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  • HR exec at center of Coldplay concert scandal reportedly married into Boston’s ultra-rich Cabot family — locals say ‘Cabots speak only to God.’ How to build generational wealth in America

    HR exec at center of Coldplay concert scandal reportedly married into Boston’s ultra-rich Cabot family — locals say ‘Cabots speak only to God.’ How to build generational wealth in America

    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.

    A short video clip from a Coldplay concert has sparked waves far beyond the entertainment world. In the now-viral footage, Andy Byron — then-CEO of the tech firm Astronomer — is seen with his arms around Chief People Officer Kristin Cabot as they cuddle in the crowd.

    Byron ducked out of sight as the couple appeared on the big screen. Cabot turned away and covered her face.

    “Either they’re having an affair or they’re just very shy,” Coldplay frontman Chris Martin quipped to the audience. Days later, Byron resigned.

    As for Cabot, the Daily Mail reports she’s married to another CEO: Andrew Cabot, head of Massachusetts-based distillery Privateer Rum. The publication says Kristin’s now-deactivated LinkedIn page showed that she has been an “advisory board member” of Privateer Rum since September 2020.

    Property records show that Kristin and Andrew Cabot purchased a $2.2 million home in Rye, New Hampshire, back in February, and the deed refers to them as “husband and wife,” according to the Daily Mail.

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    Andrew Cabot, according to Privateer Rum’s website, is a direct descendant of the original Andrew Cabot — a wealthy merchant and privateer from the Revolutionary War era. The Cabot name carries weight in Boston: they’re part of the city’s storied “Brahmin” class — families that once ruled New England society. As the New York Post put it, the Cabots belonged to a club of families so distinguished “that the Irish-Catholic Kennedys are left out in the cold.”

    The Cabot family is so prominent in Boston that, according to the Post, a local saying goes, the “Cabots speak only to God.”

    Their wealth spans generations. A 1972 New York Times profile pegged the Cabot family fortune at over $200 million at the time — equivalent to roughly $1.5 billion in 2025.

    While most Americans don’t come from a family like the Cabots, building generational wealth isn’t necessarily out of reach. With the right tools — and access to platforms once limited to the ultra-rich — it’s possible to lay your own foundation for long-term prosperity.

    Become a real estate mogul — starting with $100

    For families like the Cabots, real estate has long served as both a symbol of status and a source of enduring wealth. That’s no coincidence. Real estate can offer multiple pathways to build and preserve wealth across generations.

    Owning property can generate passive income through rent and offer appreciation potential — especially in high-demand markets. It’s also a classic hedge against inflation: when the cost of materials, labor and land goes up, property values often rise as well. Meanwhile, rental income typically climbs too, creating a revenue stream that can adjust with inflation.

    These days, you don’t need to buy an entire property outright to benefit from real estate investing. Crowdfunding platforms like Arrived have made it easier than ever for everyday investors to gain exposure to this income-generating asset class.

    Backed by world class investors like Jeff Bezos, Arrived allows you to invest in shares of rental homes with as little as $100, all without the hassle of mowing lawns, fixing leaky faucets or handling difficult tenants.

    The process is simple: browse a curated selection of homes that have been vetted for their appreciation and income potential. Once you find a property you like, select the number of shares you’d like to purchase, and then sit back as you start receiving any positive rental income distributions from your investment.

    For accredited investors, Homeshares gives access to the $35 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.

    Read more: 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

    ‘The best thing to do,’ according to Warren Buffett

    While real estate has shaped many old-money empires, the U.S. stock market has quietly built countless modern fortunes.

    The reason is simple: long-term exposure to the growth of American business. As investing legend Warren Buffett wrote in his 2016 letter to Berkshire Hathaway shareholders, “American business — and consequently a basket of stocks — is virtually certain to be worth far more in the years ahead.”

    Berkshire’s performance serves as a powerful testament to that principle. From 1964 to 2024, it delivered an astonishing overall gain of 5,502,284%.

    Buffett has long championed investing in companies with durable competitive advantages — businesses with unique strengths that allow them to outperform rivals over the long term. But for the average investor, he says there’s no need to pick winners.

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

    The beauty of this approach is its accessibility — anyone, regardless of wealth, can take advantage of it. And with Wealthfront Invest, you can put your investing on autopilot. Their easy "set it and forget it" approach means your money is professionally managed and automatically rebalanced, allowing your wealth to grow steadily over time.

    The platform can build a personalized portfolio of low-cost index funds from up to 17 global asset classes. Depending on your risk profile, your money can buy shares of VOO, Vanguard’s ETF which tracks the S&P 500.

    Plus, you can get a $50 bonus if you fund a taxable investment account today.

    Talk to an expert

    At the end of the day, everyone’s financial situation is different — from income levels and investment goals to debt obligations and risk tolerance. If you’re unsure where to start, it might be the right time to get in touch with a financial advisor through Advisor.com.

    Advisor.com is an online platform that matches you with vetted financial advisors suited to your unique needs. They can help tailor a strategy to your unique financial situation, whether you’re looking to grow wealth, diversify beyond stocks or plan for long-term financial security.

    Once you’re matched with an advisor, you can book a free consultation with no obligation to hire.

    What to read next

    Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

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

  • Here are 5 things Americans need to stop doing after age 55 — to ensure a happier life and richer retirement

    Here are 5 things Americans need to stop doing after age 55 — to ensure a happier life and richer retirement

    Retirement is supposed to be a happy time. We speak of the "golden years" for a reason.

    For many, however, the last phase of life can be the most painful and unhappy.

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    Almost a third of retirees suffer from depression. That number is too high.

    The good news is, though, you don’t have to be broke and miserable in your later years. If you simply stop doing five common things after age 55, you can increase the chances that you have a happier, richer retirement that you actually enjoy.

    1. Neglecting Your Health

    Giving up unhealthy habits can make all the difference in your longevity and continued ability to do the things you enjoy. That’s why it’s crucial to stop compromising your health as you age.

    Exercising reduces your risk of all sorts of diseases and increases the chance of a long, healthy life. In fact, older adults who did any weight lifting, but no moderate to vigorous aerobic activity, were 9% to 22% less likely to die over a decade, according to a 2022 study cited in an AARP article. "Those who met aerobic guidelines and lifted weights once or twice a week had a 41 percent to 47 percent lower risk," it added.

    It’s also worth giving up other unhealthy habits, from smoking to eating poorly to getting too little sleep. Changing these behaviors can not only enable you to enjoy retirement for longer but it also makes it more likely you’ll be healthy enough to do the things you love once you leave work.

    2. Supporting Adult Children

    Adult children can be a huge source of joy for retirees, but they can also be a major financial drain. As many as 47% of parents with grown, non-disabled children provide their kids with some kind of financial support, with parents providing an average of $1,384 monthly, according to research from Savings.com.

    These contributions to kids are more than double what the average working parent contributes to their own retirement savings monthly, which is why it’s not surprising that 58% of parents said they’ve sacrificed their own financial security for the sake of their adult kids.

    Read more: 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

    While it’s understandable to want to help your kids, it’s also important to remember that they have time to build their financial futures but you don’t. Set a limit on how much you help based on what you can truly afford and look for ways to offer non-financial assistance.

    Doing so is the only smart choice for both you and your kids because if you end up broke, it won’t be good for them either when you show up to live in their guest room.

    3. Taking Time for Granted

    It’s an inevitable fact that the older you get, the less time you have left. That’s why it’s so essential to stop wasting time in your later years.

    Once you reach your mid-50s, you don’t have endless years left to save. Get serious, making the sacrifices needed to build a big nest egg. Whether that means putting in extra hours, asking for a salary bump, or making budget cuts, step up your savings efforts now more than ever.

    Devoting your efforts to bulking up your savings in your 50s will hopefully pay off and, as you move into your 60s, you’ll get to a point where trading time for more money no longer makes sense. At this point, if you have enough to live comfortably, staying on the job longer to earn more often stops being worth it if you give up some of what may be your last healthy years.

    The early use of your time saving should allow you to put your time to good use enjoying life later — so make the most of each of these different life phases.

    4. Not Spending in Line With Your Values and Goals

    For seniors living on a fixed income, wisely spending money is more important than ever. Unfortunately, if you don’t have a plan for what to do with your dollars, you could end up spending on the wrong stuff.

    If your dream is traveling, for example, but you’re staying in your costly family home and spending your travel money on property taxes and home maintenance, you’d likely be far better off downsizing and freeing up cash to take your dream trips.

    Take the time to look at exactly where your money is going, and make sure that you’re using it the way you’d prefer. Cut the things you don’t care about and allocate as much of your money as possible to making your retirement dreams a reality.

    5. Worrying Too Much

    Finally, far too many seniors end up wasting their retirement worrying about the things they can’t change. From bad news on TV to a potential future market crash to undesirable political outcomes, there’s a lot that seniors spend their days fretting about — very little of which is in their control.

    Rather than wasting time stressing, seniors should take the steps they need to set themselves up for success, like choosing the right asset allocation for their investments and making sure they have a life where they live below their means at a safe withdrawal rate.

    Seniors who are smart about their finances and who maintain an objective distance between themselves and upsetting issues are likely to be a whole lot happier — which is what they deserve in retirement after a lifetime of working to get there.

    What to read next

    Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

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

  • ‘Son, roll up your sleeves’: Dave Ramsey lays into ‘entitled’ man for questioning why to even invest if he might not live to enjoy his riches — but Ramsey says his mindset is the real problem

    ‘Son, roll up your sleeves’: Dave Ramsey lays into ‘entitled’ man for questioning why to even invest if he might not live to enjoy his riches — but Ramsey says his mindset is the real problem

    Sometimes you can get the best advice by poking the bear.

    One write-in guest on The Ramsey Show found out the hard way after trying to “make sense” of Dave Ramsey’s investment advice.

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    “You keep saying to invest $100 a month beginning at age 30 and you’ll be worth $5 million at 70 years old,” wrote a man named Isaiah. “That’s the most ridiculous thing I’ve ever heard.”

    Isaiah pointed out that the life expectancy of a white American male is 72 years old, while for a Black male it’s 68, meaning “most people will never live to see $5 million.” He asked Ramsey to help him “make sense of this advice”.

    Ramsey, who called Isaiah “entitled” and “belligerent,” said the real issue is the idea “you’re supposed to get rich in 10 minutes”.

    Here’s why investing still makes sense — even if America’s lifespan stats suggest many men won’t live long enough to enjoy all their savings.

    Crunching the numbers

    Ramsey admitted that Isaiah isn’t completely wrong about life expectancy, but said he was putting words in his mouth.

    “We have never said $100 a month from [ages] 30 to 70 is $5 million — it’s not,” Ramsey said, in a recent episode. “It’s $1,176,000, and that would be true of … any 40-year period of time you wanted to pick.”

    In 2023, the life expectancy for a man born in the U.S. was 75.8 years. For women, it was 81.1, according to the National Center for Health Sciences.

    A Stanford study also found that “people who survive to age 65 are continuing to live longer than their parents — a trend that doesn’t appear to be slowing down.”

    Ramsey said that saving $100 a month was an example — the idea is to save something every month and start building a “money mindset.”

    Read more: 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

    What is a money mindset?

    A money mindset is “your unique set of beliefs and your attitude about money,” explained co-host Rachel Cruze in a blog for Ramsey Solutions.

    That mindset “drives the decisions you make about saving, spending and handling money” and “shapes the way you feel about debt.”

    Cruze pointed to a Ramsey Solutions study of more than 10,000 millionaires, which found that 97% believed they could become millionaires. “And having that mindset — not an inheritance, fancy education or wealthy parents — is exactly what caused them to succeed.”

    Some people have an “abundance mindset,” a belief that there are plenty of opportunities for everyone to grow wealth. Others have a “scarcity mindset,” the belief that resources are limited and wealth is hard to come by.

    An abundance mindset focuses on possibilities and potential. A scarcity mindset focuses on limitations and fear, which can lead to unhealthy financial behaviors, such as overspending or hoarding.

    Shifting your money mindset

    Changing your mindset is easier said than done. It often means identifying where your limiting beliefs come from — maybe your upbringing or past money mistakes. Then it takes time and self-reflection to overcome them.

    An abundance mindset means looking at how to build wealth over time. It’s not just about saving $100 a month — it’s about how you use that money, whether through growing assets, investing or developing passive income streams.

    “Millionaires focus on wealth creation, not just income generation,” wrote business strategist and CPA Melissa Houston in an article for Forbes. They “don’t chase quick wins or get-rich-quick schemes.”

    Instead, they build sustainable wealth “through investments that appreciate over time” and make sure their money works for them through stocks, real estate and scalable business models.

    They also invest in themselves, Houston added, whether that’s through personal or professional growth, finding a mentor or building a strong network.

    “They constantly improve their skills, stay ahead of trends and surround themselves with high-value connections,” Houston said.

    That doesn’t mean taking reckless risks — or avoiding risk altogether. It’s about educating yourself and learning how to take calculated, strategic financial risks. You can also start small by developing healthy habits. Create a budget, track your expenses and live below your means. Pay off high-interest debt or avoid it altogether.

    Set clear financial goals. Start with small, achievable ones — like saving a little each month — and build up as your confidence grows. You might even want to work with a financial advisor to create a long-term plan.

    As Ramsey told Isaiah, 89% of America’s millionaires are first-generation rich.

    “Son, roll up your sleeves, live on less than you make, get out of debt, deny yourself a little bit of pleasure,” he said, “because you’re acting like a four-year-old.”

    What to read next

    Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

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

  • I’m about to graduate high school and I always thought my wealthy parents would pay for college — but now they’re telling me having student loans will be character building. What do I do?

    I’m about to graduate high school and I always thought my wealthy parents would pay for college — but now they’re telling me having student loans will be character building. What do I do?

    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.

    Imagine you’re a high school senior nearing graduation and eyeing the start of your college career. You have the grades to get into a good school but fall short of earning a full scholarship.

    However, your parents are well-off and can afford to pay for your schooling, so you always figured money wouldn’t be an issue, right? Until one day they drop the bombshell: College costs will be your responsibility.

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    It turns out they have nothing saved up for your education, and suggest that taking out student loans and managing debt will build accountability and financial smarts.

    Is that true, or are your parents just throwing you to the wolves?

    How to prepare

    It’s no secret that college costs in the U.S. are high these days. The average cost for undergraduate students — including books, supplies and living expenses — stands at $38,270 per student each year, according to the Education Data Initiative. Stripped down to tuition alone, the average cost of attending college in-state is $9,750, while out-of-state tuition costs $28,386.

    Keep in mind, there are plenty of scholarships that don’t focus on grades or income. Explore receiving awards based on community service, job experience and extracurricular activities to secure extra funding.

    Getting a part-time job to chip away at loan costs upfront can also save you money over time. Try to get in as many hours as you can over the summer, and pick up a student job once you get to school. Even if you’re not eligible for a federal work-study, many universities offer traditional part-time roles that can fit around your class and exam schedule.

    And if you do need to take out loans, consider opting for federal loans first before private loans, as interest rates are typically lower, and they often don’t require parents to cosign.

    Read more: 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

    Conversations about college

    Conversations between parents and children about financial expectations for college can help prepare everyone to navigate expenses, and maybe save some family relationships.

    Parents should be direct and honest about what help they plan to offer. Talk about what will be contributed, and determine if any of it will be expected to be paid back. Having this conversation ahead of time so everyone can prepare will lessen the strain and stress.

    Make sure to ask your parents to help you fill out the FAFSA form. Even if their income disqualifies you from need-based aid, you may still be eligible for federal loans. Plus, it can be beneficial to have a FAFSA application on file if applying for anything else.

    Federal student loans also don’t typically cover the whole cost of college — including your housing, food, utilities and more. In order to cover your entire tuition, consider a private student loan to bridge the gap between federal student loans, scholarships and any grants you may receive. College Ave can help you secure a private student loan at the lowest available rate for you.

    Plus, it’s easy to apply. You can start the application and choose from a few options, like becoming a borrower as your parents’ dependent.

    Parents can also sign on as the guarantor for your student loan. They can be approved with an instant credit decision, and the whole process can be completed in as little as three minutes — a major time-saving bonus considering how much planning, packing and shopping you’ll need to do before September rolls around.

    What to read next

    Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

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

  • Canadian man allegedly scammed multiple seniors out of $309K by going door to door to demand cash — and police believe there may be more victims. Here are the signs to watch out for

    Canadian man allegedly scammed multiple seniors out of $309K by going door to door to demand cash — and police believe there may be more victims. Here are the signs to watch out for

    Charlestown police have arrested a man in southern Indiana in connection with a scam that targeted older American victims across several states.

    Authorities say an older Charlestown resident was tricked into withdrawing $27,000 from his retirement accounts and handing the cash over to a man who showed up at his front door on May 5.

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    The man, identified as 36-year-old Jia Hua Liu, allegedly took the money and left. Police launched an investigation and linked Liu to additional scams in Ohio, New Mexico and Tennessee. Investigators estimate the total losses from these incidents top $309,000, according to WDRB.

    Liu, a Canadian citizen who entered the U.S. in April, also came close to defrauding three more older victims in Indiana, Kentucky and Michigan. Those attempts were stopped by concerned family members, potentially preventing another $70,000 in losses.

    He was arrested on July 2 at Louisville Muhammad Ali International Airport while trying to leave the country. Police say they recovered a substantial amount of cash during a search of his vehicle and luggage.

    Liu faces charges of theft, fraud, conspiracy and money laundering. The investigation is ongoing. His arrest highlights just how scammers targeting older adults use increasingly sophisticated tactics. As these schemes become more common, understanding how they work can hlp protect you or someone you love from becoming the next victim.

    How the scams work

    In 2023, people over the age of 60 lost more than $3.4 billion to fraud. Older adults are often targeted in financial scams for several reasons. According to the National Council on Aging (NCOA), seniors are more likely to have retirement savings or home equity, may live alone and tend to be more trusting of strangers. Cognitive decline can also make it harder to detect a scam.

    Some of the most common scams targeting seniors include:

    • Government impersonation scams: Scammers pose as officials from the IRS or Social Security Administration, claiming to protect your money from fraud.
    • Sweepstakes and lottery scams: Victims are told they’ve won a prize but must pay a fee to collect it.
    • Tech support scams: Scammers pretend to be IT workers and gain remote access to computers, then install malware or demand payment for fake repairs.
    • Romance scams: Fraudsters build online relationships to gain trust and then ask for money.
    • Family or grandparent scams: Scammers claim to be a grandchild in trouble and ask for emergency money, often saying they’re in jail or stranded abroad.

    Scammers often spend weeks or months building trust. Authorities urge seniors and their families to stay alert and avoid giving away large amounts of money.

    “We all need to work together to make sure our seniors, their caregivers, families, and friends know the signs to look for that a criminal is after your money,” said FBI Criminal Investigative Division Assistant Director Michael Nordwall.

    Read more: 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

    How to protect those you love from similar scams

    Scammers count on fear and urgency. Whether they claim your bank account has been hacked or pretend to be a loved one, the goal is always to get money fast before you’ve had time to think it through.

    Red flags to watch out for include:

    • Requests to withdraw large sums of cash or gift cards
    • A stranger or “courier” coming to your home to collect money
    • Pressure to act quickly and keep the situation secret
    • Caller ID showing a government agency or bank
    • Anyone telling you not to talk to family or friends

    "Anytime anyone calls you or asks you to call them on the phone and they want you to withdraw large sums of money, that’s probably not legitimate," said Charlestown Police Detective Jason Broady. "There is probably some sort of scam going on."

    If you’re a caregiver for an older loved one, here’s how you can help:

    • Talk openly about common scams and how they work
    • Encourage them to call you before making unusual financial decisions
    • Set up transaction alerts on their bank accounts
    • Help screen their calls or block unknown numbers.
    • Remind them that no government agency accepts cash, gift cards or cryptocurrency

    Charlestown Police believe there may be more victims who haven’t yet come forward.

    If you live in Indiana, Kentucky, Ohio, Illinois, Georgia, Alabama or Tennessee and suspect a similar scam has targeted you or a loved one, contact local law enforcement or call the Charlestown Police Department’s anonymous tip line at 812-256-2473.

    What to read next

    Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

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

  • Tariff turmoil: Alberta drivers slammed by soaring insurance costs tied to U.S. trade war

    Tariff turmoil: Alberta drivers slammed by soaring insurance costs tied to U.S. trade war

    President Donald Trump’s tit-for-tat tariff war has led to innumerable impacts, not all of them obvious. For instance, virtually no one predicted how the on-again-off-again U.S. tariffs would impact Alberta’s insurance market. Sadly, that’s exactly what has happenened.

    The Insurance Bureau of Canada (IBC) recently commissioned Deloitte to undertake an analysis on the impacts of tariffs on the property and casualty industry (aka: home and auto insurance). What Deloitte found was astounding. According to their analysis the threatened 25% economy-wide tariffs President Trump announced in early 2025 — a tariff that would prompt reciprocal tariffs from Canada — would increase the price of new vehicles and replacement parts by 10.9% for most insurers.

    "There is a lot of confusion surrounding tariffs, but the reality is they are here and are adding significant cost pressures to vehicle repairs and replacements that were completely unforeseen when the government extended the auto insurance rate cap last fall," Aaron Sutherland, IBC vice-president, Pacific and Western, said in a statement.

    The impact tariffs have on Alberta drivers

    While the threatened U.S. tariffs were only partially implemented, it didn’t stop the auto industry from updating and changing their production patterns and supply chains. As a result, the tariffs — real or threatened — have raised insurance premiums for Alberta drivers, in some cases as much as 5%.

    For a driver paying $2,500 a year in auto insurance, this means the tariffs tacked on an additional $125 per year.

    The impact tariffs have on Alberta’s auto industry

    Several areas in the auto sector have been negatively affected by U.S. tariffs, and this has led to an increase in the cost of vehicle repairs and replacements and a strain on supply chains. As a result, the negative effects of tariffs include:

    • An increase in the cost of new vehicles and auto parts, due to the 50% U.S. tariffs on Canadian steel and aluminum which went into effect June 3, 2025 (after the initial 25% tariff was introduced on March 12, 2025).
    • Cost of imported vehicles increased by a third, after Canada launched a 25% counter-tariff on non-CUSMA-compliant vehicles imported from the United States.
    • A loss of jobs and future wage growth as auto manufacturers pause, cancel or close the expansion of their Canadian operations, placing further strain on vehicle repair and replacement supply chains and adding additional cost pressures.

    Alberta’s rate cap issues

    Even without contemplating the impact of tariffs, Alberta drivers were already facing premium price increases based on a loss trend report released by the Alberta government’s Auto Insurance Rate Board (AIRB). Loss trends are used by insurers in new rate filings — how insurance companies determine how large or small of a premium a driver must pay to insure a specific vehicle.

    "The current ‘good driver’ rate cap does not reflect these new cost pressures. Unless insurers are able to account for the impact of tariffs and other growing costs in their rates, they may be forced to further reduce the availability of coverage for drivers to remain financially viable," explains Sutherland.

    Based on the AIRB loss report , many vehicle premiums are in excess of the current rate cap and the this will be exacerbated over the next year as costs are predicted to rise. For instance, the AIRB report shows:

    • Bodily injury (legal) costs will grow an average of 9.1%
    • Accident benefits (medical/rehab/income replacement) costs will grow an average of 5.5%
    • The cost of vehicle damage claims will grow by approximately 10%

    "New cost pressures created by the trade dispute with the United States are piling on top of other cost pressures in the auto insurance system and creating new challenges for insurers who are paying out more money in claims than they take in through premiums," said Sutherland. The result is that individual drivers will end up with higher auto insurance costs — a cost that won’t decrease until the global economy finds more stability in supply chains and more sanity in trade relations.

    — with files from Romana King

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

  • ‘It’s our paradise’: Condo owners in this Florida building being pushed to sell for $1M a unit — rather than pay to meet state’s strict safety code

    ‘It’s our paradise’: Condo owners in this Florida building being pushed to sell for $1M a unit — rather than pay to meet state’s strict safety code

    Around 140 condo owners in a West Palm Beach, Florida, building are facing a gut-wrenching decision: sell their units or face steep charges thanks to the state’s updated safety regulations.

    Paul Moreno, board president of the La Fontana condo building, nestled on the Intracoastal Waterway, says new laws passed after the Surfside tragedy in 2021 means his 10-story building is subject to mandatory inspections and potential repairs. He adds that special assessment fees to unit owners would follow, which many cannot afford.

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    “Those are not doable for a lot of these people,” Moreno said of the fees to WPTV News in a story published June 17.

    Thankfully for residents of La Fontana, they may have an escape route.

    Sell or face repairs?

    The new safety laws passed after the Surfside collapse, which killed 98 people, created an affordability crisis for condominium owners, which has led to some buildings in prime locations being sold to developers.

    “They are being affected by the new condo laws and assessments,” Paul Lykins, a real estate agent in Palm Beach County, told WPTV News. “Developers are coming in and waving bags of money at them.”

    That may be the fate of La Fontana. Moreno says he’s working with Serhant, the real estate company run by broker Ryan Serhant of Bravo TV and Netflix fame, to sell the building for around $200 million. He assumes it would end up in the hands of developers.

    “It’s our paradise,” Moreno lamented when describing the scenic property. “Maybe some people won’t be able to find something comparable, but they’re going to have their million-some-odd dollars.”

    Read more: 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

    Florida’s condo affordability crisis

    The Surfside tragedy exposed holes in the way Florida regulates condo building maintenance, prompting lawmakers to quickly create new rules.

    Key new rules include mandatory structural reviews, which required every three-story-plus condo at least 30 years old to undergo milestone inspections. After that, the buildings must undergo recurrent inspections every 10 years. In addition, condo associations were required to fully fund reserve accounts to cover major repairs.

    These have resulted in significant assessment fees for condo owners — in some cases tens or even hundreds of thousands of dollars. An assessment represents an additional payment required of condo owners, and many condo owners struggle to afford these payments. WPTV News reports La Fontana faced potentially millions in repair costs.

    After several years of condo owners struggling, Florida lawmakers passed a new bill in June aimed at providing some relief for condo owners. Notably, it allows for a two-year pause in reserve contributions in order to prioritize any critical repairs identified during a milestone inspection.

    For condo owners in buildings that don’t have major repairs to undertake, these measures may make remaining in their home a more affordable proposition. But for condo owners in buildings with critical and expensive repairs required, the costs might still be a challenge for owners.

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  • ‘Our families are being poisoned’: US military families launch lawsuit over lead and mold exposure in residences — and say they were lied to over the unsafe conditions of their homes

    ‘Our families are being poisoned’: US military families launch lawsuit over lead and mold exposure in residences — and say they were lied to over the unsafe conditions of their homes

    “Our houses are not our safe place.” That’s the message U.S. military families are hoping Congress will hear, as they sound the alarm on unsafe military housing they say is making their families sick.

    “Right now, our families are being poisoned,” Jackie Talarico, of Key West, Florida, the wife of a U.S. Navy cryptologic technician, told ABC News.

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    Talarico and other military families are reporting shocking conditions in the rental housing provided by the United States Armed Forces. Her family is one of hundreds that are now suing a private company that manages homes for the military.

    A ‘nightmare’ situation

    Another military wife, Antoinette Reeder, from San Diego, California, who spoke to ABC News, has test results that she says show the mold found in her home was also found in her blood. “I’ve had my doctor ask me several times, ‘When are you moving?’” she told ABC.

    According to ABC, a recent poll presented to Congress said that “more than half of the military families who responded had negative experiences, saying that they were living with mold, lead and other issues.”

    It’s a situation Talarico calls “a nightmare.”

    “We were told there was no mold in our house. We were told there was no lead. We were told there was no asbestos — and they lied.”

    Her family and nearly 200 other current and former tenants in the Florida Keys are suing Balfour Beatty Communities, alleging the company "systematically failed to properly repair and remediate significant problems in the homes, including water damage, mold, structural defects, HVAC, plumbing issues, electrical problems and the presence of lead paint and asbestos."

    In a statement obtained by ABC News, Balfour Beatty said, “We are aware of the complaint and intend to defend ourselves vigorously.”

    Balfour Beatty is one of about 14 private companies that manage military housing, under a deal that began in 1996, when the U.S. Congress approved the Military Housing Privatization Initiative (MHPI).

    The MHPI gave the companies ownership of more than 200,000 military homes across the country. In exchange for agreeing to take on the military housing stock, which was at the time in need of an estimated $20 billion in repairs, the companies were given 50-year contracts. The deals also had the provision that the military could not overrule the housing companies on how properties are managed and maintained.

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    What to do if your housing is unsafe

    Although this situation involves military families, landlord disputes involving unsafe housing can be common for many Americans.

    Here’s what you can do if your landlord is failing to maintain standards and you think your housing has become unsafe.

    Residential leases in most jurisdictions include an implied warranty of habitability. According to the Legal Information Institute, habitability is “defined as property in substantial compliance with the local housing code,” meaning your landlord is required to keep the property in compliance.

    When dealing with an issue with your landlord, remember to always keep extensive documentation. Keep detailed notes about the issues that include dates and times, save copies of any notifications you send or receive in writing, and keep track of any phone calls between you and your landlord. Make sure that if you are documenting phone calls, you check the laws in your state for recording phone conversations.

    Notifying the landlord in writing is often required, and you can contact your city or county code enforcement office to learn more about what standards landlords must meet. You can also seek out help from local tenants’ rights organizations or legal aid clinics. The National Low Income Housing Coalition has a database of state and local tenant protections.

    The military families taking their landlord to court are a reminder of the collective power tenants can have. If your neighbors are also facing similar issues, consider banding together as a tenants’ association or tenants’ union — your collective power may sway your landlord to meet your demands for safe housing.

    “Our service members give so much every day, and put so much on the line for our country,” Talarico said.

    “One thing they should not have to sacrifice is their children’s and their families’ life, health and safety — when they do that every day for the rest of America.”

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  • Banks are opening dozens of new branches in this 1 part of America — in the age of apps, online banking. Here’s the state and why

    Banks are opening dozens of new branches in this 1 part of America — in the age of apps, online banking. Here’s the state and why

    In the era of mobile apps and digital banking, it’s not surprising that several banks are shuttering some of their branches. But now, at least in some markets, a few banks are actually opening brand-new branches.

    An average of 1,646 branches have closed each year in the U.S. since 2018, according to an analysis of Federal Deposit Insurance Corp. data by Self Financial. California had the most closures, followed by Florida and Illinois. If branch closures were to continue at this rate, the report says there’d be no branches left in the U.S. by 2041.

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    The pace picked up in Q1 2025 with a total of 148 branch closures, according to S&P Global Market Intelligence data. That was led by U.S. Bancorp (reporting 50 branch closures) and Wells Fargo & Co. (reporting 23 branch closures).

    But, despite this overall decline, some banks are actually building new branches or renovating older ones. Indeed, the American Bankers Association says a “counter trend” has emerged, “gaining momentum over the past two years to where now many of the nation’s largest banks have announced specific plans for widespread branch expansion.”

    And there’s one state where we’re seeing dozens of new branch openings. Here’s why.

    Why some banks are embracing expansion

    Chase plans to open 50 new branches in Massachusetts by 2027, including small towns such as Sudbury (with less than 20,000 people) and Weston (with less than 12,000 people). This is part of a larger expansion the commercial bank announced last year, which involves opening more than 500 new branches and renovating 1,700 locations across the country.

    “You don’t see it in lower-income neighborhoods,” Eric Rosengren, former president of the Federal Reserve Bank of Boston, told CBS News. “You see it in wealthy neighborhoods, because even a few wealthy individuals can provide a significant amount of income coming from the wealth management.”

    That’s because many affluent customers still value face-to-face financial advice.

    Indeed, JPMorganChase is expanding its ‘affluent’ offering with 14 new J.P. Morgan Financial Centers across four states, for a total of 16 locations — with plans to double that by the end of next year.

    These centers, based in Massachusetts, California, Florida and New York, are designed to provide a “uniquely tailored and high-touch experience” to high-net-worth clients.

    JPMorganChase isn’t the only one expanding its offerings.

    “Large regional and national banks, such as Chase, Bank of America, Fifth Third, PNC and Huntington, have all announced significant branch expansion efforts in recent years,” according to an industry insight by the American Bankers Association.

    Bank of America, for example, has plans to open more than 150 new branches across 60 markets by the end of 2027, including 40 this year.

    While 90% of Bank of America’s client interactions take place through digital channels, its branches “have adapted to focus on meeting spaces where clients can have in-depth conversations about their finances,” according to a release. Last year, about 10 million clients made appointments with its specialists in physical locations.

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    More than wealth management

    Opening new branches could be a way for some banks to expand their wealth management offerings in new markets without having to acquire other banks.

    While Chase is targeting affluent markets, its expansion will also include entry into “low-to-moderate income and rural communities with little access to traditional banking services,” according to a release.

    While Self Financial’s report predicted that bank branches could become extinct by 2041, its analysis also found that 39% of respondents had the most trust in banks with physical branches.

    In some cases, physical branches are still very much a necessity.

    But banking deserts (neighborhoods with no nearby branches) are on the rise, according to the U.S. Bank Branch Closures and Banking Deserts **report.

    “Despite the overall trend toward online banking, older, disabled and lower-income communities often rely on in-person banking. For people facing other barriers to banking services, having no bank branches nearby could limit opportunities to foster financial health and build wealth,” according to the report.

    It also points out that having a personal relationship with your local banker is important for loan and grant applications, fraud prevention and financial guidance. As well, many small businesses still rely on those personal relationships for financing applications.

    And, despite a common belief that younger generations do all their banking online, a few studies have found that Gen Z still likes to have branch access — even more so than millennials.

    One study by eMarketer found that, while banking habits vary widely among generations, “younger consumers were more likely to visit bank branches weekly or more.” Another study by LevLane found that less than 5% of Gen Z fully trust AI-driven banking features, compared to 21% of millennials.

    While we’re seeing an uptick in branch openings, there are still fewer branches than there used to be. In Massachusetts, for example, there are still fewer branches than there were a decade ago (81,405 branches in 2014 vs 68,632 in 2024), reports CBS News.

    Regardless, it looks like we may not see the death of the bank branch any time soon.

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  • ‘No one should have to go through that’: This Florida woman fought back when her property manager tried to evict her — and won. Why knowing your rights protects more than just your sanity

    ‘No one should have to go through that’: This Florida woman fought back when her property manager tried to evict her — and won. Why knowing your rights protects more than just your sanity

    As more Floridians face evictions from mobile home parks, Kerrie Bacci is demonstrating how to stand your ground — even if that ground is owned by a huge property management company.

    Bacci owns her mobile home in Shangri La Mobile Home Park in Largo, Florida. What she doesn’t own is the land it sits on. She leases her lot from Chicago-based Equity LifeStyle Properties, which owns 200 such parks in the U.S.

    When the property management company served Bacci with an eviction notice, she took the matter to court and won. Her attorney Michael Hildebrandt, who helped her win, says too many people in similar situations don’t fight.

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    “Most people in these parks don’t have the means or capabilities of defending these evictions properly, so they wind up giving up their homes,” he says. “They wind up moving out. They wind up selling their homes to get away from the problem.”

    Bacci shared her story — and the power of speaking up — with WFTS Tampa Bay.

    Property manager’s backlash against resident

    Bacci believes she was targeted after she complained to the property management company about the dumpsters near her property. She said the area wasn’t being maintained.

    “I had to go out three to five times a week and wash it down," Bacci said.

    She erected a sign in the dumpster area without management’s approval. The property management company cited her for that. Then it cited her for other violations, including installing an intercom speaker and having planters and reflectors extending over the property line onto the sidewalk.

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    The property manager also issued a violation citing her for “disturbing the peaceful enjoyment of the community.”

    “They want everyone under their thumb, in check, doing what they say,” Bacci commented.

    Bacci had an altercation with the local property manager who arrived at her home and started measuring her lot without her consent.

    The Florida Residential Landlord-Tenant Act states that a landlord needs to give “reasonable notice” (typically 24 hours) before entering a rental property.

    Bacci captured the confrontation on camera as a police officer arrived. Bacci told both the property manager and officer to leave — and they did.

    “No one should have to go through that," she said of the confrontation. “I was in my own home.”

    The next thing she knew, Equity LifeStyle Properties served her with an eviction notice.

    Judge rules against eviction

    Lawyer Michael Hildebrandt represented Bacci at an eviction hearing and the judge ruled in her favor.

    When asked about the eviction complaint and ruling, Equity LifeStyle Properties issued a statement that read: “the judge in the hearing ruled in Ms. Bacci’s favor because management stopped issuing additional rule violations once a 30-day notice to vacate was posted.”

    It also said the company hoped Bacci would continue to follow community rules and regulations so that “further legal proceedings can be avoided.”

    As WFTS reported, the Florida Department of Business and Professional Regulation has investigated Bacci’s complaint about Equity LifeStyle Properties and forwarded it to the Office of the General Counsel for review.

    Hildebrandt said other people who live in Equity LifeStyle Properties mobile parks have reached out to him.

    “I’ve been contacted by people as far as the east coast of Florida that are dealing with the company that owns these parks,” he said.

    Tenants need to know their rights around evictions, whether they lease land in a mobile home park or an apartment.

    Protect yourself from unlawful evictions

    Look up your state’s landlord-tenant laws. As Jacksonville Legal Aid reveals, Florida has specific laws that apply to the eviction of residents in mobile home parks.

    In Florida for instance, a landlord can send an eviction notice if a tenant didn’t make any attempts to correct an issue within seven days after being asked to do so.

    You can protect yourself by making sure you keep the home or lot you lease in good condition and that you do not unreasonably disturb other tenants.

    A tenant may have a right to withhold rent if the landlord has engaged in unlawful behavior.

    If you receive an unfair eviction notice, you may need to provide documentation indicating how they’ve violated their end of the rental agreement.

    Since rules around evictions and tenant rights can be complex, it’s wise to do as Bacci did, and seek the advice of a reputable attorney.

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