Category: Moneywise

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Since 1950, the US has weathered 11 recessions, proving time and again that downturns aren’t a question of if, but when.

After a strong performance from the S&P 500 in 2024 — which experts hailed as a “very good year” — storm clouds are forming. Trump’s aggressive tariff policies have rattled markets with the S&P 500 entering correction territory in April 2025.

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Times like these may have long-term investors wondering what they should do to protect their portfolios. The answer? Do nothing and stay the course.

“Generally, the advice boils down to staying invested. But I firmly believe that just saying ‘stay invested’ doesn’t work on days when stocks are in free-fall and the world feels terrible,” Callie Cox, chief market strategist for Ritholtz Wealth Management, said to The Washington Post.

“We’re not robots, we’re humans with emotions, and we need to honor that in times like these.”

Why you shouldn’t panic sell

Watching the portfolio you’ve built for retirement fluctuate can be unsettling, especially when market downturns threaten the very assets you plan to rely on.

However, selling and moving your money to the sidelines is typically not the best course of action.

“Seventy-eight percent of the stock market’s best days have occurred during a bear market or during the first two months of a bull market,” according to Hartford Funds, an asset management firm that includes Schroders and Wellington Management. “If you missed the market’s 10 best days over the past 30 years, your returns would have been cut in half. And missing the best 30 days would have reduced your returns by an astonishing 83%.”

The importance of a diversified portfolio

One way for investors to diversify a portfolio is by buying into international assets, with well-known asset management firm Vanguard suggesting at least 20% in international stocks and bonds as a benchmark.

However, diversification isn’t just about protecting your portfolio — it’s about building resilience. That’s why holding investments beyond the S&P 500 can act as a cushion when the economy hits a rough patch.

But stocks aren’t the only way to diversify your portfolio. For instance, Arrived is lowering the barrier to entry for rental property investing, making it accessible to investors of all experience levels.

Arrived allows you to invest in shares of rental homes and vacation rentals without taking on the responsibilities of property management. In other words, you won’t be in charge of fixing freezers or managing noise complaints, but will still generate income from your investment.

Even better, as of April 2025 Arrived has paid out more than $12 million in dividends and interest to 740,000 plus registered investors.

Arrived’s flexible investment amounts and simple process allows accredited and non-accredited investors to take advantage of this inflation-hedging asset class. .

Another popular hedge against inflation with investors is gold, which historically performs well when the market is shaky, and hit an all-time high in early April.

When you open a gold IRA with the help of Priority Gold, you can roll over existing 401(k) or IRA accounts into a precious metals IRA without tax-related penalties. Qualifying purchases can also receive up to $10,000 in free silver.

Learn more about why Priority Gold has 5-star reviews on Trustpilot and the Better Business Bureau when you download their free 2024 guide on investing in precious metals.

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Nearing retirement

As you near retirement, market volatility and ongoing inflation can make the road ahead feel precarious, but reacting to short-term turbulence with long-term portfolio changes can be a costly misstep. Instead it can pay to prepare your portfolio for retirement by slowly switching your investments to low-risk options.

Christine Benz, director of personal finance and retirement planning at Morningstar, told The Post that allocating 25% to 30% of your portfolio to short and intermediate-term bonds is a good approach for those approaching retirement.

But make sure you don’t give up on growth entirely.

“Remember that even though retirement is a few years away, that is just the start of retirement,” Corbin Blackwell, senior manager of financial planning at Betterment, told The Post. “For most people, their money needs to last decades, so don’t lose sight of your real-time horizon.”

If you’re unsure of the best approach for you, it might be worth speaking with a financial advisor who can help craft a retirement strategy that fits your goals — and gives you peace of mind as you step into your next chapter.

Advisor.com can help you find someone that’s right for you.

This online platform connects you with vetted financial advisors in minutes. How it works is easy: Just answer a few quick questions about yourself and your finances, and the platform will match you with a financial advisor best suited to helping you make your money last in retirement.

From here, you can view their profile, read past client reviews and schedule an initial consultation for free with no obligation to hire.

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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 tariff tensions between the U.S. and Canada seem to have an unintended effect on traveler sentiment.

Specifically, air travel seems to have drastically decreased between the two countries.

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Trade war tensions between the two countries have been escalating since President Donald Trump initially announced his plans for tariffs on both Canada and Mexico back in February. And the president’s quips about turning Canada into the country’s 51st state certainly haven’t helped ease tensions.

Though it may not be directly linked, a report from flight analytics company OAG aviation projects a steep decline in flights from Canada to the U.S.

Many of these could have been for snowbirds, or those who travel to warmer weather during the winter months. Florida’s tourism industry association estimated that 3.3 million Canadians visited the state in 2024.

As Canadians continue to express disappointment over Trump’s tariffs strategy, some analysts are left wondering how much further will this number might drop this year.

How the current tensions is impacting travel

According to the same OAG report, bookings for flights between the two countries have fallen by 70% from the same time the year before. Airlines have responded to the lower demand by cutting around 320,000 scheduled seats worth of flights between the U.S. and Canada from March to October.

The biggest cuts seem to be during the peak summer months of July and August, with airlines slashing capacity as much as 3.5%.

Reporting from CBS News showed that some Canadian airlines may be cutting out some routes to the U.S. altogether, like the budget airline Flair Airlines. Some routes it cut out in March include Calgary to Las Vegas, Edmonton to Las Vegas, and Toronto to Nashville.

Air Canada has said that flight books between the two countries have fallen by 10%. During an earnings call in February, the airline announced that it will reduce flights to Arizona, Las Vegas and Florida.

Less flight availability could mean that prices may go up for certain routes. Alternatively, you could see discounts thanks to reduced demand from Canadians.

When local Buffalo news outlet WKBW spoke with Michael and Carol Gilgunn on their journey back from Sarasota, they mentioned that many of their Canadian friends were nervous about visiting the U.S.

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They’ve been traveling to Florida over the last 15 years and told the news outlet this is the first they’ve noticed Canadians outright refusing to travel over the U.S.-Canada political climate.

For now, the airlines may be nervous about how fewer snowbirds or other travelers could impact travel moving forward.

How this trend can affect US businesses

Considering Canadian tourists are the one of the top spenders in the U.S., fewer of them spending those tourism dollars in the U.S. could have a massive impact on the economy.

A press release from the U.S. Travel Association, shared that 20.4 million Canadians visited the U.S. in 2024, helping to support 140,000 American jobs and generated $20.5 billion in spending.

Fewer tourists could be a drastic drop in revenue and could lead to job losses. Businesses that might be affected include those in food and beverage, transportation and hotel industries. Other retailers like clothing stores and tour operators may also see a drop, since tourists may purchase items to bring home with them.

Afar reports that data from the National Tour Association (NTA) shows a 10% cut in travelers from Canada could translate into 2 million fewer visits, 14,000 job losses and $2.1 billion in lost spending. A March NTA survey survey of its U.S. members found that 53% already said that they’d lost bookings, business or visits from Canada.

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Everywhere across Canada, we’ve heard the rallying cry of “elbows up!” in recent weeks as a response to the tariffs imposed by US president Donald Trump. Industries across the country have been calling to buy Canadian, and at least with our food, consumers seem to have taken that message to heart.

A new report from Food Processing Skills Canada reveals 43% of consumers have made significant changes to their grocery shopping habits in the last two months, with just over eight in 10 saying it’s due to a desire to buy Canadian products.

"There is an opportunity here for Canadian food and beverage businesses to reach consumers looking for local and Canadian products and for policymakers to use the tools at their disposal to get more Canadian products in front of consumers," Jennefer Griffith, Food Processing Skills Canada’s executive director, said in a statement.

Changing tides in the vegetable aisle

Just over three-quarters of respondents say have made changes simply to avoid U.S. products.

What’s more, seniors prioritize buying Canadian, while immigrants and those under 35 place less emphasis on it. Buying products from one’s own province is more important to Quebecers (82%) and less so to Albertans (48%).

A little over two-thirds (67%) of consumers report buying more Canadian products in the past two months, including 26% who indicate buying "much more." Consumers are most likely to report buying more Canadian produce, followed by bakery and grains, canned goods, meat/poultry/seafood and dairy products. Alcoholic beverages are at the bottom of the list. Half of consumers report shopping at Canadian grocery retailers more often.

The top motivations for buying more Canadian products are the belief that it’s good for the economy, "anger/frustration" with the U.S., a desire to help Canadian food and beverage processors and Canadian pride. Very few are motivated by a belief that Canadian products cost less. Slightly over half of consumers who increased their purchases of Canadian products report an increase in their grocery bills, but only 5% consider the increase to be "much more expensive."

Issues with identifying homegrown

This consumer change is not without its problems, as identifying Canadian products remains a significant challenge. Only 40% of consumers find it easy to determine how "Canadian" a product is. The most common method for identifying Canadian products is reading product labels, followed by looking for Canadian symbols on packaging such as a flag.

Only 11% use mobile apps or online tools and only 47% of respondents correctly identified "Product of Canada" as the "most Canadian" product, highlighting a lack of understanding of labeling.

The research shows that just under half of those who haven’t increased their purchases of Canadian products want to start doing so, but difficulty identifying Canadian products is a major barrier for this group. Seven in 10 of all respondents say they would buy a lot more Canadian products if it was easier to determine how Canadian it is.

Survey methodology

A total of 1,500 adult residents from across Canada were surveyed online, between March 17 to 20.

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

Between rising interest rates, a shaky stock market and the threat of a trade war with the US, it’s no surprise that financial uncertainty has instilled fear in people in recent years.

And unfortunately, this financial uncertainty makes people more vulnerable to falling for get-rich-quick (or “quicker”) schemes in times of need.

More specifically, multi-level marketing (MLM) schemes have proven detrimental for many people. So, before handing money over to a financial MLM, it’s important to take a closer look at what you’re actually getting into.

What is a financial MLM scheme?

Most of us are familiar with MLM schemes (aka “direct sales” or “network marketing”). These companies rely on independent consultants (usually someone you went to school with) to push alleged immune-boosting essential oils or shakes that help you drop 20 pounds.

However, MLMs haven’t just cornered aspects of the wellness market. Now, they’re selling financial products, too — and these companies aren’t new. Some bigger financial MLMs have been selling financial products like mutual funds and annuities since the 1970s.

Like any MLM, when you buy their product, the rep receives a commission, but so does the person who recruited them and their recruiter’s recruiter, and so on.

How to spot an MLM scheme: questions to ask yourself before investing

We are not saying all MLMs are scams. Under Canadian law, if they’re selling you a product or service, then they’re considered legitimate businesses. However, there are some questions you can ask yourself before investing your money in businesses to ensure your financial security.

1. What sort of credentials does the person offering this product have?

MLMs generally rely on their existing representatives to recruit other people as part of their “downline.” This means anyone with a pulse could land themselves a position as an independent rep for a financial MLM.

Ask yourself and them what sort of credentials they have. In Canada, individuals who sell financial products, including mutual funds, securities and insurance, must meet certain educational and employment requirements to be licensed.

When buying mutual funds, you want to deal with a person who has done a Canadian Securities Course (CSC) or Investment Funds in Canada (IFC) course. While you’re at it, do a Google search on the company to see if there are any red flags, such as current or past lawsuits.

2. What are they promising you?

Before you invest in a financial product, ask what the return on investment is, then compare it to what’s available on the market. Is it on par with the return from other mutual funds? Are their rates of return two, or three times what reputable financial products deliver?

Similarly, before signing up for a digital financial scheme, ask for research or materials that prove their claims are credible. If anyone is promising things like “guaranteed high returns” with “no risk,” consider yourself forewarned.

3. Do you feel pressured to invest?

It can be especially challenging to turn down an investment opportunity when it’s a family member or good friend pushing a financial product on you. That’s because MLM recruits are usually encouraged to sell to their “warm market.” The cold hard truth is it’s your cold hard cash — you have a right to invest it how you see fit.

What to do before you sign up with an MLM

MLMs are a mixed bag. Some are reputable with long track records, while others have questionable reputations that should be noted. Protect yourself by doing your homework and taking these steps:

• Research the business. Check different websites for reviews and first-hand experiences. Look at numerous sources. Is there a common denominator? A common complaint that keeps coming up? If something seems fishy, walk away.
• Read the fine print. Know that MLMs must disclose the compensation actually received, or likely to be received, by a typical participant. If you can’t readily find this information, then walk away.
• Ask about compensation plans. With these plans, MLM companies offer a financial incentive to recruit new members. It makes your participation a money-making proposition for the person trying to get you to sign up. That makes it difficult to get unbiased answers from the recruiter.
• Inquire about stock obligations. You don’t want to get stuck with stock. Steer clear of MLMs that don’t have a reasonable buy-back guarantee or refund policy, allowing you to return your extra products when you decide to end your career with that company. If it doesn’t provide details on that policy proactively, ask to see it. Plan operators have to tell you about it.
• Be honest with yourself. Do the promises being made seem too good to be true? Don’t get taken in by the allure of “get rich quick” schemes. These plans may seem an easy way to wealth, but you’ll end up doing as much work as any other job.

The bottom line: should you consider investing in an MLM company?

You know what they say, “If it looks like a duck, swims like a duck, and quacks like a duck…”

If someone is pushing an investment opportunity on to you that sounds too good to be true, it probably is.

The key is to check out opportunities carefully. Some people do quite well when they sign on with an MLM company. Some have long track records and are credible. Others are not and leave those participating in them with less money than when they started. That underscores the importance of taking the time to carefully assess each opportunity and exercise caution and due diligence before you jump in.

This article Financial MLMs: how to spot the difference between a scheme and an actual businessoriginally appeared on Money.ca

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

Dozens of stunned federal workers were terminated without warning as the U.S. Department of Health and Human Services (HHS) recently closed its San Francisco regional office.

"It’s miserable. It’s awful. It has been awful for weeks — this threat, this lingering cruelty of ‘you’re going to be let go any day,’" Steven Weiner, a program specialist with the Office of Administration for Children and Families, told ABC7 News Bay Area.

"It was total chaos.”

The news came via email — sent before the workday had even begun on April 1. Employees left the Nancy Pelosi Federal Building with potted plants and framed photos in hand, walking away from careers that spanned decades.

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The closure was part of sweeping federal workforce cuts under Health and Human Services Secretary Robert F. Kennedy Jr., which aims to eliminate 10,000 federal positions nationwide. San Francisco is just one of several cities facing cuts — HHS regional offices in Boston, New York, Chicago and Seattle have also been closed.

Why were jobs cut?

HHS said in a March 27 morning news release that the workforce reductions align with the Department of Governemnt Efficiency’s (DOGE) "workforce optimization" efforts and will save the agency $1.8 billion per year.

However, state leaders are pushing back.

California Attorney General Rob Bonta, along with a coalition of 23 states, filed a lawsuit against HHS, calling the terminations "dangerous, arbitrary, capricious and unlawful." The suit seeks to block the layoffs and restore access to the federal funding that supports essential state-run programs.

Speaker Emerita Nancy Pelosi, whose name graces the now-empty San Francisco building, also condemned the closures. She warned they would “put the health and safety of Bay Area residents and all Californians in jeopardy.”

The impact on the San Francisco office is especially devastating. The closure wiped out entire teams that managed programs like Head Start, early childcare, child welfare and family assistance — services designed to support the most vulnerable residents, including low-income families, children and seniors.

“I’ve been here 25 years. This is the majority of my career,” Julie Fong, a regional program manager told 7 News. “We had an entire office of Head Start. They’re gone. They’re gone.”

Another former employee, Erendira Guerrero, described it as a heartbreaking loss. “This was my dream job. I brought a plant. I planned to retire here. It feels like I’m leaving my home.”

On April 3, two days following the layoffs, HHS Secretary Robert F. Kennedy Jr. told reporters that some of those workers may be reinstated.

"Personnel that should not have been cut, were cut. We’re reinstating them. And that was always the plan. Part of the DOGE, we talked about this from the beginning, is we’re going to do 80% cuts, but 20% of those are going to have to be reinstated, because we’ll make mistakes," Kennedy said, according to CBS News.

Currently, it’s not clear which employees or services may be reinstated.

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What services will be cut — and how to prepare

The closure impacts workers and threatens access to key social safety net programs, though what services will remain shuttered is uncertain. Families who rely on Head Start or assistance with childcare may experience delay or confusion as agencies scramble to fill the gaps. Taking a few proactive steps now may help you better manage the disruption.

Connect with your community

If you’re facing delays in benefits or services, tap into your personal network for help. Family, friends, neighbors and local community groups may be able to offer backup child care, meals or even temporary financial support. Check with faith-based organizations, mutual aid networks and parent groups in your area — they may have resources or be able to connect you with someone who does.

Look for state or local alternatives

Check with the California Department of Social Services or local nonprofit agencies. Community-based organizations often provide backup or supplementary support during federal transitions. Note that some contact information may change, so monitor changes to ensure you reach the right person.

Get on waitlists early

If you’re concerned about losing access to subsidized child care or other programs, get on alternative waitlists now. Child care and preschool lists can fill up fast, so getting on waitlists early could help you secure a spot and limit the disruption.

Stock up where you can

If your budget allows, try to stock up on essentials like diapers, wipes, pantry staples and medication. Visit food pantries and diaper banks if you need to. This can help ease the pressure if support is delayed or becomes more challenging to access.

Despite the disruption to their jobs and lives, many displaced San Francisco Health and Human Services workers say they’re committed to serving their community.

“If you are a Head Start director, or a state, county or nonprofit agency, you’ve got 65 people hitting the street with outstanding credentials and professional backgrounds who will serve,” Fong told reporters.

“It’s been an honor to serve the citizens of this country.”

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

Despite policy shifts under the Trump administration — from tariffs to immigration to federal spending — Federal Reserve Chair Jerome Powell says the U.S. economy remains on solid footing.

While the long-term effects of the policy changes continue to unfold, Powell signaled no urgency to adjust monetary policy, citing a strong labor market and easing inflation as signs of underlying resilience.

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Speaking at the Society for Advancing Business Editing and Writing (SABEW) conference, Powell noted that inflation has fallen significantly from its 2022 peak, even though recent progress toward the Fed’s 2% target has slowed.

“We look at inflation which is the change in prices and we’re seeing that it has come down quite a bit and unemployment is actually low, it’s very close to measures of maximum employment and the economy is growing,” he said.

New jobs data released in April showed 228,000 positions added in March, beating expectations. However, the unemployment rate inched up to 4.2% from 4.1%, a reminder that the picture remains nuanced.

While the numbers suggest stability, many Americans aren’t feeling it. With the cost of everyday essentials still climbing, consumer sentiment continues to lag behind the Fed’s optimism — a disconnect that could shape economic policy in the months ahead.

The market looks fine on paper

Recent employment may reflect a relatively stable U.S. job market, but Americans remain anything but reassured. A January survey from résumé service MyPerfectResume found that 81% of U.S. workers are worried about losing their jobs in 2025.

The Trump administration has introduced sweeping policy changes, including large-scale federal layoffs, deep budget cuts, new tariffs and strict immigration enforcement. While the full impact on the labor market has yet to be felt, these measures have already stoked anxiety across multiple industries — from government agencies to tech and manufacturing.

“The March employment data is the calm before the potential tariff-related storms,” Dana Peterson, chief economist at The Conference Board, told CNN.

Workers’ unease is understandable as they navigate a landscape filled with economic uncertainty and potential aftershocks. Even though job numbers haven’t plummeted, the fear of what lies ahead is keeping many employees on edge.

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Is inflation really cooling?

For many Americans, the sting of inflation is still being felt — especially at the grocery store.

According to the USDA’s Agricultural Marketing Service, egg prices have cracked wide open — rising 63% over the past year. Bureau of Labor Statistics data shows the national average price for a dozen eggs hit $5.90 in February, making a basic breakfast item feel more like a luxury.

Powell acknowledged the ongoing strain during his remarks at SABEW, attributing much of today’s high prices to lingering pandemic-era inflation. He emphasized that overall inflation has cooled since its 2022 peak — but that the road ahead is uncertain.

The Trump administration’s new tariffs could reignite inflation in the coming months. Powell noted that it’s still too early to gauge the full impact, as details such as which goods will be affected and whether trade partners will retaliate remain unclear.

“Our obligation is to keep longer-term inflation expectations well-anchored and to make certain that a one-time increase in the price level does not become an ongoing inflation problem,” Powell said.

Now’s a good time to revisit your budget and take stock of where your money’s going. Small changes — like cutting back on impulse buys, pausing unused subscriptions or buying bulk — can free up more funds than you’d think. Even in times of uncertainty, a mindful approach to spending can bring a sense of control.

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

Florida’s Governor Ron DeSantis has a bold proposal to give $1,000 rebates to homeowners as property tax relief.

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These rebates, which would cover state-mandated school property taxes, would benefit over 5 million homes statewide. Checks would roll out in December 2025 and aim to ease the financial burden on residents amid soaring property values and insurance premiums.

Florida is home to three of the five major U.S. metros where property tax bills have increased the most since before the pandemic, according to a Redfin report published in October. Jacksonville’s median monthly property tax bill increased 59.6% to $228 since 2019, Tampa’s increased 56.7% to $250 and Miami’s increased 48.1% to $367.

“Property taxes effectively require homeowners to pay rent to the government,” DeSantis said in a news release, “Constitutional protections for Florida homeowners require approval of the voters in 2026. In the meantime, Floridians need relief.” He said his rebate would mark a major step toward his "long-term goal of eliminating property taxes through a future constitutional amendment."

But not everyone is on board with the idea.

The Florida House of Representatives has pushed back by approving a plan to permanently lower the state sales tax from 6% to 5.25%, which they are calling “the largest tax cut in state history." It would save Florida residents $5 billion annually.

DeSantis has criticized the sales tax reduction, stating, "I don’t want to reduce taxes on Canadian or Brazilian tourists. I’d rather them pay more and us pay less."

Senate President Ben Albritton has proposed permanently cutting sales tax on clothing and shoes that cost $75 or less, “where it can help the most number of Floridians.” He also wants a research study to be done on the effects of reducing or ending property taxes on homes.

The legislative session will end on May 2, so the House and Senate have less than a month to agree on a budget.

Property taxes vital in Florida

After federal transfers, Florida’s largest source of per capita revenue is property taxes, according to the Urban Institute. The state has no personal income taxes and its tax code is considered the most regressive in the nation. Currently, property taxes contribute about $50 billion a year to the state’s budget.

If property taxes were eliminated, local governments could face a massive revenue loss. According to the Florida Policy Institute, Florida’s property taxes make up 18% of county revenue, 17% of municipal revenue, and 50%-60% of school district revenue.

These funds help pay for vital services like fire and police services, education, and safety net programs, and without them, local governments would need to find alternative ways to cover those costs.

So how would the loss of funds be made up?

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“If policymakers were to eliminate property taxes and replace them with higher consumption taxes (i.e., sales taxes), they would have to double the state’s general sales tax rate. Doing so would generate roughly $40.2 billion in the unlikely case that consumer demand remains constant,” said the Florida Policy Institute. The state’s general sales tax is currently 6%.

Replacing property taxes with higher sales taxes could worsen Florida’s already regressive tax system. Right now, lower-income households bear a larger share of the tax burden, and increasing the sales tax could make matters worse by taking a bigger chunk out of their budgets. On the other hand, wealthier residents tend to spend a smaller percentage of their income on taxable goods, meaning they’d feel less of an impact.

Nearly seven in 10 Florida voters would prefer keeping property taxes the way they are over a sales tax increase to 12%, according to a poll.

While the idea of property tax relief sounds appealing, the trade-offs are significant.

Can there be tax relief for residents while making sure the state has enough funds to support vital public services? The debate is just getting started, and the outcome will shape Florida’s fiscal future.

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