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  • My fiance’s ultra-rich parents expect me to quit my job once we get married — but then freaked out when I asked them to set me up with a trust just in case. Was I out of line?

    When a young couple takes that big step into marriage, managing finances and expectations can be a little tricky.

    Take Karlie and Tim, for example. These 27-years-olds recently got engaged and have started having discussions about what their married life should look like. Karlie, who earns more than $170,000 per year, makes a lot more money than Tim, who earns a modest teacher’s salary. They split all of their bills, but Tim supplements his income with a trust fund that’s in the low seven figures.

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    Recently, Tim’s parents insisted that Karlie quit her job after the two are married to focus on being a stay-at-home mom, but Karlie doesn’t want to give up her career.

    Instead, she decided to offer a compromise, suggesting that Tim’s family — who are very wealthy — set up an irrevocable trust for Karlie, contributing her gross earnings yearly for 35 years with anticipated raises and promotions. This would protect her in case of divorce and ensure her a healthy retirement.

    But Tim’s family was incensed with my suggestion. Meanwhile, Tim doesn’t want to sign a prenuptial agreement that would transfer half of his assets to Karlie if the marriage doesn’t work out.

    So, what should Karlie do to protect her financial future? To figure that out, let’s get into the numbers.

    The state of marriage in the U.S.

    As of 2024, America’s divorce rate sits between 40% and 50% for first marriages. With this in mind, Karlie is wisely choosing to protect herself and her future finances in the event that her marriage with Tim comes to an end.

    Without a prenuptial agreement, Karlie may be blocked from claiming a percentage of Tim’s trust fund in the event of a divorce. Even in community property states — which considers a married couple as joint owners of nearly all assets acquired in marriage — Tim’s trust fund was set up before he married Karlie, therefore it belongs solely to him.

    The most Karlie could hope to claim would be a percentage of Tim’s teacher salary for the years they were married, as well as half of any assets they might acquire during that time.

    Furthermore, men tend to fare much better financially than women after divorce. According to PubMed Central, women in America experience an estimated 27% decline in their standard of living following a divorce, while men experience a 10% increase under the same circumstances.

    “Numerous studies have shown that the economic costs of divorce fall more heavily on women,” writes Thomas Leopold in an article for PubMed Central. “After separation, women experience a sharper decline in household income and a greater poverty risk.”

    With her $170,000 salary, Karlie is currently in the top 10% wage bracket. Sacrificing her career and the hard work that got her there would be unwise without any alternatives to protect her financial future.

    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 Karlie needs to protect herself

    Without a trust fund of her own or a prenuptial agreement, Karlie is exposing herself to a great deal of financial risk. For stay-at-home mothers, opting out of their career in the short or long term can mean not just a financial loss, but also a loss of identity that many find hard to cope with.

    Financially, a stay-at-home parent can save the family between $10,000 and $18,000 on childcare costs each year. However, if Karlie gives up her career, the family will likely have to dip even more into Tim’s trust fund to pay the bills, which may cause some arguments or resentment.

    Karlie and Tim would then have to decide how to budget and spend Tim’s money. They’d also have to figure out how Karlie can have some financial freedom within the marriage without her own earnings to spend.

    How Karlie and Tim can approach tough money conversations

    Before Karlie and Tim come together to discuss financial plans for their married life, it would be helpful for both of them to get clear on their personal financial values. This could include asking themselves questions like “where do I want to be in 30 years?”, “how do I picture myself living in retirement?” and “what do I prioritize when it comes to money?”

    As they come together to discuss their financial future, finding some common ground in shared financial values will be important. Though differing values can coexist in a marriage, finding a balance could be key to moving their relationship forward.

    Once they are able to establish a shared vision and some shared goals for their future, it may also be helpful to get an outside perspective with a financial advisor or a couples therapist. This bias-free advice could help Karlie and Tim make realistic choices that will benefit them both equally.

    The outcome of these conversations will help Karlie decide if this marriage, and the lifestyle it may entail, will be right for her. Whether your relationship includes a seven-figure trust fund or taking on your spouse’s significant student debt, it’s important to have hard conversations about money before you sign the marriage licence to ensure you have a shared plan for your financial future.

    What to read next

    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 just struggle after struggle’: Minnesotans can expect their home insurance to spike by 15% before the end of 2025, says new study — but many say it’s already happening

    ‘It’s just struggle after struggle’: Minnesotans can expect their home insurance to spike by 15% before the end of 2025, says new study — but many say it’s already happening

    A new study by Insurify is projecting a hike in homeowners insurance premiums — and Minnesotans will be particularly hard hit.

    Indeed, Realtor.com says that Minnesotans will face the fifth-highest rise in homeowners insurance premium rates in the country by the end of this year.

    But some are saying it’s already happening.

    Natalie Beazer, along with her sister, Noleene Counts, searched far and wide for an accessible multi-generational home in Rogers, MN. Beazer told 5 Eyewitness News that “it was just struggle after struggle after struggle.” Then, finally finding a potential new home, they struggled to find an affordable homeowners insurance policy.

    “It’s still ridiculously high,” Counts told 5 Eyewitness News.

    Their ‘affordable’ policy is around $4,000 a year, which is double what they were paying to insure their previous home.

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    How extreme weather is fueling insurance price hikes

    Minnesotans can expect to spend about 15% more this year on their homeowners policy, according to an Insurify report.

    Realtor Amanda Cox Zuppan told 5 Eyewitness News that her clients are already seeing higher premiums.

    “We’re seeing premiums double and even triple at this point, and it really is affecting affordability for home buyers … specifically first-time home buyers or lower-income home buyers who are already struggling to come up with those monthly payments.”

    What’s behind these sharp increases? The weather.

    In 2024, there were 27 confirmed weather or climate disaster events in the U.S. with losses exceeding $1 billion each, according to the National Centers for the Environmental Information (NCEI).

    But insurers need to stay profitable, so they’re passing on the cost of higher claim payouts to customers through higher premiums.

    The average annual cost of home insurance is predicted to increase 8% to a national average of $3,520 by the end of the year, according to Insurify. That would translate to an estimated $261 over the next 12 months.

    But some states, like Minnesota, will pay more than others.

    “Areas that are more sensitive to climate risks will naturally experience sharper insurance increases, but even less disaster-prone areas will see insurance premiums rise simply due to the fact that repairs have become more costly,” said Joel Berner, senior economist at Realtor.com, in a trends analysis piece.

    “Labor and material costs continue to grow,” he added, “which puts insurers in a position where they have to pay out more for full-replacement claims and therefore have to charge higher premiums.”

    From hurricanes and tornadoes, to hail, flooding and wildfires, some parts of the country are becoming hard to insure.

    Floridians continue to pay the highest home insurance premiums, which are expected to rise to $15,460 by the end of the year — that’s a 9% increase. The biggest culprit? Hurricanes. California homeowners will see their premiums jump 21%, thanks to factors such as the Palisades and Eaton fires. But Louisiana’s premiums are rising the fastest.

    However, homeowners in every state will see price increases from 2% to 27%.

    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 can Minnesota homeowners do?

    Mark Kulda, former Insurance Federation of Minnesota spokesperson, told 5 Eyewitness News in a previous newscast that an increase in storms in the state is largely to blame for the increase in premiums.

    “All of a sudden, in 1998, someone [flipped] the switch, and we had year after year after year of billion-dollar-plus storms come… Now, we have six billion-dollar storms in one year,” he said.

    “They’re stronger, they’re more intense, they’re more frequent, and it’s costing everybody more money.”

    Since 1980, Minnesota has experienced 58 weather disasters that have caused an estimated $20 to $50 billion in damages, according to the Insurance Federation of Minnesota, a non-profit state insurance trade association.

    So what can homeowners do about this? After all, they can’t exactly control the weather.

    The Insurance Federation of Minnesota says they can start by reviewing their homeowners insurance coverage. It may make sense to shop around and compare policy options from different providers or bundle it with other policies from the same provider.

    The National Association of Insurance Commissioners offers a Consumer Insurance Search tool to help research specific insurance companies, including complaint data.

    But in high-risk areas, some insurers may stop selling policies altogether. However, the Minnesota Fair Access to Insurance Requirements (FAIR) Plan can help. The FAIR Plan provides “basic and affordable property insurance” to homeowners “without regard for environmental hazards.”

    And, while it hasn’t yet launched, the Strengthen Minnesota Homes program will (eventually) provide financial assistance to homeowners “to improve the resilience of their homes to protect against extreme weather events such as high wind and hail.”

    What to read next

    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.

  • Is a rate cut coming in 2025? Here’s what to watch in the next few weeks and months

    Is a rate cut coming in 2025? Here’s what to watch in the next few weeks and months

    As inflation slows and consumer spending stalls, many Canadians are wondering when — or if — the Bank of Canada (BoC) will finally cut interest rates.

    While a rate cut at the next policy announcement on July 30, 2025, seems unlikely, experts are watching several key indicators to assess whether a move is coming before the end of the year.

    Here’s what to track — and what it means for your money.

    1. Inflation trends

    The Bank of Canada’s primary job is to keep inflation within a target range of 1% to 3% (with 2% often cited as the ideal target). In June 2025, inflation rose by 1.9%, comfortably within that band. But rate decisions aren’t just about hitting the target, they’re about maintaining momentum. For that reason, the BoC will be watching:

    • Core inflation (excluding food and energy): If it stays soft, the BoC may lean toward easing
    • Month-over-month changes: Flat or negative readings could build the case for a rate cut (even a small quarter percent may be enough to prompt an economic uptick)

    2. Labour market strength

    A strong job market usually makes the Bank less inclined to cut rates. In June, employment rose and the jobless rate dipped — signs that Canadians can handle current borrowing costs. But the BoC is also aware that many of these jobs were part-time — meaning full-time, secure employment is still eluding many capable working-age Canadians. In the weeks and months to come, watch for:

    • Unemployment rate spikes, especially among youth or part-time workers
    • Wage growth trends (if paycheques flatten or shrink, pressure builds to ease rates)

    3. Consumer spending and debt strain

    The BoC’s own surveys show Canadians are delaying big purchases and saving more. Mortgage renewals at higher rates are squeezing household budgets, and consumer debt delinquencies are climbing. In a recent Money.ca survey, approximately two-thirds (64%) of respondents identified "cost of living" as their primary economic concern — surging ahead of other concerns including debt, higher interest rates and even job security.

    In the weeks and months to come, watch for:

    • Retail sales and consumer confidence reports
    • Credit card and personal loan default data, especially from banks and Equifax
    • Mortgage renewal statistics, particularly among variable-rate borrowers

    4. Business sentiment and investment

    According to the Bank of Canada’s latest Business Outlook Survey, confidence remains “subdued.” Many firms are absorbing rising costs instead of raising prices, but margins are tight. They’re also holding off on expansion due to trade tensions with the U.S.

    As a result, Bank analysts and economic experts will be watching:

    • Capital expenditure data — if businesses freeze spending, it signals weakness
    • Export figures — impacted by tariffs and U.S. trade uncertainty

    5. International developments

    Global factors, especially U.S. monetary policy and ongoing trade negotiations, heavily influence the BoC’s direction. A stable trade deal with the U.S. — or an aggressive rate cut by the Federal Reserve — could nudge Canada toward its own move.

    Watch for:

    • Federal Reserve decisions (especially if they cut before fall)
    • Canada–U.S. trade updates — clarity on tariffs and regulations could boost confidence

    What it means for you

    If the Bank of Canada cuts rates later this year, Canadians could see:

    • Lower mortgage rates, especially variable-rate products.
    • Cheaper loans, including car loans and lines of credit.
    • Reduced savings account returns, which could impact retirees or those living off interest.
    • A weaker Canadian dollar, possibly increasing the cost of imports and travel.

    Bottom line

    The July 30, 2025, Bank of Canada rate announcement is likely to result in a rate hold, but that doesn’t mean the Bank if finished with rate cuts in 2025. If inflation stays tame and economic growth continues to soften, a rate cut could arrive as early as fall. Until then, Canadians should brace for a cautious wait-and-see approach from central bankers.

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

  • Some US drivers say they’re spending upwards of $100 for a straight-forward oil change. Struggling with the sticker shock? Here’s how to save money at the mechanic’s

    It’s a routine part of car maintenance, but some drivers are shocked to see their oil change bills climbing toward $100, even without extra repairs. “It’s ridiculous," one driver told CBS News.

    And there’s data to back it up: Yelp reportedly collected over 30,000 quotes showing the average cost for an oil change is now $66, with the national range between $39 and $119.

    So, what’s behind the rising costs, and is there any way to save?

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    What’s causing the increased prices?

    At Steve’s Tire and Auto in Minneapolis, oil change prices range from $47 to $82. According to the shop’s general manager Rob Stadtler, several inflation-related factors have pushed prices higher in recent years.

    • Oil type and quantity: Yelp found conventional oil starts around $30, synthetic blends begin at $40 and full synthetic often starts at $65. Prices climb from there depending on your vehicle’s requirements. Larger vehicles or turbocharged engines may require more oil than average.
    • Rising material costs: Satdtler told CBS News that a 55-gallon drum of oil has increased by $250 since before the pandemic.
    • Labor costs and complexity: Modern vehicles often require more time and skill to service. “In decades past, you [could] realistically do an oil change in about 5 to 7 minutes,” Stadtler said. “Nowadays, it can take upwards of 30 to 40 minutes.”
    • Higher technician wages: As labor costs rise across the country, shops are adjusting service prices accordingly.

    "It scares me. It’s a lot of money for a simple oil change,” another driver commented.

    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 save on your next oil change

    If you’re feeling the pinch, there are ways to keep the cost down.

    • Call around: Contact multiple shops to compare prices. Many post coupons or discounts on their websites.
    • Negotiate during purchase: When buying a new car, see if the dealership will include free oil changes or a maintenance package.
    • Stick to the manual: Follow your car’s official maintenance schedule. Don’t change the oil more frequently than necessary.
    • Consider synthetic oil: Though more expensive up front, synthetic oil can last up to 7,500 miles between changes depending on the vehicle, which reduces the number of visits required.
    • DIY when possible: If you’re handy with tools, you can top off or even change the oil yourself to skip labor fees.
    • Avoid unnecessary upsells: Educate yourself about your car’s specific maintenance needs to confidently say no to extra services pushed at the counter.

    Oil changes are essential to keeping your engine running smoothly and avoiding even pricier repairs down the road. By understanding what drives up the cost and taking a few smart steps to save, you can keep your maintenance budget in check without sacrificing your vehicle’s performance.

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

  • Prime Minister Mark Carney’s $25B spending cuts set to collide with rising unemployment and fuel economic uncertainty

    Prime Minister Mark Carney’s $25B spending cuts set to collide with rising unemployment and fuel economic uncertainty

    Prime Minister Mark Carney’s plan to slash $25 billion from annual federal spending has triggered widespread concern as the country grapples with rising unemployment and a weakening job market. Economists warn that the timing of deep public service cuts couldn’t be worse.

    Canada’s unemployment rate rose to 7.0% in May, the highest outside pandemic years since 2016. That translates to roughly 1.6 million unemployed Canadians — a 14% increase year-over-year. And while the economy added 8,800 jobs in May, nearly all the gains were in part-time work, offset by steep full-time losses.

    Against this backdrop, the federal government is directing departments to carve out savings of up to 15% by 2028/29 — excluding only the Department of National Defence, RCMP, and Border Services Agency, which face a smaller 2% target. The scale of the review is nearly double what the Liberals campaigned on and is now widely expected to result in thousands of public-sector layoffs.

    Already, the federal workforce has shrunk by 9,807 jobs since early 2024, with the Canada Revenue Agency (CRA) accounting for more than two-thirds of those cuts.

    What to expect

    Canada’s aggressive federal cost‑cutting plan could prompt sweeping job losses in the public sector just as unemployment hits a multi‑year high and trade‑sensitive industries reel.

    Key points:

    • Canada’s unemployment rate climbed to 7.0% in May 2025, the highest since September 2016, equating to about 1.6 million unemployed — a surge of nearly 14% from a year earlier.
    • May’s modest gain of just 8,800 jobs, with 58,000 full‑time hires offset by a 49,000 jump in part‑time layoffs, underscores a weak labour market
    • Meanwhile, federal public‑service shrank by 9,807 positions through March 2025 — 68% of the losses from the Canada Revenue Agency (CRA) alone.

    The fallout could impact services and compound already high national unemployment.

    Sharon DeSousa, president of the Public Service Alliance of Canada, says the rushed pace of the spending review threatens not only public service jobs but also the services Canadians rely on. “At the end of the day, we’re not a business — we’re a government that delivers services,” she said.

    Economist David Macdonald of the Canadian Centre for Policy Alternatives called the cuts “the deepest since the Chrétien era,” warning they could touch Indigenous services, non-profits, and foreign aid. “There’s a lot more on the table now,” he said.

    Economic ripple effects

    “This is unprecedented in modern times,” said Kevin Page, former Parliamentary Budget Officer and president of the Institute for Fiscal Studies and Democracy. “These cuts will have a ripple effect across the economy.” Page noted that with Ottawa pledging an additional $40 billion annually to defense by 2035, other departments will be squeezed harder.

    Yet, these cuts are not unexpected. As Bank of Governor, Tiff Macklem stated: “The job market is weakening.” His reference is to the rise in layoffs in export‑anchored sectors — especially manufacturing — and declining demand. Manufacturing alone lost 55,000 jobs since January, largely driven by U.S. tariffs and global trade uncertainties.

    Public service job cuts escalate the risk of further unemployment as hundreds of thousands rely on federal employment. Over 1 in 4 public‑sector workers cited expectations of workplace downsizing in a recent StatCan survey — especially worrisome as Carney’s plan targets operational budgets.

    Broader labour market trends

    • Youth unemployment soared: May’s returning students (aged 15 to 24) faced a 20.1% jobless rate, matching 2009 recession peaks.
    • Average wages continue modest growth (a gain of 3.4% year‑over‑year in May), but dwindling opportunities threaten future gains.
    • Job growth has stagnated since early 2025, with net gains concentrated in retail, finance, and utilities — while public administration, transportation, and construction saw substantial declines.

    Economic risk

    Despite modest wage growth of 3.4% year-over-year, the job market is under pressure, and households are beginning to pull back on spending — a signal of the broader economic strain faced by most Canadians.

    As Carney’s government works toward delivering its first budget this fall, all eyes will be on whether the promised savings materialize — and at what human cost. With a faltering labour market and rising job insecurity, many fear that the government’s belt-tightening could become a drag on recovery rather than a path to stability.

    The result of the current rise in unemployment, a potential Bank of Canada rate cut if the job slump continues, along with reduced consumer spending, lower tax revenues, and strained public services is that the already slow economic growth for the country could actually fall below the 1.6% pace projected for 2025.

    Bottom line

    As Ottawa moves forward with fiscal downsizing, Canada’s labour market shows signs of distress: unemployment nearing 7%, public‑service downsizing, and youth unemployment spiking. The financial toll could extend far beyond federal offices — pressuring domestic demand, inflation, and the broader economy.

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

  • My mom passed away and I was shocked to learn she left me 10 times as much money as I expected in her will. It’s a nice problem to have, but I’m a little lost on how to handle all this cash

    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.

    In the next 20 years, Americans will inherit an estimated $72 trillion as boomers pass down their accumulated wealth to younger generations in a phenomenon dubbed the Great Wealth Transfer.

    That means there will be a lot of people like you who are surprised — even if pleasantly so — to be inheriting money and unsure about how best to manage it.

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    This problem stems from a lack of communication around estate planning. A 2024 Edward Jones report found that more than one in three Americans have no plans to talk about their estate with their families, even though 48% plan to leave an inheritance.

    You were unprepared for this windfall, but it’s good to be thoughtful about how you’re going to manage the money going forward so you don’t waste this opportunity to improve your life now and in the future.

    Here are some options to explore.

    Invest in your retirement

    If you’ve inherited a large sum of money, one thing you could do is to put it into an investment portfolio that’s earmarked for retirement.

    A 2024 CNBC survey found that 40% of Americans are behind on retirement planning and savings, while 21% of current retirees have no savings at all to live on.

    You don’t want to rely on Social Security in retirement, because those benefits only replace 40% of your paycheck if you’re an average earner. Plus there’s a possibility of Social Security cuts in the not-so-distant future.

    Investing your inheritance now could give you greater retirement security, and help you build a legacy for future generations.

    It’s important to maintain a diverse mix of assets in your portfolio. If you’re years away from retirement, you might keep the bulk of your portfolio in stocks and a smaller portion in bonds.

    For instant diversification, consider investing in S&P 500 index funds, giving you exposure to the 500 largest publicly traded companies. For the bond portion of your portfolio, consider a mix of corporate bonds, Treasuries, and municipal bonds for tax diversification.

    However, diversifying outside of the stock market is equally critical, especially given its recent volatility. Investing in commodities like gold can help stabilize your portfolio and ensure your retirement fund continues to grow.

    A gold IRA is one option for building up your retirement fund with an inflation-hedging asset.

    One way to invest in gold that also provides significant tax advantages is to open a gold IRA with the help of Priority Gold.

    Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, which combines the tax advantages of an IRA with the protective benefits of investing in gold, making it an attractive option for those looking to potentially hedge their retirement funds against economic uncertainties.

    To learn more, you can get a free information guide that includes details on how to get up to $10,000 in free silver on qualifying purchases.

    Another way to diversify is to invest in real estate. New investing platforms are making it easier than ever to tap into this market.

    For accredited investors, Homeshares gives access to the $36 trillion U.S. home equity market, which has historically been the exclusive playground of institutional investors.

    With a minimum investment of $25,000, investors can gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning or managing property.

    With risk-adjusted internal returns ranging from 14% to 17%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets.

    If you’re not an accredited investor, crowdfunding platforms like Arrived allow you to enter the real estate market for as little as $100.

    Arrived offers you access to shares of SEC-qualified investments in rental homes and vacation rentals, curated and vetted for their appreciation and income potential.

    Backed by world-class investors like Jeff Bezos, Arrived makes it easy to fit these properties into your investment portfolio regardless of your income level. Their 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 on your part.

    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

    Address your family’s most pressing needs

    There’s nothing wrong with using proceeds from an inheritance to improve your life and that of your family — right now. So think about your most pressing needs.

    If you’re living in cramped quarters, you might use some of your money to finish off your home’s basement for extra living space. Or you could buy a larger home.

    Mortgage Research Center (MRC) can help you get started on the buying process in less time than you’d think. Their online platform allows you to quickly compare rates and estimated monthly payments from multiple vetted lenders. All you have to do is enter some basic information about yourself, such as your zip code, your desired property type and price range and annual income.

    Based on the information you provide, MRC will show you mortgage offers tailored to your needs so you can shop for a mortgage with confidence.

    After you match with a desired lender, you can set up a free, no-obligation consultation to see if you’ve found the right fit. You can also invest in your children’s education. A December 2023 Discover survey found that 70% of parents are worried about not having enough funds to cover their children’s education.

    You could put some of your inheritance into a 529 plan toward your children’s college education, allowing it to grow tax-free.

    Consult a financial advisor

    Whenever your financial situation changes substantively, it’s a good idea to consult a professional. A financial advisor can guide you through some of the best ways to invest your inheritance to meet your goals — and advise you on tax and legal implications.

    For example, income from certain assets could bump you into a higher tax bracket. An inherited IRA might be subject to the 10-year rule, meaning you have to withdraw all the funds within 10 years of the original account owner’s death.

    You can learn more about the unique rules and opportunities your new financial situation will entail with a professional advisor found on Advisor.com.

    This online platform connects you with vetted financial advisors best suited to help you develop a plan for your new wealth.

    Just answer a few quick questions about yourself and your finances and the platform will match you with an experienced financial professional. You can view their profile, read past client reviews, and schedule an initial consultation for free with no obligation to hire.

    With that kind of guidance, your surprise inheritance might additionally surprise you in all the ways it can multiply abundance in your life.

    What to read next

    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.

  • Overdue or overhyped? Canadians split on whether Bank of Canada should cut rates on July 30

    Overdue or overhyped? Canadians split on whether Bank of Canada should cut rates on July 30

    As the Bank of Canada prepares for its next rate announcement on July 30, Canadian sentiment is heating up — and so is the debate over whether it’s time for another rate cut.

    According to a new poll conducted by Money.ca, nearly one-third of respondents (29.8%) say a cut is overdue. But almost as many respondents (24.8%) say a cut is too risky right now, or that it’s not an urgent priority. Another 16.5% admit they need more information to decide.

    This divide in opinion reflects broader economic uncertainty as Canadians continue to feel the sting of rising costs and economic strain.

    Strained wallets and rising delinquencies

    Inflation has cooled from its 2022 peak, but the cost of essentials — including food, housing, and transportation — remains high. For many households, the relief of lower interest rates in June hasn’t yet materialized in monthly budgets.

    Meanwhile, financial stress is growing. According to the Bank of Canada’s June Monetary Policy Report, household credit card delinquencies and personal loan defaults are rising, particularly among younger borrowers. Mortgage holders with upcoming renewals also face the daunting prospect of locking in at higher rates than they’re used to, even with a cut or two.

    “It won’t make a difference”

    Interestingly, a small but notable portion of respondents (4.1%) said another rate cut “won’t make a difference either way,” reflecting growing skepticism that Banks of Canada (BoC) decisions are filtering down to household finances fast enough to matter.

    Still, nearly one in four (24.8%) believe a cut is “probably” warranted — just not urgent. This group seems to acknowledge that economic conditions are softening, but believe caution is still warranted.

    Overall poll results

    One week before the July 30, 2025, BoC rate announcement, Money.ca asked newsletter readers to weigh in on one question: Do you think Canada is ready for another BoC rate cut?

    The answers show a deepening divide on how national economic analysts can help with the economic strain felt by residents across Canada.

    Here’s how respondents answered:

    Money.ca | Do you think Canada is ready for another Bank of Canada rate cut?
    Money.ca | Newsletter reader survey July 2025

    • Yes, it’s overdue – 29.8%
    • Probably, but it’s not urgent – 24.8%
    • Hard to say, I need more info – 16.5%
    • No, too risky – 24.8%
    • Won’t make a difference either way – 4.1%

    Experts expect a hold

    Despite public pressure, most economists believe the Bank of Canada will hold rates steady at 2.75% on July 30, 2025. Wage growth has plateaued, consumer spending is slowing, and business investment is down — all signals the BoC is closely watching. But inflation remains slightly above the 2% target, making a premature cut possible, but risky.

    A difficult balance

    These recent poll results make one thing clear: Canadians are far from united in how the BoC should respond to current conditions. This ongoing, national divide is likely to keep BoC Governor Tiff Macklem and his team walking a tightrope — balancing the risk of renewed inflation with the economic pain already felt in households and businesses across the country.

    Survey methodology

    The Money.ca newsletter survey was conducted through email between July 23 to 25, 2025. Approximately 5,130 email newsletter subsribers, over the age of 18, were surveyed resulting in 121 responses. The estimated margin of error is +/- 6.5%, 17 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.

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

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

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

    Don’t miss

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

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

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

    How to make your resume stand out

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

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

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

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

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

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

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

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

    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 seniors are staying in the workforce longer

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

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

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

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

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

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

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

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

    What to read next

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

  • Warren Buffett says this 1 US asset class offers ‘so much more opportunity’ than real estate — and a young Charlie Munger would’ve picked it ‘in a second’ over property. Do you own enough?

    Warren Buffett says this 1 US asset class offers ‘so much more opportunity’ than real estate — and a young Charlie Munger would’ve picked it ‘in a second’ over property. Do you own enough?

    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.

    Real estate has long been a go-to asset for building wealth in America, offering income through rent and potential gains through appreciation. But according to investing legend Warren Buffett, there’s one asset class he — and his late business partner Charlie Munger — would take over property any day.

    “There’s just so much more opportunity — at least in the United States — that presents itself in the security market than it does in real estate,” Buffett said at Berkshire Hathaway’s latest annual shareholders meeting, when asked why he isn’t buying more real estate.

    Buffett pointed to the complexity and sluggishness of real estate deals compared to the ease and speed of stock transactions.

    Don’t miss

    “In respect to real estate, it’s so much harder than stocks in terms of negotiation of deals, time spent, the involvement of multiple parties in the ownership,” he said. “Usually when real estate gets in trouble, you find out you’re dealing with more than an equity holder.”

    While Munger, who served as Berkshire’s vice chairman until his death in 2023, “enjoyed” real estate and did “a fair number” of deals in his final years, Buffett believes Munger’s true allegiance was always clear.

    “I think if you’d asked him to make a choice when he was 21, that he’d either be in stocks exclusively the rest of his life or real estate the rest of his life, he would have chosen stocks in a second,” Buffett said.

    For Buffett, the simplicity of stock investing is hard to beat. He noted that you can walk down to the New York Stock Exchange and “do billions of dollars worth of business totally anonymously,” all within five minutes.

    Real estate, by contrast, is a slow grind. “[The negotiation] just begins when you agree on deals — and then they take forever,” he said.

    At his age, and with his own retirement slated for the end of 2025, Buffett’s takeaway is clear: “For a guy at 94, it’s not the most interesting thing to get involved in something where the negotiations could take years.”

    How to invest like Buffett

    Buffett has built his legacy on seizing opportunities in the stock market. Under his leadership, Berkshire Hathaway has delivered enormous returns to shareholders over the decades.

    And while the Oracle of Omaha plans to step down as CEO later this year, everyday investors can still follow one timeless strategy he champions — no stock-picking skills required.

    “In my view, for most people, the best thing to do is own the S&P 500 index fund,” Buffett famously said.

    This approach gives investors exposure to 500 of America’s largest companies across a wide range of industries, providing instant diversification without the need for constant monitoring or active management.

    Buffett’s belief in this strategy runs so deep, he’s built it into his own estate plan — directing that 90% of his wife’s inheritance be invested in “a very low-cost S&P 500 index fund” after his passing.

    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.

    Start investing for the long term with globally diversified portfolios or go for a higher yield than a traditional savings account with an automated bond portfolio.

    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

    How to invest in real estate without the headaches

    While Buffett doesn’t mince words about the complexities of real estate, he still points to it as a prime example of a productive, income-generating asset.

    In 2022, Buffett stated that if you offered him “1% of all the apartment houses in the country” for $25 billion, he would “write you a check.”

    Why? Regardless of what’s happening in the broader economy, people still need a place to live. And with an estimated shortage of 4.5 million homes in the U.S., the demand for rental housing remains strong, helping keep occupancy rates high and rental income flowing.

    But Buffett’s caution about how real estate transactions still holds true — even at the individual level. In the U.S., it typically takes 30 to 60 days to close on a home after an offer is accepted. Conditions, clauses and financing delays can drag the process out even further.

    The good news? These days, you don’t need to buy an entire property — or hunt for deals yourself — to start investing in real estate.

    For accredited investors, Homeshares gives access to the $36 trillion U.S. home equity market, which has historically been the exclusive playground of institutional investors.

    With a minimum investment of $25,000, investors can gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning or managing property.

    With risk-adjusted target returns ranging from 14% to 17%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets.

    If you’re not an accredited investor, crowdfunding platforms like Arrived allow you to enter the real estate market for as little as $100.

    Arrived offers you access to shares of SEC-qualified investments in rental homes and vacation rentals, curated and vetted for their appreciation and income potential.

    Backed by world-class investors like Jeff Bezos, Arrived makes it easy to fit these properties into your investment portfolio regardless of your income level. Their flexible investment amounts and simplified process allow accredited and non-accredited investors to take advantage of this inflation-hedging asset class without any extra work on your part.

    What to read next

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

  • Staying cool this summer may cost more than ever as a nationwide refrigerant shortage may lead to HVAC installers ‘taking advantage’ of unassuming consumers — how to avoid getting burned

    In the sweltering Las Vegas valley, air conditioning isn’t just a luxury; it’s a means of survival.

    “I can’t imagine living in Vegas and not having air conditioning,” local Kaili Bach shared with 8 News Now.

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    So when AC units go on the fritz, residents are likely sweating the cost of a new unit or potential repairs just as much as they’re sweating the heat. And this summer, staying cool could cost more than ever.

    A nationwide refrigerant shortage, sparked by new federal environmental mandates, is reportedly sending shockwaves through the HVAC industry and straight into consumers’ wallets.

    ‘Prices of units have gone up by 30% to 40%’

    The Environmental Protection Agency recently rolled out new standards requiring AC systems to use more eco-friendly refrigerants, and the shift is creating a domino effect of higher prices, compatibility issues and supply snags.

    “The mandate is calling for a lower GWP, which is a Global Warming Potential refrigerant. That’s what the 454B is,” James Langley, owner of the HVAC company We Care Air, told 8 News Now. “For us, our install guys have to use different installation tools and adjust our pricing. Prices of units have gone up by 30% to 40%.”

    And that’s not all, as it’s not just the refrigerant that’s in short supply — it’s the containers it comes in that are also scarce.

    “It seems like they don’t have enough cylinders made to keep up with the demand of refrigerant that’s needed on all the new units,” Langley added.

    For homeowners with older AC units, the problem is even worse. The new refrigerant isn’t compatible with many legacy systems, which leaves fewer options for consumers and plenty of opportunity for price gouging.

    “People are taking advantage of the situation,” Langley warned. “Let’s say I came to your home and your compressor is out. We can change that compressor, but now there are those who will charge you double because your only alternative is to get a whole new system, which is even more.”

    The new refrigerant rules — combined with ongoing trade tensions with China, a big supplier of HVAC inventory — are adding fuel to the fire.

    Langley’s advice? If your AC is still going strong, hold off on upgrading your unit, as Langley is more concerned about those who may experience AC issues in the months ahead.

    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

    Beat the heat with these money-saving tips

    If your AC unit is working overtime, your wallet might be in for a shock this summer. With AC unit prices surging under the new mandatory refrigerant rules, homeowners may need to get strategic. Here’s how to stay cool and save some money at the same time.

    Cash in on federal tax credits

    The Inflation Reduction Act is pumping out hefty HVAC tax credits for 2025. Air source heat pumps are quickly becoming the go-to upgrade for savvy homeowners, delivering both heating and cooling in one energy-efficient system. Federal tax credits have been updated with new eligibility rules, making it the perfect time to cash in while cutting your utility bills.

    Qualify for rebates

    Make sure to check and see if you can get a rebate for replacing an old AC unit or installing new technology. You can either get the money back as a rebate or a tax credit.

    Get a second opinion

    Don’t let sticker shock force you into an immediate decision. HVAC repairs and replacements can vary, so always get at least a couple of quotes to stay competitive.

    Get a home energy assessment

    Many utility companies offer free or low-cost home energy assessments that pinpoint where your system (or insulation, windows and potentially more) is underperforming.

    Don’t wait until it breaks

    Schedule your annual tune-up, which can catch issues early, extend the life of your system and reduce energy waste. Think of it as an oil change for your AC, which is essential and often overlooked.

    Install a smart thermostat

    A smart thermostat (like a Nest or Ecobee) adjusts to your habits and slashes energy use. Some utility companies even offer rebates just for installing one.

    Check for local rebates

    Beyond federal tax credits and rebates, some local power companies and municipal utilities offer their own incentives. You might get cash back for installing high-efficiency AC units, insulation or smart controls like the thermostats mentioned above. To find out what may be available in your area, check the Department of Energy’s website.

    Do-it-yourself maintenance

    Even if you’re not a professional, there are a few easy maintenance tasks you can take on yourself, like checking the owner’s manual, keeping the air filters clean or replacing them regularly, and making sure the area around your AC unit is clear of debris so that air can circulate.

    With smart planning and some well-researched upgrades, you can cool your home without scorching your savings. Claim every credit and rebate that you can, and don’t overpay in a panic. Your future self (and your utility bill) will likely thank you.

    What to read next

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