Category: Moneywise

If you’re a renter, do you know how your landlord sets the rent? In many parts of the country, it may be done using algorithms. These third party-run algorithms use proprietary and public data, and may allow landlords to indirectly collude on price or coordinate to charge higher rents.

"What these companies are doing is they’re replacing what used to be a smoke-filled back room with a computer algorithm,” Rep. Javier Mabrey of Colorado told ABC Denver 7.

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These algorithms have cost renters a lot of money, with a report released under the Biden administration estimating them to have cost U.S. renters $3.8 billion in 2023, with Denver renters in particular having paid, on average, $136 more per month. Now, lawmakers in Colorado, including Rep. Mabrey, are trying to ban them in House Bill 25-1004.

So, what would the bill do? And, how would the ban affect renters and landlords? Here’s what you need to know.

How do rent-setting algorithms work?

This predictive software uses extensive market data to offer landlords profit-maximizing recommendations about rental terms, including pricing. A system, the American Economic Liberties Project says, can allow landlords to “limit supply and drive up rents without explicitly sharing data … exploiting a loophole in laws that prohibit price-fixing.”

But states have begun to take notice, and Colorado joined a lawsuit with seven other states and the Department of Justice against RealPage, a commercial revenue management software provider based in Texas. According to Economic Liberties, RealPage’s clients comprise around 90% of investment-grade multifamily rental housing units in the U.S.

The lawsuit, even if successful, may not be enough to fully protect consumers from all rent-setting algorithms, say some Colorado lawmakers. That’s why they are trying to ban the software altogether.

"We need to stand up and say, ‘Enough is enough,’” Rep. Mabrey told Denver 7. “We’re not going to wait for the courts, and this is illegal in the state of Colorado.”

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 would a ban on rent-setting algorithms mean for landlords and renters?

The proposed bill would prohibit algorithmic devices if they are intended “to set or recommend the amount of rent, level of occupancy, or other commercial term associated with the occupancy of a residential premises” by two or more landlords in the same or related markets. It would also ban algorithmic devices that recommend any of these terms “based on data or analysis that’s similar for each landlord.”

Violations of the law would be considered “an illegal restraint of trade or commerce” and would be punishable under Colorado’s antitrust laws.

The Colorado House of Representatives has approved the bill already, and it now heads to the state Senate. If it becomes law, unlike a similar bill that failed in 2024, Colorado would be a pioneer in passing this legislation — although other states have tried.

Proposed bills prohibiting the algorithms also stalled in Illinois, New York and Rhode Island in 2024, while a similar bill did pass the Washington Senate and is now awaiting a House vote.

Four cities have successfully instituted bans, though, including Minneapolis, most recently, as well as San Francisco, Philadelphia and Berkeley.

Not everyone is in favor of these new laws, though.

“I just don’t think we need more regulation, more legislation in this space where any time the government interferes, we distort the market, and the results are going to be unexpected," Rep. Chris Richardson told Denver 7.

Richardson said many landlords are small business owners or elderly homeowners who could be hurt by the new rules. While the Colorado Apartment Association told Denver 7 that the algorithms are a “critical tool” for assessing the market.

It remains to be seen which argument will win out — and how rent prices will be affected in cities and states where bans pass.

However, with housing costs already inflated in the post-pandemic era, renters would most likely appreciate any efforts to try to bring prices in check, especially if they are being artificially increased by modern methods of price collusion.

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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 stock market turmoil has deepened to the point where even some of President Trump’s staunchest allies are voicing concern.

After the so-called “Liberation Day” announcement, conservative commentator Ben Shapiro criticized the administration’s erratic economic approach, calling the now-paused tariffs a covert tax hike on consumers and businesses nationwide.

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" Trump’s reciprocal tariffs impose hundreds of billions of dollars in new taxes on Americans,” said Shapiro on his podcast. “[It] would be the largest tax increase since the Revenue Act of 1968. One of the biggest tax increases on American consumers in the history of America."

Surprisingly, Shapiro’s description of the Trump tariffs, which were paused for 90 days on April 9, echoes that of former Vice President Kamala Harris, who referred to Trump’s tariff proposals as a “sales tax on the American people” during last year’s campaign.

Here’s why the administration is facing growing backlash for its global trade war — even from its core supporters.

Covert tax hike

While Trump calls tariffs a “beautiful thing to behold,” economists would describe them as import taxes.

“Tariffs are federal taxes, set by Congress, and applied to goods at the border,” confirmed Robert Gulotty, an associate professor in the Department of Political Science at the University of Chicago.

In many cases, these additional taxes are passed along to the consumer. The Peterson Institute for International Economics estimates that an average American family pays an additional $1,200 per year due to tariffs.

It’s worth noting that the institute’s analysis already factors in the offsetting impact of the extended Tax Cuts and Jobs Act but does not account for additional tariffs announced by the Trump administration after February. Put simply, the true cost to families is likely much higher.

Since many consumers and businesses cannot afford these added expenses, the economic outlook has weakened, and the stock market appears to reflect that.

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$11 trillion wealth destruction

From the beginning of this year through April 7, the S&P 500 had lost roughly 15% in value, while the Nasdaq-100 and Dow Jones Industrial Average had fallen 18% and 12%, respectively. According to MarketWatch, U.S. stocks have lost $11 trillion in market value since Trump’s inauguration. The Dow Jones and S&P 500 did experience a big jump once the tariffs were paused.

However, the rapid erosion of wealth on this tariff-laden rollercoaster has left many ordinary Americans questioning the White House’s economic policies. According to a recent Reuters/Ipsos poll, Trump’s approval rating now stands at just 43%. Meanwhile, another poll by the Marquette Law School found that 58% of adults believe tariffs hurt the U.S. economy.

Unfortunately, these polls haven’t swayed the president’s position. On April 7, he announced an additional 50% tariff on Chinese imports if it doesn’t withdraw its 34% reciprocal tariffs on American imports, according to the Associated Press. In other words, the trade war is escalating.

With no resolution in sight, consumers and investors should brace for a prolonged global trade conflict.

Look for a safe haven

If tariffs start back up again, consumers should build a margin of safety into their household budgets in anticipation of rising costs. Meanwhile, investors may want to seek refuge in hard assets like gold. The price of gold has surged 15.8% over the past six months.

However, no asset class or nation is immune to the economic volatility that appears to be in store ahead.

"Trade wars are, in fact, not good and not easy to win, particularly if you don’t actually have a plan," Shapiro said.

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

There’s a famous quote that goes "the only thing ‘wrong’ with dogs is that they can’t live forever." A dog’s lifespan can range anywhere from nine to 15 years on average, and when you consider a dog as part of the family, that’s just not enough time. But what if there was a pill that could extend your dog’s life? Good news — that pill just came one step closer to reality.

More time with our best friends

Loyal, a biotechnology startup focusing on canine health solutions, received a significant milestone on Wednesday, February 26, when the Food and Drug Administration (FDA) granted their new medication a "reasonable expectation of efficacy" certification.

Before veterinarians can begin prescribing this anti-aging treatment, the FDA must still verify its safety and confirm the company’s ability to scale up manufacturing. Loyal expressed confidence in meeting these requirements, citing "extensive data" supporting both aspects, and projects receiving conditional FDA approval by the end of 2025.

The company is seeking FDA approval for their beef-flavored pill to be used in dogs that are at least 10 years old and weigh a minimum of 14 pounds. According to Loyal, the medication targets "metabolic health," which naturally deteriorates as dogs age.

While promising, the treatment does have limitations. Loyal indicates that the medication could extend a dog’s healthy lifespan by at least one additional year (that’s seven dog years!).

Next steps

Loyal plans to introduce its medication through the FDA’s conditional approval pathway for animal drugs. This process permits companies to begin marketing treatments deemed safe and likely effective by the regulatory agency. Simultaneously, the company continues collecting additional evidence to conclusively demonstrate the drug’s efficacy while it’s already available to consumers.

There’s no word on how much the pill will cost pet parents, but Loyal said that it wants to make treatment accessible to as many dogs as possible, ideally for less than $100 per month.

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

How much more do I need to budget (if my dog lives longer)?

The average cost of owning a dog in Canada averages between $660 to $4,430 per year, depending on the breed you own. And if you consider your pet as part of your family, this added cost to keep your dog with you for another year is a drop in the bucket. But these are the senior years of your dog’s life and there are going to be added costs, including special dietary needs, supplements and more frequent vet visits. This means you would need to budget for the higher end of the cost spectrum. Be sure to take these factors into consideration when putting together a budget.

This article Anti-aging pill for dogs one step closer to reality as it’s certified ‘effective’ by FDA. What does this mean for your budget?originally appeared on Money.ca

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

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

JPMorgan Chase CEO Jamie Dimon isn’t one to sugarcoat his views on the economy — his take on the stock market at the beginning of the year was anything but reassuring.

“Asset prices are kind of inflated,” Dimon told CNBC on Jan. 22 at the World Economic Forum in Davos, Switzerland. “I’m talking about the U.S. stock market.”

His concern isn’t without merit. Trump’s latest tariff policies have battered the stock market — the S&P 500 index declined by over 10% in early April, formally entering correction territory. After an impressive 23% gain in 2024, the broader market index is now down nearly 14% year-to-date.

“The recent tariffs will likely increase inflation and are causing many to consider a greater probability of a recession. And even with the recent decline in market values, prices remain relatively high,” Dimon, who serves as JPMorgan chairman and CEO, wrote in a letter to shareholders.

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Dimon supported Trump’s tariffs in January, calling them a “little inflationary” yet imperative for national security.

But Dimon now sees the U.S. economy weakening in the wake of Trump’s April 7 “Liberation Day” tariffs, according to a recent JPMorgan shareholder letter.

“The economy is facing considerable turbulence (including geopolitics), with the potential positives of tax reform and deregulation and the potential negatives of tariffs and ‘trade wars,’ ongoing sticky inflation, high fiscal deficits, and still rather high asset prices and volatility,” Dimon acknowledged.

If you share these concerns, here are some ways to protect your portfolio.

Precious metals

When markets look shaky, investors often turn to gold — and for good reason. The precious metal is seen as a store of value, offering protection against inflation, economic downturns and stock market volatility.

Rogers has long been a proponent of precious metals to hedge against uncertainty. In an October interview with Wealthion, he explained why he continues to hold gold and silver.

“I know from history that the world is going to have problems again … and when the world has problems … it’s nice to have some gold in the closet, or under the bed, have some silver in the closet,” Rogers said.

“Because no matter what, many people will turn to gold and silver in times of turmoil.”

As market uncertainty mounts, investors often take cover with precious metals. For instance, gold has climbed around 35% over the past year, hitting over $2,800 per ounce, while silver has posted impressive gains of around 36%, reaching over $30 per ounce.

One way to invest in gold that also provides significant tax advantages is with a gold IRA from Priority Gold.

Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, thereby combining the tax advantages of an IRA with the protective benefits of investing in gold. This can make gold IRAs an attractive option for those seeking to secure their retirement fund against economic uncertainty.

Even better, when you make a qualifying purchase with Priority Gold, you’ll be eligible for up to $10,000 in free silver.

Real estate

Dimon also expressed skepticism to CNBC about inflation cooling in the near future.

As such, investors looking to diversify beyond stocks to shield their wealth from the impacts of inflation might find real estate a compelling choice.

Property values tend to rise with inflation, reflecting the increasing costs of materials, labor and land. At the same time, rental income has been shown to climb, providing landlords with a steady revenue stream that adjusts with the cost of living.

Of course, purchasing a property requires significant capital — and finding the right tenant takes time and effort. But thanks to modern investment options, you don’t need to own a property outright to gain exposure to real estate as a financial asset.

Platforms like First National Realty Partners allow accredited investors to own a piece of institutional-grade, grocery-anchored properties without the hassle of finding and managing property.

FNRP properties are leased to national brands like Whole Foods, CVS, Kroger and Walmart. Thanks to triple net leases, investors can potentially collect grocery-store-anchored income without worrying about operational headaches cutting into the bottom line.

For those considering a more economical way to get started, crowdfunding platforms like Arrived make it easier to invest in real estate with as little as $100.

Backed by world-class investors like Jeff Bezos and Marc Benioff, Arrived lets you invest in residential property nationwide.

You can potentially generate passive income in two ways through Arrived — any rental income generated from the property you invested in is paid out as dividends monthly, and any capital gain from property value appreciation is paid out at the end of the investment hold period.

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

Fine art

It’s easy to see why great works of art tend to appreciate over time. Supply is limited, and many famous pieces have been snatched up by museums and collectors. This makes art an attractive option for investors looking to diversify their holdings.

In 2022, a collection of art owned by the late Microsoft co-founder Paul Allen sold for $1.5 billion at Christie’s New York, making it the most valuable collection in auction history.

But for a long time, investing in art was a privilege reserved for the ultra-wealthy.

Now, that’s changed with Masterworks — a platform for investing in shares of blue-chip artwork by renowned artists, including Pablo Picasso, Jean-Michel Basquiat and Banksy. Masterworks has had 23 successful exits to date, and every one of them has been profitable. All told, Masterworks has distributed over $60 million in proceeds back to investors, including the principal.

To get started, simply browse their impressive portfolio of paintings and choose how many shares you’d like to buy. Masterworks will handle all the details, making high-end art investments both accessible and effortless. See important Regulation A disclosures at Masterworks.com/cd.

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

An Edmonton property developer, Christenson Group of Companies, is facing mounting financial troubles, leaving more than 200 former residents in financial limbo.

The company owes approximately $75 million to individuals who had invested in life-lease contracts at nine retirement homes, according to a CBC News story.

“Hope has certainly been waning,” Jim Carey, president of the Alberta Life Lease Protection Society, told CBC. “We warned government that this was going to escalate and be a really serious problem for hundreds of seniors.”

How did it get this bad?

Under the life lease model, residents paid large lump sums upfront for the right to occupy a unit, expecting to be refunded when they moved out, or passed away, minus a refurbishment fee.

However, a repayment queue begins if more than six per cent of residents terminate their lease at once. As of late 2024, nearly 50 former Bedford Village residents alone were in the queue, with over $17 million owed. Across all Christenson properties, that total is expected to surpass $100 million by this year, according the CBC.

Rapidly growing queues have left seniors waiting two to three years for their money, and new provincial regulations are complicating the company’s ability to pay.

Christenson Group president Greg Christenson warned that recent rules mandating a 9% annual interest on unpaid entrance fees could make refinancing and repayments impossible.

“The resulting strain on cash flow will also lead to insolvency for each property with life lease loans and stop refinancing plans,” Christenson wrote in a letter to residents obtained by CBC.

He told CBC that the interest rate environment, the Alberta real estate market and the demand for seniors’ housing continues to improve.

“So the question isn’t the ability to repay — the question is how long will it take. And we know that people are very stressed, particularly the estates, or the adult children of the seniors who lived in our buildings.”

The biggest roadblock to recovery

The Alberta government now requires housing operators to pay accrued interest if entrance fees aren’t returned within six months. Although these rules are not retroactive, they apply to newer terminations, adding another layer of financial pressure, according to Alberta government regulations.

Government officials have stated they expect Christenson Group to meet its obligations.

"We expect life lease operators to structure their operations in a way that allows them to meet all their contractual and regulatory obligations, including repaying entrance fees to all life leaseholders and paying interest to life leaseholders where there have been unexpected delays in returning entrance fees,” Brandon Aboultaif, a spokesperson for the Alberta government, told CBC.

How developers and residents can avoid this trap

To avoid such distressing scenarios, both property developers and prospective residents should consider the following measures:

1. Enhanced financial oversight: Developers must implement rigorous financial management practices to ensure long-term viability. Regular audits and transparent financial reporting can help detect and address issues before they escalate.

In Canada, the Office of the Superintendent of Financial Institutions (OSFI) emphasizes the importance of robust risk management practices for real estate secured lending, highlighting the need for sound financial oversight to maintain stability in the housing market.

2. Legal protections for residents: Contracts should include clear terms that protect residents’ investments. This may involve setting up escrow accounts or trust funds specifically designated for resident repayments, ensuring that these funds are not commingled with the developer’s operational finances.

In Ontario, the Retirement Homes Act, 2010 mandates that retirement homes have written tenancy agreements detailing the care services, meals and accommodation provided, along with their associated costs, thereby safeguarding residents’ rights and investments.

3. Comprehensive due diligence: Prospective residents should thoroughly investigate a developer’s financial health and track record before entering into agreements.

This includes reviewing financial statements, seeking references from current or past residents and consulting with financial advisors. Understanding the terms of residency agreements, including services provided, fees and policies on care level changes, is crucial for residents to prevent potential abuses or neglect.

4. Regulatory compliance and advocacy: Engaging with industry advocates and adhering to regulatory guidelines can provide additional layers of protection.

In Canada, real estate brokers, sales representatives, and developers are required to implement compliance programs and verify the identity of clients to prevent financial mismanagement and fraud, as outlined by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

Sources

1. CBC: More than 200 Albertans owed hundreds of thousands of dollars for life lease repayment (Feb 12, 2025)

This article An Edmonton property developer owes a whopping $75M to former residents of 9 retirement homes — but 1 big thing could hold the company back from paying. How to avoid a similar nightmareoriginally appeared on Money.ca

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

When Bob and Marjean Taylor went to stay in a friend’s cabin an hour from the nearest hospital back in 2022, neither expected that Bob would have his second heart attack within four months while they were vacationing. Unfortunately, that’s exactly what happened.

Marjean took him to the local hospital, but they were told he needed more care than the facility could provide. An air ambulance arrived, transporting him to a medical center where his cardiologist was waiting to repair a stent that had torn. The procedure saved his life, but sadly, Bob’s troubles weren’t over.

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Soon after they returned home, the Pueblo, Colorado couple received notice that their insurer, Anthem Blue Cross Blue Shield, was denying their claim for the air ambulance, saying the transport wasn’t medically necessary and sticking the Taylors with a bill totaling around $94,000.

“It gave me a heart attack, almost,” Marjean told Denver7 Investigates of the unexpected bill.

Unfortunately, air ambulances have become very expensive, and a growing number of insurers are denying claims for them, leaving Americans who’ve suffered medical crises holding the bag. Here’s what you need to know.

Air ambulances save lives, but at a huge expense

Air ambulances are helicopters or planes designed to provide timely transport of patients to medical facilities. They’re often used in rural areas where medical care is scarce.

With an aging population, more people relocating to remote areas during COVID-19, and the increased prevalence of infectious diseases, the market for air ambulances is growing.

In fact, according to Technavio, a market research group, the air ambulance market saw 9.63% year-over-year growth from 2022 to 2023 and is expected to increase by $6.77 billion between 2024 and 2026.

Sadly, prices for air ambulances have skyrocketed, as a growing number of private equity firms have moved into the market.

Insurance companies often don’t want to pay

One would think that insurance companies would cover the costs of air ambulance services in most cases, since they’re almost always called in emergencies. Unfortunately, data shows a growing number of insurers are denying claims.

Part of the problem is that when an air ambulance is called, patients aren’t checking if the company is in-network or not. This may not be a high priority when you’re being airlifted to a hospital during a heart attack or in the wake of an accident.

It shouldn’t matter if the ambulance service is in-network, as starting in 2022, policyholders were supposed to be protected from unexpected bills under the No Surprises Act.

This act prohibited surprise bills for:

• Most emergency services, regardless of whether they’re in network or out-of-network
• Out-of-network services provided when a patient visits an in-network facility (such as anesthesia administered by an out-of-network anesthesiologist at an in-network hospital)

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However, insurers can still pass on out-of-network costs to claimants if the service isn’t considered medically necessary. Perhaps unsurprisingly, insurers now claim that many ambulance trips aren’t needed. In fact, the National Association of EMS Physicians warned policymakers in a February 2024 letter that they have seen a “spike in denials of claims on the basis of ‘lack of medical necessity.’”

Being transported to a hospital during a heart attack seems pretty necessary — and yet the Taylors were still told they had to pay. They had to go through multiple appeals over two years and ultimately get the press involved before the insurer finally resolved the issue, blaming unclear communication for the problem.

Not everyone will be lucky enough to get the press involved, though, and the couple faced a lot of stress in the meantime.

“I just felt like we were stuck in the middle of all these companies and nobody cared,” said Marjean.

“After I got off the phone, I said, ‘I cannot believe this is done,’ and I started crying. But I wasn’t giving up. I was not going to give up. I was not paying for it.”

How can you avoid big health care bills?

Air ambulance costs are a growing issue, but there are other ways you could find yourself stuck with a hefty bill for health care services.

Here are some steps you can take to protect yourself:

• Get pre-approval for medical services from your insurer in non-emergency situations
• Know your rights under the No Surprises Act
• Shop carefully for the right insurance policy that offers comprehensive coverage from a provider with a good reputation.
• Visit in-network providers whenever you have the option
• Request itemized bills to understand what you’re being charged for
• Negotiate with providers and the billing department if you think you’re being overcharged
• Appeal denied claims, and be prepared to provide documentation
• Hire a medical bill advocate to help you fight unfair bills

These steps can help you avoid the financial devastation that comes with big medical bills your insurer should pay for, but does everything possible to avoid.

What to read next

• Accredited investors can now buy into this $22 trillion asset class once reserved for elites – and become the landlord of Walmart, Whole Foods or Kroger without lifting a finger. Here’s how
• Here are 3 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• Nearly 1 million Americans have a net worth of at least $10,000,000 — here are 3 ‘quiet’ ways the ultra-wealthy grow their riches (and how you can join the club ASAP)

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

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

It’s the advice you hear passed around like a family recipe: Work hard, save consistently, and one day you’ll retire comfortably. But what if this so-called tried-and-true advice is far from a recipe for success and more like a blueprint for disappointment?

Ramit Sethi, bestselling author of I Will Teach You to be Rich and Money For Couples, didn’t hold back as he reflected on what he considers the worst financial advice he’s ever received.

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“Get a job at an industrial company and work there for 40 years so that I can retire with $1M in the bank,” he told Moneywise. “I was like $1 million? That’s it?! No, thank you!”

The old axiom about saving $1 million for retirement hasn’t changed much. Today, many Americans think they’ll need $1.46 million to retire comfortably, according to a Mutual Life study. But Sethi rejects any such advice.

Why Sethi rejects the $1M retirement goal

He says the issue isn’t just oversimplified math but the mindset it fosters: grinding away for decades only to scrape by on a fixed budget in retirement.

For one thing, he argues that by focusing solely on saving and not spending money meaningfully, people miss out on living a rich life. He thinks it’s too long to wait till retirement, especially when the average age of retirement is creeping up, standing at 61, up from 57 in the 1990s, according to a 2022 Gallup poll.

Sethi encourages people to rethink their financial approach, shifting the focus from reaching milestones to developing a strategy that builds wealth over time.

Building your retirement savings

While a $1-million retirement goal might seem out of reach there are steps you can take to build a stronger financial future.

One of the best ways to get started is by creating a budget to track your spending. This can help you determine how much money you have to invest in your retirement.

With Monarch Money you can track every aspect of your finances including your spending, net worth and progress towards your financial goals.

You can also set up custom notifications for recurring bills and subscriptions, ensuring you never miss a payment. What’s more, you can get personalized suggestions on how to reach your goals faster with Monarch Money’s Advice Wizard tool.

Sign up today and get a seven-day free trial and 30% off your first year subscription.

Another approach Sethi encourages is harnessing the power of compound interest.

“The power of compounding is something that is truly hard to understand until you see it over and over again,” Sethi said.

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

Investing small amounts of money over time can beef up your retirement savings. For instance, investing just $30 every week can add up to $76,965 in 20 years, assuming it compounds at 8% annually.

You can turn everyday spending habits into an investment opportunity through Acorns. Once you link your debit and credit cards, Acorns will automatically round up spare change from everyday purchases and invest it in a smart investment portfolio of diversified ETFs.

Investing just $5 each day adds up to $1,825 by the end of the year, and that’s before it compounds to make more money in the market.

Sign up in under five minutes today and get a bonus investment of $20.

However, managing your money isn’t just about starting early and investing consistently. Diversifying your portfolio is key to securing your retirement savings, especially during periods of economic volatility.

But there’s a silver lining. While the stock market recorded its worst ever performance in nearly five years in April 2025 gold prices have struck some all-time highs.

You can combine the recession-resistant nature of gold and the tax benefits of an IRA account by opening a gold IRA.

Priority Gold is an industry leader in precious metals, offering physical delivery of gold and silver. Plus, they have an A+ rating from the Better Business Bureau and a 5-star rating from Trust Link.

If you’d like to convert an existing IRA into a gold IRA, Priority Gold offers 100% free rollover, as well as free shipping, and free storage for up to five years. Qualifying purchases will also receive up to $10,000 in free silver.

To learn more about how Priority Gold can help you reduce inflation’s impact on your nest egg, download their free 2025 gold investor bundle.

Get expert help

Determining where you stand financially is the first step towards reaching your goals — whether you want to work until you save your first million, or set up passive income streams to help fund your golden years.

Consulting a financial advisor can provide you with a roadmap for the nest egg you need to secure your retirement. Working with a financial advisor can help increase your net returns by 3% on average, according to a Vanguard report. An extra 3% on top can go a long way over the years, and potentially help you attain financial stability quicker.

If you’re feeling overwhelmed WiserAdvisor might be able to help by connecting you with vetted financial advisors near you for free. Just answer a few simple questions about yourself and your financial goals. WiserAdvisor will then match you with 2-3 experts best suited to making the most out of your money — whether you’re looking to build your retirement nest egg or navigate your investments.

From here, you can compare their qualifications and experience, read reviews and, once you’ve selected your preferred advisor, schedule a free, no-obligation consultation.

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

After almost three years of owning a Tesla Model Y, Joe Romer traded in his car because he’s no longer a fan of Elon Musk.

“I’m tired of Elon Musk and all of his garbage,” Romer told CNN, sharing his reason for wanting to trade in his car. “I’m getting rid of [my Model Y] because I’m embarrassed to drive it.”

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Even though Romer admitted that his Tesla was nice to drive, his frustration with Musk pushed him to test drive a different EV, which he fell in love with.

Romer is far from alone in breaking up with Tesla because of Musk. Reuters reports that, according to Edmunds, Tesla trade-ins are on pace to hit a record high in March 2025 compared to the year before.

Why this Tesla owner is switching to another EV brand

Romer, who spoke to CNN as he was driving past the picket line at a Tesla protest in California, says after putting over 80,000 miles on the Model Y, he was in the process of getting it repaired so he could sell it.

“I [test drove] one of the Lucid cars, and they’re very nice,” he shared with CNN reporter Julia Vargas Jones. “They are like driving a Mercedes compared to this [Model Y].”

The mid-March protest Romer found himself in was part of the “Tesla Takedown” movement, which has seen protestors gather around the world at Tesla showrooms — including 90 in the state of California the same weekend CNN caught up with Romer — to protest Musk and his efforts with the Department of Government Efficiency.

About a week later, Jones followed up with Romer to see if he’d sold his vehicle. He told her he did, and it felt like someone had lifted a huge weight off of his shoulders. Although he only got about a third of what he originally paid for his car four years ago, he told Jones it made him feel like he was “doing something.”

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 manage a dispute with a car dealership

Romer’s dispute wasn’t necessarily with his Tesla dealership specifically. But U.S. drivers often experience issues with their cars, ranging from falling victim to deceptive ads or dealers to issues with car warranties or safety features.

It’s important to know what actions are available to you should you ever have a dispute with a car dealer.

Reviewing your loan agreement is the first step if you have a problem with the loan terms. While reading your agreement, pay special attention to the loan’s APR, term and loan amount. Understanding the ins and outs of your agreement could help you dispute any billing discrepancies.

If you find an error, like an inaccurate APR on an auto loan statement, or have an issue, contact the dealer first to see if it can offer a solution. Make sure to provide paperwork to support your claim.

Most experts recommend trying to resolve any disputes with your dealer directly, or through the dealership’s official complaint process. Before taking that step, ensure you have all the relevant documentation, like contracts, ads or emails in question and photos, if possible.

While working something out with the dealer is ideal, it’s not always possible. You may have to escalate it to the appropriate government service. Depending on the type of issue you’re facing, you may want to file a report with the Federal Trade Commission at FTC.gov. In addition, the Consumer Financial Protection Bureau (CFPB) recommends filing a report with your state’s attorney general office.

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

Wall Street hates uncertainty. But that’s exactly what investors are wrestling with as President Donald Trump doubles down on his aggressive tariff policies.

Tariffs, essentially taxes on imports, are designed to level the trade playing field and protect domestic industries.

But they raise costs for businesses and consumers, disrupt global supply chains and strain diplomatic relationships. All this shakes investor confidence, leading to volatility and downturns on Wall Street.

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Within two days of Trump’s global tariffs announcement, the S&P 500 tumbled 13% — well into correction territory. Economists are ramping up their recession forecasts

Could his trade war tip the stock market into a full-blown meltdown? History suggests things could definitely get much worse.

How the S&P 500 behaves in a recession

The S&P 500 tracks 500 large U.S. companies that represent 80% of U.S. equity market value. Its performance is often synonymous with "the market," making it a core holding in 401(k)s, IRAs, and target-date funds.

The index typically sees significant declines during economic downturns. For instance, the S&P plummeted by 49% during the tech bubble burst in the early 2000s, by 57% during the Great Recession (2007–2009), and saw a swift 34% decline during the relatively brief COVID-19 crash in 2020.

What these historical insights suggest is that the current dip could be the tip of the iceberg. Investors could face serious financial setbacks.

Older investors might find their retirement nest eggs shrinking at the very moment they planned to rely on them, triggering anxiety and difficult decisions.

Panic? How to handle your investments now

As stock markets plummet, many investors’ first instinct is to pull money out and stash it in cash or safer assets. But timing the market — trying to predict peaks and troughs — is notoriously challenging and typically backfires.

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Instead, consider these smarter, more strategic moves:

• Stay diversified. Spread your investments across asset classes — stocks, bonds, cash, real estate — to mitigate risks. If one sector tanks, your entire portfolio won’t go down with it.
• Evaluate your risk tolerance. Are you losing sleep over market swings? You might be overexposed to stocks. Consider shifting to bonds or other safer, income-generating investments to provide stability.
• Don’t stop investing. If you’re younger, a downturn can actually benefit your portfolio long-term as you can buy shares at discounted prices. Taking advantage of dollar-cost averaging as you continue to invest regularly means you’re setting yourself up for greater returns when markets rebound.

Nearing retirement? How to protect your nest egg

If you’re close to retirement, market turmoil feels particularly personal and understandably scary. A big market drop is devastating when you’re planning to rely on your investments soon. But panic selling can lock in losses permanently.

Instead, take proactive steps to safeguard your retirement funds,

• Review your allocation. Typically, as you approach retirement, your portfolio should shift toward lower-risk investments. Consider moving a larger portion into bonds, treasure securities or high-quality dividend stocks that tend to be less volatile.
• Maintain liquidity. Keep enough cash or easily accessible funds to cover at least two years of living expenses. This approach means you won’t be forced to sell investments at unfavorable prices to meet immediate financial needs.
• Consider professional advice. If you don’t already have a financial advisor, now might be the time. A professional can provide personalized strategies tailored specifically to your retirement goals and comfort with risk.

Investors at every stage – whether young and growing their wealth or nearing retirement – can and should take proactive, thoughtful measures to recession-proof their portfolios.

Ultimately, the key is balance. Don’t overreact, but don’t underestimate the potential risks.

With strategic diversification, regular investment habits, and professional guidance, you can navigate the turbulence ahead, protecting your finances against the fallout from Trump’s tariff turmoil.

What to read next

• Accredited investors can now buy into this $22 trillion asset class once reserved for elites – and become the landlord of Walmart, Whole Foods or Kroger without lifting a finger. Here’s how
• Here are 3 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• Nearly 1 million Americans have a net worth of at least $10,000,000 — here are 3 ‘quiet’ ways the ultra-wealthy grow their riches (and how you can join the club ASAP)

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