Category: Moneywise

A record number of people are reaching retirement age. Each day, more than 11,200 Americans turn 65 — adding up to 4.1 million Americans hitting retirement age per year.

And yet very few of them feel they have enough saved to last the rest of their lives. The Federal Reserve reports that the reality is that most Americans aged 65 to 75 have approximately $426,000 in their 401(k).

According to a Northwestern Mutual survey, most Americans believe they’d need closer to $1.46 million for a comfortable retirement.

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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

Experts disagree. Suze Orman, for example, called $2 million in retirement savings “chump change”.

So $2 million is a high bar. But according to a recent analysis from GOBankingRates, it should be enough to last you in all but three states: Hawaii, Massachusetts, and California.

Here are some states where a $2-million nest egg will make you feel like a millionaire in retirement — and states you may want to avoid if you have a more modest retirement nest egg.

The rankings

GOBankingRates ranked all the states based on how long $2 million would last in retirement. They looked at average Social Security payouts and the average annual expenditure for Americans 65 and older (based on the 2023 Bureau of Labor Statistics Consumer Expenditure Survey).

Then they compared that data to each state’s overall cost of living to determine how many years retirees could make $2 million last.

The state where it would last the longest?

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

Virginia, where a $2-million nest egg would last a whopping 71.93 years. Average annual expenses in that state would be $27,803 a year, after accounting for Social Security income.

Unfortunately, living in West Virginia post-retirement has some downsides. The state has some of the worst health-care outcomes in the U.S.. Other retiree-friendly states on the list include Kansas, Mississippi and Oklahoma, with $2 million projected to last up to 69 years.

In contrast, $2 million would not last even half as much in California, Massachusetts and Hawaii, which ranked at the bottom of the list for long-term affordability. The $2-million nest egg would last about 31 years in California and Massachusetts and Hawaii 22.75 years.

In other words, if you retire at 65 in the Aloha state, your money would likely last until you’re 88, but no longer.

That may not seem so bad, but this analysis didn’t take into account high health-care costs, so your $2 million nest egg may shrink more quickly than the data suggests.

Deciding where to live in retirement

Choosing when, where and how to retire is an individual decision based on multiple variables. Here are some factors to consider as you contemplate areas to live in retirement.

• Local cost of living, This varies across the country, as GOBankingRates’ analysis shows.
• Housing supply and prices. This is a major consideration if you’re planning to move states or downsize to a smaller home after you retire. Hawaii, like many states, is facing a housing supply crisis, while Massachusetts and California also report low levels of housing supply, driving up the cost of living in these states.
• Public services. For example, you will likely need health facilities and use public transportation more as you age.
• Convenience and amenities. Are there supermarkets, pharmacies and gas stations within an easy distance? Community centres? Restaurants and theatres? As you age, proximity matters, and you’ll be less likely to want to cope with an inconvenience in your living arrangements.

Whether or not you have $2 million, it pays to be realistic about your fixed income and make wise decisions about where to retire. That way you can ensure that your golden years are comfortable ones.

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.

If you’ve ever tried and failed to stick to a budget, the problem may not be with you but with your budgeting strategy. Different forms of financial management suit some personalities better than others — select the wrong one and you could find it difficult to stay on track.

The different money personality types

To help you create a budget that works for you, we’ve outlined the five most common money personality types — Spender, Saver, Earner, Ostrich and Sharer — and suggested the ideal budgeting technique for each.

#1. Best budget for the Spender personality type

If you’re a big believer in “YOLO” and shopping therapy, you may be a Spender. Other signs are:

• Money burns a hole in your pocket; you spend it as soon as you have it
• Buying stuff makes you feel great
• You put current wants ahead of future needs
• You may continue to spend even if it lands you in debt
• You don’t have much in savings or investments

Objective

Your spendthrift ways leave you vulnerable for the future, so you need a system that prioritizes long-term savings (and debt repayment, if necessary) and gives you a strict spending limit.

Best personal budget for you: Pay yourself first

Pay yourself first, also known as a reverse budget, is a good option because it takes savings out of your bank account as soon as you’re paid – before you have a chance to spend it.

By scheduling automated transfers to an emergency fund, RRSP or credit account (if you’re trying to pay off debt), you make savings a top priority. Then you can use the rest of your income for bills and other spending.

Bonus budgeting tip

You could also consider using an investment app such as Moka, which allows you to set small weekly investments into the best money compounding market, the S&P 500.

#2. Best budget for the Saver personality type

If you think a dollar saved is better than a dollar earned, you may be a Saver. You may also:

• Have more than enough set aside to meet both short- and long-term goals, but continue to save beyond that
• Find it painful to part with money
• Avoid paying full price on necessities and reject discretionary spending of any kind
• Need the security of a large nest egg to feel safe
• Don’t like to carry debt; you might even pay off your mortgage early

Objective

There is such a thing as too much saving. Money is a means to an end, not an end in itself. You need a system that will help you feel secure, but also encourage more spending where appropriate.

Best personal budget for you: 50/30/20 budget

Try the 50/30/20 budget, which divides your net income into three areas: 50% goes toward needs (any fixed expense, such as groceries, housing, transportation, insurance and other living expenses), 30% goes toward wants (e.g., variable expenses, such as restaurant meals, entertainment, vacations, tech toys, etc.) and 20% is for savings and debt repayment (such as credit card debt, student loan repayment).

Clearly, you’ve got that 20% covered. This budget will show you exactly how much more income you could be spending on your needs and wants, so you can hopefully be coaxed into enjoying your money without feeling guilty that you aren’t saving enough.

Bonus budgeting tip

A cash back app like Avion rewards might also help you feel better about spending, as it automatically rewards you with cash back for eligible purchases.

#3. Best budget for the Earner personality type

If you measure success by income level, you could be an Earner. You may also:

• Get satisfaction from the amount of money you earn, regardless of whether you spend or save it
• Have a plan for career advancement and financial achievement
• Be a workaholic
• Take pleasure in knowing that your income is higher than that of your peers
• Monitor your investment accounts closely because you enjoy watching your assets grow

Objective

While you know exactly how much money you’ve got coming in, you may not pay much attention to what’s going out. So, you need a comprehensive system that not only shows you where all those hard-earned dollars are going but also ensures you’re devoting enough resources (including time) to non-work pursuits.

Best personal budget for you: The zero-based budget

The zero-based budget is right on the money because it accounts for all your income earnings. Use a budget spreadsheet or a budgeting tool, such as YNAB, to log amounts for all your expenses, debt payment, purchases, savings, investments and charitable contributions.

Properly done, every dollar of your income will have a designated purpose, without any money left over at the end of the month. You’ll see whether you’re on track for retirement and any other savings goals, and what areas of your life you might be ignoring, say, like vacation spending.

#4. Best budget for the Ostrich personality type

If you typically ignore your finances because it stresses you out, you could be an Ostrich. You might also:

• Leave pay stubs and account statements unopened
• Miss payments or go into overdraft/debt because you’re not paying attention
• Disregard prices when shopping
• Think money management is too hard to learn
• Tell yourself you’ll save “eventually”

Objective

You need a simple strategy that will force you to consider what things cost and if you can afford them.

Best personal budget for you: The envelope budget

Try the envelope budget, which takes a cash-based approach to money management. It’s easy to follow; at the beginning of the month (after your rent/mortgage payment comes out of your account) you withdraw cash and divide it into separate envelopes for various categories such as groceries, gas, entertainment, debt repayment and savings. When an envelope is empty, that’s it-you can’t spend any more in that category until the next month.

Bonus budgeting tip

Obviously, you’ll need to put away your credit cards if you want this budget to work. Better yet, use a prepaid card like KOHO, which lets you transfer money onto a Prepaid Mastercard® that you can use for purchases in person or online without any chance of overspending. Spending and transaction insights and budgeting tools are also available with KOHO.

If you want to ramp up your savings slowly, consider doing the 52-week money challenge.

#5. Best budget for the Sharer personality type

If you think it’s better to give than to receive-but also put giving ahead of saving and spending on yourself-you’re probably a Sharer. You might also:

• Value others’ financial health above your own
• Offer loans or financial gifts to help friends or family, even if it means you go without
• Rarely shop for yourself
• Put all your extra money and time into helping others, including charities and community groups
• Have little in savings, because you give so much away

Objective

You need to take care of yourself if you hope to be there for others in the future. That means putting away enough for retirement savings and emergencies first; then you can give to your heart’s content.

Best personal budget for you: The values-based budget

The values-based budget is perfect for anyone who finds joy through a specific use of money – whether that be travel, a hobby or helping others. It’s similar to the pay-yourself-first strategy, in that you start by making sure you’re putting enough away in an emergency fund and retirement savings and you’ve got your living expenses covered.

Then look at what’s left over, how you’re spending it and whether that makes you happy. Any costs that “don’t matter” to you should instead be used to pay for what you value.

Find the right budget for you

The above budgets aren’t mutually exclusive — feel free to mix and match as appropriate. After all, you may find that you are a hybrid model of the above money personalities: a “Saver-Earner,” for example, may want to use the 50-30-20 budget as well as a budgeting app to keep them on track. Whatever works for you is the way to go.

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

Even as Canadians kick back and enjoy exploring their own country or relax into summer while soaking up sunshine rays, many are still struggling with the higher cost of living.

As the Bank of Canada prepares for its next interest rate decision on July 30, 2025, a recent survey from Money.ca shows that nearly two-thirds of respondents (63.9%) confess that the cost of living is their top economic concern — dwarfing worries about borrowing costs, jobs or debt levels. The findings highlight a growing divide between current economic indicators and how Canadians actually feel about their day-to-day finances.

Cost of living dominates the economic anxiety

The findings of the Money.ca survey offer a clear signal of what Canadians are feeling most acutely — a feeling that could influence how the central bank frames its next interest rate policy decision. While past rate hikes were aimed at taming inflation, households are now more preoccupied with ongoing affordability challenges than with the cost of borrowing itself.

Based on survey data is appears Canadians continue to feel the pressure of elevated grocery prices, rent, and transportation costs. There may be hope from some that the nation’s central bank will consider consumer sentiment as it decides whether or not to cut, hold, or raise the overnight benchmark rate.

Will the Bank of Canada cut, hold, or hike?

The Bank of Canada held its policy interest rate at 4.75% at its last meeting in June 2025, after cutting from 5% earlier that month. Some economists anticipate another small cut this time around, as inflation continues to cool modestly and job growth softens. Yet, others expect the Bank to pause and wait for more data before making additional moves.

No matter which way the BoC decides to go, the decision appears to come with risks. Cutting too soon could weaken the Canadian dollar and reignite inflation — especially if the U.S. Federal Reserve maintains its higher rates for longer. Holding steady might keep mortgage and loan costs high, worsening household affordability. Finally, a hike in rates (although very unlikely) could potentially worsen consumer sentiment and tip some households into financial distress.

Canadians’ top concern is broader than interest rates

While the Bank of Canada’s rate decision will impact living costs, most survey respondents did not consider higher intererest rates as their primary concern. Turns out fewer than 1 in 9 Canadians selected “high interest rates” as their top concern — despite more than two years of rapid hikes. This suggests that while interest rates are affecting Canadians, they are seen more as a side effect of deeper economic problems like inflation, housing, and everyday affordability.

This is most likely due to the perceptoin that while high rates have slowed inflation, the damage is done — people are still paying more for food, gas and rent. This also emphasis the gap the continues to emerge between macroeconomic indicators and household realities.

What’s next

All eyes are now on the Bank of Canada’s July 30 announcement. While core inflation is gradually trending downward, and the job market is beginning to show signs of strain, the Bank of Canada’s decision will ultimately depend on whether it believes consumer pain — especially related to cost of living — outweighs the risk of reigniting inflation.

Whatever the move, the signal from Canadians is clear: affordability — not just inflation — is now the top issue.

Survey methodology

The Money.ca survey was conducted through email between July 16 to 21, 2025. Approximately 6,220 email newsletter subscribers, over the age of 18, were surveyed with 183 responses. The estimated margin of error is +/- 6%, 18 times out of 20.

About Money.ca

Money.ca is a leading financial platform committed to providing individuals with comprehensive financial education and resources. As part of Wise Publishing, Money.ca is a trusted source of reliable financial news, expert advice, comparison tools and practical tips. Canadians get insight on a variety of personal financial topics, including investing, retirement planning, real estate, insurance, debt management and business finance.

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

Christy spent the last 14 years as a stay-at-home mom in Sioux Falls, South Dakota, raising six children, ages four to 18.

Her husband of nearly 20 years recently dropped a bombshell that he plans to file for a divorce this summer, and she’s worried she’s unprepared for the financial fallout.

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“I’ve had a little bit of part-time income, which works with our kids’ schedules, but essentially everything’s valued under him so to speak,” she told personal finance expert Dave Ramsey when she called into his show recently and explained her situation.

“Holy moly,” responded Ramsey.

Hidden debts and a looming legal battle

The couple once tackled debt together — in 2010 they paid off every loan.

However, in 2020, when the couple refinanced their house, Christy’s husband confessed that he had been using credit cards and was carrying debt. They rolled those balances into their mortgage, and he promised he would get rid of the credit cards.

Earlier this year, she discovered he had driven up nearly $60,000 in credit card debt. Again, they tapped home equity, taking a second mortgage to cover sky-high interest charges.

“Things went downhill really quickly after that,” she said. “I’m a preschool teacher to try to make money because I can have my son with me … I just found out that he hasn’t been paying my life insurance.”

She said her husband, who earns about $117,000 a year, is still living in the family home but avoids her and doesn’t communicate with her about the kids. He remains under their roof even as he pulls back from every other obligation.

Ramsey’s response was blunt but reassuring: the law would make sure her family is secure.

“ Your legal rights in most states with six children and a 20-year marriage are, he’s not gonna have much of that one $117,000 left by the time he finishes with alimony and child support. It is almost all gonna go to you and the kids,” he said. “So you’re not going to have to take care of the kids and feed them and pay the house payment on a part-time daycare salary.”

He urged Christy to meet with an attorney — and to insist her husband move out immediately. She said she has scheduled that meeting to clarify her legal rights under South Dakota law.

“You need to start taking a position of strength on this,” said Ramsey.

As for her husband’s credit card debt, the good news is most states, including South Dakota, follow common-law property rules. According to Experian, this means courts in these states usually hold the spouse who incurred the debts solely responsible for repayment. You usually would only be responsible for credit card debt solely in your name, joint credit card debt in both your name and your spouse’s or credit card debt from an account that you cosigned for your spouse, even if not owned jointly.

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

Preparing financially for a divorce

Even stay-at-home parents can shore up their finances at the first hint of divorce. Here are some ways to prepare yourself for this shift:

• Document every dollar: Gather tax returns, bank statements, investment account statements, pay stubs, mortgage statements, insurance policies, credit card bills and all other financial documents. Keep copies in a secure physical or cloud-based location to build a clear record of income, assets and liabilities.

• Separate your accounts: Open a personal checking and savings account, plus at least one low-limit credit card in your name. Even small balances build a credit history, which may be critical if you need to rent or buy independently.

• Build a budget: Use a zero-based budgeting tool to track all expenses and identify where to stretch every dollar. Factor in immediate needs (housing, utilities, groceries) and plan for one-income realities.

• Establish an income plan: Leverage skills you can monetize quickly: childcare, tutoring, virtual assistance, freelance writing or bookkeeping. For example, Christy found work as a preschool teacher, which allows her to bring her four-year-old to class.

• Secure new insurance: Shop for individual insurance policies to protect your children and yourself. Obtain quotes now and compare costs before coverage gaps occur.

• Build an emergency fund: Even $500 set aside can cushion against immediate crises — car repairs, medical bills or gaps between paychecks.

• Seek professional guidance: A family-law attorney will explain alimony and child-support rules in your state. A financial planner or credit counsellor can help you manage debts and rebuild your credit.

Christy’s road ahead will not be easy, but a proactive approach can transform chaos into control. By documenting finances, securing her accounts and crafting a realistic budget with a path to income, she can navigate from uncertainty to stability — and ensure her six children come through this transition with their needs met.

What to read next

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

It’s easy to fall for the charm and potential of a place like Minden, Louisiana — just ask Sara McDaniel.

In 2020, she came across an opportunity to purchase an eight-unit, villa-style apartment complex that had been abandoned for nearly 40 years. By then, McDaniel was no stranger to real estate; she already owned over 20 properties, ranging from short-term rentals to vacant land.

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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

“The villas weren’t my first rodeo with abandoned properties,” McDaniel told CNBC Make It. “But this project really pushed my skill set.”

In 2021, she purchased what would become The Villas at Spanish Court for $51,306, using her savings to pay for it. But was dipping into her savings to invest in a long-neglected property really worth it?

Falling for potential

McDaniel wasn’t just chasing financial freedom — she was sprinting toward it. As a devotee of the Financial Independence, Retire Early (FIRE) movement, she embraced extreme saving and strategic investing to achieve early retirement. The premise is to save aggressively, invest wisely and eventually live off small withdrawals from a carefully built portfolio — typically around 3% to 4% — or supplement with part-time work.

For McDaniel, real estate was her golden ticket. In her early 30s, she started saving nearly 50% of her income to build a life of freedom and flexibility.

“I was very confident when we closed the deal. But it wasn’t long thereafter that I literally started having panic attacks wondering, ‘What in the world did I get myself into?’” McDaniel admitted. While real estate can be a smart path to financial independence, it’s not exactly a fairy tale. Market shifts and unforeseen expenses can turn a dream investment into a cautionary tale.

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

An unexpected surprise

What seemed like a promising investment quickly turned into a financial nightmare. The charm of the apartments faded fast when ceilings began caving in and bullet holes in the windows hinted at deeper structural and safety issues.

Only after closing the deal did McDaniel realize she had skipped a crucial step — an environmental hazard assessment. To bring the properties up to livable standards, she had to pour in far more money than she’d planned. She sold another investment property for $175,364, added $8,000 from other income streams, secured a $202,725 interim construction loan and took out a permanent mortgage of $290,710.

When the villas were fully restored 18 months later, the total cost had ballooned to $729,885.

McDaniel’s experience highlights a hard truth about real estate investing: what looks like a great deal can quickly become a financial drain. Rushing into an investment without fully evaluating the risks can end up costing far more than the purchase price.

Despite the setbacks, by 2024, the villas were fully booked for approximately 1,300 nights at an average rate of $143 per night, generating a total revenue of $224,133 for the year.

Getting into the market

Real estate can be a great investment, but not everyone wants to deal with renovations, maintenance or surprise expenses that eat into profits. Fortunately, there are ways to tap into the market without purchasing a property outright.

One option is investing in fractional shares of vacation and rental properties, sometimes for as little as $100. This allows investors to gain exposure to real estate without the overhead costs or financial risks associated with full ownership.

For those looking to make a larger investment, commercial real estate can offer strong returns. According to Nolo, commercial properties typically yield an annual return of 6% to 12% of the purchase price, making them an attractive option for portfolio diversification.

What to read next

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

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

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

When Michael Flores paid $20,000 to remove asbestos from his attic, he didn’t expect to find the toxic material still there — or to learn that the crew had never obtained a license in the first place.

Flores had bought the 100-year-old Ottawa, Illinois, home with plans to turn it into a vacation rental near Starved Rock State Park. Knowing the attic was filled with vermiculite insulation — a material often containing asbestos — he hired a local crew to remove it safely.

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But after the crew from Clean Air Asbestos and Mold Control LLC declared the job done, Flores went to check for himself — and was stunned. The dangerous insulation was still sitting in the attic.

He sent photos of the leftover material to the company, expecting them to fix the issue. Instead, the owner insisted the work was complete. “I was like, ‘No, that’s impossible.’” Flores told CBS Chicago.

Flores called in another contractor for a second cleaning. That expert confirmed the attic was still hazardous and “too dangerous for anyone to be here working.” Flores paid an additional $8,000 to finish what should have been done the first time.

Whether you’re a homeowner or a contractor, it’s the kind of nightmare scenario that makes you ill — pay out the money to eliminate a serious health threat, only to discover the danger is still present. And Flores couldn’t shake the feeling that something was wrong.

What the first crew missed

When Flores later reviewed security footage from his garage, he was disturbed to see workers without proper protective gear — a clear breach of safety protocol.

The vacuum being used didn’t appear to contain the asbestos at all — it seemed to be blowing dust, likely full of fibers, back into the air.

Suspecting something was wrong, Flores contacted the vacuum’s manufacturer, who confirmed it wasn’t designed for asbestos removal — only standard insulation.

Flores ultimately escalated the issue to the Illinois Department of Public Health (IDPH), submitting camera footage, videos of his attic, and the email from the vacuum manufacturer.

More than 200,000 people die each year worldwide from asbestos-related diseases, according to the World Health Organization. Toxic asbestos fibers, when inhaled, can cause devastating illnesses like mesothelioma, lung disease, and even death. The United States account for between 12,000 and 15,000 deaths each year.

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

The state’s response

Internal emails from the IDPH, obtained by CBS Chicago, revealed that employees knew Clean Air Asbestos and Mold Control LLC “stretched the truth.” But Flores was out of luck.

Under Illinois law, asbestos abatement licenses are only required for public buildings, commercial properties and multi-unit residences. That means companies like Clean Air Asbestos and Mold Control LLC can legally take on single-family home jobs — no license required.

CBS Chicago contacted agencies across the country and found inconsistent rules. About 25 states responded, many with murky policies that don’t regulate asbestos removal in private homes.

Only seven states — Maine, Maryland, New York, Utah, Vermont, Virginia and West Virginia — require a license for any asbestos removal, including single-family in private homes.

Dr. Arthur Frank, an environmental and occupational health professor at Drexel University, called it a dangerous loophole.

"It doesn’t matter if it’s a household or a commercial entity, or anyplace else,” Frank told CBS Chicago. “If there’s asbestos, you need to remove it properly and safely, and somebody ought to be regulating it. As little as one day of exposure has given some people and some animals mesotheliomas.”

Ridding your home of asbestos

Asbestos removal is serious work — and hiring a properly certified professional is critical.

If your state requires a license, confirm the company holds one and ask for individual asbestos removal certifications. Make sure they’re certified by both the Environmental Protection Agency and the Occupational Safety and Health Administration.

Before the job starts, ask the contractor to walk you through the full abatement process. A reputable contractor should include an initial inspection, sealing off the area with HEPA filtration, minimizing airborne particles with a wetting agent, a final clearance test and proper disposal of all materials.

As always, check reviews online with the Better Business Bureau and on contracting sites. For as large — and expensive — as asbestos removal, don’t hesitate to ask for recent references.

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.

Sandy Martinez, a single mom in Lantana, Florida, is taking her town to the Florida Supreme Court to fight $165,000 in “outrageous” and “unconstitutional” fines for things like parking on her own property.

“Six-figure fines for parking on your own property are outrageous,” her attorney Mike Greenberg said in a news release.

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Greenberg works for the Institute for Justice, a nonprofit public interest law firm representing Martinez in the case.

According to the organization’s website, its mission “is to end widespread abuses of government power.”

Its lawyers argue that Martinez’s case is a textbook example of “taxation by citation” — where cash-strapped municipalities use minor infractions to justify outsized penalties as a revenue-generating machine.

$100K in fines for parking at home

As the New York Post reports, Martinez’s problems started in May 2019, when she was cited because cars at her home occasionally had two tires parked on the lawn.

She said it was bound to happen with four family members and four vehicles. The penalty? A staggering $250 per day.

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

Martinez claims she tried to resolve the situation by meeting with a code enforcement officer after the initial violation, but those attempts were “fruitless,” and fines kept mounting — tapping out at $100,000 in parking violations.

Lantana officials didn’t stop there. According to court filings, Martinez was fined for cracks in her driveway, something she didn’t have the money to fix right away. That resulted in daily $75 fines for 215 days, totaling $16,125, “far greater than the cost of an entirely new driveway,” Martinez said in her lawsuit.

Then came the fence. After a major storm knocked it down, Martinez waited for her insurance to cover repairs. While she waited, the city fined her $125 a day for 379 days, adding up to $47,375 in penalties.

Martinez sued the city over the fines in 2021, but lower courts sided with the town.

“It’s surreal that the town still refuses to admit that what it’s doing to me is abusive and unfair,” Martinez said.

Now in her appeal to the Florida Supreme Court, her lawsuit cites Florida’s Excessive Fines Clause, which mirrors protections in the U.S. Constitution.

Local officials have not publicly commented on the case.

It’s up to Florida’s Supreme Court to decide whether the punishment truly fits the "crime", or if it’s an abuse of power dressed as municipal regulation.

How to protect your wallet from property fines

While Martinez’s case may be extreme, it highlights just how quickly minor violations can snowball into major financial stress.

Here are some practical ways homeowners can stay ahead of fines, reduce financial risk and protect their assets:

Get written notice and document everything. If you receive a code violation notice, ask for it in writing. Keep records of all correspondence, photos of your property before and after corrective actions and any receipts or repair quotes. Paper trails are crucial if you have to defend yourself legally or contest fines.

Know your local ordinances. Municipal codes can vary, with some towns enforcing rules more strictly than others. Review your city’s or HOA’s code enforcement policies so you’re not caught off guard by unexpected fines. Most city or county websites post their code enforcement rules and fine schedules.

Act right away. Respond immediately to any violation notice. Contact the code enforcement office and ask for a walkthrough or extension while you fix the issue. Proactive communication can sometimes prevent daily fines from stacking up.

Set up a home emergency fund. Even minor home repairs, like fixing a cracked driveway, can carry steep price tags. A home emergency fund (separate from your general savings) can help prevent you from dealing with fines, like Martinez. Realtor.com recommends putting aside 1–3% of your home’s value for unexpected repairs.

Ask for a fine reduction or hardship adjustment. Many municipalities offer hardship waivers or payment plans. You can often negotiate fines, especially if you can show financial hardship or prove the issue was out of your control (e.g., a delayed insurance payout). Ask in writing and reference any delays due to insurance or contractor availability.

Know your rights. Florida, like many states, protects homeowners from “excessive fines” under its state constitution. If fines feel disproportionate, especially compared to the violation, consult a legal aid group or nonprofit like the Institute for Justice.

While most homeowners won’t face six-figure fines like Sandy Martinez, the financial consequences of even “minor” code violations can be devastating if ignored. Staying informed, communicating early, and having a financial safety net can help you avoid falling into a costly trap.

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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.

On paper, Jackson’s debt-free status and $200,000 annual salary might look like an easy ticket to financial freedom.

But in reality, the 25-year-old heavy-duty mechanic from Canada admits he’s often staring at a bank account that doesn’t reflect his hard work or financial progress.

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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

“I get my paychecks and I pay my bills with it and then I don’t look at my account all that much,” he said on a recent episode of The Ramsey Show. “I just kind of know there’s always a good chunk of change in there and it usually fluctuates between $15,000 and 25,000.

“But it’s not really going ahead from there because I’m kind of just living, you know?”

Jackson’s situation isn’t unusual, but celebrity finance personality Dave Ramsey believes his “healthy disgust” with his lack of progress at such a young age certainly is. Here’s why many high-income people struggle to accumulate meaningful wealth.

Biggest mistake rich people make

Jackson’s difficulty holding onto his high income isn’t unique. Roughly 36% of Americans earning more than $200,000 a year say they live paycheck to paycheck, according to a 2024 study by PYMNTs.

Among those in this income bracket, 22.8% cited family expenses as the top reason they can’t save money. Another 17% pointed to poor saving and financial habits as the main reason they live paycheck to paycheck.

Lifestyle creep and untamed budgets appear to drive many people to spend as much — or even more — than they earn. According to Ramsey, the biggest mistake high earners make is a lack of intentionality with their money.

Jackson, however, is determined to avoid that mistake.

“I feel like I make too much money to not have some sort of a plan and I don’t want to feel like a fool who squanders a fortune,” he tells Ramsey, who responds with a compliment: “Just asking the question puts you in the top 5%, dude.”

Ramsey’s advice? Start with a robust budget.

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

Give every dollar a job

According to Ramsey, the only way to be intentional with your money is to set up a spending plan before the income arrives.

“We’re going to write it down — before the month begins — where every dollar is going to go,” he told Jackson. “Give every dollar an assignment. Contract with yourself. If you have a spouse, do it with your spouse.”

A tight monthly budget should help Jackson earmark cash for necessary expenses, discretionary spending, taxes and emergencies — and ideally leave extra for savings and investments. Working with a financial planner would also be ideal.

Unfortunately, only 27% of Americans use professional help for investment advice and services, according to a 2024 YouGov survey.

Most aren’t doing this work independently either. Just two in five Americans said they have a monthly budget or closely monitor their spending, according to the National Foundation for Credit Counseling.

In other words, a robust, professional budget is rare, which helps explain why living paycheck to paycheck is so common. You can avoid the same pitfalls by hiring a professional or setting up a solid budget of your own.

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.