Category: Moneywise

Each member of the board of directors overseeing Highlands Community Charter and Technical Schools in Sacramento either resigned or was removed weeks after the release of a report by the California State Auditor that found the school improperly received over $180 million in education funding.

In addition, the report, published June 24, says the adult charter school engaged in “questionable financial transactions” and conflicts of interest, including unlawful gifts, luxury travel and the hiring of unqualified individuals.

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“This moment is about accountability at every level,” Jonathan Raymond, who recently came on as executive director of the school, said in a statement obtained by ABC10. “I asked for these resignations because I believe Highland’s future depends on a clean break from past governance failures.”

According to the local broadcaster, the California Department of Education (CDE) has requested Highlands return the $180-plus million in misallocated funds.

Board members resign en masse

The audit report states Highlands wasn’t eligible for $177 million in funding it received in fiscal years 2022-23 and 2023-24. It also estimates millions of dollars in overpayments were issued due to misreported attendance figures.

During a special board meeting on July 7, members voted to remove Sonja Cameron. The report suggests an employee in a leadership role — with a salary of $145,860 — may have originally been hired by the school with the help of their board-member mother, and lacks qualifications for their current position, including a bachelor’s degree. ABC10 identified the employee as Cameron’s daughter.

After Cameron’s removal, the remaining six board members — Ernie Daniels, Matt Powers, Rick Jones, Sharon Rocco, Mike Reid, and Mary DeChance — announced their resignations. At least three members, however, will remain until replacements are named in order to keep the school operational.

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

Meanwhile, pressure is being applied for the school to pay back the funds it apparently wasn’t supposed to receive.

“Those were taxpayer dollars that were wrongfully received by Highlands’ operators,” Al Muratsuchi, chair of the state’s Assembly Education Committee, told ABC10. “So, it’s only right they have to pay that money back.”

Raymond provided a statement to the broadcaster, saying the school is reviewing its legal options, calling the repayment demand “political theater” and warning that returning the funds would force the school to shut down.

“Lawmakers, regulators and CDE cannot let that happen — not to tens of thousands of immigrants, refugees and second-chance students who count on Highlands as a lifeline,” he said.

Hidden costs to students

Beyond the political fallout, families and students may face challenges.

For many adult learners, including immigrants and working parents, Highlands served as an affordable path to diplomas, job training and a second chance at education. If the school shuts down or scales back its services, students may need to seek more expensive alternative options.

Here are some ways students can cope:

• Set up an emergency fund: Building a cushion now, if you’re able, can help you avoid going into debt, or further into debt, in the future.
• Reassess your monthly budget: Trim non-essential expenses and begin building a budget for future educational costs.
• Look for outside financial support: Apply for scholarships, employer tuition reimbursement or nonprofit education grants.
• Request your transcripts now: Secure official records in case your school closes or it becomes more difficult to transfer credits.

For now, Highlands’s future remains uncertain, but the audit has sent a clear message about the importance of oversight in school boards.

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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.

When COVID-19 brought Derrick Morgan Jr.’s legal career to a standstill, he looked for a way to make money from home — and found one that changed his life.

Today, Morgan works full-time as a trademark attorney offering services directly to clients through online platforms. He lives primarily in Mexico City, pays himself $350,000 a year and has traveled to more than 60 countries, all while setting himself up for early retirement.

“My goal isn’t necessarily to just be rich,” Morgan told CNBC Make It. “My goal is just to have options.”

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Turning trademarks into a thriving business

In 2020, Morgan was working on a contingency basis at an Indianapolis law firm. But when the courts shut down during the pandemic, so did his income.

That’s when a cousin asked for help registering a trademark. Though Morgan had studied intellectual property in law school, he hadn’t practiced it in his day job. Still, the work came naturally and sparked an idea.

He began offering trademark services on Fiverr, a freelance marketplace. His straightforward communication and customer-friendly style helped him stand out. Within a few months, his side hustle became a full-fledged business.

Today, Morgan offers everything from trademark searches and filings to brand enforcement, charging between $600 and $800 per client. With the help of a paralegal and an AI assistant, he’s scaled down from 90-hour workweeks to about 45 to 50 hours.

Since trademark law is federal law, Morgan says he can work from anywhere as long as he has a U.S. license with a state bar. This allows him to pursue his passion for travel. He’s visited more than 60 countries so far, and splits his non-travel time between Dallas and Mexico City, where he lives for nine months each year. The other three months? “Wherever the wind takes me,” he told CNBC Make It.

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 he manages and invests his money

Morgan expects to earn about $500,000 this year and pays pay himself $350,000. He supplements that with $440 in monthly rental income from a Chicago condo.

He spends about $2,000 on rent, and about $1,085 per month on dining out, mostly at his favorite taco spots. He doesn’t own a car; instead, he relies on Uber, paying about $170 a month. He doesn’t carry a balance on his credit cards and his only debt is $42,000 in student loans.

Inspired by the FIRE movement (financial independence, retire early), Morgan hopes to retire in his 40s and sets aside at least 40% of his income each month. His investment strategy includes:

• Tax advantaged accounts: Solo 401(k), SEP IRA and HSA
• Taxable brokerage account: Allows early access to funds before age 59.5
• Real estate: Including a stake in a boutique hotel development in Mexico

“I invest in real estate because I don’t want all my wealth tied to the stock market,” he said.

Morgan’s hard work has paid off as he earns substantially more than the 2024 median pay of $151,160 per year for a U.S. lawyer. He’s also setting himself up for a comfortable life moving forward by prioritizing his savings and diversifying his investments in tax-advantaged and taxable accounts.

Want to follow in his footsteps? Here’s how to start

Morgan’s story is inspiring, but replicating it starts with identifying your own skills and building a business around them. Then, you can layer in smart money moves to create long-term financial stability.

How to turn your skills into a successful solo business:

• List out what you’re good at: Include formal training, hobbies and tasks people come to you for help with.
• Look for overlap with market needs: Search freelance platforms or social media to see what services are in demand.
• Start small and test your offer: Platforms like Fiverr, Upwork or social media are great for validating your niche.
• Refine your process: Streamline your workflow, get help (like Morgan’s paralegal or AI assistant) and raise your rates as demand grows.
• Build flexibility into your business: Choose a service or model you can do from anywhere.

Smart investing tips for freelancers and solo entrepreneurs:

• Open a solo 401(k): Contribute as both employer and employee to maximize retirement savings. In 2025, solo 401(k) contributions can total up to $70,000 — or more with catch-up contributions, which raise the limit to $77,500 or $81,250 depending on your age.
• Consider a SEP IRA: Easy to set up, with high annual contribution limits. They allow employer contributions of up to 25% of your income or $75,000 in 2025. Just be sure your combined SEP and solo 401(k) contributions stay within IRS limits.
• Diversify beyond stocks: Like Morgan, consider real estate or alternative investments if they align with your goals.

Morgan’s success came from leaning into what he already knew and using discipline and smart planning to scale it into something life-changing. After years of 90-hour workweeks and committed saving, he’s now built a life of freedom and a future of financial security.

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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.

Allie, a Salt Lake City resident, faced a dilemma many car buyers can relate to: should she pull the trigger on purchasing a vehicle earlier than planned to avoid potential price hikes due to tariffs?

Originally, Allie and her husband had planned to buy a car in the spring of 2026. However, with concerns about tariffs driving up the cost of new vehicles, she began reconsidering that timeline.

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They were planning on spending around $35,000 on a used car, but were also considering buying a new one if they could find the right deal.

“We are wondering if we should move that purchase up and buy now because car prices might decrease because of the tariff.” Allie explained to The Ramsey Show co-hosts Jade Warshaw and Ken Coleman

Allie said with the media reporting that tariffs will potentially drive up the cost of vehicles, she wanted to know if buying now would be wiser than possibly paying more later.

The experts weigh in — patience over panic

The show’s financial experts quickly offered guidance.

Coleman’s first advice was clear: don’t act out of fear.

“We have no idea what the tariff situation is going to be,” he said.

“And by the way, it’s already too late. If you’re going to get a car, the costs will be affected by tariffs … we just don’t know what that’s going to look like.”

Coleman emphasized that while tariffs might impact the prices of new vehicles, they wouldn’t directly affect used car prices, which he says are more influenced by market demand.

On this point, Warshaw cautioned that while media headlines may push consumers toward fear-based decisions, it’s impossible to predict how the tariff situation will evolve.

"That media pressure is real,” Warshaw said. “ And then all the car commercials are going, ‘We are gonna stand by our payment. We’re not raising our payment.’ Everybody’s talking about it.”

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

Buy now or stick to the plan?

Allie and her husband also had to consider where they would borrow money for the car purchase. They had $30,000 in a high-yield savings account that was earmarked for future vacations and sinking funds, but the couple was considering repurposing those funds for the car purchase.

However, the experts suggested that Allie wait for her husband’s stock options to vest next spring as initially planned.

The co-hosts were adamant about not letting fear dictate a large purchase like a car. They encouraged Allie to stick with her plan and advised her to buy the car when it made more financial sense.

“You don’t do this out of fear. You do it out of ‘Are we ready to buy the car today?’” Warshaw said. “If you think, ‘Hey, we don’t need it yet,’ then don’t do it.”

“Let these stocks vest regardless of what you do,” she added.

Both co-hosts noted that by waiting, Allie could have an opportunity to find a great deal.

“A year from now, when they want to buy. There’s gonna be some people who overextended themselves,” Coleman said,

“ I can promise you a year from now, there’s gonna be some people driving around with a car payment of $700 or more. We know this from the data. And they gotta unload it.”

Warshaw and Coleman emphasized the importance of patience and careful planning, advising Allie to avoid making a fear-driven purchase. Instead, it’s best to align her decision with her long-term financial goals.

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

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

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

When juggling the responsibilities of life as a single parent, it can be easy to slide into debt.

Sarah, for example, recently turned 50, is a single parent of two and has $80,000 in debt total. She owes $55,000 on her credit cards and an additional $25,000 that she missed paying on taxes, not including the total she owes on her mortgage.

Her credit card debt alone is larger than the average American household’s credit card balance of $6,065. In terms of overall debt, the latest data from the Federal Reserve shows that the average U.S. household debt is just over $105,000 per household, but this includes mortgages as well as auto loans, student debt, credit cards and other forms of personal debt.

Beyond the almost $2,000 per month in debt payments, Sarah also needs to cover her $2,100 mortgage payment. With retirement age on the horizon, she feels like she’s drowning under mounting financial pressures. And without savings or retirement funds, she wants to map out her next steps carefully.

For Sarah, bankruptcy is off the table, but she still wants to find a way forward. So. here is what she — and you — could do next, when faced with such a situation:

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1. Evaluate your finances and set a realistic budget

When facing a mountain of debt, the first step is to assess the situation. Gain clarity by tracking each of your expenses and income.

This will give you a realistic picture of where you stand with your expenses and income, help you plan ahead and stretch every dollar as far as it can go, while helping you eliminate any unnecessary spending. Next, build a bare-bones budget that allows you to cover all of your basic needs.

With this in place, ratchet down your spending. Move on to actually eliminate any unnecessary spending. This will alter your lifestyle and feel uncomfortable, but it doesn’t have to last forever if you do it right.

Take a closer look at your largest expenses. For most Americans, housing, transportation and food represent the biggest line items in any budget.

Start by taking a look at your housing expenses and how they ladder up to your long-term financial goals. Sarah is a homeowner with a $2,100 monthly mortgage payment and $100,000 in home equity.

If you don’t want to relinquish homeownership, then refinancing your mortgage to lock in a lower payment could help. Downsizing or renting out a room may be other ways to help offset housing costs.

If you aren’t married to the idea of homeownership, then look into the cost of renting a reasonable place to call home. Selling your property with $100,000 in equity would help you wipe your debt in the quickest way possible.

Beyond potentially paring down your housing costs, evaluate your transportation costs. If you drive a relatively expensive vehicle, swap it out for a more affordable ride. You may also want to consider remote work, if this is possible for you, as this would further free up both any time and money spent on commuting.

Lastly, try to meal plan once a week, so you only buy the groceries you need (preferably at discount or cheaper grocery stores), avoiding dining out.

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

2. Make a debt repayment plan

After making adjustments to your spending habits, it’s time to make a debt repayment plan.

Starting with the tax debt, consider applying for an IRS payment plan to break down your large tax bill into more manageable monthly payments.

Next, tackle your credit card debt. If you have the debt spread across multiple credit cards, start by making a list of each balance and the attached interest rate.

Common repayment strategies include the [snowball or the avalanche methods]https://moneywise.com/u/managing-money/debt/what-is-the-debt-snowball-method-explained (). The snowball method involves putting all available cash toward the smallest balance so you rid yourself of that first before moving onto the next one, while the avalanche method tackles the balance with the highest interest rate first.

Technically, the avalanche method is more mathematically efficient, reducing the total amount of money you pay on interest but the small wins of the snowball method might give you the motivation to stick to the plan.

Refinancing offers another way to manage debt repayment. Typically, personal loans come with significantly lower interest rates than credit cards. If you can refinance your debt into a single larger “consolidated” loan with a lower fixed interest rate, a home equity-based loan (or HELOC) or a transfer balance card, this may allow you to pay down your balance more quickly without added costs.

Lastly, while this isn’t an option for Sarah, you may want to explore Chapter 13 bankruptcy.

3. Look to the future

Picking up extra income can help you make headway in your debt repayment faster. And, if you take on a side hustle, you aren’t alone; more than half of Americans have one.

Some possible side gigs include delivering groceries or meals, tutoring, freelancing graphic design or writing. You may even consider a more traditional part-time job at a small business in your area.

Depending on the age of your children, you can involve them in contributing with their own part-time job to help cover their non-essential expenses or as a way to contribute to their education fund.

Once you’ve made headway in reducing your debt, it’s time to start shoring up your emergency fund. Experts suggest saving three to six months of expenses. This will help you have enough to cover unexpected expenses without sliding back into debt.

With these blocks in place, you can divert funds to help pay off your mortgage faster and even start saving for your retirement.

What to read next

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

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

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

A 73-year-old man in Australia has launched a legal war against one of the country’s biggest banks — and he may be the first scam victim to ever take things this far.

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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

According to a recent report from ABC News Australia, pensioner Ian Williams is suing National Australia Bank (NAB) for $379 million after it said he was responsible for $1,338 in transactions he said he didn’t recognize.

After CCTV footage collected by the police proved it wasn’t him who made those transactions, the bank said it would return the money in full under two conditions.

Williams refused.

"It’s the principle of the thing. I just won’t wear being called a liar," he said. “I’m a stubborn old turd, and I will not give up.”

Here’s what happened.

Fraudulent $1,338 charge on account

It all began in October 2022. Williams says he discovered two suspicious charges on his account — $515 and $823 — at a Coles supermarket in Bundoora, a suburb 150 kilometers away from his home.

When he contacted NAB’s digital subsidiary, uBank, he says a representative told him the transactions were made using his Google Pay account.

"They said that I was guilty, I was responsible, I was personally at Coles to do the transactions with my phone and my thumbprint," he said.

His maps app and sleep-tracking app both supported his claim he was in Bendigo around that time. He had call and text logs which showed his friend was coming over that morning. He also made a statement at the police station and sent it to the bank, but it was not enough.

Eventually, CCTV footage confirmed that the shopper wasn’t him — police said it showed “two young males” using what appeared to be cloned card credentials on phones.

That’s when the bank offered to reimburse him the $1,338 — on the condition that he sign a non-disclosure agreement and agree that the payment did not mean the bank was taking responsibility for the missing funds.

Five months after Williams declined, a second offer of $1,500 came with strings attached: no legal action allowed. He turned that down too.

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 court battle

What followed was a year-long journey of legal research and late nights. He said no civil lawyer he met was willing to take on his case without fees.

Williams represented himself and filed a 14-page writ against NAB, alleging the bank failed to secure his banking credentials and transaction data, failed to use its fraud detection protocols, breached its duty to "protect customers from unauthorised transactions" and violated obligations under Australia’s ePayments Code by not conducting a fair and transparent investigation.

He argued that the $1,338 loss represented 5.5% of his annual pension — and therefore is seeking 5.5% of NAB’s 2022 profit after tax: $379.05 million. "Things need to be proportionate," he said.

In a brief courtroom victory earlier this year, the bank failed to respond in time, and a default judgment was awarded in Williams’ favor.

But NAB’s lawyers later had the judgment overturned, citing a paperwork issue. The case is now headed for a full hearing — and if Williams loses, he could be on the hook for the bank’s legal fees, which he says could bankrupt him.

Any money he wins he wants to donate to Indigenous health charities.

How was Williams scammed?

It’s likely Williams was the victim of “ghost tapping.” In such cases, the scammer steals credit card details to register the card on their phone’s digital wallet.

According to ABC News Australia, “Williams did receive text messages a few days before the fraudulent transaction went through, with a passcode for him to confirm he wanted to add his card to a new Google Pay account.”

In the U.S., the Consumer Financial Protection Bureau (CFPB) placed Google Pay under federal supervision late last year citing consumer complaints. The effort was abandoned this year by the new acting CFPB director Russell Vought, who was appointed by President Donald Trump. The U.S. version of the Google Pay app was shut down in June 2024.

Owners of credit and debit cards should take these precautions:

• Don’t provide codes: Text messages may contain one-time codes to authorize adding your card to a phone wallet, so don’t share them with potential scammers over the phone or online. Scammers may pretend to be your financial institution.
• Avoid entering card details on unfamiliar websites: Many ghost tapping scams begin with fake checkout pages designed to harvest your information.
• Use alerts and two-factor authentication: Enable real-time transaction alerts from your bank to catch fraudulent activity early.
• Contact your bank immediately: Report it if anything seems off — and escalate to law enforcement or a financial complaints body if needed.

What to read next

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

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

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

A 2024 CPP Investments survey found that Canadians think it will take $900,000 to retire comfortably, a 29% increase from the year prior.

But a 2024 Statistics Canada report revealed that the median nest egg that Canadians have saved for retirement is $573,040. So clearly, the typical retiree has a large gap to overcome.

If you’re retired with a $3 million portfolio, you’re clearly ahead of the curve. Not only do you have way more assets than the typical Canadian senior, but you also have more than the $900,000 per person that’s supposed to make for a comfortable retirement.

But you may be wondering if it pays to hire a financial planner to help manage your retirement portfolio. And the truth is, there are pros and cons to getting financial help.

Using a financial planner

If you have $3 million in assets, a paid-off home and no other major financial concerns, you might assume that you don’t need a professional to get involved. But there’s a reason 25% of Canadians have a financial adviser or planner, per research from CIBC and FP Canada.

The upside of working with a financial professional is that you’ll have an expert who isn’t emotionally attached to your money offering advice on how to manage your assets. That could be invaluable, especially if life ends up throwing you a curveball.

Things may be going well for you financially right now. But what if your life circumstances change, or your health declines and you wind up needing long-term care?

If you’re uninsured, you could be looking at spending anywhere between $3,500 to $30,000 per month for a home health aide, a Scotia Wealth Management report found. A financial adviser or planner can help you not only prepare for these types of costs, but manage them as they arise.

Also, while you clearly have a decent understanding of saving and investing to have amassed $3 million in time for retirement, there may be some blind spots in your portfolio. A financial professional can help address those and make sure your portfolio is set up to not only produce income, but withstand a major market event or a period of rampant inflation.

Furthermore, if you have $3 million, it’s feasible that you may be in a position to pass on an inheritance, and the value of $3 million today is not the value of $3 million in the future, especially if inflation soars. A financial adviser can guide you on estate-planning options so you’re able to make sound decisions for the type of legacy you wish to leave behind.

Finally, working with a financial adviser could help you feel more secure as you navigate your senior years; it takes the pressure off you to be the expert and to stay current.

Managing your finances solo

The obvious downside to working with a financial professional is that there is an additional cost involved. And that cost can vary depending on who you use, where you’re located and the fee structure your adviser employs. If you manage your finances on your own, you won’t have to pay a professional any fees.

Let’s say a financial adviser charges you a fee of 1% of assets under management. For a $3 million portfolio, you’re paying $30,000 a year for help you may not need.

Granted, because many financial advisers get paid as a percentage of assets under management, they’re motivated to grow your portfolio so they get paid even more. But once you’re retired, you may not need portfolio growth so much as stable income. And if you’re already getting that, there may be little sense in bringing in an adviser.

If you’ve been able to comfortably build and manage your portfolio all of these years, then you may be perfectly equipped to continue doing so — especially if you’re a savvy investor with a pulse on the market who understands the importance of diversification.

Furthermore, while a financial adviser can offer guidance on estate planning, you’ll typically still need an attorney to create a will or trust (or whatever tool you use to pass down an inheritance). So while a financial professional can perhaps steer you toward your ideal option, you’re probably going to be looking at a separate attorney fee anyway.

Before you make your decision, it could be worth sitting down with an adviser or two and seeing what they have to say. But if you’ve gotten to $3 million and are managing this well, you don’t necessarily need to hire someone for extra help at this point. Just be sure that before making any major money moves, you’re as informed as possible. You’re essentially your own adviser.

Sources

1. CPP Investments: Nearly 2 in 3 Canadians worry about retirement savings: survey (Oct 30, 2024)

2. Statistics Canada: Assets and debts held by economic family type, by age group, Canada, provinces and selected census metropolitan areas, Survey of Financial Security (x 1,000,000) (Oct 29, 2024)

3. Cision: Most Canadians are going it alone when it comes to financial planning: CIBC and FP Canada™ Poll (x 1,000,000) (Nov 27, 2023)

4. Scotia Wealth Management: Why aging at home is unlikely for many — and how to change that (Jan 9, 2024)

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

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

Robert Kiyosaki has a controversial take on debt: you shouldn’t avoid it. Instead, just embrace it.

Garrett Gunderson interviewed Kiyosaki in 2019, and that’s how he said the rich get richer. His stance is pretty unique from the other big name financial gurus.

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Suze Orman emphasizes strict budgeting and frugality, and Dave Ramsey champions a debt-free lifestyle. But Kiyosaki’s perspective is markedly different.

By investing in investments that generate cash flow, while minimizing taxes and tapping into debt, Robert Kiyosaki’s strategy is focused on growing assets rather than cutting costs. Here are 3 of his top tips.

1. Invest for maximum returns and minimize taxes

Kiyosaki suggests prioritizing investments with maximum returns and low tax burdens. That means he opts for alternative assets and specific tax-shielded accounts, like IRAs.

Real estate

In Kiyosaki’s words, “The more debt you have, the more real estate you can buy and the less tax you pay."

For years, direct access to the $22.5 trillion commercial real estate sector has been limited to a select group of elite investors — until now.

First National Realty Partners (FNRP) allows accredited investors to diversify their portfolio through grocery-anchored commercial properties, without taking on the responsibilities of being a landlord.

With a minimum investment of $50,000, investors can own a share of properties leased by national brands like Whole Foods, Kroger and Walmart, which provide essential goods to their communities. Thanks to Triple Net (NNN) leases, accredited investors are able to invest in these properties without worrying about tenant costs cutting into their potential returns.

Simply answer a few questions – including how much you would like to invest – to start browsing their full list of available properties.

However, owning a share of a project or property this way holds some risk — for instance, you could receive no returns and these assets are often illiquid. Speak to a professional if this investment is right for you, especially if you are retired or close to retirement.

New investing platforms are also making it easier than ever to tap into the residential real estate 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 allows 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

Gold

Kiyosaki is also a proponent of alternative assets like gold. He openly shares that he owns gold as a hedge against economic downturns.

Unlike fiat currency, the precious metal cannot be printed in unlimited quantities by central banks, and its value is not tied to a single economy or currency. These traits make gold a favored “safe haven” asset, particularly during times of economic uncertainty.

Investors seem to be taking note. So far in 2025, the price of gold has surged, surpassing $3,300 per ounce.

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.

Crypto

Kiyosaki certainly isn’t shy about his love for digital currencies, famously sharing on X that he has lofty aspirations of owning 100 Bitcoin (he currently owns 76.)

Now would be a pretty good time to own all of those coins, given its price has continued to hit all-time-highs above $90,000 in the past few weeks. Though, it’s an inherently volatile investment – and it’s consistently ebbing and flowing. So, you want to be sure you can stomach that level of volatility and risk before investing in crypto like Kiyosaki does.

For those looking to hop on the bitcoin bandwagon, new crypto platforms have made it easier for everyday investors.

For instance, Gemini is a full-reserve and regulated cryptocurrency exchange and custodian, which allows users to buy, sell and stores bitcoin and 70 other cryptocurrencies.

You can place instant, recurring and limit buys on our growing and vetted list of available cryptos.

But if you’re not ready to buy just yet, you can still invest in crypto with their Gemini credit card.

2. Use a team of experts

Another way Kiyosaki differs from other financial commentators is that he argues accountants, tax experts, and even attorneys can be key to minimizing taxes. He unapologetically believes that "If you’re a coward and you’re afraid of the IRS, then you’re middle class and poor."

His advice might rub you the wrong way, but there’s something to be said for seeking a professional’s opinion on your finances. After all, it’s a lot harder to see the forest for the trees when it’s your money.

If you’re unsure which path to take amid today’s market uncertainty, it might be a good time to connect with a financial advisor through 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.

You can view advisor profiles, read past client reviews, and schedule an initial consultation for free with no obligation to hire.

3. Don’t be afraid of debt

In an interview with Forbes, Kiyosaki said, “If you’re gonna go into debt to invest in real estate, find the best rate.”

With interest rates falling, finding a better rate should be easier than it was last year. A quick and efficient way to check out the rates available is the Mortgage Research Center (MRC). The platform can help you easily compare rates and estimated monthly payments from multiple vetted lenders.

All you have to do is enter some basic information about yourself, including your ZIP code, desired property type, 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 loan with confidence.

After you match with a desired lender, set up a free, no-obligation consultation to see if you’ve found the right fit.

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
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• 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.

In the surveillance footage, a car holding a wad of cash fresh from the bank pulls into a convenience store on Houston’s Telephone Road.

Within seconds, two vehicles pull up. Thieves jump out, smash windows on both sides of the victim’s car, grab the cash and drive away.

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“It’s not just bold, it’s also brazen,” Andy Kahan with Crime Stoppers Houston told KHOU 11 News. “It’s also the fact that you don’t have any fear factor in our criminal justice system.”

The day before that incident, police say, a man broke into a vehicle at a local car wash and took cash that had also just been withdrawn from a bank. When the car’s owner confronted him, the thief reportedly flashed a weapon before fleeing.

The back-to-back cases in late April are part of a tactic known as "jugging," where thieves watch people leave financial institutions or other businesses, then follow and rob them, often at their next stop.

Jugging is not a new crime, but until recently, there was no specific charge for it. Texas is changing that this fall.

Jailed for jugging

Signed June 20, House Bill 1902 makes jugging a standalone offense with harsher penalties. It applies not only to culprits who follow victims from banks and ATMs but also from stores, businesses or other locations where valuables may be picked up.

“No longer will you be charged — like in these particular cases — with just theft or robbery,” Kahan explained. “You’re going to be charged with the offense of jugging. And that is going to pack a more powerful impact, hopefully, on the courts.”

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

As of Sept. 1, jugging will carry a penalty of up to 180 days in jail and up to $10,000 in fines for a state-jail felony or up to life in prison if enhanced to a first-degree felony.

Texas House Representative Christian Manuel told KFDM that jugging is a growing trend and is already common in cities like Houston, San Antonio, Dallas and Austin.

How to protect yourself

Experts warn that jugging happens fast and often without warning. Whether you’re making a bank withdrawal or picking up valuables, here are a few ways to avoid becoming a target:

• Hide valuables before leaving the bank: Don’t count or display cash where others can see. Put it away discreetly — ideally before walking to your car.
• Don’t leave valuables in the car: Even in a locked glove compartment, nothing is truly safe. Criminals may watch you stash the cash before smashing a window.
• Vary your routine: Avoid frequenting the same branch or store at the same time each week.
• Go straight home: Try not to run additional errands or stop at other businesses after making a big withdrawal.
• Watch your surroundings: Keep an eye out to see if any vehicles appear to be following you. If you’re fearful, don’t go home — drive to a police station or call 911 from your car.

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

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

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

Five Florida deputies were arrested this month after an internal tip led the Nassau County Sheriff’s Office (NCSO) to investigate suspected cases of “double dipping.”

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The deputies are accused of submitting false time sheets to the NCSO that included time they were working for a private employer, breaking state laws and violating NCSO policy.

Deputy Henry Holmberg, Sergeant Brian Blackwell, Sergeant Wilfred Quick, Sergeant Joshua Huffmon and Sergeant Kellam Paolillo have been fired and face felony official misconduct and theft charges, according to news reports from First Coast News and News4JAX.

The investigation also found a sixth employee, Deputy Michael Brandon, guilty of submitting false time sheets including time when he was at home, but he accepted a pre-trial diversion disposition to avoid arrest. He has also been terminated.

The total amount said to be stolen from NCSO and taxpayers is $14,007.86

“A dollar is too much,” said News4JAX Crime and Safety Analyst Tom Hackney. “It’s a slap in the face of men and women in law enforcement who do it the right way, and those who don’t, tarnish the badge.”

What is ‘double dipping’?

Time theft — taking long lunches, logging off before the workday is over, or doing household tasks while you’re supposed to be working — became a major concern for employers during the pandemic.

Another more serious form of time theft is “double dipping,” and it involves being on the clock for one employer but working for another. In 2023, consulting firm McKinsey estimated that for a median-size S&P 500 company, 5% of its workforce is engaged in this practice. That report, which surveyed workers from the U.S., Australia, Canada, Germany, India, Singapore and the U.K., defines double dipping as “full-time salaried workers who hold two or more jobs simultaneously, likely without their employers’ knowledge.”

The NCSO said the deputies are allowed to “moonlight” or work a second job while off-duty, but it was “impermissible to be paid for an on-duty shift while being paid for an off-duty employment job at the same time.”

But when could simply having a second job land you in hot water?

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

Could you get in trouble for a second job?

U.S. Bureau of Labor statistics show that 8.7 million Americans work more than one job, with as many as 447,000 people working two full-time jobs.

Having more than one job itself is not illegal. However, depending on state laws around non-compete agreements, workers could run into trouble. If you’re considering a second job, the first thing you should do is review any employment contracts you’ve signed or codes of conduct from your employer and check if there are policies prohibiting secondary employment. This map tracks state non-compete laws.

While some online communities advocating “overemployment” have sprung up since the pandemic — where proponents detail how they work multiple jobs at once — there are risks to this practice, and not just that you could violate your employment contract. Burnout is a real risk when taking on more than one job, as is the risk of your work suffering as a result of being overextended.

If you get caught, you may be terminated for cause, which could mean no employee benefits like severance pay or notice.

Hackney said the Florida deputies’ actions could also cost them their pensions.

“So, if you’ve worked your entire career and do this towards the end of it, and the city wants to pursue this, you can lose everything you put into that pension over something like this,” he said.

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.

Canada’s economy grew faster than expected in early 2025. But dig past these positive headlines and just about everyone can see that cracks are forming. This is the situation the Bank of Canada economists are in as they make one of its toughest calls yet: lower rates or stay the course?

Split economy complicates the July 30 decision

Canada’s GDP surprised forecasters with a 2.2% annualized growth rate in Q1, fueled by strong exports and government spending. On paper, the economy looks healthy. But dig deeper, and the picture gets murkier. Households are stretched thin. Small businesses are pulling back. Delinquencies are up, hiring is down.

That leaves the Bank of Canada facing a classic policy dilemma: hold steady to keep inflation in check, or cut rates to cushion an economy showing signs of fatigue? As the July 30 decision approaches, the answer is anything but clear.

The growth story: Why Q1 GDP beat expectations

According to Statistics Canada, the 2.2% Q1 growth came from three primary sources: booming exports — especially oil, energy, and agricultural goods — alongside robust public sector spending and relatively stable business investment.

This momentum was unexpected. Analysts had forecast something closer to 1.4%, citing high interest rates and global uncertainty. But as BMO senior economist Sal Guatieri noted, the GDP data reflects “a surprising resilience, especially in trade-related sectors.”

It’s a headline the BoC can’t ignore. Economic strength, especially if sustained, could reaccelerate inflationary pressures the central bank has worked hard to suppress.

The softness beneath the surface

Yet for many Canadians, this "resilience" doesn’t feel real — and for good reason.

Households under pressure

Consumer spending growth has slowed to a crawl, a signal that households are feeling the pinch of higher borrowing costs. And with interest rates still elevated above the historical lows of 2020 and 2021, Canadians are using more of their income to service debt. This comes at a price. Rather than spending to fuel the economy, Canadians are paying what they owe.

Then there’s mortgage renewals; many mortgages were many locked in during the ultra-low-rate era of 2020/2021. Almost five years later, many are resetting at rates that are two to three times higher, leading to monthly payment shocks of hundreds — in some cases thousands — of dollars. Renters aren’t faring much better, with vacancy rates near record lows and rent inflation running hot in major urban centers.

All this financial stress is showing up in the data. Credit card balances have hit all-time highs, and delinquency rates are rising across most age groups — especially among millennials and Gen Z borrowers. Personal loan defaults are ticking up and insolvency filings have started to trend higher. For many households, the choice is increasingly between keeping up with debt or cutting back sharply on spending. That’s a dynamic with real macroeconomic consequences — and the Bank of Canada is watching it closely.

Business strain

At the same time, businesses across key sectors are pulling back, reacting to a weakening demand environment and the sustained pressure of high borrowing costs.

In retail, sluggish foot traffic and shrinking consumer budgets have led to layoffs and hiring freezes.

Construction — a sector highly sensitive to interest rates — is facing project delays, scaled-back developments, and job losses, particularly in residential housing. Commercial builders are also reassessing risk, especially as financing costs bite into margins and demand for new space softens.

Beyond labour, business sentiment is cooling. Capital investment plans are being shelved or deferred, with many firms choosing to preserve cash rather than expand. Small and medium-sized enterprises (SMEs), which make up the bulk of private-sector employment, are reporting tighter credit conditions and declining confidence in future sales. Even sectors that benefitted from post-pandemic momentum, like manufacturing and professional services, are beginning to show signs of fatigue.

The Bank of Canada’s June Monetary Policy Report didn’t mince words. It acknowledged “soft domestic demand” and a “cooling labour market” — in other words: polite central bank speak for growing economic strain. While inflation has come down, the economy is slowing in a way that’s becoming harder to dismiss as a mere post-pandemic normalization.

The disconnect between headline GDP and the day-to-day realities of business leaders and workers is stark. Economic output can look strong, even as the underlying foundations begin to crack. For the BoC, this complicates the path forward. Should it trust the backward-looking growth data — or place more weight on leading indicators that suggest fragility ahead?

BoC’s tightrope: One data set says ‘wait,’ the other says ‘cut’

So, what should Canada’s central bank do? The GDP numbers argue for caution. Strong output suggests the economy can handle higher rates. But the weakness in domestic consumption and business sentiment points toward fragility — and possibly recessionary risk.

Central bankers often view GDP as a lagging indicator. What looks strong today might reflect decisions and momentum from six months ago. The current softness in households and hiring may be the leading edge of a deeper downturn.

This wouldn’t be the first time the BoC has acted preemptively. In 2015, for instance, it cut rates in the face of falling oil prices despite steady GDP. In 2001, it eased policy quickly after signs of slowing, even as official output data still looked fine.

What to watch ahead of the July 30 overnight rate decision

Before the BoC meets, a few key data releases will help shape the final decision:

• June CPI (due July 16): A soft inflation print could tip the scales toward a cut.
• Labour Force Survey (early July): More evidence of job market weakness will raise alarms.
• Consumer and business sentiment: Confidence levels may foreshadow spending and investment shifts before they show up in hard data.
• Markets are split. Futures pricing shows about a 55% to 60% chance of a cut in July, with more traders betting on September. Bond yields have edged lower, and the Canadian dollar has softened — both signs that investors expect easier policy soon.

The case for patience — or pre-emptive action

The Bank of Canada is threading a narrow path. Cut too soon, and it risks letting inflation rebound. Wait too long, and it could worsen the pain already spreading through households and small businesses.

This decision may hinge less on GDP and more on whether signs of economic fragility grow too loud to ignore. As July 30 approaches, the question isn’t just what the economy has done — it’s what happens next. Will the Bank hold the line, or act now to get ahead of the slowdown? For most experts, there is an expectation that the Bank of Canada will maintain the current rate while signalling readiness to cut if Q2 data — on inflation, jobs, consumption, and business activity — continues to disappoint. At this point, a rate cut is now expected in September, assuming domestic fragility persists.

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