Category: Moneywise

An Arizona resident who wishes to only be identified as Dave received a text while out running errands that looked like a standard fraud alert from Bank of America. The message asked if he had authorized a $399 purchase at Best Buy. He replied “NO.”

By the end of the day, he had unknowingly handed over his entire life savings of $27,000 to a scammer posing as a bank representative.

What followed was a meticulously orchestrated con that turned his iPhone into a tool for fraud and left him fearing he’d never see his money again.

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The text that cost him everything

After replying to the suspicious text, Dave received a follow-up message with a phone number to call. The person on the line claimed to be from Bank of America and warned that Dave’s account was compromised, even giving him a fake ID number to seem legitimate.

The caller then convinced Dave that the scammer targeting him was actually a Bank of America employee. To stop them, they said, he needed to immediately withdraw all of his money.

Staying on the phone the entire time, Dave went to a local branch and withdrew his full balance in two transactions, totaling $27,000.

Then came the twist: The scammer instructed Dave to “secure” the money using his Apple Wallet. They walked him through creating a scannable card on his phone that was secretly linked to their account.

Dave drove to the bank’s drive-thru ATM and deposited the cash, believing it was being transferred into a safe new account. In reality, the funds were instantly funneled to the scammer.

“This is my life savings, and I don’t have any assurances, but they sounded so real," Dave said.

A rare win in a losing game

When Dave realized what had happened, he called Bank of America’s fraud department, only to be told nothing could be done. But he refused to give up. He contacted the Peoria Police Department and was connected with Detective Michael Finney, a veteran of financial crime investigations.

Finney explained that the first 72 hours are critical in recovering stolen funds. After that window closes, the chance of success drops to under 10%.

In Dave’s case, Finney uncovered a new tactic: scammers using Apple Wallet as a real-time account-to-account transfer tool. The digital card created by Dave allowed the fraudster to siphon funds the moment they were deposited.

Finney quickly obtained a search warrant, froze the linked accounts, and worked closely with the bank. After five months, about 90% of Dave’s money was recovered.

“Without the help of Peoria Police, I’d be living with family,” Dave said. “I’d be completely destitute.”

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

Scams are evolving — how to protect yourself

In 2022, text scams drained $330 million from Americans, according to the FTC’s Consumer Sentinel Network, with a median loss of $1,000 per victim. In fact, 40% of people who reported a text scam in 2022 said the text impersonated a bank.

Text scams, phishing emails, and social engineering tactics are becoming more convincing and more dangerous, thanks to advancements in AI.

In December 2024, the FBI issued a public warning outlining how criminals are leveraging AI to supercharge these scams. Criminals now deploy hyper-realistic voices, deepfakes, and targeted messages that are personalized enough to fool even the most careful consumers.

Detective Finney offers one non-negotiable piece of advice: trust nothing that feels rushed or off-script. Instead, use the official number printed on the back of your card. Any email claiming you owe money or threatening legal action, especially from a “government agency,” is likely a scam.

Here are the FBI’s top recommendations to protect yourself:

• Never click on links in unsolicited emails or texts, even if they appear to come from your bank.
• Don’t share usernames, passwords, or verification codes with anyone.
• Use official phone numbers found on bank cards or official websites when verifying suspicious activity.
• Enable two-factor authentication on all accounts that offer it.
• Be cautious with social media. Scammers can use personal details to crack passwords or security questions.
• Check your credit reports annually at TransUnion, Equifax, or Experian. You’re entitled to one free report from each bureau per year.
• Report suspicious activity immediately to your local police department.

Dave was one of the lucky ones. Thanks to his persistence and a determined detective, he was able to recover most of what he lost. But many others aren’t so fortunate. Scammers are constantly evolving their tactics, and once the money is gone, it’s often gone for good. That’s why staying informed, skeptical and proactive is the best defense against becoming the next victim.

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• Rich, young Americans are ditching the stormy stock market — here are the alternative assets they’re banking on instead

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

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

Canada is home to many well-known brands and manufacturers, but some of the foods, drinks and clothing brands you may assume are made here actually come from elsewhere – and vice versa.

With globalization and corporate acquisitions, the origin of a product isn’t always obvious, even if the brand has strong Canadian ties (or even has Canada in the name!). Some companies have maintained local production, while others have moved manufacturing abroad for economic reasons. Meanwhile, certain foreign brands have set up shop in Canada, producing goods you might not expect to be made within our borders.

With recent trade tensions and tariffs igniting the Buy Canadian movement, many consumers are paying closer attention to where their products come from. If you’re looking to support Canadian-made goods or just want to know which brands are truly local, here are some surprising facts about what’s actually produced on Canadian soil — and what isn’t.

Ben & Jerry’s ice cream: A sweet surprise from Ontario

Ben & Jerry’s, the beloved ice cream brand known for its chunky, creative flavours, is owned by global consumer goods giant Unilever. What many Canadians don’t realize is that the ice cream sold here is produced in Simcoe, ON. That’s right — those pints of Half Baked and Cherry Garcia come from a small Ontario town, not Vermont, where the company was founded.

Chapman’s ice cream: Proudly Canadian

If you want to support a born and bred Canadian ice cream brand, look no further than Chapman’s. This family-owned company, based in Markdale, ON, is one of Canada’s largest independent ice cream manufacturers. They produce everything from classic vanilla to nut-free and lactose-free options, all made in Canada.

Kraft salad dressing? Made in Canada. PC salad dressing? Not so much

If you’ve reached for a bottle of Kraft salad dressing, you may be surprised to know that it’s made right here in Canada. However, if you opt for President’s Choice (PC) salad dressing, thinking you’re buying a Canadian-made house brand, you’re actually buying a product made in the United States.

While PC is a brand owned by Canada’s Loblaw Companies Ltd., its salad dressings are manufactured south of the border.

Kellogg’s cereal: Mostly made in the US

While Kellogg’s has a long history in Canada, the majority of its cereals are now made in the United States. The company closed its London, ON, plant in 2014, shifting production of popular cereals such as Corn Flakes and Frosted Flakes to facilities in the US. If you’re buying a box of Kellogg’s cereal, chances are it was made outside of Canada.

Canadian Club whisky: Still made in Canada

Whisky lovers can take pride in the fact that Canadian Club, one of the country’s most iconic spirits, is still made in Windsor, ON.

The brand has been around since 1858 and remains a staple in the whisky industry, proving that some classic Canadian products are still made close to home. We realize that the fact it says ‘Canadian’ in the name is a give away that maybe, it’s still made here, but in today’s climate, you can never be too sure.

Canada Dry ginger ale: Or should we call it, America Dry?

Case and point, we regret to inform you that though the name implies otherwise, Canada Dry, originally founded in Canada in 1904, is no longer a Canadian-owned company, and is instead owned by American beverage conglomerate Keurig Dr Pepper.

While Canada Dry is produced and distributed in multiple countries, including Canada, owernship of the brand has been in American hands since the early 1980s.

Roots: A Canadian brand with American ties

Roots, the iconic clothing and lifestyle brand known for its cozy sweats and leather goods, was founded in Canada in 1973. While it still has strong Canadian roots (pun intended), many of its products are now manufactured outside the country, including in Asia, and has been owned by Searchlight Capital Partners LP, an American investment firm, since 2015. Despite its branding as a symbol of Canadian culture, much of what you see in Roots stores today isn’t actually made in Canada.

Do your due diligence to do your part

While a brand’s identity may be rooted in Canada (or not!), its manufacturing and ownership can tell a different story. As consumers, taking a closer look at labels and researching where our favourite products come from empowers us to make informed decisions.

Whether it’s enjoying a scoop of ice cream, cozying up with a highball in your comfy sweats, or just being aware of where the things we buy are really made, every purchase we make is an opportunity to invest in the economy, and ultimately the country we want to sustain.

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

A 19th century home in Sanford, Florida that survived hurricanes and a nearly two-mile move to its current spot may soon be bulldozed to make room for a highway.

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Officials from the Central Florida Expressway Authority (CFX) are planning to build a two-lane road designed to relieve traffic congestion in Seminole County by connecting State Road 417 and the Orlando Sanford International Airport.

But according to news reports from the Tampa Bay Times and WESH 2, the preferred route, known as Alignment 2A, runs straight through the 10-acre property where Becky Burke’s home sits — an 1800s-era two-story house that has already been relocated once to escape demolition. A map revealed the road would be “going through my dining room,” she said.

If the plans move forward, the state is expected to use eminent domain to seize the land.

But Burke, whose husband Ken passed away in August, may not have the strength to relocate the home all over again. She told WESH 2 it will depend on how much money she’s given and how much land the government takes.

"I love it out here," she said. "Knowing it was Ken’s family, his history, his grandfather passed away here, he passed away here, so there’s so much emotion that goes into that piece of what I’m facing."

Officials report the need to reduce traffic

The couple moved the house in 2003 after the original land it sat on was sold to developers.

Relocating the structure was no small feat — it took from July to November to complete, just in time for Thanksgiving.

"That was quite a feat,” Burke told WESH 2. “I think I wired every outlet in the house.”

That effort preserved more than a structure; it preserved a family’s history.

"If the legacy ends with me, that’s fine, I’m OK with that," she said. "But the emotional loss, it’s like, one more thing. One more thing to break my heart, one more thing to make me just feel a little overwhelmed and sad."

The new roughly two-mile road has a tentative budget of $200 million. The CFX says it will reduce the number of cars per day on Lake Mary Boulevard by nearly half by 2050.

"For those of you who travel in and out of our amazing airport, you know the traffic backs up over there," said Rebekah Arthur, president of the Seminole County Chamber, according to WESH 2. "So this connector is going to be a very needed extension to our airport and will help people come in and out, especially as our sports tourism grows."

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

What rights do homeowners have when it comes to eminent domain?

According to the Tampa Bay Times, the CFX estimates it will spend $18.3 million for the acquisition of properties along the right-of-way.

Eminent domain is a legal process that allows governments to take private property for public use, such as highways or bridges, provided the owner is given “just compensation.”

But just because it’s legal doesn’t mean it always feels fair.

Owners like Burke should expect to be paid market value for their homes, but that may not always cover the full cost of relocation or compensate for the emotional stress.

In Florida, property owners have the right to challenge eminent domain in court. They can:

• Dispute the taking itself: This is an option if property owners believe the land isn’t truly needed for a public project.
• Challenge the compensation amount: If the offered payment doesn’t reflect the property’s fair market value, owners can argue for a higher fee.
• Negotiate relocation: Owners can argue that relocation benefits offered are not sufficient.
• Partial takings: When only part of a property is taken, owners can argue that the impact on the remaining property is not being fairly compensated.

If you live or own property in the area, there are steps you can take to have your voice heard.

The CFX scheduled two public meetings in July for residents to ask questions and voice concerns about the project.

Attending such meetings is one of the best ways for impacted homeowners to stay informed, get involved, and advocate for better outcomes — whether that means alternate routes or help preserving historic properties.

The Tampa Bay Times says the CFX’s governing board — made up of elected officials from the Central Florida region — will review the project at its October public meeting.

As for Burke, the future remains uncertain.

“I’m always the one that’s trying to encourage other people and love on them and care for them,” she said. “And now, I’m in this place where I don’t know where God is leading me.”

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• Rich, young Americans are ditching the stormy stock market — here are the alternative assets they’re banking on instead

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

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

When devastating wildfires swept through California earlier this year, many buildings were destroyed beyond repair. In fact, the Eaton and Palisades fires alone destroyed 40,000 acres of properties, and 6,800 buildings were damaged in the Palisades fire, affecting the Santa Monica Mountains.

Now, the rebuilding process is leading to some conflict. Specifically, many residents of Pacific Palisades have recently expressed serious concerns about Senate Bill 549, which would create “Resilient Rebuilding Authorities" funded by the government through property tax collection. These concerns were recently raised in a Fox 11 LA news report.

These authorities would be given the power to purchase lots where homes had been destroyed by fire, and to build low-income housing on a significant percentage of those lots.

However, residents of Pacific Palisades, where Realtor.com reports the median home listing price is $4.9 million, are not happy with what they see as a "land grab." Many have voiced opposition, and, in response, Senate Bill 549 has been put on hold until at least 2026.

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What would the California affordable housing bill do?

Senate Bill 549 explains that existing law gives the government the authority to establish an "infrastructure financing district to finance public capital facilities or other specified projects of communitywide significance" and to "allocate tax revenues… to the district, including revenues derived from local sales and use taxes."

Lawmakers now want to use this power to create Resilient Rebuilding Authorities, which would use some of the money to buy lots in Pacific Palisades and build homes for people with incomes between 60% and 30% of the median income, as well as homes that would be occupied by people with incomes below 30% of the area median and permanent supportive housing aimed at finding homes for the homeless.

Governor Gavin Newsom also separately allocated $101 million in taxpayer money for the construction of more low-income housing to "accelerate the development of affordable multifamily rental housing so that those rebuilding their lives after this tragedy have access to a safe, affordable place to come home to."

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

Why is the California housing bill causing so much controversy?

While lawmakers may want to build affordable housing in Pacific Palisades, residents are not so sure they want this to happen.

Jessica Rogers, Pacific Palisades Residents’ Association president, wrote a letter expressing her objections to lawmakers, which over 2,300 other local residents signed onto.

"[Lawmakers are] asking for a land grab," Rogers said. "This is a rebuild, this is not a politicians get to decide a pet project on what they’re going to decide in the Palisades. This is residents of this community get to decide what happens in our rebuild phase, period."

Rogers also stated that while there was some affordable housing in the area in the past, residents don’t want more of this housing built because they don’t want things to change — they want their neighborhood back the way it was.

"We had some low-income housing, and we had affordable housing," Rogers explained. "We want what we had on January 7 [the day of the Palisades Fire]. Nothing more, nothing less."

Another resident was also upset about the idea of the government coming in and making sweeping changes without the consent of those who already lived there. "It does sound quite a bit like Big Brother deciding what’s good for all of us," commented Aileen Haugh, another local resident. "It’s irritating to think that other people [not local residents] are going to make decisions of what gets built and how it gets built."

Misinformation may have also played a role in stoking opposition, as the LA Times reported that Spencer Pratt, a reality TV star, had shared information on social media about his opposition to the bill, who claimed that the government was focused on dense reconstruction and wouldn’t be abiding by local zoning rules.

The LA Times has also said that some of the other posts opposing the legislation were based on prejudiced views towards affordable housing and distrust of the government, as well as fears that the character of Pacific Palisades would change. Some even floated the conspiracy that the fires were set on purpose to replace the wealthy community with one where homes were more affordable.

Regardless of whether the objections are based on conspiracy theories or fact, however, lawmakers have taken notice, and the controversial bill has now been put on pause.

"I appreciate the input of the folks who have weighed in about the bill, and along with legislative colleagues have decided that it would be best for us to pause the bill until next year to give us more time to see if we can get it right," State Senator Ben Allen said in a recent statement. "For me to feel comfortable proceeding, the bill will have to be deeply grounded in community input, empowerment, and decision-making, including the support of the impacted councilmembers."

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

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

Bestselling author of Rich Dad, Poor Dad, Robert Kiyosaki, publicly challenged finance guru Dave Ramsey on the topic of debt. Kiyosaki proudly proclaimed having US$1.2 billion in debt, objecting to the conventional wisdom that it’s better to live debt-free.

“My friend Dave Ramsey says ‘Live debt free.’ I say ‘I use debt to invest.’ I am $1.2 billion in debt", Kiyosaki shared on X in March of last year.

Kiyosaki champions an investment philosophy that leverages debt — not as a burden, but as a tool to build wealth by investing in tangible assets such as precious metals. However, he reckons that this approach is not for someone with a basic understanding of finances, but rather, a strategy for a seasoned investor with a willingness to take a big risk for an even bigger payoff.

In a blog post, Kiyosaki reinforced his philosophy on money, writing, “Why do you want to achieve financial independence? For many, it’s more than just about money. It’s about freedom and security, especially when life throws unexpected challenges your way.”

A dual focus on the freedom to spend with the security to weather financial storms contrasts Ramsey’s push to achieve financial security through strict debt elimination.

So, is Kiyosaki’s debt-driven strategy a viable path to building wealth?

If you think he’s on to something and want to invest like Kiyosaki without going into debt to the tune of a billion dollars, here’s where you can start.

So, who is right? Is Robert Kiyosaki correct to prioritize investing or is Dave Ramsey right about debt?

Robert Kiyosaki and Dave Ramsey are engaged in a high-profile financial debate over this core question: Is it better to live debt-free (Ramsey’s view), or to use debt as a tool to build wealth (Kiyosaki’s view)?

Kiyosaki publicly boasts about being US$1.2 billion in debt, claiming he uses it to invest in tangible assets like real estate and precious metals. In contrast, Ramsey promotes a strict debt-free lifestyle, focusing on budgeting, avoiding credit and financial security through simplicity and discipline.

What should you do?

There’s no one-size-fits-all answer — your financial strategy should depend on your income stability, risk tolerance and financial goals.

Here’s how to decide which philosophy is right for you.

Managing high-interest debt

While Kiyosaki advocates using debt to acquire assets, this approach carries many inherent risks. For example, high-interest credit card debt is not the kind you want hanging over your head, as it can quickly become unmanageable.

Credit card debt can feel like a big weight on your shoulders. Luckily, there are smart ways to get rid of it. One helpful strategy is debt consolidation, where you gather all your small debts from different accounts and put them into one new, bigger. The Financial Consumer Agency of Canada can connect you to resources that will help you consolidate the debt more efficiently and pay it off rather than having to manage separate bills.

Plus, you might be able to negotiate a lower interest rate on the new loan compared to what you were paying on your credit cards. This means more of your money goes to paying off what you owe, instead of just covering high interest charges.

By finding a way to combine your debts and get a better interest rate, you can pay off what you owe faster and save money, helping you get out of debt more quickly.

When strategic debt (Kiyosaki) might work

• You have stable or high income, with good credit and a strong understanding of investing.
• You’re comfortable with risk and are actively growing wealth through leveraged assets like rental properties or business investments.
• You’re using low-interest debt to buy assets that generate cash flow and appreciate in value.

Actionable Step: Create a wealth-building strategy using leverage, while maintaining liquidity and managing risk. This can include purchasing investment real estate properties or boosting your retirement savings through borrowing.

Focus on investing

If you choose to focus on building your nest egg rather than prioritizing debt repayment, be sure to build a well-diversified portfolio. For instance, you may want to consider a real estate investment property as rental income since it can be a good hedge against inflationary pressures; however, you should balance this geographically-specific investment with broader investments such as stock market holdings and alternative assets.

One option that Robert Kiyosaki is very bullish on is using gold as a hedge against equity volatility. Precious metals like gold and silver are widely favoured as safeguards against inflation and economic instability. In the past, Kiyosaki has publicly talked about the impact of the U.S. dollar’s disconnection from the gold standard during Richard Nixon’s presidency in 1971.

In late 2024, Kiyosaki predicted, “Gold will soon break through $2,100 and then take off. You will wish you had bought gold below $2,000. Next stop, gold $3,700.”

At the time of writing, the price of gold per ounce is fluctuating around US$3,400 to US$3,430, which equates to about C$4,600 to C$4,650 based on current exchange rates.

It’s possible to take advantage of the long-term market potential of this precious metal by starting a Gold RRSP or TFSA with help of the Royal Canadian Mint (RCM).

A Gold RRSP or TFSA can be a secure and stable investment option, allowing investors to include gold or silver in their portfolio, both diversifying your assets and safeguarding your cash value against economic uncertainties.

There are several benefits when you invest in gold or silver with an RRSP or TFSA. In an RRSP, you’ll likely not pay tax until you withdraw at a later date, typically at retirement. In a TFSA, any money you earn from your gold investments is usually tax-free. Understanding how gold and silver fit into the bigger investment picture can help you make smart choices to grow your savings and feel more confident about your financial future.

However, be aware that while gold is known as a good store of value, it is also considered to be a speculative and highly volatile investment. Unlike stocks or real estate, gold doesn’t produce income. Its future value is tied to price speculation rather than earnings or dividends.

When a debt-free lifestyle — the Dave Ramsey philosophy — makes sense

• You have unpredictable income, or are living paycheque to paycheque.
• You’ve struggled with credit card or personal loan debt in the past.
• You value financial peace of mind and want to reduce risk.
• You’re saving for retirement, a home, or children’s education and need a clear path with fewer variables.

Actionable Step: Use the snowball or avalanche method to aggressively pay down high-interest debt, and avoid new debt unless it’s for appreciating assets like a primary residence.

No matter what you choose: Make sure to get expert advice

Kiyosaki often urges his followers on X to be cautious when choosing a financial advisor. “Don’t be a loser. Choose your financial advisors carefully", he told his followers in February.

While choosing a financial advisor should be done with prudence, a recent Vanguard-Angus Reid survey, revealed how advisors offer clear benefits for investors aiming for success in Canada. Despite a trend among younger investors preferring to use online platforms, advisors remain the primary source of financial guidance for 89% of all investors.

Here’s how they can be beneficial to you:

• Valuable guidance: 44% of Canadian investors report that their advisor provides high value, suggesting a direct positive impact on their financial journey.
• Optimism through planning: A formal financial plan designed by an advisor significantly boosts confidence and sees 40% of investors anticipating an abundant financial future, compared to just 22% without a plan.
• Consistent communication fuels confidence: Regular interaction matters — 46% of clients who communicate with their advisor monthly or more frequently to fine-tune their investment strategies feel optimistic about their financial future, a much higher percentage than the 18% who only connect annually.

Bottom line

If you’re early in your financial journey or want low stress, follow Ramsey’s path to debt-free living. If you’re an experienced investor with a solid cushion, you might choose Kiyosaki’s path, using debt to accelerate wealth — but only with careful planning and risk controls in place.

Just remember to let your financial habits and goals — not someone else’s philosophy — guide your decisions.

Sources

1. X: Robert Kiyosaki (Mar 16, 2024)

2. Royal Canadian Mint: Can I hold gold in my Canadian TFSA or RRSP? (Apr 24, 2024)

3. Vanguard: Canadians Show Strong Loyalty and Satisfaction to Financial Advisors, But Younger Investors Less Certain: Vanguard Study (Oct 15, 2024)

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

Selling a car through online marketplaces isn’t new. It’s a go-to way for people to squeeze a little extra cash out of their used ride. But what most sellers don’t think twice about is who’s driving off with their keys — and maybe they should.

On May 31, Tania Leija sold her black 2013 BMW on Facebook Marketplace. Not long after, dashcam footage captured a man stepping out of that same BMW and firing multiple rounds outside Houston’s Galleria.

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Police told ABC 13 Eyewitness News that Leija isn’t a suspect — she no longer owns the car — but that didn’t stop strangers from tracking her down through the license plate. Worse, she started receiving threatening calls from a blocked number about the incident.

Here’s how it all spiraled out of control — and what Leija could have done to protect herself before handing over the keys.

A quick sale but costly oversight

When Leija finally found a buyer, she says he wasted no time. The man showed up almost immediately with another person and a backpack stuffed with $3,500 in cash.

"As soon as I told him that he could come, he was on his way," she said.

Leija admitted she skipped some key paperwork. Instead of drafting a formal bill of sale, she signed over the title and trusted the buyer to handle the rest.

"I had my title, I filled out my part, put my name, signed it, and then gave it over to him, and he said he would fill out his part," she said.

But Leija had no way of knowing whether the buyer ever completed the transfer with the Texas DMV — leaving her name still tied to the car when things went south. According to the DMV, both buyers and sellers should complete Form 130-U to officially transfer ownership and ensure the paperwork is filed.

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

How to make your next sale safer

Although this deal took a dangerous turn, Leija said it was her first time selling a car and she skipped some steps that could’ve kept things safer. If you’re planning to sell a car online, here’s how to make sure your sale doesn’t go off the rails:

• Vet buyers first: Before agreeing to meet, screen potential buyers by phone. It helps you figure out if they’re serious, whether they’ve got financing in place and gives you a chance to answer questions. If someone pushes for a fast sale and skips this step, take it as a red flag.

• Be smart about the test drive: Once you’re comfortable, meet in a busy public place and bring a friend or family member. Always check the buyer’s driver’s license before letting them get behind the wheel.

• Keep the transaction safe: Talk about payment methods ahead of time. Avoid unusual requests like driving someone to a bank or loan office. Don’t meet at your home — choose a safe, public location. Keep the title out of sight until you’re ready to sign, and use secure payment options. Apps like Zelle or Venmo can work for smaller amounts, but be aware of transfer limits.

• Nail the paperwork: Fully complete the title with the sale price, date and odometer reading — and keep a copy. Most states also require a bill of sale and a release of liability form to protect you if the new owner racks up tickets. Don’t forget to file that release with your DMV. Alan Helfman, who owns multiple car dealerships, strongly recommends that sellers go the extra mile and accompany the buyer to the DMV to make sure the paperwork gets filed properly.

• Complete the title transfer: Check your state’s rules before closing the deal. Typically, the seller signs over the title and the buyer registers the car and pays state taxes or transfer fees at the DMV or tag office. Some states also require a recent smog check or inspection certificate, so be sure to have that ready.

What to read next

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

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

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

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

When you think of the top 1% of American earners, the first people who might come to mind are likely well-known investors and entrepreneurs like Warren Buffett and Bill Gates — but it might surprise you to learn that those ultra-wealthy Americans make up just 0.001% of the population.

Landing in the top 10% can be a fairly attainable goal for upwardly mobile Americans. A study published by the Economic Policy Institute (EPI) in 2022 found that the average earnings of those in the top 10% were roughly $169,639 in 2021.

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

Salaries start to jump significantly the closer you get to the top 1%. You’ll start to see dramatic shifts in the top 5%, where the EPI found the average earners significantly increased to $335,891 in 2021, up from $322,349 the year before.

While the income of the top 1% varies, Forbes reported in 2023 that the bracket’s minimum net worth is much higher — a cool $11.1 million. Finding your way into these financial brackets isn’t impossible, especially if you use these three simple money-optimizing tactics.

3. Put your cash to work

If you think of savings as a seed, the best thing you can do to help them grow is to find some solid soil to plant them in.

A certificate of deposit (CD) can be a great place to start. A CD is a low-risk savings option that can yield interest comparable to, or even higher than, the top savings accounts. The trade-off for this higher rate is that your money stays locked in the account for a set period.

But which CD and what term should you choose?

With MyBankTracker you can shop and compare top certificates of deposit rates from various banks nationwide.

Their extensive database shows the most competitive rates, with daily rate updates and personalized recommendations based on your risk preferences and time horizon so you can find the right CD to meet your retirement savings goals.

If you want to make the most of your accessible cash, make sure your everyday bank account is working for you.

For example, SoFi’s checking and savings account can help you make the most of your everyday cash flow. The two-in-one account offers up to 3.80% APY on savings balances and 0.50% on checking account balances.

You can enjoy no-fee overdraft protection, early paycheck deposits, and access to over 55,000 ATMs within the Allpoint network.

Speaking of deposits, sign up now and you can earn a bonus up to $300 for setting up direct deposit.

If you’re still trying to decide where to park your hard-earned cash, don’t just let it sit in a low- or no-interest checking account.

Check out the Moneywise list of Best High-Yield Savings Accounts of 2025 so you can have a streamlined look at what high-yield savings account is best for your savings to grow over time.

Every little bit counts as you climb your way up the ladder to your preferred wealth bracket.

2. Diversify your portfolio

Now that you’ve made sure your savings are optimized, you can look at your investments.

While you might not have the same resources as investing legends like Warren Buffett or Bill Gates, your wealth status doesn’t have to stop you from building a diversified portfolio and increasing your financial standing.

But how should you diversify?

Automate your saving and investing

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With Wealthfront’s automated investing platform, the power of compound interest works for you. Their sophisticated "set it and forget it" approach means your money is professionally managed and automatically rebalanced, allowing your wealth to grow steadily over time.

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Open your account today and receive a $50 bonus to jumpstart your investment journey. Whether you’re saving for retirement, a home, or building generational wealth, Wealthfront’s low-cost, automated investment strategy can help you achieve your financial goals.

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

Real estate

Federal Reserve data also shows that the top 1% of Americans hold over $6 trillion in real estate assets.

Real estate has long been considered a solid portfolio hedge, as rent and property values tend to increase with inflation. It’s no surprise that high-net-worth individuals — regardless of their age — see opportunity in this asset.

With the rising popularity of real estate crowdfunding platforms, you can diversify your portfolio with real estate at almost any wealth level.

If you are still a few income brackets from the top 10%, you can invest in real estate without having to pay a high price to buy and manage an investment property

For example, With Arrived, you can add rental properties to your investment portfolio for as little as $100 without needing to do any of the heavy lifting or legwork associated with being a landlord.

Arrived’s easy-to-use platform offers SEC-qualified investments such as rental homes and vacation rentals.

Its flexible investment amounts and simplified process allows accredited and non-accredited investors to take advantage of this inflation-hedging asset class without any extra work, like paying for maintenance or securing tenants.

Here’s how it works: You can start by browsing a curated selection of homes, vetted for their appreciation and income potential. Once you find a property you like, choose the number of shares you want to buy.

If you are a few more rungs up the ladder toward the top 1% and you’ve achieved the title of accredited investor, you may want to consider commercial real estate as part of your expanded portfolio. CBRE, the world’s biggest commercial real estate firm, anticipates a boost to commercial real estate activity and values. They’re expecting a 15-20% increase in transactions.

First National Realty Partners (FNRP) offers accredited investors access to quality retail-anchored real estate investments, without the legwork of finding deals yourself.

The FNRP team has developed relationships with shopping centers and health-care facilities across the U.S., as well as the nation’s largest essential-needs brands, including Kroger, Walmart and Whole Foods.

They also offer white-glove service for investors, providing key market insights and finding the best properties both on and off-market, while investors can passively collect distribution income.

You can engage with experts, explore available deals and easily make an allocation, all in one personalized secure portal.

1. Work with a professional

Sometimes, accepting that you need help is the first step to getting a hold on your finances or boosting them to a new level — especially if you’re aiming to reach the top 1%.

With Advisor.com, you can find the right financial professional to help you fulfill your wealth goals. It’s a free service that helps you find the right financial advisor for you,by matching you with a small list of the best options for you to choose from.

Set up a free, no-obligation consultation with one of their pre-screened financial advisors today.

What to read next

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

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

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

A news camera in San Francisco captured the moment Larry Reed found his latest parking ticket.

“One-hundred-and-eight dollars for parking in my driveway,” the senior noted to NBC Bay Area in a story published July 14.

Reed and several of his Mission District neighbors are speaking out after receiving hundreds of dollars in fines for allegedly parking in a manner that obstructs the sidewalk. But the residents insist they’re parking on their property and aren’t causing any problems.

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

Meanwhile, the city’s parking authority told NBC Bay Area that officers are simply responding to complaints submitted to the 3-1-1 system.

"The thing is, it’s never happened until this year,” Reed said. “So, it seems to be somebody who’s newly moved in.”

Documenting the unusual details

Some neighbors suspect there’s somebody out there gaming the system and costing them money.

“We don’t know what the deal is. It’s just, when we park on the driveway, we get a notice,” Yolanda Francisco told NBC Bay Area. “It’s been reported to 3-1-1 multiple times, but one picture multiple times.”

Complaints, plus accompanying photos, can be tracked online. Francisco’s son-in-law, David Chen, says he noticed a pattern after receiving a citation of his own.

“So, I don’t know when these photos were taken, but somebody obviously has a collection of these and is just re-posting them,” he told NBC Bay Area.

Chen was walking by when Reed found his latest parking ticket. The length of the vehicle appears to partly cover the sidewalk, but he says it’s not enough to be problematic.

"There’s, like, 10 feet of open space,” Chen said. “It’s not causing a problem for anyone with accessibility issues. It’s literally somebody making themselves feel good by submitting it, trolling us, getting us tickets."

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

Turning off the flood of tickets

Reed has attempted to appeal to the neighborhood parking complainer by posting letters on lightposts in the area, asking the person to simply call him instead if and when his car is bothering them so that he can move it. While this hadn’t yet yielded results, there are some other steps that Reed and his neighbors can take to avoid parking these parking fines.

The San Francisco Municipal Transportation Agency allows citizens to protest parking violation citations within 21 days of the date the ticket was issued, either by mail or online. They ask that if you plan to protest your citation, you should refrain from paying your ticket. As part of the submission, Reed and his neighbors can upload their own photos of their parking, and any other evidence that supports their claim. The parking citation is then placed on hold and reviewed within 90 days.

If this first protest is denied, they have the option to request an administrative hearing within 25 days of the decision.

There are also programs in place to help the city’s low-income residents pay for citations via payment plans or reduced fees.

If parking in your neighborhood is similarly tight, you can avoid tickets by staying on top of the local parking bylaws, so that if anything changes, you’re aware. Also, take into account the road allowance and ensure your vehicle isn’t blocking the sidewalk, even partially. If you live in a neighborhood where driveways are short, you may even consider measuring how much space you have before you buy a new car.

Finally, getting to know your neighbors may be a safeguard against any complaints. If you’re on friendly terms, a neighbor may feel more comfortable reaching out to you directly if they have an issue, rather than going through official channels.

What to read next

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

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

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

As the summer heat kicks in, nothing’s more refreshing than grabbing a cold bottle of water while you’re stuck in traffic. But for some Atlanta drivers, that quick sip has turned into a costly scam draining wallets faster than you can say “Cash App."

So-called water boys — teens who hustle bottled water to passing cars — have been accused of using Cash App to take much more than just a few bucks. Two victims report losing over $1,000 each after believing they were simply being generous.

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• Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don’t have to deal with tenants or fix freezers. Here’s how
• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 6 of the easiest ways you can catch up (and fast)
• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now

Tristen Richardson said her $2 water turned into an unexpected $1,100 charge after she handed her phone over so the seller could “type in the right username.”

"My heart sank because I was like, oh my God, that’s like a big chunk of money," she told Fox 5 Atlanta.

She’s not alone, but your thirst doesn’t have to drain your wallet. Here’s how to avoid falling for the trick and keep your summer spending chill.

A costly lesson for drivers

It’s easy to hand over a few dollars to someone selling bottled water on a sweltering day, but Richardson isn’t the only kind-hearted driver who ended up paying far more than expected.

Earlier this month, Fox 5 Atlanta reported a similar incident involving a QR code, showing scammers are getting more creative by the day. In that case, a woman who asked to remain anonymous said she lost $800 after a group of water boys off Interstate 20 and Joseph E. Lowery Boulevard offered her a QR code when she didn’t have cash on hand.

She intended to tip them $5, but after scanning the code with her phone, $800 vanished from her account without her confirming the amount, entering a PIN or using a fingerprint verification.

"Cash App usually has three methods of verification before any money is sent," she told FOX 5. "None of those three verification methods were utilized. They were all bypassed and $800 just taken out."

It’s unclear how the verification steps were skipped, but experts say scam apps and spoofed links can trick devices into authorizing payments.

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

Trust your gut

Most victims say they just wanted to help. They assumed the teens selling water were legit. But experts warn these incidents are part of a growing trend that’s catching unsuspecting Good Samaritans off guard.

Rajiv Garg, a professor of information systems and operations management at Emory University, said phishing scams using QR codes are on the rise as more people rely on digital payments.

"If you don’t see where this QR code is leading you to, it could be a scam," he told Fox 5, adding that the best way to avoid these scams is to learn and follow best practices for online transactions.

If you want to stay safe, here are a few tips: never hand over your phone, no matter how trustworthy someone seems. If you prefer to pay digitally, open your payment app yourself and manually enter the amount and username. And skip scanning random QR codes on the spot.

For peace of mind, keep a few small bills in your glove box. It’s old-school, but it keeps your account details out of the wrong hands. While you’re at it, check your app’s security settings. Enable PIN or fingerprint verification for every transaction. It only takes a few taps, but it can block scammers fast.

Above all, trust your instincts. If someone seems pushy or tries to rush you into paying, roll up your window and drive on. That’s Richardson’s new rule.

"If you’re in Atlanta and you pass by the water boys, I wouldn’t even press my finger on the roll-down window button," she said. "Don’t even bother."

What to read next

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

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

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

Dustin Harpe built his family’s dream home in Kenosha County, Wisconsin: a space where his kids could grow up and where he could thrive as a father with quadraplegia.

But that dream turned to disaster this month when a fire sparked by a lithium-ion drone battery ripped through the house, leveling it in less than an hour.

"I didn’t think a battery that size would take my house down in 45 minutes," Harpe told local station TMJ4.

Now Harpe is sharing his story with a plea: “Take precautions to protect your family.”

Why lithium-ion batteries can be dangerous

Lithium-ion batteries — found in drones, smartphones, e-bikes, and power tools — are lightweight, rechargeable, and power much of our modern life. But when damaged, overheated or poorly manufactured, they can become ticking time bombs.

Fire officials and consumer safety advocates agree. Richard Trumka, a commissioner with the U.S. Consumer Product Safety Commission (CPSC), recently released a statement warning of the escalating risk:

"People in apartment buildings are worried that their neighbor’s e-bike could burn down the entire building. And that’s not a hypothetical concern…it’s happening. A fire broke out on the 20th floor of a 37-story New York apartment building. It hurt 43 people, and for those living in floors above the fire, firefighters had to rappel down from the roof to save them through their windows."

The CPSC has logged 227 fire-related incidents linked to lithium batteries in micromobility products alone — leading to 39 deaths and 181 injuries. But proposed safety regulations to address the issue are currently stalled, after the agency’s Democrat majority was ousted in May 2025 and remaining Republican commissioners voted to withdraw the rule in its current form.

Experts warn that the biggest risks of fire or explosion come from:

• Overcharging or unattended charging
• Low-quality or uncertified batteries
• Improper storage in hot garages or near flammable items
• Damaged, swollen or counterfeit battery cells

CPSC officials urge consumers to use only batteries and chargers certified by labs such as UL or ETL, follow manufacturer guidelines for storage and charging carefully, and avoid cheap aftermarket substitutes.

No time to react

After an accident nine years ago left him with quadriplegia, Harper was very lucky that he decided to leave the house that day.

"I was really close to just getting back in bed because I wasn’t feeling very good. I don’t know what made me change my mind," Harpe said. "If I’m stuck in bed by myself I’m like a turtle on my back, you know, I can’t get up or get out."

His wife and their four children were not home when the fire broke out, but the home — designed to be fully accessible for Harpe’s wheelchair — was completely destroyed. Their three pets did not survive the flames.

How to protect yourself from lithium battery fires

Harpe says he never thought a drone battery could do this kind of damage.

"It’s not something that I think most people think about, that something that small can cause a problem that big," Harpe said. And he’s right, most consumers don’t realize how dangerous lithium batteries can be if not handled with care.

Here’s how to reduce the risk in your own home:

1. Never charge lithium batteries unattended, especially while sleeping or away from home.
2. Avoid extreme temperatures. Don’t leave batteries in hot garages or cars.
3. Use fireproof storage or charging bags for drones, e-bikes, or tool batteries.
4. Look for damage. If a battery is swollen, hot, or smells odd, stop using it immediately.
5. Charge in a safe area. Keep batteries away from flammable items, wood, paper, or gasoline.
6. Keep a fire extinguisher nearby — especially in garages or home workshops.

Experts typically also recommend charging batteries like these outside if possible, in shaded areas like a shed in the backyard. It’s also a great idea to charge them inside of fireproof bags or in non-flammable spaces.

As for Harpe, he plans to rebuild a new home once the debris of his old one is cleared — focusing on fire protection measures.

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