Category: Moneywise

At a point when workplace expenses are closely scrutinized, universities cannot afford to have employees misusing funds earmarked for academic purposes only.

According to NBC, a University of Connecticut faculty member has been arrested by campus police for allegedly using university and grant money to fund lavish personal trips. A university spokesperson said Sherry Zane, a professor in the Women’s, Gender, and Sexuality Studies program, is accused of misusing university resources.

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The university report claimed that Zane submitted edited handwritten and photoshopped receipts so she could be reimbursed for more than a dozen trips. Several were international trips — Ireland and Portugal — which she claimed were for research.

"The university conducts thorough investigations into potential policy violations and takes appropriate action as needed. That is what happened in this case, and it is also how we continually support a culture of compliance on our campuses," UConn President Rakenka Maric shared in a statement.

When it comes to expensing trips, especially in an academic setting, what is permissible and what is unacceptable? Here are the warning signs to watch for when managing your workplace budget.

How did misuse of funds occur?

Most employees expense work trips, but Zane isn’t accused of ordering lobster instead of chicken on the company’s dime.

University officials claim the professor-in-residence took more than 19 expensive trips between June 2021 and December 2023. Court records indicate she even took her children to Disney — and asked the university to pay for it.

According to police, Zane produced “little to no documented work product” from those travels. The arrest warrant affidavit stated there is evidence she “created false business justifications to go on personal trips”, which were used to expense lodging, transportation and meals. The expenses totaled more than $58,000.

According to the university, Zane has been placed on administrative leave. She turned herself into the UConn police on February 13th after a warrant was placed for her arrest. Zane faces first-degree larceny charges.

A lawyer representing Zane dismissed that his client did anything wrong.

"Dr. Zane has dedicated years of her life to UConn,” Zane’s attorney, Trent LaLima, told CT Insider. “She denies any allegations that she stole from the university, and she intends to plead not guilty to these charges."

NBC reported UConn is improving its reimbursement system and will add further steps to approve larger expenses.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

How to spot misuse of funds at work

Financial mismanagement in the workplace isn’t always as blatant as a faculty member billing their employer for a week at a Disney resort. However, expense fraud is common. A U.K. survey found that 85% of respondents admitted to lying on their expense reports.

Here are a few red flags to keep an eye out for:

• Unexplained or vague expenses: If an expense claim lacks clear business justification or is unusually expensive, it may not be legitimate.
• Receipts that lack branding: Watch for altered receipts. While a gas station receipt might be plain text, restaurants and hotels generally include their logo, addresses and other contact information.
• Repeated last-minute filings: If an employee often files their expenses at the last minute or only offers vague descriptions, it’s worth investigating.

Misusing institutional funds, especially at a university, can quietly drain money from legitimate uses. While not all employees are in a position to prevent financial fraud, it’s important to recognize the warning signs. To reduce expense fraud in your workplace, advocate for a transparent expense report process. If you suspect fraud, consider filing an anonymous report to protect yourself from potential reprisals.

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

The familiar refrain from Semisonic’s hit “Closing Time” has long been a last-call anthem for bars, but in South Carolina, many establishments fear they’ll be closing for good.

Skyrocketing liquor liability insurance premiums, driven by a 2017 requiring businesses serving alcohol after 5 p.m. to carry $1 million in liability coverage are forcing some bars and restaurants to shut their doors permanently.

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The Brew Cellar, a beloved establishment in Charleston, announced its closure after 11 years in business, citing rising insurance costs as the primary reason.

"We made it through COVID, and we’re getting taken down by laws 11 years after being open. It’s like a death in the family, honestly," owner Ryan Hendrick told ABC 4 News.

State lawmakers are pushing for legislative changes to help restaurants and bars keep their doors open. State Senator Ed Sutton said he believes a solution can be found.

“We got insurance companies on one side fighting, and we got trial attorneys on the other side fighting with each other," he said. "In the middle, the person getting the short of the stick is that small business owner," he told ABC 4 News.

Laws and effect

Why are the rates soaring now? The issue stems from the 2017 law requiring all businesses that serve alcohol after 5:00 p.m. to carry at least $1 million in liquor liability coverage.

The legislation was intended to ensure that victims of alcohol-related incidents could receive compensation. However, it has also driven up insurance costs for business owners. Many insurance companies have either exited the South Carolina market or raised their rates, making it challenging for small establishments to afford the required coverage.

Why is the impact hitting businesses now? Most insurance policies renew annually, meaning rate hikes happen gradually, not all at once. As insurers reassessed risk and adjusted pricing over time, premiums steadily climbed — until they became unsustainable for many bars and restaurants.

Zach Dennis, owner of the bar Peacock and an insurance agent, has seen both sides of the issue.

"I have clients right now whose renewals are coming through that, for the first time, have to answer the question: Do I renew my insurance, or do I close my doors? Because I cannot continue to make money or operate in this economy." Dennis shared.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

Lawmakers and the fix

In response to this crisis, Sutton has introduced a bill to amend the current liquor liability laws. The proposed changes would refine liability standards and shift the burden of proof to focus on clear, observable signs of intoxication rather than imposing blanket liability. This could reduce financial risks for responsible establishments while still allowing victims to seek damages. Sutton said he hopes this will lead to lower insurance rates for businesses.

"We need to land in a spot where rates aren’t $100,000 for a liquor liability premium, but also allow for victims of operators that overserved, don’t check IDs, or don’t do the proper thing for those victims to be compensated,” Sutton said, emphasizing the need for balance. “And I absolutely believe we can get there."

Another proposal seeks to reduce the mandatory insurance coverage from $1 million to $250,000 for establishments that implement specific risk mitigation measures, such as comprehensive server training programs.

Sutton’s bill has gained support from the hospitality industry and business community, who see it as essential to preventing closures and preserving South Carolina’s vibrant culinary scene. He plans to have the legislation on the governor’s desk by May.

However, for some businesses, the changes may come too late. The Brew Cellar plans to close its doors on February 17, just two days after its 11th anniversary.

Hendrick urged patrons to support their local establishments before it’s too late, "We’re not going to beg for people to come through to keep our doors open, but go support your favorite places; they need it."

On March 5, the South Carolina House of Representatives unanimously passed a bill that would reform the state’s liquor liability law. However, the Senate is still addressing the liability problem along with auto insurance, medical malpractice and how fault is divvied up in civil lawsuits in a tort reform.

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

Retail theft is on the rise, leaving retailers grappling with how to protect their inventory without alienating customers. The problem has reached a tipping point.

According to the National Retail Federation, shoplifting incidents increased by 93% between 2019 and 2023, leading to more than $100 billion in losses.

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In response, many stores — including Walgreens, Target, and Dollar Tree — have introduced drastic measures by locking up frequently stolen items like toothpaste, shampoo and baby formula.

This tactic, once reserved for the most expensive items, now extends to essential items, frustrating shoppers who find entire aisles of goods behind clear security glass.

But the strategy is backfiring. Walgreens CEO Tim Wentworth admitted in a recent earnings call, "When you lock things up … you don’t sell as many of them. We’ve kind of proven that pretty conclusively."

The result? Walgreens reported a $245 million operating loss for the quarter — a steep increase from the previous quarter — and announced plans to close hundreds of stores nationwide.

Theft is rising — but is locking up merchandise the answer?

While theft remains a growing issue, locking up merchandise creates new problems for consumers. Shoppers accustomed to same-day delivery and instant convenience often balk at waiting for an employee to unlock cases, leading to frustration and lost sales.

A Numerator survey found that one in three consumers will either switch retailers or abandon the purchase altogether rather than wait for assistance to unlock merchandise.

The impact is evident in consumer stories. CBS8 News visited a Walgreens in La Mesa, where shoppers expressed irritation at long wait times for accessing basic items.

"They need to be more responsive to get there — you could wait 10 to 20 minutes," one shopper told CBS8 News San Diego reporter Jenny Day.

Corey Potter, a shopper from Echo Park, described a similar experience at her local Target, where she found entire shelves covered in security glass. “It’s all locked up. “I hate it,” she told the LA Times.

Potter once waited 15 minutes for an employee to unlock a case at another Target location. Now, when faced with long lines and understaffed stores, the 30-year-old often skips buying essential items in person. Instead, she resorts to a last-ditch solution she doesn’t particularly enjoy: turning to Amazon.

“Rather than go to Target and wait,” she said, “I’ll just give Daddy Bezos my hard-earned cash.”

Retailers, however, can’t afford to dismiss this frustration. As business attorney and analyst Parag Amin explained to CBS News, "You’ve gotta make it more convenient. You’ve gotta make people want to go there — when they can usually buy things for easier and cheaper off the internet.”

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

What’s the solution?

As theft eats into billions of revenue, retailers now also risk losing millions more from frustrated shoppers taking their business elsewhere. Walgreens and others must find ways to address theft while keeping customer experience a priority.

During the earnings call, Wentworth admitted that locking items behind security glass hasn’t curbed losses effectively. He shared that the company’s asset protection team is now working on “creative” solutions to fight theft, as reported by Day.

For retailers like Walgreens, balancing security with shopper convenience is necessary. As theft continues to rise, the numbers suggest it’s time to rethink lock-and-key policies before customers turn away forever.

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• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in great wealth. How to get in now

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

Fur babies are family. But for many Americans, the cost of caring for them is becoming unbearable.

A Gallup poll found 52% of U.S. pet owners say they’ve had to put off veterinary care because of the cost. A whopping seven in 10 also say they forgo pet care due to financial reasons.

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These numbers reveal a troubling reality: financial constraints are significantly affecting how Americans care for their pets.

According to The Atlantic, experts call this situation “economic euthanasia,” referring to the heartbreaking decision to forgo necessary treatment or euthanize a pet because the care is unaffordable.

Why are vet bills getting so high?

It’s not your imagination — prices are soaring. The Atlantic reports that in 2023, Americans spent around $38 billion on healthcare for their pets — up from $29 billion in 2019.

The Bureau of Labor Statistics (BLS) also found that urban veterinary services saw a 5.9% price increase from March 2024 to March 2025 — more than double the 2.4% average rise in the cost of all consumer goods. Looking back a decade, the average veterinary bill is now 60% higher than it was in 2014, according to Morning Brew’s analysis of federal data.

This is partly due to advancements in pet medicine, such as clinics’ investments in ultrasound machines, X-rays and lab equipment — an expense that’s passed down to consumers.

However, unlike human health care, employer plans and private insurance don’t cushion these costs.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

When finances decide a pet’s fate

According to Gallup, 71% of pet owners say they either can’t afford veterinary care or don’t believe it’s worth the cost.

Most respondents claim they can allot $1,000 or less to treat their pets. Yet 64% of respondents say they could afford double the amount for lifesaving treatment if their veterinarian offered a no-interest and year-long payment plan.

Still, only 23% report ever being given that option.

The lack of financing alternatives has real consequences: pets go untreated. In some cases, animals are surrendered to shelters or euthanized because of financial limitations.

What can pet owners do?

For many, skipping the vet feels like the only option. But there are alternatives to make care more affordable:

• Consider pet insurance: Pet insurance can offset the cost of unexpected injuries or illnesses. While most policies exclude pre-existing conditions, they can ease the financial burden of emergency care. On average, monthly premiums cost about $46 for dogs and $23 for cats, for a plan with a $5,000 annual limit, a $250 deductible and 80% reimbursement, according to Forbes.

• Explore low-cost clinics: Nonprofits, humane societies and some local shelters offer low-cost veterinary services. For example, ASPCA Animal Hospital provides affordable care to pet owners earning under $50,000 annually, according to Bronx Veterinary Center.

• Explore CareCredit: Many veterinary clinics partner with CareCredit, which allows you to pay your pet’s medical bills in monthly installments.

• Check with veterinary schools: Many veterinary colleges operate teaching clinics where students treat animals under supervision. These programs offer significant savings while giving students hands-on experience.

For millions of Americans, rising veterinary costs are forcing an impossible decision: pay the bills or risk your pet’s health. It’s a choice no one should have to face.

While the financial strain is real, planning ahead and tapping into available resources can help make care more accessible, because pets aren’t just animals — they’re family. And every family member deserves a chance at a healthy life.

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

Megan Hunt has two jobs — one as a Nebraska state senator and another as the owner of a small art and stationery shop called Shop Five Nine in Omaha. The brightly painted store is filled with racks of cards, notepads, and art supplies. Some days, you might even spot the store’s resident tabby cat lounging in the window.

"What I really like about this work is sourcing," Hunt told KETV News. "Finding makers and designers from all over the world who have something unique that maybe people in this neighborhood haven’t seen before."

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But in mid-April, she was stunned to receive a $1,108 tariff bill for goods she imported from Japan — far higher than the $70 to $100 she typically pays for imports.

"It’s so frustrating," she said.

"So many Nebraskans can relate to this — just when you start to get ahead — you get hit with a big bill."

How Hunt is handling the tariffs

Since Hunt placed her order, the tariff situation has shifted. President Donald Trump initially announced 24% tariffs on Japanese imports, but that figure was later reduced to 10% amid a temporary 90-day pause on reciprocal tariffs.

Still, the timing meant Hunt’s order fell into the higher bracket.

"This tariff bill was not something I planned for," she told KETV reporters. "It’s a surprise."

Hunt said she doesn’t plan to raise prices. Instead, she’s leaning into selling more merchandise to offset the added expense.

"To me, it’s the cost of doing business," she said. "I expect to pay duties on things I import from other countries. But I’ve never seen anything like this before."

Despite the setback, Hunt remains optimistic about global trade.

"I think global trade is a great thing," she told KETV.

"I’ll always support American manufacturing. I will always support anything that supports jobs here at home, but we have to look bigger than that and realize there’s a lot of beautiful things in this world and we shouldn’t be deprived of those things."

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

How to prepare your small business for tariffs

Tariffs can hit small businesses hard, and sudden shifts in trade policy only add to the challenge. Here are a few ways business owners can prepare for unpredictable tariff costs.

Adjust pricing, carefully

Raising prices can help cover increased costs, but it’s a balancing act. Higher prices can drive away customers, especially in competitive markets. Instead of blanket increases, consider small, strategic adjustments on select products where demand is strong.

Lean into marketing

Boosting marketing efforts can help grow your customer base and drive more sales — offsetting the pinch from higher costs. Focus on telling your brand story, highlighting unique products and building customer loyalty through email campaigns, social media promotions and in-store events.

Look for local sources, where possible

Sourcing products closer to home can reduce exposure to international tariffs. While not every product can be swapped for a domestic equivalent, even partial shifts in your inventory can soften the financial impact.

Get creative

Now might be the time to introduce new product lines, bundle items into themed gift baskets or experiment with subscription boxes to increase revenue. Innovation can not only drive sales but also keeps customers excited about your offerings. For example:

• A stationery store could offer curated ‘Mother’s Day Writing Kits.’
• A home goods shop might create ‘Seasonal Decor Bundles.’
• A specialty food store could build ‘Gourmet Snack Subscriptions.’

With trade negotiations in flux and tariffs changing quickly, it’s wise to build flexibility into your business plan. Watch trade news closely, talk to your suppliers about potential risks and consider setting aside a small financial cushion for unexpected import fees.

What to read next

• Don’t have the cash to pay Uncle Sam in 2025? You may already be eligible for a ‘streamlined’ handshake with the IRS — here’s how it works and how it can potentially save you thousands
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• 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

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

Were you quick to submit your taxes the minute the Canada Revenue Agency (CRA) started accepting T1 returns on Feb. 19, 2025? Or were you planning to wait until the last minute and file by the April 30 deadline? Either way, it’s time to consider the best strategy if you anticipate a tax refund.

According to the CRA, the average tax refund for the 2023 tax year was approximately $2,100.

While many Canadians are back on firmer financial ground post-pandemic, it’s still wise to use your refund strategically — especially if you faced job or income instability in recent years. Here are some smart money management tips you can apply to your tax refund.

Reframe how you view the refund

There’s lots of chatter on the best strategy for using a tax refund. To cut through the noise, Money.ca talked to MeVest founder Lesley-Anne Scorgie, millennial money expert Jessica Moorhouse and Elleverity Wealth Management founder Zainab Williams about the best way to spend a tax refund.

Moorhouse and Scorgie were quick to point out that the first step to being smart about this money is to avoid thinking that your tax return is “free money.”

“When you’re getting your refund, it’s really just a sign that you’ve overpaid in taxes,” says Scorgie. “But it does feel like a money party can be had because it’s like extra money so there’s a tendency for us to kind of blow the doors off and go out and spend.”

5 steps to strategic spending

Before you spend your refund on something you’ll regret, follow these five steps to spend or save that money wisely.

1. Make a plan

For starters, Moorhouse recommends you make a list of all your financial goals and plan how you would spend any kind of windfall — including your savings and investment goals, essential purchases and anything fun.

Then, add a price point for each item, like how much you’d need to set aside in your high-interest savings account to pay for a family vacation.

“It’s a more exciting way of thinking about this money: What do I want to do with this money when I have lots of different options,” says Moorhouse. “Then you can take a look at your list of all the different kinds of price points and see what it would fit into.”

2. Build up your emergency savings

If you’ve depleted your emergency savings after two years of living through lockdowns and restrictions, all three experts recommend rebuilding that fund before anything else.

“COVID-19 showed us that financial security is a fleeting moment when we don’t have an emergency fund,” says Williams.

For those with stable incomes, Moorhouse suggests setting aside three months of expenses. If your employment is a little iffy, plan for six months’ worth. And for the self-employed, she recommends 9 to 12 months.

3. Deal with debt

Once you’ve dealt with your emergency savings, that’s when you can think about debt.

“When it comes to consumer debt like credit cards or lines of credit, the bulk of the return should be going there,” says Scorgie. “And the reason for that is that it’s expensive to carry so it’s going to feel like a ball and chain around your ankle.”

Williams suggests prioritizing anything that “drains your net worth” — meaning anything with high interest, like credit cards.

Carrying a heavy load of debt can also affect your credit score. You can monitor your credit score for free online to keep track of that important three-digit number.

4. Contribute to your retirement

Putting money away for retirement is an essential part of a healthy financial plan.

How much to set aside will be different for everyone.

Some may be on track for their financial goals with just their regular contributions, while Scorgie says others may choose to use this opportunity to catch up if they had to pause or reduce their contributions in recent years, due to the higher cost in living costs.

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5. Do something for ‘future you’

Instead of thinking about all the things you have to do with your finances, Moorhouse suggests reframing it as prioritizing taking care of “future you.”

Get away from worrying about what you should do — instead ask yourself what your future self will benefit the most from.

“If you look at your bills and you’ve got a bunch of debt at a really high interest rate, maybe it’s: ‘Future me would really benefit from not having that monthly payment anymore.’”

Don’t forget about fun

All three money experts emphasize that especially after the tough few years we’ve had, it’s OK to spend a little on yourself. And Williams says you shouldn’t feel any guilt over it.

But keep it reasonable and intentional. As Moorhouse points out, spending money as a reaction — almost an act or rebellion — can lead to poor decisions or spending we regret.

“Take a look at what you actually want to get, figure out what the price point for that is and you may realize you only actually need like $200 and you’d be satisfied.”

What to do if you owe tax this year

Despite higher living costs, some households are getting a tax bill instead of a refund.

While you may be dealing with a big bill, you have a few options to earn some cash to help pay it off.

• Earn cash everytime you shop. Sign up for a free program that offers you cash back when you make a purchase at your favourite stores and restaurants. Good options include cash back credit cards or spending apps like Rakuten.

• Make a little on the side. If you’ve got a special talent or skill, why not turn what you do for fun into something you do for funds? Turn your hobby into a profitable side hustle and earn the extra cash you need to pay off your balance to the CRA.

• Invest what you can spare. Even if you’re a total novice with investing or you don’t have much to put into it, there’s an investing option designed just for you. Download an investing app that tailors your portfolio to your needs. Whatever your budget or experience, you can build a portfolio that will earn you some tidy returns to help pay back what you owe in taxes.

Read More: Find the best tax software to help you file by the CRA deadline of April 30, 2025

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

As IRS employees in Kansas City rallied outside their workplace to protest layoffs that could delay tax refunds for millions of Americans, they argued that job cuts could disrupt operations at a critical point in the filing season.

Members of Chapter 66 of the National Treasury Employees Union (NTEU) gathered at the IRS processing center on April 15, Tax Day, admitting the strain of filling the workforce gaps of those laid off.

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“We’re working seven days a week in this building to process returns so American people can get their refunds. It’s going to impact that because we’re hearing that any day now, they’re going to start reducing more people forcefully from the building,” said Chapter 66 NTEU Chapter President Shannon Ellis to Fox 4.

The heavier workload that current IRS employees are experiencing is a direct result of the Trump administration’s government efficiency initiative, which involves mass layoffs.

Those layoffs will trickle down to Americans at the most inopportune time: tax season.

Concerns over refund delays

In the aftermath of recent layoffs, the IRS has experienced a 25% reduction in its workforce.

As of April 11, the agency had processed 116.3 million returns, down 1.5% from 118.1 million processed by the same time last year, according to IRS data.

While processing volumes remain relatively steady, union leaders warn that continued layoffs could worsen backlogs and delay refunds, especially when many Americans are increasingly reliant on those payments. Nearly half of taxpayers (49%) say they depend more on their tax refund to make ends meet in 2025, according to a Credit Karma survey

Among those receiving refunds, 41% plan to use the money for necessities, 35% to pay down debt, and 25% to build their savings.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

Preparing for possible delays

Financial experts recommend that taxpayers prepare for potential refund delays by following a few easy steps:

• Develop a debt payoff plan: Review all outstanding debts and prioritize essential payments for housing, utilities and minimum credit card payments. As motivation to reduce debt, you can use strategies like the snowball (smallest balance first) or avalanche (highest interest rate first) method.
• Start an emergency fund: Aim to set aside a small portion of each paycheck into a separate savings account. Even if it’s as small as $10–$25, these contributions can build a crucial financial cushion to cover unexpected expenses if your refund is delayed.
• Track spending to identify savings opportunities: Monitor daily and monthly expenses to understand where your money goes. Look for nonessential costs, such as subscriptions, dining out or impulse buys that can be reduced or eliminated.

In the meantime, taxpayers can use Where’s My Refund?, a tool to determine the status of their refund.

Union officials said Monday’s rally was intended to advocate for employees and raise public awareness about the potential impacts of the cuts.

“So what we’re trying to do is show up and just remind the American people and the people in Washington that we are real people and there’s a proper way to reduce the size of government, and it’s not being used,” said Daniel Scharpenburg, NTEU Chapter 66 first vice president. “What’s being used is a slash-and-burn method that is not good for anyone.”

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

Legendary 49ers quarterback Steve Young earned nearly $49 million playing football, according to Spotrac, but you’d never guess it from the beaten-up 2011 Toyota Sienna he drives.

In a recent interview with journalist Graham Bensinger, the two-time NFL MVP admitted he could easily afford a replacement for the car, which has 132,000 miles on it. However, he’s reluctant to let it go because of advice from his father, who always told him to “get the most out of it.” And he’s not the only Young family member who’s emotionally attached to the vehicle.

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“This is a car that the kids all grew up in,” he told Bensinger. “My youngest Laila — that seat over there with the camera is the seat that she won’t give up. That’s her seat for life … she’s like, ‘No, I love this car [and] how it smells.’”

Surprisingly, multimillionaires driving modest cars isn’t as unusual as some might think.

The modest cars of millionaires

Contrary to the common stereotype, most wealthy people aren’t driving around in flashy Ferraris and bright orange Lamborghinis. A 2022 study by Experian Automotive, found that the top car brands for households earning over $250,000 were Toyota, Ford and Honda.

Even billionaires opt for relatively inconspicuous cars. Warren Buffett reportedly drives a Cadillac XTS — no Bugatti for the Oracle of Omaha.

In other words, most affluent people who could splurge on luxury vehicles simply choose not to. Meanwhile, many ordinary consumers are stretching their budgets to the limit. A recent survey by CDK Global found that 57% of car buyers said they hit the top end of their budget, while 7% exceeded it.

The strain on consumers is also reflected in auto loan data. As of mid-2024, one in every 24 drivers with a car loan was paying more than $1,000 in monthly payments per vehicle, according to Experian — a ratio that has nearly quadrupled since 2020.

For many, the family car is becoming a significant financial burden. Here’s how you can avoid the growing auto loan crisis.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

Drive smart

For most consumers, cutting transportation costs is one of the most effective ways to improve their finances. According to a 2022 report by the U.S. Bureau of Transportation Statistics, transportation is the second-largest annual expense for the average household.

One way to reduce this expense is by purchasing a car that’s within — or even below — your means. Buying a used car, for example, helps you avoid significant depreciation and can lower transportation costs substantially. As of 2024, the average used car costs roughly $20,000 less than a new one, according to Edmunds.

To figure out whether a vehicle fits your budget, consider the 20/4/10 rule:

• Put at least 20% down.
• Choose a loan term of no more than four years.
• Keep all car related expenses below 10% of your gross income.

By setting up firm financial guardrails, you can avoid the auto loan debt trap many consumers are driving into.

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• Don’t have the cash to pay Uncle Sam in 2025? You may already be eligible for a ‘streamlined’ handshake with the IRS — here’s how it works and how it can potentially save you thousands
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

“Do or do not, there is no try,” were the wise words of Yoda — and in 2018, Mike O’Dell took them to heart.

He drew a Star Wars stormtrooper on a large sheet of graph paper, cut the pattern into sections, sewed the fabric onto the paper and began quilting over the design using a process called foundation paper piecing.

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As a new quilter, he found the process easy. That success sparked an idea: license images and create quilting kits to sell online. The idea blasted off. Last year, he sold $1.25 million worth of his kits — branded Legit Kits — on Shopify, and earned another $150,000 selling quilts through the now-bankrupt Joann Fabrics.

While O’Dell’s side hustle has been more successful than most, his story still offers inspiration — and practical advice — for others looking to launch their own ventures.

Rebellions are built on hope

O’Dell told CNBC Make It that he devotes one day a week to his side hustle while working four days a week as a nurse anesthetist. His full-time job pays him $240,000, so he’s not planning to give it up anytime soon.

"It’s kind of hard to beat an anesthesia salary," he said. "I’ve got three kids, and I want my kids to go to college."

Balancing both jobs has been challenging. O’Dell admits to losing sleep and feeling stressed. But his creative work helps him cope with the more intense pressure of his hospital job.

"The burnout that I feel at the hospital fuels my energy to do the other thing for myself," he said. "It turns the volume down when everybody’s mad at work. I hear it, but I’m like, ‘I’m not going to manage my people that way.’"

Despite Legit Kits bringing in over $1 million last year, O’Dell says the business isn’t profitable enough for him to quit his day job just yet.

"You don’t really get to keep most of the money that your business makes," he explained. "It goes right back into it. When we were consistently breaking $100,000 a month in sales, I was like, ‘Yeah, this is it. But then you’re spending $100,000 a month, too.’ "

This year, he plans to pay himself just $50K from his business, although he hopes that the number will grow as he increases marketing efforts, hires for custom work and tries to expand into more retail stores.

While it may not yet match his hospital salary, O’Dell values the flexibility and reduced stress that Legit Kits could eventually offer if it continues to grow.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

The Force will be with you, always

O’Dell believes there are many opportunities to start a successful side business — it’s just a matter of finding one that fits your skills and passions.

One of the easiest ways to start is to use platforms designed for part-time work. Apps like Uber, Lyft, Thumbtack, and Rover make it simple to earn cash by offering services such as ridesharing, handyman tasks and pet sitting.

However, these platforms often cap your earning potential. If your goal is to turn your side hustle into a substantial business, you may need to offer more specialized skill, — such as freelance writing, tutoring or engineering — or identify a specific market need and build a business to address it.

Think about what your strengths and interests are. What gaps are there in the market that you might be able to fill? You might sell products on Shopify or Etsy, or create your own website and use social media to attract customers.

As O’Dell advises, it’s important to set clear goals so you know what you’re working toward.

You’ll also need to manage your time carefully to avoid burnout. Most people find that 10 to 20 hours a week is manageable alongside a full-time job. And, like O’Dell, you should be prepared to reinvest your profits if you want to grow your business.

If you’re serious about success, research the market and craft a business plan that outlines your path to profitability. That way, your million-dollar idea stands a better chance of actually earning a million someday.

What to read next

• Don’t have the cash to pay Uncle Sam in 2025? You may already be eligible for a ‘streamlined’ handshake with the IRS — here’s how it works and how it can potentially save you thousands
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• 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

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