Category: Moneywise

Pets change our lives for the better, and not just because they’re fuzzy, tail wagging bundles of unconditional love. According to the Human Animal Bond Research Institute (HABRI), pets foster connection and community, encourage mindfulness, focus and healthy habits and support resilience and recovery.

But, pet parenthood gets expensive when you factor in food, vaccinations and grooming. That doesn’t even include the cost of giving them the best treats, toys and veterinary care (and we know you’ll want to).

Being pet parents ourselves, we’ve come up with eight tried and tested tips to help save you money while you spoil your pet.

1. Buy in bulk

Save money by bulk-buying items with a long shelf life or that won’t expire. These items include puppy pee training pads, poop bags, cat litter, cat toys, canned food, dry food and bedding for small animals.

If the thought of lugging home oversized packages makes your back hurt, check online retailers, such Amazon, where these goods can be delivered right to your front door. It you’re an Amazon Prime member, you’ll enjoy free shipping, and some pet products come with recurring delivery options, which save you even more money.

If you’re already signed up for a warehouse club such as Costco, then you’re already set to take advantage of bulk pricing for certain pet supplies. Pro tip: Head to the pet aisle to pick up a box of 100 pee pads — it’s the best deal in town.

Read More: A surprise trip to the vet can cost $1,000 or more. Don’t get caught off guard. See how pet insurance can ease the stress — and cost — of caring for fur babies. Protect yourself now  

2. Invest in pet insurance

When covering pet expenses, pet insurance is one of the most useful tools pet owners have. Sure, you’ve got to shell out a certain amount a month, but spending today may save you thousands in the future if your pet becomes injured or ill.

Pet insurance providers — such as Spot Pet Insurance — offer flexible, comprehensive coverage at a monthly rate.

With pet insurance, you can be sure that you have coverage on any given day and can handle surprise vet costs — such as an exam fee, prescription medicine or even cancer treatment — without breaking the bank.

Spot Pet Insurance has flexible offerings based on your needs and the type of pet you have, including accident-only, illness and preventative care plans. With so many options available, you can find the coverage that best suits you and your pet.

3. Come up with a pet budget

Budgeting is an essential part of managing costs, even when it comes to pets. From the moment your furry BFF comes homes to well into their senior years, you can budget and prepare for expected costs.

Even if you’re just starting your search for a pet, you’ll still need to budget — make sure you account for everything from adoption/breeder fees to health care, essential supplies and more.

Develop a budget not only helps you save money, but it also ease stress. A clear expectation of how much your furry family member costs will help with financial planning.

4. Medical prevention

There are two ways to save money when it comes to your pet’s health. First, pet insurance — such as Spot — is a good way to avoid spending a large sum on an unexpected medical crisis.

You can also work to prevent a health problem before it occurs, which will be a boon to both your wallet and your pet’s well-being.

Doing what you can to keep your pet as healthy as possible will reduce the likelihood of a costly medical problem. Make sure your pet is fed a nutritious diet, gets plenty of exercise and receives regular veterinary checkups.

Depending on your chosen coverage, Spot Pet Insurance covers care such as veterinary exams, diagnostic tests, ultrasounds and breed-specific hereditary conditions, to make sure your furry friend stays in good shape.

5. Train your dog at home

Seek help from a professional trainer if your dog is extremely reactive, fearful, has deeply ingrained behavioral issues or is stronger than you. But, if you don’t have the means to pay for a dog trainer, then consider using a reward-based system at home.

Reward-based training just means training your dog with treat rewards. This also happens to be the Humane Society’s preferred positive and cruelty-free training method.

One simple example of reward-based training is teaching your dog to sit before giving him his meal. YouTube now has an amazing selection of free positive-reinforcement training resources.

6. Groom your pet at home

Some home grooming is super easy, including brushing your long-haired pet frequently to avoid mats. You also can brush pets’ teeth (which will help save on dental bills), clean their ears and bathe pets at home.

As with dog training, there are some situations when it’s best to call in the professionals. A seriously matted dog, a pet whose nails haven’t been trimmed in years or a fearful animal may best be handled by a pro.

If you groom your pet at home, keep things positive. Use rewards during and after the process to keep your pet interested and happy. To ensure best results, start handling and grooming your pet when it’s young.

7. Spay or neuter your pet

North America has a major pet overpopulation problem, and it’s partly due to unsterilized pets creating unplanned litters. There are many economical and ethical reasons to spay or neuter your pet.

When you leave a male cat intact, it wants to mark territory, find a mate (or 10) and fight with other males. Dogs are more aggressive, and larger breed pooches are more susceptible to cancer when they’re not neutured. Unspayed females of both species mark territory or have pee accidents and must be kept away from males to avoid unplanned litters.

Getting your pet fixed is simply doing your part to reduce the overpopulation problem. And, you’ll save money in numerous ways, such as not having to clean up territory markings or spend on a s lew of pee pads/diapers.

8. DIY toys and treats

Skip the expensive pet store toys and save your money! Many mass-produced plastic pet toys are poorly constructed and can break easily, potentially becoming a safety hazard. Instead, focus on creating engaging DIY toys that your pets will love just as much, if not more.

For cats, simple household items can provide hours of entertainment. They naturally gravitate toward cardboard boxes which become instant fortresses and paper balls that mimic prey. Dogs are equally content with homemade toys, such as braided fleece blankets or old t-shirts (bonus because they smell like you) that make perfect tug toys, or a secure sock containing an empty water bottle for a satisfying crinkly sound.

During the holidays, I’ve found that homemade dog treats are great to give as gifts to other pet parents. Just add them to a reusable jar or a festive bag, affix a tag and prepare to be the most popular guest in the house. If you’re a treat-making noob, try out this easy peanut butter and pumpkin dog treat recipe. It’s chock full of healty ingredients that are good for dogs and chances are, you’ve got most of them in your kitchen already.

Sources

1. HABRI: How Pets Impact Our Mental Health (May 2, 2024)

2. ThatFluffingDog: Easy Peanut Butter and Pumpkin Dog Treat Recipe

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

Would you trust a company with your most personal data — your DNA — if it was on the brink of collapse? Millions of 23andMe customers are now facing that unsettling reality as the genetic testing company faces an uncertain future.

The California-based company offers DNA self-testing kits for users to explore their ancestry. It went public in 2021 with a $3.5 billion IPO but has faced significant challenges in recent years. In 2023, a major data breach compromised 6.9 million users’ information, leading to a financial settlement. Since then, the company has struggled, with all independent directors resigning in September and a 40% workforce reduction in November.

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On March 23, 2024, 23andMe announced it was "entering a voluntary Chapter 11 restructuring and sale process." While the company assured users their data remained protected and operations would continue, concerns grew, especially after California Attorney General Rob Bonta urged customers to delete their information.

"California has robust privacy laws that allow consumers to take control and request that a company delete their genetic data,” Bonta said. “Given 23andMe’s reported financial distress, I remind Californians to consider invoking their rights and directing 23andMe to delete their data and destroy any samples of genetic material held by the company.”

Bonta isn’t the only attorney general to act. Officials from Arizona, South Carolina and New York have all urged consumers to delete their data, providing instructions to do so by logging in, navigating to the Settings section, choosing the 23andMe data option at the bottom of the page and opening the "Delete Data" section to click "Permanently Delete Data."

However, not all users have been able to successfully remove their information. Here’s what happened when they tried, along with details on the bankruptcy proceedings, their implications for consumers and steps to protect your data.

CEO steps down and stock plummets as 23andMe enters bankruptcy

Sunnyvale’s 23andMe reportedly has $214.7 million in debt compared with $277.4 million in assets. It filed for Chapter 11 bankruptcy in hopes of selling "substantially all of its assets."

Chapter 11 allows struggling businesses to restructure debts while continuing operations, with the goal of facilitating a sale. Board Chair Mark Jensen called bankruptcy "the best path forward," as it could reduce costs and resolve legal and leasehold liabilities. Despite this, the company’s stock lost nearly all its value, now trading below below $1 per share.

As the bankruptcy was announced, CEO and co-founder Anne Wojcicki also stepped down — but not for the reason assumed.

"I am supportive of the company and I intend to be a bidder," Wojcicki stated on social media. "I have resigned as CEO of the company so I can be in the best position to pursue the company as an independent bidder."

The company aims to continue operations, and if Wojcicki successfully acquires the business, it could emerge more financially stable post-restructuring. However, the bankruptcy has severely damaged trust, making recovery an uphill battle for any new owner.

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 protect your personal information

With 23andMe looking for a buyer, many consumers fear their private DNA data and other details will be sold, such as payment information, could be sold. Their concerns are rightly placed.

The company has stated that both it and any future owner must adhere to its privacy policy. However, it also acknowledged that in the event of "bankruptcy, merger, acquisition, reorganization or sale of assets, your personal information may be accessed, sold or transferred as part of that transaction." A new owner could also change the privacy policy going forward.

Sally, many consumers concerned about this issue went to the website to try to delete their data — but so many people tried to take this action at the same time that the computer system struggled to keep up, and consumers got error messages.

"This has been a nightmare," Pauline Long of Alabama told BBC. Long worried 23andMe would retain her data and attempted to delete it, but she had to wait two hours to speak with a customer service agent before successfully closing her account. She remains skeptical that her information was fully erased.

The company claimed the technical issues have been resolved, though users may need to provide additional verification before deletion requests are processed. It also noted "some limited information" would remain. Customers facing issues should contact 23andMe’s Customer Care via [email protected] for help.

If you are concerned about your DNA privacy, follow the deletion steps online, and if you encounter issues trying online first, and then reaching out via email if necessary. This is especially important because, while financial data breaches can be mitigated through measures like credit freezes, there is no comparable sageguard for genetic falling into the wrong hands.

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

In a deal set to shake up the mortgage industry, Rocket Companies is making a "bombshell" acquisition, buying Mr. Cooper, the largest mortgage servicer in America.

The deal, worth $9.4 billion, will give Rocket a massive $2.1 trillion servicing portfolio, reaching nearly 10 million customers — that’s roughly one in six mortgages in the United States, according to Housing Wire.

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The Detroit-based fintech company, which will also be acquiring real estate giant Redfin for $1.75 billion, is making waves as a powerful force in the homeownership space.

Rocket’s combination of servicing, home search and mortgage origination puts it in a prime spot to dominate. CEO Varun Krishna sees this merger as a way to harness data and AI to build lasting relationships with customers by meeting their needs before they even arise.

But what could this mean for the future of the mortgage industry?

‘We will deliver the right products at the right time’

Founded in 1985, Rocket Companies covers everything from mortgages to real estate, title services and personal finance through brands like Rocket Mortgage, Rocket Homes, Rocket Close, Rocket Money and Rocket Loans.

With more than 65 million calls a year, 10 petabytes of data and a mission to “help everyone home,” Rocket aims to lead the way in AI-powered homeownership.

Mr. Cooper Group is a provider of mortgage servicing, origination and transaction services for single-family homes across the U.S. Operating under its key brands, Mr. Cooper, Xome and Rushmore Servicing, the company is known for offering a wide range of products, services and cutting-edge technologies that simplify the homeownership journey.

Under the acquisition, Mr. Cooper CEO Jay Bray will step into the role of president and CEO of Rocket Mortgage, reporting directly to Krishna. The deal is expected to boost Rocket’s bottom line, adding $100 million in pre-tax revenue.

Rocket also projects $400 million in pre-tax cost savings through streamlined operations and tech investments.

In a press release, Krishna stated, “Servicing is a critical pillar of homeownership – alongside home search and mortgage origination,” adding, “With the right data and AI infrastructure we will deliver the right products at the right time. That’s how we build lifelong relationships, by proactively unlocking benefits and meeting needs before they arise. We look forward to welcoming Mr. Cooper’s nearly 7 million clients.”

The deal is set to close in the fourth quarter of 2025, and Rocket has secured a nearly $5 billion bridge loan with JPMorgan Chase, though it’s not expected to draw on it unless needed.

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 does this impact consumers and the industry?

The deal is set to shake up the mortgage industry by building a tech-driven, vertically-integrated platform that aims to improve the homeownership experience. But massive consolidation without the involvement of banks can have different implications for consumers and the industry as a whole.

For consumers, this could mean less market choice — but it may also mean assuming more risk. The Financial Stability Oversight Council (FSOC) published a report last year that outlined concerns about the growing dominance of nonbank mortgage servicers, including potential risks to financial stability.

The report noted that because these servicers rely solely on mortgage-related revenue, any stress in the market will have a substantial effect on their income streams. For the nonbank sector as a whole, this would create liquidity vulnerabilities across the board.

If a servicer fails in this scenario, a borrower would potentially face a lapse in their mortgage servicing, which may put them at risk of financial loss if no loss-mitigation activities are put in place. This could ultimately “lead to a wave of avoidable foreclosures,” says the Consumer Financial Protection Bureau.

On the bright side, the deal brings millions of new customers into Rocket’s fold, giving existing clients access to a wider range of services, and Mr. Cooper’s client base could benefit from more personalized offerings.

But while the merger aims to trim client acquisition costs, there’s no guarantee these savings will mean lower fees or better rates for consumers.

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

While the headlines have been dominated by a rollercoaster in the stock market, financial guru Dave Ramsey isn’t going doom-and-gloom.

In fact, the radio host believes every young American has a shot at becoming a millionaire.

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“If you’re under 40 years old and you don’t retire a millionaire, that’s no one’s fault but yours,” the 64-year-old said on X, formerly known as Twitter..

Here’s a closer look at the math behind his exhortation.

Everyone can be a millionaire

Despite the economic challenges facing young Americans, Ramsey believes that the average 25-year-old needs to save just a fraction of their annual income to retire at 65 with over $1 million.

However, his thesis assumes that this 25-year-old invests in “good growth stock mutual funds.” According to his calculations, diligently investing just $100 a month into such growth funds could create a $1,176,000 nest egg within 40 years.

Ramsey doesn’t mention any specific growth funds, but his calculations imply a roughly 12.85% annual growth rate.

The Vanguard S&P 500 ETF (VOO) has delivered a compounded annual growth rate of 14.00% since 2010, and the Invesco NASDAQ 100 ETF (QQQM) has delivered 17.24% annually since 2015.

In fact, the S&P 500 has delivered an average annual return of 10.13% since 1957, according to Investopedia.

Given the long-term performance of these index funds, Ramsey’s assumption doesn’t seem unreasonable, even when you take into account the recent volatility in the stock market in response to President Donald Trump’s tariff announcements. There have been many shocks, dips, corrections and outright crashes in the past 100 years, and the market has always eventually bounced back.

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Ramsey’s path to $11.6 million

The four variables of the compound growth calculation are time, initial investment, regular investment and growth rate. Of these, the only variable you can somewhat control is regular investment.

Investing $200 or $300 a month could help you create a nest egg significantly bigger than just $1 million. Ramsey recommends setting the bar even higher at 15% of gross annual income.

“The average household income in America today is $79,000. If you invested 15% of that ($11,850 a year), you would retire with around $11.6 million,” he said on X.

However, most Americans are saving significantly less than Ramsey’s target. As of February 2025, the average personal savings rate is just 4.6%, according to the Federal Reserve. The rising cost of living, stagnant wage growth and debt servicing costs are barriers most families face regardless of age.

If you’re in your 20s or 30s, you should probably set long-term financial goals with a margin of safety. The future is highly unpredictable, and there’s no guarantee that inflation and stock market performance over the next 40 years will match the previous 40 years.

Nevertheless, Ramsey’s post demonstrates that even minor adjustments and minimal monthly savings can make a big difference if you start early. You still have time if you’re under 40, which is your most significant advantage.

This is why he encourages young Americans to reject the doom and gloom. "You can make excuses, or you can take control of your money,” he says. “But you can’t do both."

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

What happens when your tenants are driving you to financial ruin, but you can’t kick them out during an ongoing eviction battle?

That’s the problem faced by property owner Akosua Danquah in Iowa Colony, Texas. Her tenants have stopped paying rent and call the police when she tries to check on her home. Though she’s trying to get them evicted, the process is time-consuming — and it’s driving her toward bankruptcy.

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“I can’t even come to my home,” Danquah told KHOU-11 News. “This is the most disheartening thing you can imagine.”

An ongoing eviction battle

Danquah decided to rent out her home after accepting a job out of state. In January, her tenants stopped paying rent — and haven’t paid since — so she gave them a notice of eviction. But after going to her local justice of the peace court to file the eviction, she was told she’d have to wait 30 days.

Now, her tenants have stopped all communication with her, and when she tries to check on her home, they call the police.

In the meantime, Danquah has had to stay with family and friends since she can’t afford to pay both her mortgage and her rent out of state without the rental income from her tenants.

She now wishes she had done a background check on the tenants.

“Whenever you take shortcuts when leasing a property, you’re taking chances,” Troy Cothran, treasurer for the Houston Association of Realtors, told KHOU-11 News.

“My recommendation is don’t take any shortcuts when leasing because it’s a business decision that you’re doing.”

In the meantime, Danquah has an eviction hearing this month.

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 landlords can protect themselves

If you’re looking to rent out your property, start by screening potential tenants. That could include a credit check, background check and/or income verification. You can also ask for references from their employer and previous landlord. If they refuse to do so, that may be a red flag.

Make sure you have a lease agreement that clearly outlines the amount due each month and what will happen if tenants don’t pay their rent on time (including grace periods and late fees). You may want to consult with a real estate lawyer to help you navigate landlord-tenant laws in your state.

You can also ask for a security deposit (due when the tenant signs the lease), which is typically equal to one or two month’s rent. Most states allow landlords to use the security deposit (or a portion of it) to cover unpaid rent, but the rules differ from state to state. This should be outlined in the lease.

If the tenant is late with their rent, reach out with a late rent notice. States have different rules around grace periods. In Texas, for example, landlords aren’t required to provide tenants with a grace period (unless they agree to do so in the lease).

If the tenant still doesn’t pay, you could follow up with a pay-or-quit notice in which you outline a specific time to pay the overdue rent — or move out. (Make sure you understand local and state laws around eviction procedures.)

If the tenant still fails to comply, you can file for eviction with your local court. If the eviction is successful, you may be able to sue for outstanding rent and associated costs.

While landlord insurance isn’t mandatory, it can help to cover financial losses if your tenant doesn’t pay their rent. However, if you have a mortgage on the property, you may be required by your lender to take out a landlord insurance policy.

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

Many Canadians have decided not to travel in the U.S. as a trade war continues.

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Future bookings for flights between Canada and the U.S. have plummeted by over 70% in every month through to the end of September compared with the same time in 2024, according to OAG, a global travel data provider.

In February, the number of Canadians crossing the land border into the U.S. dropped almost 500,000 compared to the same period last year, according to data from U.S. Customs and Border Protection (CBP) — reaching levels not seen since the height of the Covid-19 border closures.

“This is like Covid all over again,” said Len Saunders, an immigration lawyer in Blaine, Wash., which borders the Canadian province of British Columbia, in an interview with CBC News. “With the rhetoric coming from Trump — people just don’t want to come down here.”

The number of Canadian residents returning from the U.S. by flights also fell by 13.1% in February, with Air Canada, WestJet and United Airlines announcing cuts to service due to declining demand.

“A 10% reduction in Canadian travel could mean 2.0 million fewer visits, $2.1 billion in lost spending and 14,000 job losses,” according to the U.S. Travel Association, which noted that Canada is the top source of international visitors to the country, with 20.4 million visits in 2024.

But it’s not just Canada. The Trump administration is also escalating a trade war with the rest of the world, and domestic tourism has also slowed down this year, with Bank of America aggregated card data showing softer lodging, tourism and airline spending. "It could be that the recent drop in consumer confidence is translating into people hesitating to book trips, or considering paring them back. But bad weather and a late Easter this year are also likely playing a part," said the bank.

While this will undoubtedly impact Americans working in the tourism and hospitality industry, it could also have impacts on everyday Americans.

Why Canadians are avoiding U.S. travel

It’s not just tariffs that have shaken Canada-U.S. relations. Taunts about Canada becoming the 51st state, threats of annexation and reports of Canadians and other nationals being detained by Immigration and Customs Enforcement (ICE) — like the account of one Vancouver woman detained by ICE for two weeks — is keeping Canadians away.

Then there’s the Canada-U.S. exchange rate. The loonie plummeted to its lowest level in more than 20 years when Trump first announced impending tariffs. It has since risen to a near five-month high against the greenback.

But Barbara Barrett, executive director of the Frontier Duty Free Association, told CBC News that cross-border traffic declines aren’t due to the exchange rate. Rather, it’s about anti-tariff sentiment.

“We’ve seen the dollar fluctuate up and down before and we haven’t seen this sort of dramatic decline,” she said. “If it was all about the dollar — we’d have a flood of Americans coming over and we’re not seeing that.”

While many Canadians and other foreign nationals are boycotting the U.S., some don’t feel it’s safe to go right now. Several countries — including the U.K., Denmark, Finland, Germany and Canada — have updated their travel advisories for the U.S. regarding immigration requirements and gender identification.

“Since the start of the second Trump administration, there appears to be an uptick in foreign visitors to the U.S. being denied entry, resulting in people being sent back to their original destinations or being held in detention,” according to Wired.

As of April 11, Canadians also have to register with the U.S. government if they plan to stay in the country for more than 30 days.

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 does this mean for American travelers?

While tariffs may not have an immediate impact on domestic travel — like the price of airfare or hotel rooms — ongoing trade wars with multiple countries could eventually take a toll.

The Federal Reserve lowered its outlook for economic growth in 2025 to 1.7%, with inflation projected to creep up from 2.5% to 2.7%. With signs of slowing economic growth and consumer expectations for income, business, and labor market conditions at a 12-year low, Americans may decide to hold off on those vacation plans.

“The longer tariffs last, the more likely we’ll see air travel impacted in the form of higher costs for Boeing and airlines, fewer overall flights, and higher fares,” Scott Keyes, founder of Going, told USA Today.

But if the U.S. does sink into a recession, some travel costs could drop. “That’s because demand for travel typically falls during economic hard times, and with less demand, airlines would be forced to drop prices in order to fill planes,” Keyes said.

Tips for travel planning in uncertain times

Americans traveling domestically may want to consider vacationing in areas impacted by a downturn in Canadian tourism, such as Florida. Prices could drop because of reduced demand; at the same time, you’d be helping to support the tourism industry in those areas.

Visits to national parks, however, could get more complicated. The mass firing of 1,000 national park workers could result in service delays and maintenance issues — so you’ll want to plan any outdoor adventures far in advance.

As gas prices rise as a result of tariffs, road trips could also get more expensive (at home and abroad). So, for example, if you’re traveling in Europe, you may want to compare the costs of traveling by train rather than renting a car.

If prices escalate, airlines and hotels may adjust their prices accordingly. So it may be better to book sooner rather than later to lock in rates for flights and hotels.

Another option is to cash in those frequent flyer miles or credit card travel rewards to save on flights, hotels and rental cars. If you’re in the market for a new travel rewards credit card, keep an eye out for promotional offers that could help fund your next vacation.

It could also be a good time to sit down with a financial adviser to come up with a game plan for uncertain times, which could mean diversifying your portfolio, topping up your emergency fund and perhaps even creating a “travel fund” (say, in a high-interest savings account) so you don’t rack up unnecessary credit card debt on your next vacation.

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• Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don’t have to deal with tenants or fix freezers. Here’s how
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

“Invest in what you know.” That timeless advice from Peter Lynch, the legendary manager of the Fidelity Magellan Fund has stuck with many investors like me for years.

And it should.

After all, he’s the one who delivered an average annual return of 29%. This simply came from asking us to look around. What are you using every day? Where do you spend your money? Chances are, the companies behind those products and services are worth a closer look.

For me, that meant Apple (I’m writing this on a Mac), Netflix (hello, Bridgerton) and Amazon (there’s the doorbell now). But like many, I used to think investing meant coughing up hundreds, if not thousands, of dollars. Then this week, Questrade rolled out fractional shares. Suddenly, Lynch’s advice felt more attainable than ever.

What is fractional investing and why should you care?

Fractional investing lets you buy a portion of a stock, not the whole thing. Think of it like buying a single slice of pizza instead of the entire pie. If one share of Apple, for instance, costs $250, you can invest $10 and get 1/25 of a share. This allows you to still get a piece of a publicly traded company.

This is a significant development because it drastically lowers the barrier to entry for new investors. Now, with just a few dollars and a brokerage account, you can dip your toe into the stock market, without the pressure of needing a large initial investment. Thus fitting in to Questrade’s low-cost, DIY investing strategy.

Other Canadian options

Questrade isn’t the only player in the Canadian fractional share space. Wealthsimple has been offering fractional shares for some time now, and their platform is known for its intuitive user interface and commission-free trading.

TD Easy Trade also provides fractional share trading, although it’s currently limited to select stocks and Exchange Traded Funds (ETFs) available through the mobile app.

Each platform has its own strengths. Questrade provides a wider selection of stocks and more control over your trading decisions. Wealthsimple stands out for its simplicity and lack of trading fees. TD Easy Trade offers convenience for those who already bank with TD.

Before diving in, it’s worth considering a couple of potential drawbacks of fractional investing. Firstly, fractional shares typically cannot be transferred between different brokerage accounts. Secondly, while you own a portion of the company, you won’t receive shareholder voting rights unless you own a full share. However, for most beginners focused on long-term growth, these are often minor trade-offs compared to the benefit of being able to start investing with a small amount of money.

Alternatively, consider ETFs

If you like the idea of owning Apple, Amazon and Netflix, but also want broader exposure and diversification, ETFs are another excellent option. Think of an ETF as a basket of stocks that tracks a specific index or sector. Many popular ETFs hold shares of the very companies you’re interested in, allowing you to own a piece of them indirectly for a relatively low cost.

Related: How to invest in ETFs

For example, the Vanguard S&P 500 ETF (VOO) is a classic and widely popular choice. It includes the companies we’ve been discussing, along with the other top 500 US companies. As of writing, it has delivered an average annual return of approximately 18.6% over the past five years and boasts a very low Management Expense Ratio (MER) of just 0.03%.

Another strong contender is the iShares Core S&P US Total Market ETF (XUU). This ETF offers even broader diversification by including not just large-cap companies, but also mid- and small-cap stocks in the U.S. market. Its five-year average annual return as of writing is 18.3%, with an equally low MER of 0.03%.

For those particularly interested in the technology sector, the BMO Nasdaq 100 Equity ETF (ZQQ) could be a good fit. It focuses on the 100 largest non-financial companies listed on the Nasdaq. As of writing, it has shown an impressive average annual return of about 18.1% over the past five years, although its MER is slightly higher at 0.39%.

Related: Best ETFs in Canada

The best time to start is now

There’s a well-known saying in the world of investing: “The best time to start was 20 years ago. The second-best time is today.” This sentiment rings especially true now that options like fractional shares and low-cost ETFs have made investing more accessible than ever before.

Whether you decide to start with $10 in fractional shares of a company whose products you love or opt for the broader diversification of an ETF, the most crucial step is simply to get started. Don’t let the misconception that you need a lot of money hold you back any longer.

Sources

1. Questrade: Fractional Shares

2. Wealthsimple: Understanding fractional orders

3. TD Easy Trade: Partial shares through TD Easy Trade

4. Vanguard: Vanguard S&P 500 ETF

5. BlackRock: iShares Core S&P U.S. Total Market Index ETF

6. BMO: ZNQ – BMO NASDAQ 100 Equity Index ETF

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

There was a time when South Florida’s condo market was red hot. However, changes in regulations and increases in ownership costs have pushed many condo owners in the area to sell. However, the problem is that they’re now all selling at once.

Michael Leccese’s one-bedroom, two-bathroom unit at the Sian on South Ocean Drive in Hollywood, Florida, has been on the market for more than a year, and he’s dropped the price four times since listing it.

"It’s gonna take a while,” he told CBS News, in reference to finding a buyer.

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South Florida condo owners are struggling

A big reason Leccese is looking to sell his condo is that the overall cost of homeownership has risen. "I’m definitely taking a hit economically to support these types of expenses," Leccese said.

When Leccese first listed his condo just over a year ago, he priced it at $435,000. Most recently, he lowered it to $414,000 in the hopes of finding a buyer. He’s banking on finding one eventually.

"There’s a lot of condos on the market right now, so for a buyer it’s a great opportunity," Leccese said. "But you have to be an educated buyer."

Leccese isn’t the only South Florida condo owner to see his costs go up.

"A lot of people have seen their maintenance double. They’ve seen some of the assessments become extremely unaffordable. It’s definitely impacted many residents here in Florida," said Phil Gutman, President of Gutman Development Marketing President, in a Fox News interview.

Why it’s so hard to sell a condo in South Florida right now

Any time there’s more supply of a given commodity than there is demand, prices tend to fall. That’s what’s happening in South Florida right now.

Many condo owners are buckling under the weight of increased costs and are looking to unload their units. That’s created an abundance of inventory on the market.

Peter Zalewski, who tracks the condo market on his site Condo Vultures, said South Florida condo owners are selling in short order because they can’t keep up with higher maintenance fees and special assessments.

In January of this year, there were 25,000 South Florida condo units on the market. That number increased to 28,000 in April. In addition, Zalewski is predicting that 40,000 units will hit the market before the end of the year.

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Making matters worse, more condos are being built today because they went under contract three years ago, when the market was different. That’s only going to introduce more competition for condo owners who are desperate to sell.

A big reason condo owners in South Florida are being hit with higher costs is that new laws that were enacted following the tragic 2021 Surfside Champlain Towers collapse now require buildings to have extra cash reserves on hand to cover maintenance costs.

In Naples, Florida, condo fees were up 9.6% on an annual basis in January, reports Redfin. In Cape Coral, they rose 10.2%.

Adding to the problem is that almost 22% of Florida’s population is 65 and over. Retirees on fixed incomes can’t afford to keep up with the rapidly rising cost of condo maintenance.

But while it may be a bad time to sell a condo in South Florida, it could be a good time to buy or rent one. Buyers can benefit from lower prices and more inventory to choose from. Renters may even have more negotiating power given the number of condo owners who are trying to bide their time until they can sell.

However, it’s important to be cautious about buying a South Florida condo given the potential for not only hidden damage, but increasing costs.

Real estate broker Julia Ray of Raydiant Realty advises buyers to look beyond the listing price when buying a condo in South Florida. "Be very careful when you choose the building. Look at the history," she says.

It’s also important to get a structural reserve study on a condo building before making an offer on a unit. This ensures that there are adequate funds for long-term maintenance.

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• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• Trump warns his tariffs will spark a ‘disturbance’ in America — use this 1 dead-simple move to help shockproof your retirement plans ASAP

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