News Direct

Category: Moneywise

  • New Brunswick’s rent-aid runs dry

    New Brunswick’s rent-aid runs dry

    New Brunswick has quietly hit pause on its Direct-to-Tenant Rental Benefit program after spending its full $21-million budget less than a year into the fiscal cycle. That means no new applications are being accepted, for now.

    The program, launched in January 2024, offered a direct subsidy to low-income renters to help cover monthly rent costs. More than 6,100 households had already received support by May, including families, people with disabilities and seniors.

    Demand outpaced expectations

    The volume of applications surprised policymakers. Rural communities, in particular, saw sharp uptake among seniors struggling on fixed incomes. As Edith Myers of a Beausoleil community support program told Global News, “After ten applications, we got an email that the program was being stopped.”

    That sudden cutoff points to a glaring gap. Without a buffer, seniors are being forced to choose between rent and essentials like groceries, something Myers and others warn is now happening more often.

    A sign of broader housing challenges

    Observers say this is a symptom of a deeper problem. NB Coalition for Tenants Rights spokesperson, Matthew Hayes, traced the rush for rent aid back to the absence of rent controls during pandemic-era spikes. While the province reintroduced a 3% temporary rent cap, it’s still tied to existing tenants, while new renters don’t enjoy the same protection.

    What happens next

    Though applications are closed, Housing NB is still accepting referrals for two pilot streams aimed at helping those with disabilities and young people. They will also review already-submitted applications if new funding becomes available.

    Behind the scenes, New Brunswick is wrestling with how to meet the need. With around 26% of its population renting, and rural areas sometimes exceeding 70% renter households, the province is grappling with affordability in real time.

    The bigger picture for Canada

    This isn’t just a New Brunswick issue. Provinces from coast to coast face similar risks whenever rent-support programs run dry midyear. In markets with weak tenant protections, funding shortfalls often hit the most vulnerable: seniors, people with disabilities and low-income renters alike.

    Budget planners and policy-makers across Canada should see New Brunswick’s experience as a warning. Subsidy programs need both predictable funding and safeguards for renters — like stable rent guidelines — so that spurts in application demand don’t leave families stranded.

    What renters should do now

    If you’re a renter affected by the pause, here’s what you can do to stay informed and prepared:

    • Monitor applications: Stay in touch with provincial housing authorities and local advocacy groups for updates or new funding rounds
    • Document need: Keep records of income, expenses and rental burden to help support applications when programs reopen
    • Push for protections: Join tenant associations or advocacy networks pressing for measures like broad rent caps and year-round supports

    Bottom line

    New Brunswick’s rental benefit ran out faster than anticipated, exposing cracks in Canada’s patchwork of rental assistance supports. The rush for aid highlights both the importance of reliable funding and the need for tenant protections that apply to all renters. As housing costs rise nationally, provinces should take heed and act early, especially before the next subsidy runs out.

    Sources

    1. Global News: N.B. rent assistance program stops taking applicants after maxing out in fiscal year, by Suzanne Lapointe (July 15, 2025)

    2. Acadia Broadcasting: N.B. increases rental aid by $21M for tenants (May 20, 2025)

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

  • US boomers are using this 1 ‘geoarbitrage’ trick to add $100K-plus to their nest eggs — without saving an extra penny. How to do it ASAP before the opportunity closes (and it’s closing fast)

    US boomers are using this 1 ‘geoarbitrage’ trick to add $100K-plus to their nest eggs — without saving an extra penny. How to do it ASAP before the opportunity closes (and it’s closing fast)

    Americans believe they need roughly $1.26 million to retire comfortably, according to Northwestern Mutual.

    But many seniors are rapidly approaching retirement with far less than that figure.

    Don’t miss

    In fact, 20% of U.S. adults over the age of 50 have no retirement savings at all and 61% are worried about running out of cash after they stop working, according to the AARP.

    This cash squeeze has pushed some older adults to adopt creative solutions to bolster their retirement income — including geographic arbitrage, or geoarbitrage.

    Geoarbitrage means moving to regions with a lower cost of living while continuing to earn income from higher-cost areas, allowing you to save more or enhance your quality of life.

    Here’s how you could apply this technique to add $100,000 or more to your nest egg.

    Moving could bolster your retirement

    Geoarbitrage is arguably more effective if you’re a homeowner. Selling off your primary residence and moving to a cheaper home in another part of the country could unlock tremendous cash for your retirement.

    Fortunately, 61% of Baby Boomers (those currently aged 60 to 78) own their own home, according to Clever Real Estate.

    Of those, 54% own their primary residence free and clear, which means they don’t have to worry about a mortgage, according to Redfin.

    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

    Tapping into this home equity — by selling and moving out of the city or to a new state — could unlock a huge chunk of cash for retirees.

    Given that the median home sells for $416,000, selling it and moving to a new home that is 25% less expensive could unlock nearly $100,000 in cash for the typical homeowner.

    Geoarbitrage can also work for the 39% of Baby Boomers who don’t own homes. Excluding rent, the cost of living is more than 20% lower in Miami Beach than New York City, according to Numbeo.

    That means you could move to Florida and potentially save tens of thousands every year over the course of your retired life.

    Many are also considering moving to another country to secure a better retirement. According to a recent Harris Poll, nearly 26% of Baby Boomers are contemplating leaving the U.S. in the next two years, and 6% of them are serious about it. A better quality of life and easier retirement are their top priorities.

    However, before you add geoarbitrage to your retirement plan, consider some of the drawbacks and caveats.

    Caveats

    Simply moving to another location may not be a silver bullet for your retirement woes. For instance, in some locations you might be considering geoarbitrage at the same time as most of your neighbors.

    According to Zillow, there is an oversupply of 12.8 million empty-nester homes that are too big and not appealing to younger buyers.

    Many of these are concentrated in cities like Pittsburgh, Buffalo, Cleveland, Detroit and New Orleans. If you live in any of these locations, unlocking your home equity might be more difficult.

    In other words, the window of opportunity for your downsizing plans is rapidly shutting in certain locations.

    The costs of selling and moving should also be considered if geoarbitrage is an element of your retirement plan. Brokerage fees, transport costs and renovations to your new home could all quickly eat into your nest egg.

    You may also want to consider all the downsides and pitfalls of geoarbitrage that go beyond finances.

    For instance, would you truly enjoy living in a state that is cheaper but much further away from your friends and family? Do you want to learn a new language in your senior years? Would you need to make compromises on medical care and assisted living if you decided to move?

    Your time, savings and income are all limited in retirement, which means once you move you might not have much flexibility to reverse this decision. So if you plan to apply this strategy, proceed with caution.

    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.

  • 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

    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

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

    In light of President Donald Trump’s sweeping tariffs and the uncertainty surrounding them, many experts are warning that America may be headed for a recession. But according to Rich Dad Poor Dad author Robert Kiyosaki, something far worse is looming.

    “In 2025 credit card debt is at all time highs. U.S. debt is at all time highs. Unemployment is rising. 401(k)’s are losing,” he wrote in an X post on April 18. “U.S.A. may be heading for a GREATER DEPRESSION.”

    According to the Federal Reserve Bank of New York, Americans now owe a record $1.21 trillion on their credit cards. The U.S. National debt has climbed to $36.22 trillion. Meanwhile, the unemployment rate ticked up to 4.2% in March, and retirees are watching their 401(k)s shrink amid ongoing market volatility.

    Don’t miss

    The Great Depression of the 1930s was the worst economic crisis in modern history — marked by mass unemployment, widespread poverty and a collapse in consumer and business confidence. But by calling the next downturn a “Greater Depression,” Kiyosaki suggests it could be even more devastating.

    As he put it, “This coming Great Depression will cause millions to be poor … and a few who take action, may enjoy great wealth and freedom.”

    So, what kind of action is he recommending?

    “For those who take action today, when the crash crashes, those who invest in just one Bitcoin, or some gold, or silver … You may come through this crisis a very rich person,” Kiyosaki wrote.

    That advice should come as no surprise — Kiyosaki has long been a vocal proponent of these alternative assets, which he backed by making a bold prediction.

    “I strongly believe, by 2035, that one Bitcoin will be over $1 million. Gold will be $30K and silver $3,000 a coin,” he wrote.

    Let’s take a closer look at the assets he’s championing.

    Precious metals

    Kiyosaki’s endorsement of gold and silver is nothing new — he’s been advocating for precious metals for decades.

    Back in October 2023, he wrote on X: “Gold will soon break through $2,100 and then take off. You will wish you had bought gold below $2,000. Next stop, gold $3,700.”

    Gold prices surged in 2024 and have continued to climb through 2025, now trading around $3,300 per ounce.

    Gold has long been viewed as a safe haven. It’s not tied to any one country, currency or economy. It can’t be printed out of thin air like fiat money, and in times of economic turmoil or geopolitical uncertainty, investors tend to pile in — driving up its value.

    Ray Dalio, founder Bridgewater Associates — the world’s largest hedge fund — told CNBC in February: “People don’t have, typically, an adequate amount of gold in their portfolio,” adding that, “when bad times come, gold is a very effective diversifier.”

    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.

    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

    Real estate — revisited

    “Your house is not an asset” Kiyosaki once said during an interview with finance YouTuber Sharan Hegde in September 2023. “What is the definition of the word? If it puts money in my pocket, it’s an asset. If my house is taking money from my pocket, it’s a liability.”

    His point being that owning the home you live in often takes money out of your pocket in the form of mortgage payments, utilities, taxes and maintenance costs. Rental properties, however, are a different story.

    According to the Rich Dad website, rental properties can generate significant, regular cash flow when purchased and managed wisely. Additionally, increases in rents and property values over time can create “an important supplementary revenue stream.” While all investments carry some risk, cash-flowing properties are “generally less subject to the daily ups and downs” of the market.

    Today, you don’t need to be as wealthy as Kiyosaki to get started in real estate investing. Crowdfunding platforms like Arrived offer an easy way to get exposure to this income-generating asset class.

    With Arrived, you can 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 rental income deposits from your investment.

    For accredited investors, Homeshares gives access to the $34.9 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 12% to 18%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets.

    Bitcoin

    Bitcoin has been one of the top-performing assets of the past decade — and Kiyosaki is betting it still has room to run.

    On Nov. 29, he predicted on X: “Bitcoin will soon break $100,000.” On Dec. 4, the cryptocurrency surpassed that milestone, grabbing headlines worldwide.

    Although Bitcoin has since dipped below $100,000, Kiyosaki’s long-term forecast remains ambitious: $1 million per coin by 2035.

    He’s not alone in that view. Twitter co-founder Jack Dorsey said in an interview with Pirate Wires published in May 2024 that Bitcoin could hit “at least” $1 million by 2030 — and possibly go even higher.

    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.

    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.

  • Fixed mortgage rates rise as variable-rate discounts tighten: Here’s what it means for your next loan or renewal

    Fixed mortgage rates rise as variable-rate discounts tighten: Here’s what it means for your next loan or renewal

    For a while, it looked like mortgage rates in Canada were finally settling into a more affordable pattern. Fixed rates had been drifting downward, and variable rates were looking more attractive — especially as rate cuts seemed like a matter of “when,” not “if.”

    But the tide has turned. As of early May, both fixed and variable-rate mortgages have started shifting in ways that may surprise borrowers.

    If you’re planning to buy a home or renew your mortgage in the coming months, here’s what you need to know about what’s changed, why it’s happening, and how it could affect your wallet.

    Check Out: What are the best current mortgages rates in Canada

    Fixed rates are rising, and variable rates aren’t the deal they once were

    The clearest sign that the market is changing? Fixed mortgage rates are heading back up, after having remained stubbornly high as variable rates came down. Just a short time ago, insured five-year fixed rates had dipped as low as 3.64%. Now, those same rates have climbed by 10 to 20 basis points. That may not sound like much, but over the life of a mortgage, even small rate increases can have a noticeable impact on what you pay.

    It’s not just insured mortgages seeing a bump. Conventional, or uninsured, fixed rates are also trending higher.

    “We’ve seen a steady worsening for a while now,” Ron Butler of Butler Mortgage told Canadian Mortgage Trends, referring to the growing pressure on fixed-rate pricing.

    And while variable rates haven’t increased in the traditional sense (the Bank of Canada’s prime rate remains at 4.95%), the discounts that lenders offer off that rate are shrinking. Major banks such as CIBC and Scotiabank have trimmed their variable-rate discounts by 10 to 15 basis points in recent weeks. That means new borrowers will now pay slightly more for variable-rate mortgages than they would have just weeks ago.

    According to Butler, this shift is strategic. “The big banks want to cover their bets in case there’s a sudden rate move that leaves them in a bad spot,” he explained.

    What this means if you’re buying or renewing your mortgage

    For those looking to enter the housing market, or renew an existing mortgage, the new rate environment introduces some fresh decisions and trade-offs.

    Thinking about a fixed-rate mortgage?

    If you’re someone who values predictable monthly payments and wants to lock in a rate now, a fixed-rate mortgage still offers that peace of mind. But be prepared: The rates you’re seeing today are a bit higher than they were a month ago.

    Still considering a variable rate?

    Despite shrinking discounts, variable rate mortgages may still come out cheaper over the long run, especially if the Bank of Canada begins cutting rates later this year. Borrowers who can handle some financial uncertainty and aren’t stretched by changing monthly payments may still find variable-rate mortgages to be the most cost-effective option over time.

    Looking for a middle ground?

    Some borrowers are now leaning toward shorter-term fixed mortgages, like three-year terms. This strategy offers some stability in the short term while keeping the door open to refinance sooner if rates do start to fall.

    Learn More: Find out if it’s better to get a longer term mortgage or a short-term mortgage?

    Stay informed, stay flexible

    Canada’s mortgage market is shifting again, and quickly. For prospective homeowners and current mortgage holders, the most important thing right now is to stay informed and weigh your options carefully.

    Whether you’re drawn to the security of a fixed rate or intrigued by the potential savings of a variable one, the right choice depends on your personal finances, your risk tolerance and your long-term plans.

    And with lenders adjusting pricing strategies in real time, working with a mortgage broker or advisor can help you make sense of your options and secure the best deal available.

    As the economy continues to evolve and the Bank of Canada adjusts course, your best mortgage strategy might look different than it did just a few weeks ago.

    Sources

    1. Canadian Mortgage Trends: Fixed rates are creeping up—and variable-rate discounts are shrinking too May 2, 2025)

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

  • This man is now leaving Miami thanks to skyrocketing prices and shifting lifestyles in Florida — why the Sunshine State is suddenly seeing ‘the largest drop’ in incomers in a decade

    This man is now leaving Miami thanks to skyrocketing prices and shifting lifestyles in Florida — why the Sunshine State is suddenly seeing ‘the largest drop’ in incomers in a decade

    When Cody Bunch was in high school, he created a scrapbook of his dreams and his goals. Moving to Miami Beach was on that list.

    "There’s Miami, there’s Miami Beach," Bunch told CBS News, pointing to pictures in his scrapbook. "I live right behind that now."

    Don’t miss

    Bunch achieved his dream of living in South Florida in 2021. But just a few short years later, he’s packing up and heading to Atlanta instead. It seems surprising to leave a place he had dreamed of for most of his life, but Bunch has his reasons — and he’s not alone in leaving the Sunshine State.

    Here’s why more residents are packing their bags and saying goodbye to South Florida for good.

    High prices and limited career opportunities

    Although Florida’s population growth surged in recent years, new data shows a shift. In 2023, about 511,00 people left the Sunshine State, while just 637,000 moved in — nearly half the number that arrived the year before. The American Prospect called it "the largest drop in net migration in a decade."

    Young people like Bunch are leading the exodus, departing not just from Miami-Dade but from surrounding counties such as Broward and Palm Beach, as well as from other major metro areas like Tampa.

    About 25% of those leaving Florida are between the ages of 20 and 29. Those moving in are older, wealthier and affected by the sluggish job market and soaring housing costs, driving Bunch and others away.

    "Younger residents, particularly those aged 20-29, are leaving in significant numbers," said the latest migration report from the Florida Chamber of Commerce. "Factors cited include the high cost of housing and perceived limited in-state job opportunities for early-career professionals."

    Both of those factors pushed Bunch to give up his dream of life in Miami.

    "The salaries don’t add up to the cost of living here," Bunch said. "Overall, the cost of everything is so much more expensive than it was four years ago."

    He’s not wrong. While Florida’s unemployment rate in March 2025 was 3.1% — lower than the national average of 4.2% — the quality of job opportunities is another story. The median annual salary in Florida was $52,400 in 2024, compared with the national median of $59,400, according to ADP Pay Insights. Meanwhile, the cost of living in Miami is 19% higher than the national average, according to Payscale.

    High housing costs are another major issue. Redfin data shows Miami home prices surged from a median of $390,000 in January 2021 to $632,500 in January 2025. Miami is now ranked the second least affordable metro area for renters. Bunch said he’s moving into a beautiful Atlanta apartment — complete with a coworking space, pool, and city view for $1,500 less than what he’s paying for a Miami studio apartment.

    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 to look for when relocating

    Bunch is heading for Georgia, a popular destination for ex-Floridians. But before relocating, it’s important to research your destination carefully. Anyone who is considering a move to a new city should look into:

    • Housing costs, including the median rent and home prices
    • The overall cost of living
    • The local job market
    • Typical salaries for the area
    • The unemployment rate
    • The demographics — is the area growing and attracting younger residents, or is it aging?
    • Quality-of-life amenities like restaurants, museums, parks and entertainment

    Plenty of online resources can help, including the Bureau of Labor Statistics for wages and unemployment data, and Redfin for housing market trends. You can also use job boards to explore employment options and rental sites to gauge how far your money will go.

    Finally, consider visiting sites like Reddit and City-Data to connect with current residents and get an unfiltered view of daily life in your potential new hometown.

    By doing your homework, you may find a city where dreams become reality — and unlike Bunch, you might just decide to stay and put down roots.

    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.

  • A Houston man saw his stolen tailgate online and called the police — and it led to a massive bust of blank key fobs. How these devices are helping car thieves get away in a matter of minutes

    A Houston man saw his stolen tailgate online and called the police — and it led to a massive bust of blank key fobs. How these devices are helping car thieves get away in a matter of minutes

    An investigation into stolen pickup truck tailgates has uncovered a deeper, more alarming trend in Houston: thieves are using high-tech tools to clone key fobs and drive away with vehicles in under eight minutes.

    According to the Harris County Sheriff’s Office, victims whose tailgates were stolen worked together to track down the suspects by searching social media posts, passing that information along to local authorities. When deputies intercepted the suspects, they discovered more than just stolen tailgates.

    Don’t miss

    KHOU 11 reported that officers found a stash of blank key fobs and a key programming device — evidence of a growing problem with high-tech car theft in the area. Officials are warning vehicle owners to take additional precautions as key fob-related car thefts rise both in Texas and across the country.

    "Eight minutes tops. Five minutes. We’ve seen the fastest and they’re gone," Harris County sergeant Eduardo Rivera told KHOU 11.

    As thefts rise, authorities are providing tips to residents on how to help safeguard their vehicles. Here’s the rundown and what you can do to help avoid getting bumrushed.

    How thieves can use key fobs to steal your car

    The investigation into the stolen tailgates started when victims noticed their parts being listed online. After organizing with law enforcement, they confronted the suspects, Lieutenant John Gonzalez of the Harris County Sheriff’s Office auto theft unit told KHOU 11.

    “There’s a big aftermarket for truck parts, especially for Ford and GM models,” Gonzalez said.

    Thieves access a vehicle’s onboard diagnostics (OBD) port, usually located under the dashboard. Using a specialized programmer, they create a new key fob that lets them unlock, start and drive away with the car — sometimes in five minutes.

    Another technique called "relay theft" targets keyless entry vehicles. Criminals use electronic devices to capture the signal from a key fob inside a home, transmit it to a receiver near the car and trick the vehicle into starting.

    Thefts like these are big business. Tailgates alone can fetch up to $10,000 on the aftermarket, and stolen cars are often sold at steep discounts through online marketplaces, luring unsuspecting buyers.

    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 your vehicle from key fob theft

    Vehicle theft is on the rise in Texas, and authorities are urging drivers to take extra precautions. Even though car thefts have declined at the national level, with 850,708 cars stolen in 2024 and 1,020,729 in 2023, as per the National Insurance Crime Bureau (NICB), that doesn’t mean thieves aren’t getting more creative.

    To protect your vehicle:

    • Lock your tailgate and vehicle doors: This simple step can protect your tailgate and limit theft.
    • Use OBD port protection: Devices that block access to the OBD port can prevent cloning.
    • Store key fobs in a Faraday bag: These pouches block the signal from your fob, stopping thieves from capturing it.
    • Install a steering wheel lock or aftermarket alarm: Old-school mechanical locks are highly effective deterrents.
    • Park in a secure garage: When possible, keep your vehicle out of sight and out of reach.
    • Turn off your fob’s wireless signal: Some newer fobs allow you to disable the signal when not in use—check your owner’s manual.
    • Upgrade your home security: Motion detectors and cameras can add an extra layer of protection.
    • Install a car camera: Adding a dashboard or rear camera can help deter thieves and provide police with important evidence.
    • Add an AirTag or other GPS device: This can help you track your stolen car. But be sure to tell police; don’t try to recover the car yourself.

    As high-tech theft methods continue to evolve, staying vigilant and taking preventive measures can make a crucial difference in keeping your vehicle safe. Even with the best precautions, theft can still happen.

    If your vehicle is stolen, contact the police immediately to file a report. Then, if the car is financed, contact your car insurance company and lender. They can help you with the next steps.

    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.

  • Kevin O’Leary says Trump’s threats to fire Jerome Powell could kill America’s status as the ‘No. 1 place to invest on Earth’ — here’s why Trump might take the risk

    Kevin O’Leary says Trump’s threats to fire Jerome Powell could kill America’s status as the ‘No. 1 place to invest on Earth’ — here’s why Trump might take the risk

    Billionaire investor Kevin O’Leary isn’t known for keeping quiet — especially when it comes to money and markets.

    And now, he’s stepping into one of the biggest battles in Washington: the clash between President Donald Trump and the Federal Reserve, headed by Chair Jerome Powell, a dispute that has steadily ratcheted up since Trump re-took the White House in January. The president has gone as far as to muse whether to try to remove Powell from his post.

    Don’t miss

    The latest manifestation of this spat is the controversial management of a $2.5-billion renovation involving the nearly century-old Federal Reserve building in Washington, D.C.

    “Fed independence is what gives America its position as the No. 1 place to invest on Earth,” O’Leary said on a recent Fox News appearance, alluding to the potential wider-reaching consequences.

    “It would be very difficult to have presidents firing (Fed chairpeople). That would not be taken well by the markets and I think Trump knows that,” O’Leary continued.

    But make no mistake, this isn’t really about construction delays or steel prices. It’s about interest rate policy and Trump’s frustration with Powell’s refusal to cut rates faster.

    The pressure to lower interest rates

    O’Leary’s comments echo what Treasury Secretary Scott Bessant has reportedly told the president behind closed doors, according to The Wall Street Journal: that firing Powell could spook investors and damage confidence in U.S. markets.

    Still, that hasn’t stopped some Trump allies on Capitol Hill from ramping up pressure. Republican Sen. Tommy Tuberville of Alabama accused Powell of having “gone rogue,” blaming him for borrowing a “Biden Democrat Socialist playbook” that he claims has kept interest rates “through the roof.”

    Arizona Rep. Abe Hamadeh, also a Republican, is pushing even harder, alleging “gross mismanagement” of the renovation project and calling on Powell to resign.

    The $2.5 billion project has faced rising costs due to changing plans, higher materials prices (especially steel) and infrastructure issues, including a higher-than-expected water table.

    Powell has defended the project in writing, pointing out that the National Capital Planning Commission is ultimately responsible for its oversight.

    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

    Why the Fed is holding steady

    Since 1977, the Fed has had a dual mandate: maximum employment and stable prices. In practice, that means keeping long-run inflation at around 2%.

    But inflation is still making life difficult for many Americans. Core CPI, a key metric that strips out volatile food and energy prices, rose to 2.9% recently.

    Add in concerns over potential tariffs, which could drive prices even higher, and it’s unlikely Powell will announce a rate cut at the Fed’s upcoming July 30 meeting. Powell has already said that the administration’s tariffs have played a role in the decision to delay rate cuts.

    That may be frustrating for politicians, but the Fed holding firm now may be the best way to preserve price stability and credibility in the long term and on a wider scale.

    The perception of America’s reliability as a partner is at stake and, some say, already leading to a “slow bleed of support” as a large number of foreign investors worry about investing here.

    What this means for your money

    This high-stakes fight in D.C. isn’t just political theater. For everyday investors, it’s yet another source of uncertainty in an already complicated economy.

    When markets get jittery, investors often flock to traditional safe-haven assets like gold, which has surged more than 40% over the past year.

    But Kevin O’Leary is betting on a different kind of safety: crypto.

    The Shark Tank star recently told Moneywise that nearly 20% of his portfolio is now in cryptocurrency-related assets — a bold move given Bitcoin’s volatility. But O’Leary believes digital assets are playing an increasingly important role in global finance, especially in times of political and monetary uncertainty.

    The bottom line: The fight between Trump and the Fed may continue to grab headlines, but the underlying tension is all about interest rates and whether the Fed can stay focused on inflation in the face of political pressure.

    That uncertainty could ripple through markets in the months ahead, so making sure your portfolio is diversified can help you weather whatever comes next.

    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.

  • This Las Vegas mom says she feels like she was ‘deceived’ after buying what she thought were legal fireworks to celebrate the Fourth — sparking a $500 fine and leaving her smouldering

    This Las Vegas mom says she feels like she was ‘deceived’ after buying what she thought were legal fireworks to celebrate the Fourth — sparking a $500 fine and leaving her smouldering

    Nothing says Fourth of July prep like a last-minute dash for burgers, chips and a few fireworks to light up the night. But as Denise Huntsman and her kids stocked up for the holiday, they were hoping to keep the celebration budget-friendly.

    Huntsman and her two kids, Jace and Deegan, made a pit stop in Moapa, Nevada, to snag some celebratory fireworks. They spent under $150 on what they were repeatedly told were “safe and sane” fireworks and, more importantly, thought they were legal in Clark County.

    Don’t miss

    “I said I only want to buy legal fireworks,” Huntsman told KTNV Las Vegas. “We also talked to the lady at the register when I was purchasing the fireworks, and she said, ‘Oh yeah, they’re totally legal.’ Three separate people told me that safe and sane are legal in Clark County."

    But barely a minute after driving off, sirens filled her rearview mirror. She was pulled over and cited for purchasing illegal explosives and slapped with a $500 fine due within 15 days.

    Fireworks are sparking confusion and fines

    Huntsman said she felt targeted, as if she was being watched and set up to fail. When officers pulled her over, she pleaded to return the fireworks, not realizing the purchase was illegal.

    “’Ma’am, you’re not going anywhere with these fireworks — these illegal explosive devices,’” she recalled one officer saying. “So I just gave them the fireworks."

    Under Clark County rules, the only consumer fireworks residents are allowed to purchase are those labeled “safe and sane,” and only during the designated sales period from June 28 to July 4. But Huntsman isn’t the only Las Vegas resident who says they were misled.

    Errol Aiken, a second-grade teacher, was cited after buying fireworks from a store in Pahrump — a store that had even sent him a promotional coupon. Minutes after leaving, Metro officers pulled him over, confiscated his fireworks and handed him the same $500 citation.

    “I was asking employees, ‘Is it legal? Is it legal? Is it legal?’" said Errol. "No comment to the police officer, but then I thought, why would they let me out of the store if I was clearly asking, ‘Is it legal?’"

    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

    Here’s how to stay safe

    Following the complaints, Nye County Sheriff Joe McGill told KTNV he asked Metro Sheriff Kevin McMahill to stop sending undercover officers into fireworks stores in Pahrump.

    While families like the Huntsmans and the Aikens say they followed the rules and still got hit with steep fines, Clark County officials aren’t backing down. During a Thursday press conference, law enforcement and city leaders made it clear: if your fireworks cross into the county and aren’t explicitly legal, expect consequences.

    "The stuff that’s sold in other counties is not legal. Don’t bring it back," LVMPD Undersheriff Andrew Walsh.

    According to Consumer Product Safety Commission (CPSC) data, there were an estimated 10,200 fireworks-related injuries in 2022, and nearly three-quarters happened within just one month of the Fourth of July. While it’s reasonable that fireworks need to be regulated, everyday Americans shouldn’t be misled when trying to purchase what they believe are safe, legal options to celebrate.

    When planning a light show for the next holiday, make sure you don’t come to an explosive end. Before buying anything, check the exact rules in your jurisdiction.

    If you’re unsure or if the rules are as hazy as the air after a finale show, skip the DIY display and head to your nearest public fireworks event. Cities often host free shows at local parks or fairgrounds, and they’re usually safer, stress-free and budget-friendly.

    For now, both Huntsman and Aiken plan to contest their citations, and Metro has agreed to review what happened.

    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 69 with $300K in savings but I’ve got a $250K reverse mortgage causing me serious stress. Should I just use most of my savings to pay it off ASAP and aim to survive on Social Security?

    I’m 69 with $300K in savings but I’ve got a $250K reverse mortgage causing me serious stress. Should I just use most of my savings to pay it off ASAP and aim to survive on Social Security?

    Imagine this scenario: Samantha is retired at 69, but a few years back she took out a reverse mortgage. Now, she’d like to be done with it, especially since the loan comes with a hefty interest rate of 6.75%.

    She currently has about $375,000 in home equity while her reverse mortgage loan is close to $250,000. She also has about $300,000 in savings, but she’s wondering if she should use a chunk of those savings to pay off her reverse mortgage and live on her Social Security (about $2,500 a month) instead.

    Don’t miss

    Or, does it make more sense to stick with the status quo?

    How does a reverse mortgage work?

    A reverse mortgage allows homeowners who are at least 62 to borrow money based on the equity in their home. (Your equity is based on how much you’d get if you sold your home, minus how much you have left on your mortgage.)

    Unlike a traditional mortgage, you don’t make monthly loan payments. Instead, the lender pays you, using your house as collateral.

    “Reverse mortgage payments are considered loan proceeds and not income. The lender pays you, the borrower, loan proceeds (in a lump sum, a monthly advance, a line of credit, or a combination of all three) while you continue to live in your home,” according to the IRS.

    Because it isn’t considered income, the money is tax-free and won’t generally impact your Social Security or Medicare benefits. But, you still have to pay property taxes and insurance.

    Interest accrues on the loan balance, meaning the amount you owe goes up over time. If you have a high interest rate, that can add up — and fast.

    It increases your debt while decreasing your equity, and the interest added to your balance each month can “use up much — or even all — of your equity,” explains the Federal Trade Commission about the risks of a reverse mortgage.

    The total (including interest) must be repaid either when you move out and sell your home or after you pass away, in which case it must be repaid by your estate.

    If you sell your home, you can use part of the proceeds of the sale to pay off the loan. This could make sense if you want to downsize or move in with family, or if you need to move into an assisted living facility.

    However, if you continue living in your home until you pass away, your heirs will inherit the house — and the reverse mortgage.

    The loan would have to be paid in full, if they decide to keep the home. If they instead decide to sell, “they must repay the full loan balance, or at least 95 percent of its appraised value if the loan balance owed is more than the home value,” according to the Consumer Financial Protection Agency.

    Typically, they would have 30 days to repay the loan after receiving a notice from the lender (or turn over the home to the lender), although it’s possible to get an extension if they’re actively trying to purchase or sell the home.

    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

    Options for paying off a reverse mortgage early

    Maybe Samantha wants the peace of mind of owning her home, or maybe she wants to leave the house to her children without burdening them with debt. Whatever the reason, she does have a few options.

    One of those options is to do nothing. She could choose to remain in her home, with enough money coming in from Social Security and her retirement savings to enjoy a comfortable retirement.

    When she passes away, her children could sell it and use the proceeds to pay off the reverse mortgage. It’s a trade-off: Samantha lives more comfortably and leaves less to her children, or she lives a more spartan lifestyle to leave more to her children.

    If Samantha does decide to pay the loan off early, she could consider refinancing (turning a reverse mortgage into a regular mortgage), though that may not make sense in a high interest rate environment.

    She could also consider paying it all off in one lump sum, making a partial payment (such as paying off $50,000 to $100,000 now while preserving some of her savings) or making loan payments to reduce her interest over time. Or, she could keep the reverse mortgage and invest that money conservatively as part of her long-term retirement plan.

    Even if Samantha can live off her Social Security and savings, she’ll still be responsible for paying property tax, insurance and maintenance on her home. Plus, she may not want to drain her savings in case she needs that money for an emergency or future medical care.

    If you’re considering paying off a reverse mortgage early, it’s a good idea to sit down with a qualified financial advisor to model various scenarios based on your Social Security income, retirement savings, withdrawal rate and taxes — and how different scenarios would play out if you paid it off (either in a lump sum or with smaller payments over time).

    This could help you make an educated decision based on calculations instead of emotion.

    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.

  • ‘Don’t blame that on the Holy Spirit’: Dave Ramsey urges Missouri woman to instantly liquidate her $60,000 crypto portfolio to pay off debts — but she says she’s waiting for a sign from God

    ‘Don’t blame that on the Holy Spirit’: Dave Ramsey urges Missouri woman to instantly liquidate her $60,000 crypto portfolio to pay off debts — but she says she’s waiting for a sign from God

    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.

    Arabella from Springfield, Missouri called into “The Ramsey Show” because she was facing a financial fork in the road.

    With about $60,000 in cryptocurrency, $14,000 in student loans and $37,000 in auto debt, she and her husband were preparing to close on their first home.

    Don’t miss

    Her question to financial guru Dave Ramsey: Should they liquidate their crypto holdings to become debt-free before taking on a mortgage, or hold out for the market upswing that many in the crypto world are anticipating?

    “I wouldn’t try to time the market with it,” co-host Jade Warshaw said. “You guys are in debt today, and you’re closing on the house really quickly. So, I would liquidate this crypto, and I would pay off this debt. I would do that instantly.”

    Ramsey didn’t mince words about the digital currency’s risks either.

    “It’s one of the most volatile, high-risk investments on the planet. And it’s not technically an investment, it’s actually called speculation.”

    ‘You’re in Vegas, and your car payment’s on the line’

    Arabella said that the digital coins they hold aren’t meme tokens, but admitted their portfolio was worth $30,000 more before President Donald Trump’s tariff announcements.

    “And so what happens when Trump burps again? You’re screwed,” Ramsey said.

    Ramsey and Warshaw emphasized that investing in the cryptocurrency market is more like gambling than wealth building, especially when the assets are held instead of used for paying off loans.

    “It’s the roll of the dice. You’re in Vegas, and your car payment’s on the line,” Ramsey said.

    He also used a sunk cost analysis to help Arabella reframe her thinking:  If she had no debt, would she borrow against her car and on credit cards to buy $60,000 worth of crypto? Arabella responded, “Absolutely not.”

    “It’s the same thing.” Ramsey said. “If you don’t sell it today, you’ll borrow it again tomorrow.”

    Instead of riding market swings on risky bets, consider putting your money into consistent, low-cost investments. After all, starting early and building your investments a little at a time can pay dividends later.

    An investment platform like Acorns can automatically invest your spare change into diversified ETFs tailored to your risk level and retirement goals —  a far cry from putting money into volatile, high-risk investments like crypto.

    When you make everyday purchases, Acorns rounds up the price to the nearest dollar and invests the difference for you in a smart investment portfolio. That $4.25 coffee to start your day? It’s now a 75 cent investment in your future.

    Acorns also lets you deliberately set aside a little each month for investing. If you sign up with a recurring monthly contribution, you get a $20 bonus to help jumpstart your investment journey.

    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

    ‘It might’ve been a spirit, but it wasn’t the holy one’

    Arabella then revealed a different reasoning for the couple’s crypto holdings as the conversation turned spiritual.

    “We are Christian and we do not gamble,” she said. “But we felt like God showed us these three specific coins that we’re invested in.

    “And we have just been waiting for the right time for him to show us when to sell, which is why we’ve been holding for five years through two bull runs.”

    Arabella’s story hit a nerve with Ramsey, who drew a sharp line between what he sees as biblical financial wisdom and reckless speculation.

    “Playing short-term games with money you don’t have — because you’re broke — please don’t blame that on the Holy Spirit,” he said. “It might’ve been a spirit, but it wasn’t the holy one.”

    Ramsey didn’t mince words. For Arabella, and anyone else listening, the message was clear: If you’re buried in debt, banking on a crypto miracle isn’t a plan — it’s a gamble.

    When you’re dealing with tough financial decisions, having a qualified financial advisor by your side can provide much-needed clarity. But with over 321,000 financial advisers in the U.S., according to the Bureau of Labor Statistics, where do you start?

    One option is to search for a financial advisor near you with Advisor.com. How it works is simple: Just answer a few questions about your finances and goals, then Advisor.com will match you with a financial advisor near you.

    From here, you can book a free consultation call with no obligation to hire.

    The best part? Advisor.com is a SEC registered advisor network, and so are the registered investment advisors you can be matched with. This means that they have a legal obligation to look out for your best financial interests.

    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.