Category: Moneywise

Musician Cat Stevens (Yusuf) once ruefully sang that the first cut is the deepest, which explains why many Americans are bracing themselves for the fallout of Elon Musk and the Department of Government Efficiency’s (DOGE) cutting of the federal budget.

The world’s richest man wants to cut $1 trillion from the federal budget. In a recent Fox News interview, Musk declared that the cuts wouldn’t harm essential U.S. services, promising Americans they could have their fiscal cake and eat it, too.

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“The government is not efficient,” Musk said. “There’s a lot of waste and fraud. So, we feel confident that a 15 percent reduction can be done without affecting any of the critical government services.”

But as analysts and concerned citizens point out the numbers — and reality — might not add up to Musk’s optimism.

Millions of Americans depend on essential services like health care and retirement support, so the coming months may prove critical in determining whether Musk’s actions will deliver prosperity or deepen economic woes.

What does $1 trillion in cuts really mean?

What’s pinching the chain in Musk’s cuts is President Donald Trump’s recent round of tariffs.

The broad-sweeping tariffs, which have been temporarily placed on pause, have driven a wedge between his administration and the Tesla billionaire. Since Inauguration Day, DOGE has spearheaded layoffs across all departments of the federal government, leading to concerns that Musk is moving too fast and endangering services counted on by millions of Americans.

DOGE, and its cuts, have yet to be approved by Congress. But Musk and his team argue that federal spending has ballooned irresponsibly, claiming wasteful expenditures can easily absorb these cuts without hurting Americans’ daily lives. Recent events, however, suggest the reality might be more complicated.

Cuts made by DOGE are impacting older adults particularly hard. Social Security offices, a vital resource for retirees managing their benefits, have seen significant staffing cuts, causing online systems to buckle and physical locations to become overwhelmed. Older Americans — many unfamiliar with digital platforms — now face hurdles to support. Retirees have flooded social media and news outlets venting their frustrations, suggesting Musk’s self-described “revolution” feels more like abandonment.

The cuts have also injected unpredictability into the stock market. Experts suggest Wall Street, already in turmoil over tariffs, might be underestimating the impact of the DOGE cuts, which could reduce consumer confidence.

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What if Medicare and Medicaid are on the chopping block?

Beyond these immediate impacts lies a deeper concern: Experts warn the math behind Musk’s $1 trillion cuts doesn’t add up without significantly scaling back Medicare and Medicaid. They represent nearly a quarter of the federal budget.

If cuts are made to Medicare and Medicaid, millions could find their health coverage compromised or significantly reduced.

Currently, Medicare serves approximately 67 million Americans. Medicaid provides essential healthcare to roughly 72 million low-income individuals, including children, older adults in nursing homes and disabled Americans. Any substantial reduction in these programs would inevitably ripple across communities, straining hospitals and leaving countless families struggling to afford basic medical care.

Health policy experts have sounded the alarm for those reasons. According to a recent Kaiser Family Foundation report, cutting even a small percentage of Medicare or Medicaid could lead to thousands of healthcare facility closures, disproportionately affecting rural and underserved urban areas.

“Any reduction in federal Medicaid spending would leave states with tough choices about how to offset reductions through tax increases or cuts to other programs, like education,” Kaiser Family Foundation analysts concluded in a recent Medicaid brief studying the impacts of proposed Medicaid cuts. “If states are not able to offset the loss of federal funds with new taxes or reductions in other state spending, states would have to make cuts to their Medicaid programs.”

Public reaction

Public skepticism (and incredulity) underscore a fundamental tension between Musk’s economic vision and the gritty realities facing everyday Americans.

Economists widely acknowledge the need for fiscal responsibility and targeted spending cuts. However, Musk’s trillion-dollar gamble highlights crucial trade-offs between government size and service quality, forcing hard conversations about national priorities. As debates rage and details emerge, citizens must remain informed and engaged, understanding exactly what’s at stake.

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Just when people are more worried than ever about their investments, even to the point of cashing them out, BlackRock Inc. CEO Larry Fink says it’s time to go all in.

But he has a specific investment in mind: private equity, also known as alternative investments.

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BlackRock (BLK) has long been known for its low-cost stock index funds, or ETFs, but Fink sees a big future in higher-fee private assets that aren’t listed on the stock markets.

“The solution isn’t to abandon markets,” he wrote in his annual letter to investors.

“It’s to expand them, to finish the market democratization that began 400 years ago and let more people own a meaningful stake in the growth happening around them.”

Fink has overseen BlackRock’s rise to the world’s largest money management firm with more than $10 trillion in assets. He also serves on the board of the World Economic Forum, and believes opening up private-equity markets will help reduce the gap between rich and poor..

More asset management firms offering private equity

Fink notes that up until recently, only wealthy people could invest in infrastructure projects like data centers, ports and power grids — let alone real estate or private credit. That’s because they aren’t publicly traded on stock exchanges. That’s where private equity comes in.

His firm is among a growing number of asset management companies — including Blackstone (BX), Apollo (APO) and KKR (KKR) — offering regular investors access to private equity,

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To take the lead, last year, BlackRock acquired Global Infrastructure Partners for $12.5 billion and data firm Prequin for $3.3 billion. The firm is also wrapping up a $12-billion deal for private credit company HPS Investment Partners.

Together, these investments will help BlackRock manage $600 billion in alternative assets.

What do these developments mean for your portfolio?

Weighing benefits and risks of private equity in your portfolio

Fink suggested that the traditional 60/40 portfolio of stocks and bonds may no longer be enough to diversify effectively. Going forward, he sees a new standard: 50% in stocks, 30% in bonds, and 20% in private assets like real estate, private credit, and infrastructure.

To help retail investors tap into these markets, BlackRock has started rolling out model portfolios that include private equity and credit funds alongside traditional assets like stocks and bonds.

These portfolios, which average 15% exposure to private assets, are now available to U.S. investors.

While these new investment opportunities are exciting, it’s important to stay mindful of the risks.

Private assets can come with higher fees, less liquidity, and more complexity compared to traditional investments. That means you might not be able to access your money quickly, so consider your financial goals before diving in.

To keep up with changes in private-market investments and diversification, check out trusted government and financial resources on the subject.

The Securities and Exchange Commission (SEC) offers valuable insights on investment products, risk management, and market regulations.

For retirement planning, the U.S. Department of Labor provides guidance on 401(k) diversification. FINRA (Financial Industry Regulatory Authority) offers educational tools to help you understand risk and diversify your portfolio effectively.

Before you make any moves, it’s always a good idea to chat with a financial advisor who can help you figure out whether private-equity investment fits with your risk tolerance and long-term goals.

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On March 26, 2025, President Donald Trump announced new tariffs on foreign autos. A fact sheet prepared by the White House said the tariffs would apply to imported passenger cars and light trucks, as well as many auto parts such as engines, transmissions, powertrain parts and electrical components.

The tariffs won’t just apply to cars made by foreign companies, but also vehicles sold by U.S. carmakers but produced overseas. The fact sheet says the tariffs are essential to “protect America’s automobile industry, which is vital to national security and has been undermined by excessive imports threatening America’s domestic industrial base and supply chains.”

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Although Trump announced a 90-day pause on all of his “reciprocal” tariffs on April 9, that doesn’t apply for several sector-specific tariffs Trump introduced, including the 25% tariff on auto parts.

The Trump administration hopes the new tariffs, which are essentially taxes on imported goods, will encourage carmakers to bring production back to the U.S. and increase manufacturing jobs. However, there are some concerns that the added costs could adversely impact both auto manufacturers in Michigan, as well as the U.S. car market as a whole.

How will Michigan auto makers be affected by new tariffs?

According to the Detroit Regional Chamber, Michigan is the “auto capital of the world.” A total of 21% of all U.S. auto production happened in Michigan in 2022, and 98 of the top 100 U.S. carmakers have a presence in the Great Lakes State, while 65% are headquartered there. Around 20% of the Michigan workforce is also employed by the auto industry, which amounts to 1.1 million jobs.

Despite these impressive numbers, this is a marked decline from the role the auto industry used to play in Michigan’s economy CNN reports. There’s been a 35% reduction in jobs in Michigan auto plants since 1990, and the number of auto industry jobs has been cut roughly in half since that time.

Trump is hoping the new tariffs could bring some of these jobs back, and there are others who believe he could be on the right track.

Democratic Representative Debbie Dingell, who represents Michigan’s 12th Congressional District, said: “I am somebody that believes tariffs are a tool in the toolbox,” and while she hopes the president’s actions could help restore jobs in her state, she also expressed concern that his administration’s actions may have gone too far, comparing it to a “meat ax.”

The United Auto Workers also called the tariffs a “victory for autoworkers,” and “the beginning of the end of … the free trade disaster,” and released a statement saying: “With these tariffs, thousands of good-paying blue collar auto jobs could be brought back to working-class communities across the United States within a matter of months, simply by adding additional shifts or lines in a number of underutilized auto plants."

However, those opposed to the tariffs argue that it takes time to build factories and change supply chains, so new jobs won’t be created right away. Instead, they say the immediate effect will be lost jobs. They may have a point, as around 900 workers of a Michigan auto parts factory that exports to Canadian and Mexican plants have already been laid off.

Additional layoffs could follow as a result of higher costs of importing parts that go into Michigan-made cars, as well as because of reciprocal tariffs other countries may put on U.S.-made autos and auto parts in response to the president’s new tariffs.

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“The increased costs would cause significant disruption throughout the supply chain and, perhaps most importantly, lead to significant price increases to the cost to American consumers for vehicles,” according to a letter from Detroit Regional Chamber and MichAuto, an automotive and mobility association shared by Reuters.

How will the car market as a whole be impacted?

It’s not just autoworkers in Michigan who are likely to be impacted by the president’s actions.

Around half of all vehicles purchased in the U.S. in 2024 were imported, and even many cars made in America had only 40% to 50% domestically-made parts. As a result, just 25% of all cars sold here can actually be considered to be “made in America,” according to the White House.

Unfortunately, imposing a 25% tariff on cars and car parts could make all the rest of those cars much more expensive. In fact, Dan Ives, of Wedbush Securities, a Wall Street firm, shared he estimates that the average price of cars is expected to increase between $5,000 and $15,000. As new car prices surge, this will increase demand for used cars, driving up prices for these vehicles as well.

Some people are rushing to purchase new or used vehicles before the full effects of the tariff hit and prices go up. If you’re already in the market and have the money, this may not be a bad idea.

For those who may need a car in the coming months or years but aren’t ready to pull the trigger yet, it’ll be important to find other ways to keep costs down, including downgrading and buying a cheaper vehicle than you might have hoped, sticking to used cars, and arming yourself with the information you need to negotiate effectively on price — such as the latest blue book valuations of vehicles you’re considering.

Unfortunately, with car prices climbing, there may also be more pressure to take out larger auto loans and auto loans with longer terms. Resist this temptation if you can, as auto loan balances have already hit record highs — as have defaults — and borrowing too much for a car could harm your other financial goals.

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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 January, a wildfire tore through the Los Angeles’ Pacific Palisades neighborhood, burning 23,707 acres, destroying 6,837 structures and killing 12 people. Now, allegations have emerged that an electrical tower contributed to the severity of the wildfire — and some residents are looking for compensation.

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A group of residents impacted by the fire have filed a lawsuit against the Los Angeles Department of Water and Power (LADWP). But LADWP wouldn’t be the first utility to be sued over wildfires — and the financial consequences can be severe.

In 2019, Pacific Gas and Electric, one of the largest utility companies in the U.S., declared bankruptcy after it faced billions of dollars in claims from lawsuits related to a series of California wildfires sparked by its outdated equipment.

Eventually, PG&E agreed to pay out $13.5 billion, with a group of executives and board members being forced to personally pay $117 million for their “lax oversight of the utility’s safety measures.”

Now, billionaire Warren Buffett’s Berkshire Hathaway (BRK.B), which owns utilities through its subsidiary PacifiCorp, is tackling this by lobbying multiple states in its western U.S. operating area to enact laws that will reduce the legal risks to companies when their equipment is tied to wildfires.

The multistate lobbying blitz reported on by E&E News has “surprised both consumer advocates and other industries, leaving some powerful sectors — including the insurance and forestry industries, each with their own massive wildfire exposure — scrambling to counter what appears to be a coordinated effort to reshape the way society pays for wildfires.”

Why does it matter?

In its 2023 annual report, Berkshire Hathaway estimated that its utilities could face $8 billion in claims across all wildfire lawsuits filed in Oregon and California. But according to a company filing from August last year reported on by S&P Global, PacifiCorp now faces at least $46 billion in claims related to wildfires.

Wildfires are a growing problem

A recent Sandia National Laboratories study says power grid equipment causes about 3% of wildfires across the U.S. and 10% of wildfires in California, where fires started this way accounted for about 19% of the area burned between 2016 and 2020.

Driven by a warming planet and a power grid that hasn’t adapted to increasing heat and drought, fires are expected to increase in frequency and intensity in the coming years. Utility companies are attempting to mitigate the risk.

But some solutions, like burying cables, are expensive, while others — such as shutting down the grid during high-risk times — are unpopular with customers.

Given the increasing risk of wildfires and the potential for expensive litigation, many states are grappling with how insurance companies, utilities and other stakeholders should share the risks — and the costs — from these fires.

Berkshire Hathaway is trying to tip the scales in utilities’ favor

PacifiCorp is the largest grid owner/operator in the West and serves 1.9 million customers in six Western states.

“PacifiCorp continues to execute its regulatory and financial stabilization strategy across its six states, with a focus on more conservative and safer operating practices, creating supplemental insurance funds and limiting liability to mitigate exposure to existing and future wildfire risk,” the company wrote in its presentation slides at the Edison Electric Institute’s financial conference in November 2024.

Basically, it wants to make it easier for companies to defend themselves in court and limit the amount of money they’ll have to pay victims if they’re found liable.

The same presentation highlighted that Utah passed “favorable legislation” that allows for the creation of a fund for supplemental wildfire coverage and caps damages for wildfire claims.

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States are looking for compromise

In 2024, Utah passed a law that establishes a ratepayer-financed fund to pay wildfire claims. This builds on an existing law that limits utilities’ liability if they file and follow a state-approved wildfire mitigation plan.

Greg Abel, chair of Berkshire Hathaway Energy, refers to Utah’s legislation as “the gold standard.” And it’s clear the company wants other states to follow suit.

Speaking at Berkshire Hathaway’s 2024 annual shareholder meeting, Buffet warned that the company would not invest in states with unfavorable laws related to wildfire liability. “We’re not going to throw good money after bad,” he said.

Abel added that “fundamentally, as we go forward, we need both legislative and regulatory reform across the PacifiCorp states if we’re going to deploy incremental capital, make incremental contributions into that business.”

Since then, Wyoming and Idaho lawmakers have passed laws to limit utilities’ liability. Oregon has also introduced similar legislation.

Wildfire victims may pay the price for imperfect legislation

While these laws require utilities to have wildfire mitigation plans in place, which most agree is a good thing, not everyone is pleased with the broad protections these laws grant utilities.

For example, in Idaho, utilities will be found to have acted without negligence if they “reasonably implemented” the wildfire mitigation plan, which would prevent survivors or insurance companies from suing the utility.

Lee Ann Alexander, vice-president of the American Property Casualty Insurance Association, argues that this will ultimately harm the insurance marketplace.

“All of those concepts fly in the face of how we take care of people in this country,” she told E&E News. “Which is, if you’re responsible for a loss, you are held responsible for that — with varying degrees of accountability, burdens of proof, standards, etc.”

Cody Berne, a Portland-based attorney, told E&E News that Oregon’s law will require victims to release the utility from liability and opt-in to the wildfire fund before knowing what they’ll get paid.

This means “survivors who are desperately in need of funds to rebuild their lives are forced into the impossible position of giving PacifiCorp a get-out-of-jail-free card to get a fraction of what they’re owed,” he said.

“Where does that leave us?” said Debi Ferrer, one of the leaders of the Consolidated Oregon Indivisible Network, to E&E News. “How are people going to cope with a wildfire if the utilities are immune from paying for damages if they cause them, and if FEMA is out of money?”

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

Warren Buffett is rich.

According to the latest Bloomberg Billionaires Index, Buffet’s net worth is an estimated US$133 billion making him the sixth richest person in the world.

Buffett’s net worth ranks below the likes of Elon Musk, Jeff Bezos, Bernard Arnault, Bill Gates, Steve Ballmer, Larry Ellison and Larry Page; however, it’s the way Buffett managed to make this exceptional list. Unlike many of his billionaire contemporaries, the Berkshire Hathaway CEO grew his net worth primarily through investing (although, he also focused on growing an investment business).

While very few people share Buffett’s investing prowess, the billionaire believes it’s still possible to protect yourself against inflation and, more importantly, leverage your skills to grow your net worth.

To help, here Buffett’s top two strategies to beat inflation and grow your nest egg — and the best part is these strategies won’t cost you a dime.

Skills are inflation-proof

Canada’s inflation rate remains a concern in early 2025, hovering around 3.1% as of March, slightly above the Bank of Canada’s target. Buffett’s advice to focus on self-improvement is particularly relevant in this environment, where wages and living costs are tightly linked.

According to Buffett anyone can mitigate the impacts of inflation by focusing on continuous self-improvement.

By staying on top of your game in your chosen field, you can expect to be paid at the top of your pay grade. Better still, knowledge and skills can’t be taken away from you.

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“Whatever abilities you have can’t be taken away from you,” explained Buffett in a shareholder letter. “[These skills] can’t be inflated away from you.” He continued by stating that “the best investment by far is anything that develops yourself — and it’s not taxed at all.”

How to maximize the tax-free benefits of knowledge and skills

For some Canadians, this could mean learning a trade or getting a college or university degree. For others, it may mean working with a mentor or completing training courses related to your profession.

But, to be clear, the investing guru doesn’t believe that gaining knowledge or skills needs to be an expensive endeavour. Instead, he suggests we aim to do everyday things “exceptionally well.” For instance, he suggests developing your communication skills — both written and oral — as this is key to almost all work place environments.

"One easy way to become worth at least 50% more than you are now is to hone your communication skills,” Buffett told a Columbia Business School audience. He has repeatedly emphasized this over the years, including in interviews and LinkedIn videos.

“If you can’t communicate, it’s like winking at a girl in the dark — nothing happens. You can have all the brainpower in the world, but you have to be able to transmit it, and the transmission is communication.”

In 2025, online education has become more accessible and affordable than ever. Platforms like Coursera, edX, and LinkedIn Learning offer university-level and industry certifications in communication, finance, coding, and AI — some of which are free or under $50.

Other ways to hedge against inflation

Updating skills is one way to hedge against inflation. Other tactics include developing basic (but integral) money management skills, using tax-advantaged accounts and focusing on the diversification of investments.

Why diversification is critical (and costs you nothing extra)

Diversifying your investments with assets not correlated with equities is important because it helps manage risk, stabilize your portfolio, and improve long-term returns. Here’s why:

1. Reduces portfolio risk

Equity markets can experience significant volatility due to economic downturns, geopolitical events, or other factors. By holding assets that are not correlated (e.g., bonds, real estate, commodities, or alternative investments), you reduce the impact of stock market fluctuations on your overall portfolio.

2. Improves risk-adjusted returns

Diversification across non-correlated assets lowers your investment portfolio’s overall volatility without sacrificing returns.

Plus, an over-reliance on equities exposes you to concentrated risks that could significantly erode wealth in the event of a prolonged market correction. Diversifying with non-correlated assets helps mitigate this risk, safeguarding your financial future.

3. Hedges against different economic scenarios

Different assets respond uniquely to economic conditions. For example:

• Stocks may excel during periods of economic growth.
• Bonds may thrive during recessions or deflation.
• Commodities and real assets may perform well during inflationary periods.

As a result, a diversified portfolio is better positioned to weather various economic cycles.

4. Leverages the power of asset allocation

Modern portfolio theory emphasizes the importance of asset allocation in driving returns. By diversifying with assets that have low or negative correlation to equities, you maximize the benefits of diversification and potentially enhance your overall return.

5. Provides stability during market downturns

Non-correlated assets often perform differently or even inversely to equities during downturns.

For instance, bonds tend to perform well during economic slowdowns when equities are under pressure, while gold is seen as a "safe haven" during times of market uncertainty. For investors looking for steady income, real estate can provide inflation-adjusted, ongoing returns and property typically holds its value when stock markets are volatile.

These alternative assets can act as a cushion against losses, preserving portfolio value.

What Buffett says about alternative investments

Real estate

According to Buffett, real estate is generally a “good investment” during times of inflation.

“They’re the businesses that you buy once and then you don’t have to keep making capital investments subsequently. So, you do not face the problem of continuous reinvestments involving greater and greater dollars because of inflation,” he said during the 2015 Berkshire Hathaway shareholders meeting.

“If you built your own house 55 years ago like Charlie [Munger] did, or bought one 55 years ago like I did, it’s a one-time outlay, and you get an inflationary expansion in replacement capital without having to replace yourself.”

In Canada, housing prices have seen a modest rebound in 2025, especially in secondary markets like Halifax and Winnipeg, which offer better affordability and rental yields.

If you want your real estate portfolio to grow beyond your home, you can invest in a residential real estate investment trust (REIT). Real estate investment trusts (REITs) are publicly traded. They collect rent from tenants and pass that rent on to shareholders in the form of dividends.

In general, REITs focused on industrial and multi-residential properties have outperformed those tied to retail space.

Another low-cost option is to buy shares of low-cost exchange-traded funds (ETFs) that focus on real estate. To do this, you’ll need an online investing account. You can find the best discount trading platform through the Money.ca guide.

Gold

While Buffett has long dismissed gold as a passive asset — describing it in a 2011 letter to shareholders as an asset “that will never produce anything” — many financial planners, including Certified Financial Planner (CFP) William Bevins, recommend gold as a hedge against inflation. Its value tends to remain stable or even increase during economic downturns, making it a popular choice during times of high inflation.

“The worth of a dollar can be weakened by inflation, but gold provides you with an edge to combat that decrease in purchasing power,” explained Certified Financial Planner (CFP) and CTFA William Bevins, CFP, during a CBS News interview.

You can invest directly in gold by buying it in its physical form, either as bars, coins or jewellery. Or you can use an investing app to invest in the commodity by purchasing shares of gold mining companies. For those looking for more diverse exposure, you can also invest in gold ETFs.

Consider digital gold

While Buffett remains skeptical of gold, digital gold — namely Bitcoin — has gained traction as an inflation hedge. In 2025, the approval of several spot Bitcoin ETFs in the U.S. and Canada has opened new channels for mainstream crypto investing.

Bottom line

By incorporating non-correlated assets, you create a more resilient and balanced portfolio that can withstand the ups and downs of financial markets.

Sources

1. Moneywise: ‘It gave me a big advantage’: Warren Buffett and Bill Gates were asked to give the secret to their success in 1 word. They both gave the exact same answer (Sept 6, 2023)

2. LinkedIn: Michael Hood, Co-founder of @Voiceflow

3. CNBC: Warren Buffet Archive

4. Berkshire Hathaway: Shareholder’s Letter (2011)

5. CBS: 3 reasons you should invest in gold, according to the pros (April 18, 2023)

— with files from Romana King

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

Long Island resident Hector Colon rarely goes into Manhattan, so he was surprised to get multiple New York City parking tickets and notices adding up to $1,000.

Colon told CBS News the truck involved did once belong to him, but that he’d sold it to someone else. New York State’s Department of Motor Vehicle (DMV) data confirms ownership of the truck was transferred to another driver long before the violations.

"I can’t afford $1,000,” Colon said, “for something that I didn’t even do."

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Unfortunately, New York’s Parking Violation Bureau — which has access to DMV real-time data — didn’t consult the data and charged him anyway.

Now, thanks to media intervention, his case will be reviewed.

Here’s what happened to Colon along with tips on how to dispute unfair parking fines.

New York’s finance department in charge of parking fines

New York City’s Department of Finance oversees the Parking Violation Bureau, and judges paid by the city’s finance department make decisions on parking violation appeals.

Retired lawyer Larry Berezin, who runs a blog to inform people about New York City parking tickets, believes this is a conflict.

“The mission of the Department of Finance is to raise money,” he says.

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The department collected $46 million in parking ticket revenue in 2024. New York City issued 16 million tickets in 2024 for illegal parking and traffic violations.

But quite a few people appealed their case — 457,000 had their fines dismissed, representing 30% of the parking violation appeals heard in court.

Unfortunately, when Colon appealed, the judge still found him guilty — despite proof Colon sold the truck, surrendered his license plate and canceled truck insurance. Colon said the judge deemed that “insufficient evidence.”

He and his wife were concerned Colon’s wages would be garnished to pay for the violations, so his wife paid $600 toward the fines.

The good news is that when CBS News got involved, the Department of Finance connected Colon with its parking summons case legal advocate. Tse is resolving the case for Colon.

"Once (the fines are) dismissed, I should receive a refund," Colon said.

In addition, the DMV has raised concerns with New York City’s Department of Finance about parking ticket violations being based on outdated information. For its part, the finance department said “timing issues” were involved in Colon’s case, but added no further details.

How to dispute a parking ticket

You can fight unfair parking tickets, but you need to follow the correct process. Here are some guidelines on the steps involved, which depend on the jurisdiction that issued the ticket.

Take photographs and gather evidence. If you believe you’ve been ticketed wrongfully, take time-stamped pictures (for example of nearby parking signs nearby). If there are witnesses willing to testify that you were legally parked, get their contact details.

Establish whether you have a case. The ticket should indicate what ordinance was violated. Consult the law to confirm whether you’ve broken the rules. If the ticket doesn’t indicate which ordinance was violated or state date or time of violation, that is a good reason to appeal. Even If you were in the wrong, you may be able to demonstrate extenuating circumstances that made it necessary for you to park the way you did.

Read the ticket for guidance on the appeals process. Your ticket should outline how to appeal and the deadline for doing so. This varies by jurisdiction. In New York City, parking disputes go through the Department of Finance; in Philadelphia, they go through the Philadelphia Parking Authority.

Submit your documentation with your appeal. What happens next will vary depending on jurisdiction, but this process may involve a review by a parking enforcement office, a hearing before a judge and the opportunity to appeal to a state court. With a good case and evidence on your side, your appeal might be granted after a review by an officer.

If not, you may have to go to court. If that’s the case, consider hiring an advocate to handle paperwork and help make a convincing case on your behalf. That’s where the photos and other evidence you gather, including witnesses, will be crucial. In the meantime, be careful not to pay the ticket because you are afraid you’ve missed the deadline.

It’s worth the effort if you feel you’ve been wronged. By appealing, you can save money — and your reputation on the road.

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

Long-term investing can test even the most disciplined investors. With markets swinging on everything from AI breakthroughs to political headwinds, the temptation to act emotionally — especially during big wins or downturns — is real.

Amos Nadler, a behavioural finance expert and former professor at Western University’s Ivey Business School, knows this first-hand. Years ago, he bought shares of Nvidia (NASDAQ:NVDA) for just US$0.48 each. But before the chipmaker exploded into a US$3 trillion AI juggernaut, he sold most of his holdings — missing out on one of the biggest stock runs in tech history. As of March 2025, Nvidia trades around US$108 a share, after its value surged on AI chip demand and record-breaking earnings.

Nadler’s story is more than a missed opportunity — it’s a case study in cognitive bias, and it holds critical lessons for investors trying to navigate 2025’s volatile but opportunity-rich market.

The biggest reason for investor mistakes

When Nadler was starting his teaching career, he wanted to gain some hands-on investment experience to share with his students. As a result, one of his earliest investments was stock in technology company Nvidia (NASDAQ:NVDA)— about US$800 to US$1,000 worth of stock. He paid approximately US$0.48 per share.

After holding them for a period of time, Nadler noticed that the shares had earned a decent profit so he decided to sell a large chunk of his holdings. This was before 2014 and before Nvidia (NASDAQ:NVDA) would become a household name.

Nadler’s goal was to talk about his experience. Turns out the sale gave Nadler lots to talk about with his students — since it was a big mistake.

“I needed some war stories. I needed to talk about gains and losses,” he recently told CNBC Make it. “I need to put my own money to play and experience these things, and take it out of the lab, take it out of the textbooks.” Nadler’s lesson should be used by any investor tempted by bias or emotion.

According to his trading brokerage, Nadler paid about US$0.48 per share, factoring in the stock splits during the company’s history. As of March 31, 2025, Nvidia (NASDAQ:NVDA) stock closed to US$108 per share, reflecting recent market volatility influenced by factors such as underwhelming initial public offering (IPO) of CoreWeave and concerns over potential tariff implementations. The firm’s value increased by more than US$2 trillion just last year.

If Nadler had held onto the stock, his gain would have been over 28,000%. The value of his holdings would have been “enough to buy a nice house somewhere,” according to Nadler.

Here’s the thing: Nadler sold the stock because he succumbed to a cognitive bias known as loss aversion. A cognitive bias is a consistent, repeated error in the way we process information and perceive reality. Loss aversion is a common cognitive bias that leads us to perceive losses as more significant than gains.

In investing, loss aversion can cause us to fear losing the gains of a winning bet in our portfolio. It’s what happened to Nadler when he chose to sell his Nvidia (NASDAQ:NVDA) stock. As he tells it, “What was going through my head was, ‘Hey, I’m new with this. I just made a significant profit in a very short amount of time. I want to lock it in because I’m feeling afraid it may drop again.’”

How loss aversion is driving your investment decisions

You can judge your own loss aversion by considering whether you’d rather have $100 or flip a coin to either gain $200 for heads or $0 for tails. Most people would prefer the certain $100 and value the potential “loss” of this as greater than the potential but uncertain gain of $200. Still not sure, consider the same coin toss scenario but with a payout of $500 or $1,000. The lower the sum you’re willing to accept, rather than risk for the 50/50 chance of getting more, illustrates how risk averse you are (both in coin tosses and investing).

So, how does loss aversion impact your investment decisions?

If you choose to cash-in on your gains, end up being too conservative in your portfolio construction, try to time your entry into the market or instinctively move to cash to avoid volatile markets than you’re operting from a loss aversion bias — and this can all hurt your overall portfolio performance.

Avoiding this cognitive bias means carefully evaluating any stock sale, especially if you plan to move to cash, and trying your best to remove emotion (such as fear) from the decision. For instance, if you’re planning to sell a stock because it’s had a strong run, but fundamentals suggest it’s still a solid investment, you may want to step back and evaluate whether you’re making a rational decision or your actions are being driven by fear.

Engaging with a financial adviser could potentially help you manage that fear by providing an arms-length assessment of your decisions. An adviser could also help you set realistic investment goals so you’re not relying on “bets,” while also helping you diversify your holdings to spread your risk and make individual risks within the portfolio feel less intimidating.

Increasingly, there are also technological tools available to help you remove emotion from investment decision-making. For instance, Nadler founded Prof of Wall Street, which provides software products that help investors use behavioural science to manage biases and improve investment decision-making.

Fear can be a powerful force. Identifying it and enlisting the help of a financial adviser or technological tool could help to take the cognitive bias out of investment decision-making and, hopefully, result in better returns.

Sources

1. CNBC Make It: I sold Nvidia — then it went up over 28,000%, says behavioral finance prof: I could’ve bought ‘a nice house somewhere’, by Ryan Ermey (Dec 12, 2024)

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

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.

For more than 100 years, roads and bridges in Washington state have been paid for with gas taxes. But thanks to more fuel-efficient and electric cars, the tax revenue is declining, says House Transportation Committee Chair Rep. Jake Fey.

In a press release, he noted that gas tax revenue funds more than a third of the state’s transportation budget ($1.3 billion annually), and without action gas tax revenue will decline by over 70% by 2050, leaving roads significantly underfunded.

Fey’s new proposal is to charge car owners an annual fee based on the mileage of their vehicles. This alongwith a nine-cent increase to the state gas tax is part of the House $15.2 billion transportation budget proposal.

“It’s easy to collect," Fey said to King 5. "It’s easy to get the information on miles per gallon."

The proposed fee would not apply to cars that get less than 25 miles per gallon — meaning vehicles that use more gas will not be charged the fee, since they already pay more in gas taxes.

What could this mean for Washington drivers?

Fey’s proposed per-mile fee would only apply to cars with more efficient engines — not plug-in hybrids or electric cars, which pay an annual registration fee. Traditional hybrids would no longer have to pay the $75 hybrid registration fee. Instead, they would be subject to the new Highway Use Fee.

For example, a car that gets 26 miles per gallon would be charged about $7 per year in fees. A vehicle with 50 miles per gallon efficiency would pay $94 annually, according to KING 5.

“This is going to start in addition to the gas tax, which is also going to be raised, so there are some concerns there,” said Rep. Andrew Barkis, the top-ranking Republican on the House Transportation Committee, to King 5. “But if this is a model that over time can morph into a road usage charge that replaces the gas tax, this is a good model.”

Despite his support, Barkis ultimately voted against the transportation budget proposal, saying he’d prefer to see the state use sales tax from car purchases or the Climate Commitment Act to pay for road repairs.

The Washington House and Senate must now negotiate and reconcile their transportation budgets to reach a final agreement before the end of the legislative session on April 27.

While the proposed Highway Use Fee might not break the bank, it comes at a time when many Washington residents are already feeling the pinch of rising car-related costs.

Washington already has one of the highest gas taxes in the country at 49.4 cents per gallon and this may go higher. Auto insurance rates are climbing across the country, and drivers are also paying more for repairs, parts, and vehicle registrations. When viewed together, these incremental increases can put additional strain on household budgets.

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