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Author: Vishesh Raisinghani

  • Ramit Sethi says Americans should be livid with Trump for ‘dramatic’ and ‘scary’ market crash — claims President just wants to exert control, make a mark. Here’s the guru’s emergency advice

    The ongoing stock market crash isn’t the first period of market turbulence that investors have experienced, but it does seem like the first unnecessary crash, according to author and entrepreneur Ramit Sethi.

    "You should be f—ing pissed at what’s going on,” says the host of the Netflix series How to Get Rich on Instagram. “There is no reason for the market to drop in such a dramatic, scary way, except for Trump wanting to institute these stupid tariffs that make no sense whatsoever.”

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    Sethi believes President Trump is trying to “make his mark” and exert his control over not just America’s trading partners, but also domestic corporations which may need to appease the administration to get exemptions.

    But Sethi isn’t the only one criticizing the Trump administration’s economic policies. In recent days, Trump’s global trade wars have faced backlash from several experts, including economist Mohamed El-Erian as well as Trump’s leader of the Department of Government Efficiency (DOGE), Elon Musk.

    With consumers and investors struggling to navigate these choppy economic waters, Sethi offers two key pieces of advice for the months ahead.

    Don’t panic

    Losing money can be a painful experience and it’s tempting to consider cutting your losses while the stock market crashes. But Sethi recommends fighting that urge.

    "Times like this are where people make bad decisions with life altering ramifications" he says. "It can be very tempting for people who even think they’re disciplined investors to get scared and sell."

    Trying to time the market during a rout, however, is rarely a good idea.

    Hartford Funds analyzed stock market returns going back to 1995 and found that 78% of the best days on the stock market occurred either during a bear market or within two months of a bear market’s end. Selling stock and missing out on some of these “best days” could be detrimental to your portfolio’s long-term performance.

    This is why the best move is to patiently wait, hold tight, or even look for buying opportunities during moments of market panic.

    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

    Build up a ‘war chest’

    The ongoing stock market volatility seems to reflect investors’ concerns about the future of the American economy. In recent days, JP Morgan and Goldman Sachs have both raised their chances of a recession in 2025 to 60% and 45%, respectively.

    To prepare for a potential recession, Sethi recommends bolstering your emergency funds.

    “I’m building up a big war chest and I recommend you do the same," he says. "If you don’t have an emergency fund, you better get your a– in gear and get yourself one. That means cutting discretionary spending now before the world forces you to."

    While most financial experts recommend saving three-to-six months’ of expenses in your emergency fund, Sethi says this scary economic environment justifies 12 months’ of expenses instead. “That’s the same recommendation I made during COVID,” says the 42-year-old.

    A larger-than-usual emergency fund should help you prepare for not just a recession or a potential layoff, but also the added costs of essentials that are expected due to Trump’s tariffs on foreign imports.

    Trump’s trade wars are expected to add $1,200 in annual costs for a typical American family, according to the Peterson Institute for International Economics. Since the study was published, the Trump administration has raised tariffs on several countries and added even more countries to the list of targets, so the actual costs could even be higher.

    You can’t predict what comes next, but storing up cash and staying prepared should help you and your family stay afloat during this tough time.

    What to read next

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

  • Mark Cuban mocks DOGE for ‘being the first’ to cut Social Security checks — by ending phone services, closing offices, and making Grandma ‘finally get online.’ Here’s what could happen

    Mark Cuban mocks DOGE for ‘being the first’ to cut Social Security checks — by ending phone services, closing offices, and making Grandma ‘finally get online.’ Here’s what could happen

    While billionaire Elon Musk claims his team is merely weeding out waste and fraud across government programs, fellow billionaire Mark Cuban believes his changes will hurt the nation’s most vulnerable.

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    In a March 19 post on X, formerly Twitter, the former Dallas Mavericks’ accused Musk’s Department of Government Efficiency (DOGE) of trimming payments for retirees by making it more difficult to seek assistance from the government. Already around 7,000 jobs at the agency have been eliminated and dozens of field offices have been closed.

    “Got to give Doge credit for being the first to cut entitlements,” he wrote. “End telephone support for Social Security, cut dozens of SS offices and make Grandma and Grandpa finally get online to confirm their payments. What an amazing back door way to cut payments! Gonna be some upset seniors at town halls!”

    He continued in response to a comment, “You good with making it harder for seniors to confirm the bank accounts? Potentially leading to them not be able to get their checks?”

    Cuban isn’t the only one with these concerns. In recent weeks, lawmakers, advocacy groups and research groups have raised the alarm about the future of this program that supports more than 70 million Americans.

    This is probably what prompted the agency to postpone changes to phone services and partially relax new rules on identity verification on March 26.

    Here’s what taxpayers need to know.

    DOGE makes fraud claims

    The Trump administration has repeatedly said that cutting Social Security, Medicare, or Medicaid benefits is not on the agenda.

    But it has previously claimed millions of dead people were collecting benefits, which was widely debunked. Musk also told Fox News people are using stolen Social Security numbers to claim benefits, but he has provided no evidence to support this claim.

    Nevertheless, in an effort to clamp down on fraud and waste the SSA has enhanced identity procedures. These changes could make it more difficult for some Americans to claim their benefits.

    For example, acting commissioner Lee Dudek said $100 million is lost each year to direct deposit fraud. This represents just 0.00625% of the $1.6 trillion the government distributes annually in Social Security benefits, but it’s the reason the agency cited for cutting its phone services.

    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

    Service changes coming April 14

    The SSA’s enhanced identity verification procedures are due to be implemented on April 14. They would require Americans unable to go online and use their personal my Social Security account to visit Social Security offices to change their direct deposit information for any benefit or apply for benefits. Only individuals applying for Social Security Disability Insurance (SSDI), Medicare, or Supplemental Security Income (SSI) can complete their claim entirely over the telephone.

    “How many seniors no longer have a SS office near them now that dozens have been closed?” Cuban asked on X. “What are people without internet or the ability to travel, or don’t have an office near them supposed to do if they need to reconfirm their bank account?”

    Laura Haltzel, a former associate commissioner at the Social Security Administration who resigned in late February, told Fortune that DOGE was using waste and fraud as a pretence to implement a “de facto” cut to Social Security payments for many seniors.

    "We have always tried to make it easier for claimants … more efficient for claimants. And the justification that’s being put forward for why they are pushing this is the idea that there’s a great deal of fraud taking place," she said. "Well, the math there just doesn’t add up."

    If you or a loved one is concerned about your benefit payments, reach out to the SSA or a financial expert who can help you navigate some of the recent or upcoming changes.

    What to read next

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

  • ‘I don’t really care about his dreams’: Portland wife needs her husband to ‘get a better job’ than being a school bus driver — they have 5 kids and a baby on the way. The Ramsey Show responds

    ‘I don’t really care about his dreams’: Portland wife needs her husband to ‘get a better job’ than being a school bus driver — they have 5 kids and a baby on the way. The Ramsey Show responds

    After 17 years of marriage with five children and another one on the way, Holly from Portland, Oregon, feels like she’s reached the end of her rope. She’s ready to bluntly tell her husband what she thinks about his career choices.

    “I have to basically tell him, in a loving way, that I really don’t care what his dreams and aspirations are,” the exasperated mother said on The Ramsey Show in a clip posted March 4. “I really just need him to get a better job.”

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    Holly’s situation illustrates a harsh reality couples can face when they transition from dual-income to single-income living, while also grappling with the costs of raising multiple children.

    Facing an income cliff

    Holly says the couple are making a combined income of around $10,000 a month. However, she explains this income is only possible because of their various side hustles. She works roughly 50 hours a week operating a daycare business while he works 30 hours a week as a school bus driver, plus two additional part-time jobs.

    But with another baby due soon, Holly says she won’t be able to maintain her daycare business. She would prefer to be a stay-at-home mom, but it’s something she believes the couple can’t afford based on her husband’s income.

    “It’s just that I’m scared,” she told co-hosts John Delony and Rachel Cruze. “We’re about to lose half our income.”

    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

    Oregon is the 15th-most expensive state for two working adults to raise a child, according to a 2024 report by SmartAsset. The estimated annual cost, including childcare ($14,000), is $26,334 for one child. It’s easy to see how a household taking care of multiple children might struggle if both parents decide to keep working.

    Holly didn’t reveal the ages of her kids, but she made it clear the current situation wasn’t tenable. Despite being happy at his job, she says her husband is simply underpaid, and she faces the uncomfortable challenge of convincing her husband to find better work and earn more income.

    Difficult conversation

    Talking about money and income can be tricky for most couples. More than a third (34%) of partnered Americans in a 2024 survey commissioned by BMO said money was a source of conflict in their relationship. Nevertheless, getting on the same page and clarifying expectations is essential for a healthy relationship.

    With this in mind, Delony encouraged Holly to share her feelings with her husband. Rather than confronting him about his comfort and his dreams regarding work, help him see that the math doesn’t work out and the family is at risk.

    Running the numbers on a piece of paper together could give him the reality check he needs to make some changes and boost the household income as rapidly as he can.

    What to read next

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

  • Social Security Administration issues a statement countering Elon’s claim of a ‘huge problem’ with dead beneficiaries, says it gets roughly 3M death notices a year. But how accurate are they?

    Amid widespread confusion and accusations from Elon Musk suggesting “millions of dead people” are receiving benefits, the Social Security Administration has issued a clarification.

    In a recent press release, the SSA says it receives more than three million death notices every year. The release offers a glimpse behind the curtain to explain how deaths are reported to the agency and why the SSA believes that, contrary to Musk’s claims, the records on file are “highly accurate.”

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    “Of these millions of death reports received each year, less than one-third of 1 percent are erroneously reported deaths that need to be corrected,” the SSA states in its press release.

    By being transparent, the SSA hopes to correct false narratives spreading on social media while reducing the “devastating” consequences of someone reported as deceased by mistake.

    Dispelling misinformation

    Confusion about the SSA’s death records erupted after billionaire Elon Musk — who is leading President Trump’s Department of Government Efficiency (DOGE) — posted on X in February.

    “Having tens of millions of people marked in Social Security as ‘ALIVE’ when they are definitely dead is a HUGE problem,” read Musk’s post.

    In response, the SSA offered evidence that many of the errors the agency needs to correct are not for dead people marked alive, but living beneficiaries marked dead.

    For instance, 82-year-old Ned Johnson lost access to his benefits and saw $5,201 removed from his bank account after he was incorrectly reported dead to the agency, according to The Seattle Times.

    “Instances when a person is erroneously reported as deceased to Social Security can be devastating to the individual, spouse and dependent children,” says the SSA. “Benefits are stopped in the short term which can cause financial hardship until fixed and benefits restored, and the process to prove an erroneous death will always seem too long and challenging."

    Among the 67 million Americans who receive SSA benefits, only 0.1% of them are over the age of 100, according to SSA statistics. Furthermore, since 2015, the agency has used an automated system to terminate the benefits for anyone over the age of 115.

    Amid all the confusion and misinformation, if you’re concerned about missing or delayed Social Security payments, here’s how to take action.

    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

    Check your records

    Given all the recent changes to the SSA, it makes sense to check your records on the agency’s website. Log in to your personal mySocialSecurity account and ensure all of your details are correct and updated.

    You can also call the agency’s national 1-800 number to get clarification and further information on any potential changes to your account. Just remember to exercise caution when communicating with the SSA — the agency warned Americans in March about a rise in scammers posing as SSA representatives and attempting to steal benefits and/or personal information.

    If you or a loved one suspect that you’ve been erroneously reported as deceased, the agency recommends reaching out to your local Social Security office.

    It also couldn’t hurt to talk to your financial advisor to try to make sense of the latest Social Security changes and get ahead of what may be coming next. A professional who understands the system can help you navigate all the changes that the current administration seems to be rapidly implementing.

    What to read next

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

  • MTG warns the US government ‘just blindly’ sends checks to anyone — whether dead or alive, citizen or non-citizen. Here’s her solution to save $1 trillion of ‘waste, fraud, and abuse’

    MTG warns the US government ‘just blindly’ sends checks to anyone — whether dead or alive, citizen or non-citizen. Here’s her solution to save $1 trillion of ‘waste, fraud, and abuse’

    In a digital post dripping with outrage, Georgia Republican Rep. Marjorie Taylor Greene echoed the claims made by Elon Musk and President Donald Trump, alleging widespread fraud within the Social Security system.

    "Our own government just blindly sends checks to anyone and everyone whether citizen, non-citizen, dead or alive,” Greene said in a recent post on X, formerly Twitter. "We must end this malpractice and outright waste, fraud, and abuse. This is the mission of DOGE."

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    To be fair, the Congresswoman has a reputation for making baseless allegations and promoting conspiracy theories. In previous tweets, she has claimed that 9/11 was an inside job, Jewish people control a space laser that causes wildfires and that the Sandy Hook massacre was staged.

    Her latest assertion — that cracking down on “widespread” fraud can save the Social Security Administration (SSA) $1 trillion — has also been debunked.

    Here’s a closer look at why experts argue that while addressing waste and fraud is necessary, it’s not a silver bullet for the nation’s safety net.

    Misleading claims

    The claim that the Social Security Administration “blindly” sends out checks is misleading.

    Non-citizens or foreign-born workers with legal permits pay into the system at the same rate as citizens but collect fewer benefits on average, according to the Bipartisan Policy Center.

    Meanwhile, undocumented workers contributed an estimated $25.7 billion in Social Security taxes — typically through borrowed or fraudulent Social Security numbers. These individuals are not eligible to receive benefits.

    While the agency isn’t immune to fraud and improper payments, the overall impact is minimal.

    During a press conference on March 18, Lee Dudek, the agency’s acting commissioner, estimated that annual losses due to direct deposit fraud at roughly $100 million. That represents just 0.00625% of the $1.6 trillion the government distributes annually in Social Security benefits, according to the Brookings Institute.

    That figure is nowhere close to Greene’s claims of $1 trillion per year on X. Her claim would amount to 62.5% of the SSA’s total projected payouts for 2025.

    Nevertheless, the Congresswoman continues to insist that tighter identity verification procedures could help reduce fraud.

    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

    Stringent ID requirements

    The SSA has confirmed that updated ID policies will be implemented by April 14. Under the new rules, more people will need to visit a Social Security office in person to make changes to their direct deposit information.

    Critics argue that these changes come at a time when the agency is still reeling from mass layoffs and office closures by the Trump administration’s Department of Government Efficiency. In February, the SSA announced a 12% reduction in its workforce and a reduction in field offices from 10 to 4, according to AARP.

    “The customer service situation at Social Security has really declined in the past month or so,” Bill Sweeney, senior vice president of government affairs at AARP, told CNBC. He noted that the average wait time for the SSA’s 800 number rose from 11 minutes in November to 21.2 minutes.

    This could be a good time to log in to your SSA account and double-check your details to ensure the agency has the correct information. If not, contact SSA to make any necessary corrections or updates and to avoid delays in receiving your benefits.

    What to read next

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

  • Robert Herjavec says 1 part-time job helped turn him into a billionaire — he learned how to spot wealthy men and ‘sell to them.’ Here’s the business legend that taught him ‘everything’

    Robert Herjavec says 1 part-time job helped turn him into a billionaire — he learned how to spot wealthy men and ‘sell to them.’ Here’s the business legend that taught him ‘everything’

    Croatian-Canadian entrepreneur and Shark Tank star, Robert Herjavec, is well known for his savvy investments in tech companies, but the 62-year-old says he gained his most valuable business skills in an unlikely place — a men’s clothing store in Toronto.

    In a recent interview with YouTuber Lewis Howes, Herjavec says when he was young, he decided to get a part-time job at Harry Rosen, a luxury menswear store, after he learned about the 50% employee discount on high-end suits.

    However, he also learned about another perk available to employees: A chance to learn from the company’s founder.

    “The guy who owns the place called Harry Rosen … used to teach on Saturdays if you showed up an hour before the store opened,” Herjavec told Howes, adding that he jumped at the opportunity because of Rosen’s reputation. “The guy’s a legend! Even then, it was like the biggest shop in Canada.”

    These weekly mentorship sessions ultimately taught Herjavec everything he needed to know about running a business and selling to wealthy clients.

    Spotting wealth

    Harry Rosen, a high school dropout, transformed his humble men’s fashion store into a business empire that generated revenues approaching $350 million in 2023. Key to his success was his focus on training employees, such as Herjavec, on how to develop and sustain a good relationship with customers.

    Besides learning how to dress and inspect suit fabric, Herjavec says his mentorship sessions with Rosen taught him “how to spot someone with money” and sell to them. These lessons were so valuable that Herjavec couldn’t believe he was learning while also getting paid.

    “I would have paid him to teach me,” he said. “It was great, he taught me everything.”

    Herjavec used some of these skills to sell his cybersecurity company BRAK Systems to AT&T Canada for $30.2 million in 2000, as well as a majority stake in his other cybersecurity startup, Herjavec Group, which was sold to private equity firm Apax Partners in 2021.

    “I’m probably one of a handful of the top cyber people in the world,” Herjavec explains to Howes. “But I’m not wealthy because of my knowledge of a task, I’m wealthy because of my knowledge of sales.”

    Here’s how the art of persuasion can help your career and business, too.

    The art of selling

    Like Herjavec, learning to spot high-value customers — or a receptive audience for your pitch — could be your key to career success.

    Whether you’re looking for a job or trying to find new clients for your business, take the time to research your market and find companies and consumers that are most likely to say yes to what you’re offering.

    The ability to build and sustain a strong relationship with your clients or colleagues is also a key career skill. According to a study by LinkedIn, communication and customer service were the top two most sought-after “soft skills” by employers in 2024. Do yourself a favour and take the time to develop and hone these competencies to unlock better prospects for your career.

    Finally, consider finding a mentor who can help you develop these skills. Herjavec says he was fortunate to work not only with Harry Rosen, but also Warren Avis, who started the Avis Car Rental company.

    “I always think if somebody would’ve taken me under their wing and they were, like, a con man, I would have been a con man, right?” he told Howes. “I was just very lucky. I’ve just been really fortunate to have great role models who are good human beings.”

    You don’t need to find a billionaire celebrity to be your mentor, just someone who has achieved what you aspire to and has the time to share some insights.

    Check LinkedIn, alumni groups, industry events, professional associations or even within your current workplace to find people you admire and ask them for help.

    Sources

    1. YouTube: Shark Tank Host: My Parents & I Escaped Communism With $20! THIS Unlocked Wealth for Me! (Feb 5, 2025)

    2. The Globe and Mail: Harry Rosen launching $50-million overhaul of its retail stores over five years, by Susan Krashinsky Robertson (Mar 14, 2024)

    3. CNBC: ‘Shark Tank’ star Robert Herjavec’s first big splurge cost $6 million — and it wasn’t a house, by Sarah Berger (Feb 14, 2019)

    4. LinkedIn: ‘LinkedIn 2024 Most In-Demand Skills: Learn the Skills Companies Need Most, by Sonya Bessalel (Feb 8, 2024)

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

  • Prof G says ‘the ultimate intergenerational theft’ in the US just happened — and it’s 1 big reason Americans are having fewer kids. Here’s why he ‘bombs’ off to Beverly Hills and you can’t

    Prof G says ‘the ultimate intergenerational theft’ in the US just happened — and it’s 1 big reason Americans are having fewer kids. Here’s why he ‘bombs’ off to Beverly Hills and you can’t

    Scott Galloway might be a college professor at New York University, but he has a whale of a time living like a rockstar.

    In a 2024 interview with Lewis Howes, he said he frequently “bombs off to the Beverly Hills Hotel”, goes to the Stagecoach Festival and enjoys a luxe lifestyle.

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    With multiple successful podcasts and business ventures under his belt, Galloway’s fortune isn’t surprising. But he admits that part of his wealth was created by fluke.

    “The ultimate intergenerational theft just happened and it was COVID,” he told Howes, slamming the government’s response for being more focused on preserving wealth than lives.

    Galloway said he believes the pandemic relief efforts widened the wealth gap between the young and old, which could be one reason younger Americans are hesitant to start families now.

    Great transfer of wealth

    According to the Government Accountability Office, from 2020 to 2021 — the height of the pandemic — the federal government passed six laws that released $4.6 trillion of funding for pandemic response and recovery. However, only 85% of it wasn’t spent.

    “Where did it end up?” Galloway asked. “It ended up in the market so it sent housing and stock prices skyrocketing.”

    The S&P 500 surged roughly 80% from March 2020 to December 2021. Meanwhile, the median U.S. home price has surged 45% from 2020 to 2025, according to Redfin.

    Galloway argued that these policies benefited those who already owned most of the assets, usually older Americans like him.

    “All you’re doing is seeding advantage to the incumbents,” he says.

    Younger people who missed out now face a housing crisis, which is impacting their ability to start families and have children. A study published in the journal Labor Economics found that a 10% rise in home prices suppressed births per woman by 0.01 to 0.03.

    That means if you’re under 35, the odds are stacked against you. However, that doesn’t mean there aren’t any opportunities to build and accumulate wealth.

    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

    Against all odds

    Since Galloway argued that economic policies bolster those who hold assets, the obvious way to shift the odds in your favor is by playing the game: accumulate assets and boost your earnings.

    Acquiring high-value skills in industries facing labor shortages could be an excellent way to bring in more income. For example, an elevator installer can earn roughly $99,000 a year without a college degree.

    Minimizing debt and maximizing investments can also tip the scale in your favor. According to Empower, the median net worth of a person in their 20s is just $7,638 and for someone in their 30s, it’s $35,649.

    If you’re in these age groups, you can outperform your peers with a few years of above-average income and lower-than-average debt. Remember that time is on your side, so accumulating even modest wealth early can help you enjoy the power of long-term compound growth.

    What to read next

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

  • This 21-year-old Illinois college grad has a girlfriend with $70,000 of debt — and it stops him from proposing. Calls her ‘unmotivated’ and unambitious. The Ramsey Show had some blunt advice

    This 21-year-old Illinois college grad has a girlfriend with $70,000 of debt — and it stops him from proposing. Calls her ‘unmotivated’ and unambitious. The Ramsey Show had some blunt advice

    Dave from Springfield, Illinois is only 21 years old, fresh out of college, debt-free, in a stable relationship and hustling through internships. He’s even considering proposing to his girlfriend to start a new family.

    There’s just one pressing concern: his girlfriend’s enormous pile of debt. He estimates that her total outstanding balance is roughly $70,000.

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    “Everytime I try to bring it up, she’s dismissive about it,” said the recent grad on an episode of The Ramsey Show. “I don’t really want to pay off her debt.”

    Co-host John Delony’s response was as blunt as possible: “You should just break up with her, dude.”

    Here’s why the show’s mental health expert made a snap judgement that the relationship is doomed already.

    Not on the same page

    Dave’s hesitation to marry someone with debt isn’t unusual. A 2024 survey by the Achieve Center for Consumer Insights found that 64% of U.S. adults wouldn’t want to date someone with a lot of debt. Even an outstanding balance of $10,000 or less would be enough for 29% of people to consider ending their relationship.

    Put simply, debt is a deal-breaker for many adults. For Dave, his girlfriend’s attitude towards the enormous balance also represents how different their outlook on life and money is.

    “She’s a little unmotivated like she isn’t really that ambitious,” he said, explaining that she hasn’t really looked for much work out of college while he’s been busy doing internships and building a career.

    "I worked so hard to be debt-free and she just kind of took the short-cut and I don’t know, it just feels weird for me.”

    A lack of shared money values once you’re in a relationship isn’t so common. Roughly 84% of American couples said they were financially compatible with their partner, according to a 2024 Ipsos poll, while 87% said they were comfortable talking to their partner about personal finances.

    Delony suggests that Dave’s lack of shared money goals with his girlfriend foreshadows more disagreements in the future.

    “Down the road, you’re going to run into, ‘Oh, I want to raise kids like this but this is how my dad did it’ or ‘I don’t want to live in this neighborhood or this house,’” he said. “If that’s your first impulse is ‘what about me?’ then you’re not ready to get married yet.”

    Co-host Rachel Cruze agrees, calling his girlfriend’s perspective on debt a “red flag.” However, she encourages Dave to have a conversation to see if they can try to get on the same page before breaking up.

    If you and your partner are struggling to find common ground, there are ways to resolve these types of differences.

    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

    Resolving differences

    Money can be a tricky subject, but the majority of American adults (79%) think it’s best to talk about personal finances with their partner early in their relationship, according to the Ipsos poll. At the same time, the Achieve study found that 29% of adults said couples should discuss their debt honestly within the first six months of dating.

    With this in mind, having an open and honest conversation about your personal finances and debt can set the stage for a healthy relationship. You could also consider raising the subject periodically and creating a household budget together so that you and your partner can match expectations and create clear boundaries for individual finances.

    What to read next

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

  • BlackRock CEO Larry Fink warns that Social Security in the US ‘doesn’t grow with the economy’ — proposes 1 big idea that gives Americans a ‘winning’ feeling. Will Trump really agree to it?

    There’s been no shortage of debate over how to shore up Social Security as it barrels toward a funding shortfall in 2035. Now, BlackRock CEO Larry Fink is weighing in with a somewhat controversial idea: partial privatization.

    Speaking with Semafor’s Liz Hoffman, Fink suggested the problem with the nation’s safety net is that it’s restricted to ultra-safe but low-growth assets.

    “We have a plan called Social Security that doesn’t grow with the economy,” Fink shared with Hoffman at BlackRock’s retirement summit. “You’re detached from the economy, and you don’t feel like you’re winning.”

    To remedy this, Fink proposes reforming the system so that Americans can deploy part of their Social Security funds into the private capital market.

    Fink touts better performance

    Social Security is America’s largest public pension system. This year, the Social Security Administration (SSA) expects to pay out $1.6 trillion in benefits to roughly 69 million elderly and disabled citizens.

    The system’s trust funds, overseen by the U.S. Treasury, are required to invest the SSA’s reserves in interest-earning securities that are backed by the federal government — mainly special Treasury bonds.

    However, the S&P U.S. Treasury Bond Index has delivered an annualized return of just 1.07% over the past ten years, while the S&P 500 has produced an annualized return of 10.58% over the same period.

    Fink’s proposed reform would bring the system in line with other global pension funds. Australia’s Superannuation system, for example, offers tax-payers a range of options for how their funds are invested — from a balanced, low-risk approach to a more aggressive, high-growth approach. Most options have a diversified mix of cash, real estate, stocks, bonds, infrastructure, private credit and private equity.

    Similarly, the Canada Pension Plan (CPP) invests in a broad mix of assets such as public and private equities, credit, bonds, infrastructure, real estate and other asset classes across the world. Over the past 10 years, the CPP has realized a net annual return of 9.2%.

    Fink believes that replicating these pension funds could benefit the Social Security system.

    “The beauty of that plan, unlike Social Security — and I know we can’t talk about Social Security in this country — is that you’re investing in real assets,” said Fink. “You’re growing with your country.”

    However, Fink’s proposal doesn’t appear to be anywhere on the Trump administration’s radar.

    Cutting costs rather than boosting performance

    President Trump’s nominee to oversee the SSA, Frank Bisignano, recently dismissed rumors about potentially privatizing the system.

    “I’ve never thought about privatizing,” Bisignano said during his confirmation hearing. “It’s not a word that anybody’s ever talked to me about.”

    Instead, the Trump administration has focused largely on slashing operational costs at the SSA. Elon Musk’s Department of Government Efficiency (DOGE) appears to be focused on large workforce cuts, office closures and service reductions, as well as Musk’s claims of alleged fraud among SSA recipients.

    The SSA’s current goal is to lay off 7,000 employees in the near future, and aggressive cuts to staff and services have potential to create disruptions to payments for many American seniors. Meanwhile, fraud accounts for just 0.00625% of the SSA’s annual budget, according to the nonpartisan Brookings Institute.

    It should also be noted that the SSA’s total operational budget for fiscal 2024 was just under $14.23 billion, which is just 0.88% of the agency’s $1.6 trillion payout. In other words, even if the Trump administration were to lay off all employees and shut down all support offices, the cuts would still have a negligible impact on the SSA’s funding shortfall.

    Since privatization doesn’t appear to be in the Trump administration’s plans, and layoffs seem to be ineffective, the American Association of Retired Persons (AARP) believes the White House and Congress have only a few unattractive options for salvaging the SSA’s trust fund in the next seven years: raising taxes, cutting benefits or allocating other government revenue for the program.

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

  • Prof G warns that rich Americans ‘hoard’ too much money and calls it a ‘virus that infects’ the US — says anything above $10M/year makes no difference to that person. Here’s his tax answer

    Hoarding possessions is considered to be a mental-health disorder, but is hoarding wealth considered to be a similar psychological issue?

    Scott Galloway, professor of marketing at New York University, certainly thinks so.

    “A virus that infects America is that people hoard [money],” says the 60-year-old on an episode of The Prof G podcast. “There is no reason to be a billionaire.”

    While some might agree with Galloway’s proclamation, roughly 800 Americans have found a reason to accumulate over $1 billion, according to the Institute for Policy Studies. Among this cohort are 12 American billionaires who have earned more than $100 billion and are still actively working to accumulate more, according to the Bloomberg Billionaires Index.

    Meanwhile, the median net worth of American households is roughly $192,900, according to the most recent data published by the Federal Reserve.

    Galloway isn’t the first to highlight this wealth disparity and the apparent hoarding of assets by those who already have enough money to last for generations. However, Galloway does offer a unique perspective and a potential solution to the problem.

    The link between happiness and income

    Galloway argues that a person can experience significant happiness when their income jumps from $30,000 a year to $50,000, but beyond a certain threshold, additional income offers diminishing returns on happiness.

    “The difference between anything above $10 million a year is nominal if non-existent,” he claims.

    This echoes the findings of a 2010 study published by Nobel Prize laureates Daniel Kahneman and Angus Deaton which revealed that a rise in income can improve someone’s well-being, but only up to a ceiling of $75,000 a year.

    Similarly, a study by Wharton University’s Matthew Killingsworth found that “policies aimed at raising the incomes of lower earners could do far more to improve overall happiness than simply giving bonuses to the wealthy or cutting taxes for the highest earners.”

    With this in mind, Galloway suggests a more progressive tax structure could help resolve America’s wealth gap and economic dissatisfaction.

    Progressive tax policy

    According to the Tax Foundation, a “progressive” tax system is one where high-income individuals or households pay more in taxes than low-income earners. Given that there are seven tax brackets, ranging from 10% to 37% for the 2024 tax year, America’s tax policy can be considered progressive.

    However, Galloway calls for higher tax rates at higher income thresholds.

    “Why wouldn’t we have, or restore, a much more progressive tax structure above $10 million a year?” he asks, explaining that such taxes would have minimal impacts on the well-being of ultra-wealthy individuals. “These people aren’t going to lose anything. They’re not going to be any less happier.”

    The revenue generated from a more progressive tax policy could then be used for vocational training programs, or a child tax credit to enhance the well-being of lower- to middle-income Americans. “That will create a ton of happiness across our nation,” says Galloway.

    From 1944 to 1963, America’s tax system was far more progressive, with the top income tax rate exceeding 90% — peaking at 94% in 1944 for the highest earners, according to accounting firm Wolters Kluwer.

    Polling data from this period suggests consumers were relatively satisfied with their lives. In March, 1957, 96% of U.S. adults said they were either “very happy” or “fairly happy” while only 3% said they were unhappy, according to Gallup.

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