineering, and Medicine, That means they are at high risk of financial exploitation.

The natural process of aging means older adults are also vulnerable to scams due to cognitive decline — and it’s not necessarily Alzheimer’s disease or mild cognitive impairment.

After she discovered her father was spending money on the Dream Singles site, Brian Ketcham’s daughter Eve convinced him to visit a neuropsychologist to test his cognitive abilities. He went to prove her wrong.

Unfortunately, the neuropsychologist determined that his working memory and executive function were compromised and his reasoning “greatly diminished.”

If you’re worried someone close to you might be falling for a scam, there are a few subtle ways you can step in. First, keep the conversation flowing. Take an interest if they mention a new online friend or romantic interest.

• Ask questions like, “How did you two meet?” or “What kind of work do they do?” If they haven’t met in person yet — especially after weeks or months of chatting — that’s a major red flag.
• You can also ask for the person’s name and photo, then do a quick reverse image search or background check to see if anything out of the ordinary pops up.
• Most importantly, talk to your loved ones about these scams before they happen. Let them know this kind of thing is real — and getting more common.
• Advise them to be cautious of anyone who asks for personal details like their address, banking info, or even their childhood pet’s name (yes, scammers love security questions).

At the end of the day, remind them that genuine relationships take time — and real partners never, ever ask for your credit card number.

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

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

If you’ve noticed your daughter wearing an oversized sweatshirt with “PARKE” stamped across the chest, you’re not alone. Launched in 2022 by 28-year-old Chelsea Kramer, the brand has quickly become a Gen Z wardrobe staple.

Kramer started out focusing on upcycled vintage denim, but it was the simple, cozy and limited-edition sweatshirts that created a viral following.

In just under three years, the Miami-based entrepreneur (whose middle name is Parke) has amassed 150,000 followers on TikTok and 80,000 on Instagram.

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Last year alone, the business net $16 million in revenue, as Kramer told The Cut.

This past weekend, close to 1,000 shoppers lined up for a three-day pop-up in New York City’s SoHo. One 27-year-old grad student drove in from New Jersey and waited nearly six hours to buy her eighth sweatshirt.

Still, not everyone is walking away with the goods.

“Stuff should not be selling out in a minute,” one frustrated fan posted on TikTok. “I get it gives you clout … but make your customers happy.”

The real question is can Parke keep delivering or will the hype wear thin?

“We went through a shift where we were like, ‘Okay, we shouldn’t be so conservative,’” her sister-in-law and co-founder Kira Kramer said. “It’s so easy to get caught up in the success, and we’ve always been mindful about trying not to get ahead of ourselves.”

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Viral growth meets trade war reality

They’re increasing inventory to keep up with demand, but reducing the number of Parke collections they release this year, a cautious move in an unpredictable economy.

Like many U.S. brands that manufacture overseas, Parke got caught in the crossfire of President Trump’s imposition of 145% tariffs on imports from China.

While the Trump administration has since [paused]https://www.reuters.com/world/us-china-tariff-live-updates-bessent-greer-announce-details-constructive-geneva-2025-05-12/) that penalty and reduced the tariff on Chinese imports to 30%, many small business owners say the damage is done.

For one thing, as Beth Fynko Beniko, owner of Busy Baby observes, 30% is still a steep duty, and she started paying it in May.

“That sucks for any small business owner,” Beniko said on TikTok. “It’s still going to cost me $48,000 more than this shipment would’ve cost me two months ago.”

As rising tariffs drive up production costs for companies like Busy Baby and Parke, small business owners are raising their prices, or considering doing so in the coming months.

That means consumers are becoming more cautious.

“Recent events have people confused about how they can effectively budget because they do not know how the prices of things are going to change in the coming months,” Lawrence Sprung, a certified financial planner based in Long Island, New York told CNBC.

Now’s the time to be proactive with your finances.

Press pause on impulse buys like viral sweaters

While you can’t control what tariffs will do to prices, you can control how and where you spend your money. If you’ve been eyeing a purchase — like a viral sweater — it might be worth hitting pause.

Prices could rise, and even if they don’t, it’s worth asking: Do you really need another sweater? Consider looking for alternatives with similar quality at a more affordable price.

It’s not just fashion. Things that have always been big-ticket items like refrigerators, dishwashers and car parts have even bigger price tags now. Even “Made in America” products may rely on imported materials.

Tariffs on steel and aluminum are expected to increase the cost of appliances by 20%. That could turn a $2,500 range into a $3,000 expense.

Protect your wallet by prioritizing on your needs over wants. That doesn’t mean cutting out every treat — just make sure essentials like rent, food and bills are covered before splurging on impulse buys.

At the same time, build or replenish your emergency fund with regular savings.

Experts recommend setting aside three to six months’ worth of expenses, but even small, consistent contributions can go a long way.

A solid cushion can help you manage unexpected costs without racking up credit-card debt or pulling from long-term savings.

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

LVMH lost its title as Europe’s most valuable luxury company — and Hermès didn’t need a runway to take the lead.

The luxury conglomerate behind Louis Vuitton, Christian Dior and Sephora reported €20.3 billion in revenue for the first quarter of 2025. While that signals solid performance, particularly in Europe, a softer U.S. market, lower sales in Japan and continued tariff uncertainty weighed on the results.

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Following the report, LVMH shares dropped 7%, lowering its market capitalization to €246 billion. According to CNN, this allowed rival Hermès to claim the top spot at €247 billion.

While LVMH has a broader portfolio and greater global reach, Hermès’ steady rise signals a shift in consumer and investor sentiment. As high-end shoppers gravitate toward timeless, low-key luxury over label-heavy branding, the market is responding — and so are those betting on the future of fashion as a financial asset.

Buy the Birkin

As the economy continues to fluctuate under the weight of tariffs and recession fears, investors and high-end consumers are shifting their attention to luxury goods that don’t just turn heads — they hold value. Hermès, with its measured growth and fiercely loyal clientele, has emerged as a clear front-runner in the luxury space, ahead of some flashier, trend-driven rivals.

LVMH, for example, reported a 3% drop in first-quarter sales — a miss compared to analysts’ expectations for 2% growth. The decline reflects broader market unease, amplified by President Donald Trump’s recent tariff announcements.

In response, consumers are rethinking what luxury really means. Instead of chasing seasonal drops, they’re investing in pieces with lasting value. Take the Birkin 30 in Togo leather that retails for around $12,500, but can resell for up to $30,000 — a return of about 140%.

“Luxury collectibles have delivered for investors over the long term. If you had invested US$1 million in 2005 and tracked KFLII, your investment would now be worth US$5.4 million,” Liam Bailey, Knight Frank’s global head of research, told Forbes. “The same amount invested in the S&P 500 would have been worth US$5 million by the end of 2024.”

And while not everyone has the funds for a five-figure handbag, Hermès’ wealthier clientele does. That’s part of what makes the brand so resilient, according to Jelena Sokolova, senior equity analyst at Morningstar, who notes that its customers are less affected by economic slowdowns and more focused on timeless value than trend-chasing.

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Diversify your portfolio

Luxury handbags aren’t just fashion statements — they’re becoming portfolio pieces. But not all Birkins are created equal. Value can hinge on everything from the model and year of production to the leather quality and color.

If you’re thinking of adding a designer bag to your list of alternative assets, you’ll need to do your research just like you would with stocks: study historical resale trends, monitor market demand and consider the condition. That means carrying it to a candlelit dinner might not be your smartest financial move.

But handbags aren’t the only collectibles catching investors’ eyes. Since Janaury 20, the S&P 500 has dropped about 15.6% — and nearly 20% from its February 19 peak — while gold has climbed nearly 30%. That contrast has investors turning to tangible assets as hedges against inflation and volatility.

Luxury goods, fine watches, vintage cars, even wine — they’re all part of a broader shift toward diversifying wealth outside of traditional markets. But the key is to know what holds value and why. Luxury goods aren’t just nice-to-haves anymore; they’re smart, resilient investments.

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

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

To her million-plus followers, Miranda McKeon isn’t just living in the West Village — she’s selling the dream. At 23, her mix of polished fashion posts and raw honesty about her breast cancer journey has built a brand that feels both aspirational and relatable, with her West Side Village lifestyle front and center.

Long before she touched down in New York, McKeon knew exactly where she wanted to live. A student at the University of Southern California, she spent her final semester glued to StreetEasy, scrolling through listings and plotting her perfect postgrad landing.

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But while the West Village has become a magnet for young adults chasing that fantasy, they aren’t the ones driving up the rents. The neighborhood’s luxury glow-up has been decades in the making — fueled by deep-pocketed buyers and commercial overhauls.

Fantasies, after all, come with price tags — and, in this case, the occasional rodent roommate. The average one-bedroom in the West Village now rents for $6,182 a month, according to Zumper. For many recent grads, that’s a hard no.

Even for those who can afford it, like McKeon, there’s a hidden cost to chasing the perfect zip code — and it’s not just the rent.

A neighborhood built on fantasy and fortune

It’s tempting to blame the West Village’s high prices on TikTokers and Instagram stars, but the truth is, this Manhattan hotspot has always drawn people in. Savannah Engel, a fashion publicist who moved to the neighborhood in 2009, remembers when the West Village still had a bohemian edge. “I’d wake up on a Tuesday and there’d be 10 people passed out in my apartment,” she told The Cut. Back then, her rent was $900 a month — a price that now feels mythical.

But the vibe began to shift by the mid-2000s. Bleecker Street turned into a luxury shopping corridor, and soon after, wealthy buyers followed. Rupert Murdoch purchased a 25-foot-wide townhouse for $25 million in 2015. A year later, Sarah Jessica Parker and Matthew Broderick bought two adjacent townhouses for a combined $34.5 million. The New York Post even dubbed a section near West 11th Street “the real Billionaires’ Row.”

By 2017, the tables had turned. Small businesses were forced out as commercial rents soared, leaving once-buzzing storefronts empty. “The landlords started jacking up the prices,” said designer Cynthia Rowley, who bought her building back in 2004. “That’s when everybody left.” So yes, influencers may be the latest faces of West Village gentrification — but the neighborhood’s transformation has been decades in the making.

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Real Estate glow-up

The West Village might look picture-perfect on Instagram, but renters say the experience isn’t always so glamorous.

Polly (HuiWen) Milligan, a real estate agent at Douglas Elliman who’s called the neighborhood home for over eight years, says affordable finds are nearly extinct thanks to rent control laws and the high demand. “The price never drops,” Milligan told Street Easy. “Not even during the lockdown. The price never went down.”

Even at premium price points, quality can fall short. McKeon, who was wowed by her apartment’s bright, spacious layout online, soon discovered the fine print that didn’t make the listing: cockroaches, leaks and strange brown liquid dripping out of a brick wall onto her roommate’s comforter. Yet despite it all, McKeon’s planning to re-sign.

How to get the vibe

We all know the siren call of a trendy neighborhood — the cobblestones and the indie cafés. But before you get swept up in the fantasy, ask yourself: are you chasing the lifestyle, or just the moment?

Often, living just a few blocks outside the hottest zip code can cut your rent by hundreds, sometimes thousands a month — while still giving you easy access to the same brunch spots and boutique gyms. Expanding your search radius is one of the oldest tricks in the book, and it still works.

If you’re set on living right in the thick of things, think strategically. Roommates can be a game changer, cutting costs and even providing built-in company. And while rare, rent-controlled or stabilized units are out there — locking one down can help stabilize your finances over time.

Above all, keep your budget front and center. It’s easy to get swept up in the allure of a dream neighborhood, but nothing sours the experience faster than constant money stress. The ultimate dream is living somewhere that fits both your lifestyle and your bank account.

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

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

When a loved one is in need, lending a helping hand can feel like second nature — even with a price tag.

On a recent episode of his new Netflix talk show, Everybody’s Live With John Mulaney, the comedian explores what it really means to help someone — and the consequences that can follow.

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He’s joined by actor Michael Keaton and Jessica Roy, a personal finance columnist for the San Francisco Chronicle. Their first caller was Dylan from Montville, New Jersey, who borrowed $20,000 from his brother to attend law school. But instead of cracking open textbooks, Dylan bought a car. Then he crashed it. After selling the wreck for scrap, only $1,200 of the original $20,000 remained.

Now, Dylan finds himself in a bind: no money, no law degree, a totaled car and a $20,000 lie he has to repay.

It’s a cautionary tale and one that might hit closer to home than you’d expect. Whether you’ve loaned money to a loved one or considered asking for help yourself, navigating finances within personal relationships can be tricky.

Being a good friend

When money enters the mix between friends and family, the emotional toll can often outweigh the financial loss. A LendingTree survey found that 31% of Americans are owed money by a loved one — with friends and siblings being the most common borrowers.

The top reason? Covering debt payments and everyday expenses like meals and gas. But personal lending often comes with strings attached: nearly half of the respondents said they regretted lending money to someone close, and one in six admitted it had damaged a relationship.

In the episode, Roy emphasized that lending money to someone you care about requires a mental shift.

“Any money you loan someone you need to be psychologically detached from it,” she explained. “It’s a gift and I’m not going to get it back.”

It’s a mindset that protects more than just your wallet — it safeguards your relationships, too. When lending to friends and family, boundaries are just as valuable as budgets.

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

Stuck in a tough spot

Dylan found himself in a messy situation. Not only did he lie to his brother about using the $20,000 loan for law school, but now he has no way to pay it back. He mentioned buying a van for $500, which led Roy to suggest he start a side hustle — like driving for Uber — to begin earning money.

According to LendingTree, 38% of Americans have a side hustle, whether it’s delivering food, freelancing or picking up seasonal work. For many, these gigs aren’t just for extra cash: 61% say their life would be unaffordable without one.

But earning money is only part of the solution — Dylan also needs to come clean. His brother still believes he’s in law school.

“I would talk to your brother and come up with a good faith repayment plan of however much you can commit to,” Roy advised.

Dylan should also consider building a budget to get his finances back on track. That means taking stock of any income — including side hustle earnings — and mapping out monthly expenses like gas, food and debt payments.

Even setting aside small amounts consistently — say, $50 or $100 a week — can build momentum toward repaying the loan. Beyond that, budgeting can help Dylan understand where his money is going, avoid future financial missteps and rebuild trust — not just with his brother, but with himself.

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

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

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

Despite policy shifts under the Trump administration — from tariffs to immigration to federal spending — Federal Reserve Chair Jerome Powell says the U.S. economy remains on solid footing.

While the long-term effects of the policy changes continue to unfold, Powell signaled no urgency to adjust monetary policy, citing a strong labor market and easing inflation as signs of underlying resilience.

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Speaking at the Society for Advancing Business Editing and Writing (SABEW) conference, Powell noted that inflation has fallen significantly from its 2022 peak, even though recent progress toward the Fed’s 2% target has slowed.

“We look at inflation which is the change in prices and we’re seeing that it has come down quite a bit and unemployment is actually low, it’s very close to measures of maximum employment and the economy is growing,” he said.

New jobs data released in May showed 177,000 positions added in April. However, the unemployment rate remained unchanged at 4.2%.

While the numbers suggest stability, many Americans aren’t feeling it. With the cost of everyday essentials still climbing, consumer sentiment continues to lag behind the Fed’s optimism — a disconnect that could shape economic policy in the months ahead.

The market looks fine on paper

Recent employment may reflect a relatively stable U.S. job market, but Americans remain anything but reassured. A January survey from résumé service MyPerfectResume found that 81% of U.S. workers are worried about losing their jobs in 2025.

The Trump administration has introduced sweeping policy changes, including large-scale federal layoffs, deep budget cuts, new tariffs and strict immigration enforcement. While the full impact on the labor market has yet to be felt, these measures have already stoked anxiety across multiple industries — from government agencies to tech and manufacturing.

“The March employment data is the calm before the potential tariff-related storms,” Dana Peterson, chief economist at The Conference Board, told CNN.

Workers’ unease is understandable as they navigate a landscape filled with economic uncertainty and potential aftershocks. Even though job numbers haven’t plummeted, the fear of what lies ahead is keeping many employees on edge.

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

Is inflation really cooling?

For many Americans, the sting of inflation is still being felt — especially at the grocery store.

According to the USDA’s Agricultural Marketing Service, egg prices have cracked wide open — rising 63% over the past year. Bureau of Labor Statistics data shows the national average price for a dozen eggs hit $5.90 in February, making a basic breakfast item feel more like a luxury.

Powell acknowledged the ongoing strain during his remarks at SABEW, attributing much of today’s high prices to lingering pandemic-era inflation. He emphasized that overall inflation has cooled since its 2022 peak — but that the road ahead is uncertain.

The Trump administration’s new tariffs could reignite inflation in the coming months. Powell noted that it’s still too early to gauge the full impact, as details such as which goods will be affected and whether trade partners will retaliate remain unclear.

“Our obligation is to keep longer-term inflation expectations well-anchored and to make certain that a one-time increase in the price level does not become an ongoing inflation problem,” Powell said.

Now’s a good time to revisit your budget and take stock of where your money’s going. Small changes — like cutting back on impulse buys, pausing unused subscriptions or buying bulk — can free up more funds than you’d think. Even in times of uncertainty, a mindful approach to spending can bring a sense of control.

What to read next

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

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

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

Thomas McPeek didn’t just stumble into a lucky streak — he studied for it.

The 24-year-old from Chicago spent last year diving into the world of sports betting, placing dozens of complex, high-risk wagers on football — called parlays — based on odds he believed he could beat.

“It was a calculated attack where I thought I had an edge,” McPeek told CBS News Chicago.

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In August, he visited the sportsbook at the Horseshoe Casino in Hammond, Indiana, owned by Caesars Entertainment. To ensure his bets wouldn’t be rejected, he remained anonymous, making multiple small bets at kiosks instead of with a clerk at a counter.

He even went so far as to disguise himself with sunglasses or hiding his hair.

Over the course of a single week, McPeek says he bet around $30,000 and won $350,000.

A month later, he traveled across state lines to employ the same strategies at another Caesars property — the Isle Casino in Bettendorf, Iowa. This time, he says his tickets totaled about $450,000 in winnings.

But McPeek says when he tried to cash in, both casinos voided his tickets, citing house rules and anti-money-laundering policies. He says he’s willing to sue to get his winnings.

Where’s the money?

McPeek maintains that he played by the rules but Caesars says he tried to circumvent them, particularly by crossing state lines — something that can violate betting regulations.

Scott Morrow, a former casino executive who now teaches gaming at the University of Nevada—Las Vegas, says Caesars was justified in voiding his tickets on those grounds.

“I have a tough time finding sympathy for his case,” Morrow said.

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But Eli Feustel, a seasoned betting expert and author, sides with McPeek — not because of how the bets were made, but because of Caesars’ timing in voiding his wins. He argues that the casinos only acted after realizing McPeek might actually win.

“The clear answer is Caesars owes this,” he told CBS News.

The Indiana Gaming Commission says Caesars followed the rules. Now, regulators in Iowa are reviewing McPeek’s complaint.

Against the odds

Caesars has banned McPeek from playing at their casinos but is willing to pay back the money McPeek used to place the bets.

Blue Chip Casino in Michigan City, Indiana, also banned McPeek from playing at their casino after he won $127,000, but at least Blue Chip paid him out first.

With Americans spending more than $60.4 billion on commercial casino gaming and sports betting in 2022 — up 14% from 2021 — some wonder if the house plays fair when the odds shift in the bettor’s favor.

For gamblers navigating the high-stakes world of sports betting, McPeek’s case is a cautionary tale.

Here are three ways to ensure you can cash in on your sports bets.

1. Read the fine print before you place any bets. Sportsbooks include detailed rules in their terms and conditions — including the right to void wagers. Knowing those rules ahead of time can keep you from betting into a gray area.
2. Keep your bets to one jurisdiction to avoid raising red flags and accusations of gaming the system.
3. Document everything as you game, from screenshots to transaction receipts. Keeping a trail could make or break your case if things get contested.

Even if the odds are in your favor, the rulebook — and how it’s enforced — might not be.

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