Some Florida condo owners are being forced to sell
South Florida commonly attracts homeowners who want glorious beach views and warm weather. But new state laws require condos to have sufficient cash reserves to cover any major repairs and conduct inspections on buildings three stories or higher — which is forcing more condo owners to sell their homes. That's what's happening to the owners of Springbrook Gardens, an 18-unit, 1940s-era Fort Lauderdale building. Residents were forced to leave the building last September due to a crumbling foundation. But now, the building's owners are being forced to sell, as they can’t afford to fix it. It's a terrible situation, according to resident and condo owner Warren Sackler. “We didn’t have $4.5 million to take care of [it],” he told CBS News Miami. “Nobody is happy about it. Of the 18 people, they all would love to live here, but not with the debt and everything else.”
South Florida commonly attracts homeowners who want glorious beach views and warm weather. But new state laws require condos to have sufficient cash reserves to cover any major repairs and conduct inspections on buildings three stories or higher — which is forcing more condo owners to sell their homes. That's what's happening to the owners of Springbrook Gardens, an 18-unit, 1940s-era Fort Lauderdale building. Residents were forced to leave the building last September due to a crumbling foundation. But now, the building's owners are being forced to sell, as they can’t afford to fix it. It's a terrible situation, according to resident and condo owner Warren Sackler. “We didn’t have $4.5 million to take care of [it],” he told CBS News Miami. “Nobody is happy about it. Of the 18 people, they all would love to live here, but not with the debt and everything else.”
How to avoid government impersonation scams
After caller ID showed the “Rockville Police Department” was calling, Judith Boivin answered the phone and was transferred to an FBI agent who said her Social Security number had been used by an illegal drug cartel. The good news was that she could be an asset in the investigation into the federal offense — but she had to tell no one. For months, as Boivin told the Washington Post spoke with her source, with all calls coming from an “FBI number.” She was assigned a case ID and the “agent” gave her a name that Google revealed was an FBI worker. Communications even had the FBI seal, although they came from a .com, and not .gov address. Her agent was so helpful he even offered to keep her money safe if she moved it to a government safety locker — but she couldn’t tell Morgan Stanley why when she took out $595,000 in cash. Reading details like this may make it seem like an obvious scam, but for Boivin, the story added up. Like many victims, she was likely targeted because her background made her likely to trust authority and to want to offer assistance. The thieves knew details and had convincing arguments over months that led to the loss of the senior's savings. Boivin is also far from alone in falling victim to these tricks. She lost her money to a government impersonation scam — and many others could do the same if they aren't careful.
After caller ID showed the “Rockville Police Department” was calling, Judith Boivin answered the phone and was transferred to an FBI agent who said her Social Security number had been used by an illegal drug cartel. The good news was that she could be an asset in the investigation into the federal offense — but she had to tell no one. For months, as Boivin told the Washington Post spoke with her source, with all calls coming from an “FBI number.” She was assigned a case ID and the “agent” gave her a name that Google revealed was an FBI worker. Communications even had the FBI seal, although they came from a .com, and not .gov address. Her agent was so helpful he even offered to keep her money safe if she moved it to a government safety locker — but she couldn’t tell Morgan Stanley why when she took out $595,000 in cash. Reading details like this may make it seem like an obvious scam, but for Boivin, the story added up. Like many victims, she was likely targeted because her background made her likely to trust authority and to want to offer assistance. The thieves knew details and had convincing arguments over months that led to the loss of the senior's savings. Boivin is also far from alone in falling victim to these tricks. She lost her money to a government impersonation scam — and many others could do the same if they aren't careful.
Rob Schneider blasts State Farm over wildfires
At least 10 people have died and more than 100,000 people have been evacuated in Los Angeles due to multiple wildfires engulfing the city, and California’s unenviable insurance climate is rearing its head amid the disaster. Ordinary Californians along with Hollywood’s rich and famous are up in arms over their homes being destroyed, in some cases just months after their home insurance company canceled their coverage. One particularly incensed celebrity was the Deuce Bigalow: Male Gigolo star Rob Schneider. “F# K You @statefarm Screw You And All Your Phoney Commercials!! You Are A Pile Of Crap For Canceling Insurance Policies Of Californians! I Will Never Use @statefarm Insurance Ever Again!” Schneider tweeted on Jan. 8. Between 2020 and 2022, insurers canceled 2.8 million home coverage policies in California, including more than 530,000 in Los Angeles County, according to CNN. State Farm canceled 72,000 policies in California, nearly half of which were for home insurance, Barron’s reported. Allstate stopped selling policies in the Golden State for businesses and property altogether in 2023. However, the causes for insurance companies fleeing prior to the most recent wildfires hit are actually the combination of a 36-year-old regulation and climate change.
At least 10 people have died and more than 100,000 people have been evacuated in Los Angeles due to multiple wildfires engulfing the city, and California’s unenviable insurance climate is rearing its head amid the disaster. Ordinary Californians along with Hollywood’s rich and famous are up in arms over their homes being destroyed, in some cases just months after their home insurance company canceled their coverage. One particularly incensed celebrity was the Deuce Bigalow: Male Gigolo star Rob Schneider. “F# K You @statefarm Screw You And All Your Phoney Commercials!! You Are A Pile Of Crap For Canceling Insurance Policies Of Californians! I Will Never Use @statefarm Insurance Ever Again!” Schneider tweeted on Jan. 8. Between 2020 and 2022, insurers canceled 2.8 million home coverage policies in California, including more than 530,000 in Los Angeles County, according to CNN. State Farm canceled 72,000 policies in California, nearly half of which were for home insurance, Barron’s reported. Allstate stopped selling policies in the Golden State for businesses and property altogether in 2023. However, the causes for insurance companies fleeing prior to the most recent wildfires hit are actually the combination of a 36-year-old regulation and climate change.
Trump’s plan: No taxes on Social Security in 2025?
President-elect Donald Trump has made a bold promise to eliminate federal taxes on Social Security benefits. For millions of retirees, it’s an enticing idea, conjuring visions of bigger monthly checks and greater financial freedom. But while Trump’s proposal might spark excitement among retirees, experts warn it’s far from a done deal. Even with a Republican majority in Congress, the plan faces significant hurdles and could have unintended consequences for the future of Social Security. Here’s what Trump’s promise could mean for retirees and why you shouldn't be factoring this potential change into your financial plans.
President-elect Donald Trump has made a bold promise to eliminate federal taxes on Social Security benefits. For millions of retirees, it’s an enticing idea, conjuring visions of bigger monthly checks and greater financial freedom. But while Trump’s proposal might spark excitement among retirees, experts warn it’s far from a done deal. Even with a Republican majority in Congress, the plan faces significant hurdles and could have unintended consequences for the future of Social Security. Here’s what Trump’s promise could mean for retirees and why you shouldn't be factoring this potential change into your financial plans.
Predatory parking practices vex Denver drivers
Google ratings are a popular way to vet new restaurants, but Denver residents are using the review platform to warn others about their experience with a certain parking lot. The lot, located at 15th and Boulder and managed by PRRS and Parkwell, has a one-star rating on Google from customers who claim they were charged to park and then fined for supposedly not paying. Denver Attorney Mark Chapleau contacted 9NEWS’s Steve On Your Side after parking in the lot while he visited nearby restaurants. The first time he used the lot, in August, he paid but still received an $87 ticket for failure to pay. He was able to appeal the ticket, which the company voided. In September, Chapleau told reporters used the lot again and said he received another $87 ticket for failing to pay. “My credit card statement showed that the charge went through on Saturday the 28th, so when I provided them with the evidence that I had paid for it, including my credit card charge to that parking lot, they said, ‘Well, that's not the 27th. You must not have paid on the 27th,’” he told 9NEWS. Chapleau says he then provided a screenshot of a text message from the payment processor, sent on the 27th. But even with that proof, the company wouldn’t void the fine.
Google ratings are a popular way to vet new restaurants, but Denver residents are using the review platform to warn others about their experience with a certain parking lot. The lot, located at 15th and Boulder and managed by PRRS and Parkwell, has a one-star rating on Google from customers who claim they were charged to park and then fined for supposedly not paying. Denver Attorney Mark Chapleau contacted 9NEWS’s Steve On Your Side after parking in the lot while he visited nearby restaurants. The first time he used the lot, in August, he paid but still received an $87 ticket for failure to pay. He was able to appeal the ticket, which the company voided. In September, Chapleau told reporters used the lot again and said he received another $87 ticket for failing to pay. “My credit card statement showed that the charge went through on Saturday the 28th, so when I provided them with the evidence that I had paid for it, including my credit card charge to that parking lot, they said, ‘Well, that's not the 27th. You must not have paid on the 27th,’” he told 9NEWS. Chapleau says he then provided a screenshot of a text message from the payment processor, sent on the 27th. But even with that proof, the company wouldn’t void the fine.
Ron Paul warns of 'threat' to retirement funds
Former U.S. Congressman Ron Paul is stepping back into the spotlight. Earlier this month, Tesla CEO Elon Musk wrote on X, “Would be great to have Ron Paul as part of the Department of Government Efficiency!” Musk, along with former GOP presidential candidate Vivek Ramaswamy, has been tapped by President-elect Donald Trump to lead the new Department of Government Efficiency. Paul, a longtime advocate for smaller government, appears eager to contribute. He recently announced on X, “Elon Musk asked me to advise the new Dept. of Government Efficiency. I’d love to help bring sanity back!” Musk has set ambitious goals for reducing the federal budget with this new entity. Speaking at a Trump campaign event, Musk claimed he could cut “at least $2 trillion” from the federal budget, though he did not specify which areas he would target for these reductions. Paul, who has spent decades championing limited government and fiscal responsibility, seems like a natural fit for the initiative. But the 89-year-old isn’t just focused on this new venture. He’s also sounding the alarm about what he sees as an urgent risk. “However, I still think Americans need to shield their retirement funds ASAP from this much bigger threat,” Paul warned in a post that linked to a letter addressed to his audience.
Former U.S. Congressman Ron Paul is stepping back into the spotlight. Earlier this month, Tesla CEO Elon Musk wrote on X, “Would be great to have Ron Paul as part of the Department of Government Efficiency!” Musk, along with former GOP presidential candidate Vivek Ramaswamy, has been tapped by President-elect Donald Trump to lead the new Department of Government Efficiency. Paul, a longtime advocate for smaller government, appears eager to contribute. He recently announced on X, “Elon Musk asked me to advise the new Dept. of Government Efficiency. I’d love to help bring sanity back!” Musk has set ambitious goals for reducing the federal budget with this new entity. Speaking at a Trump campaign event, Musk claimed he could cut “at least $2 trillion” from the federal budget, though he did not specify which areas he would target for these reductions. Paul, who has spent decades championing limited government and fiscal responsibility, seems like a natural fit for the initiative. But the 89-year-old isn’t just focused on this new venture. He’s also sounding the alarm about what he sees as an urgent risk. “However, I still think Americans need to shield their retirement funds ASAP from this much bigger threat,” Paul warned in a post that linked to a letter addressed to his audience.
Mortgage rate trends this week
Thirty-year fixed mortgage rates inched even closer to 7% this week, up from 6.91% last week, to an average of 6.93%. “The continued strength of the economy has put upward pressure on mortgage rates, and along with high home prices, continues to impact housing affordability," says Sam Khater, chief economist at housing giant Freddie Mac. "The lack of entry-level supply also remains an issue, especially for those looking to become first-time homeowners.”
Thirty-year fixed mortgage rates inched even closer to 7% this week, up from 6.91% last week, to an average of 6.93%. “The continued strength of the economy has put upward pressure on mortgage rates, and along with high home prices, continues to impact housing affordability," says Sam Khater, chief economist at housing giant Freddie Mac. "The lack of entry-level supply also remains an issue, especially for those looking to become first-time homeowners.”
Man says he was arrested after trying to return TV
Gene DeSantis of Park City, Utah, just wanted to watch the New York Mets on his 70-inch television. Instead, after a run-in with Walmart employees, he says officials from the Summit County Sheriff's Office arrested him, recorded his fingerprints and scheduled him for a court date. “I did not believe that I would be arrested for replacing a defective TV,” he told ABC4 in a story broadcast Dec. 16. DeSantis, a former consumer lawyer, says he purchased a big-screen television from Walmart nearly a year ago. At first it worked fine, but after a while he claims it began to glitch, with the image flickering on and off. Frustrated, he went to the store, where employees instructed him to call the company’s customer service number. According to the local broadcaster, he was emailed a copy of his receipt and told to take it and his TV to the store for a replacement. Staff urged him to hurry, as the device's warranty would soon expire. “So, I went to the store with the television and with my receipt, and then the problems all began,” he said.
Gene DeSantis of Park City, Utah, just wanted to watch the New York Mets on his 70-inch television. Instead, after a run-in with Walmart employees, he says officials from the Summit County Sheriff's Office arrested him, recorded his fingerprints and scheduled him for a court date. “I did not believe that I would be arrested for replacing a defective TV,” he told ABC4 in a story broadcast Dec. 16. DeSantis, a former consumer lawyer, says he purchased a big-screen television from Walmart nearly a year ago. At first it worked fine, but after a while he claims it began to glitch, with the image flickering on and off. Frustrated, he went to the store, where employees instructed him to call the company’s customer service number. According to the local broadcaster, he was emailed a copy of his receipt and told to take it and his TV to the store for a replacement. Staff urged him to hurry, as the device's warranty would soon expire. “So, I went to the store with the television and with my receipt, and then the problems all began,” he said.
More people struggle with money in these 10 states
Financial struggles have become a fact of life for many Americans in the post-pandemic era as inflation has surged to multi-decade highs, mortgage rates and housing costs have skyrocketed, climate change has caused more natural disasters, and health care costs have been rapidly increasing thanks in part to an aging population. Some Americans are struggling worse than others, though. Recent analysis from WalletHub has pinpointed the 10 states home to the largest number of people in financial distress. Here’s where people are facing the biggest struggles and why so many are having a hard time.
Financial struggles have become a fact of life for many Americans in the post-pandemic era as inflation has surged to multi-decade highs, mortgage rates and housing costs have skyrocketed, climate change has caused more natural disasters, and health care costs have been rapidly increasing thanks in part to an aging population. Some Americans are struggling worse than others, though. Recent analysis from WalletHub has pinpointed the 10 states home to the largest number of people in financial distress. Here’s where people are facing the biggest struggles and why so many are having a hard time.
This Knoxville woman lost her life savings of $19,000 after calling back fraudsters posing as Amazon — here’s how the scam works and how you can protect yourself
When a Knoxville, Tennessee woman named Colleen saw a duplicate charge on her credit card for an Amazon purchase, she attempted to contact the merchant to resolve the issue. But instead of getting in touch with Amazon, she wound up contacting a scammer by accident. Her mistake was innocent enough. Rather than go to Amazon's website and use their channels to connect with someone from customer service, Colleen did an internet search for a customer service phone number. The problem? She didn't reach Amazon. Instead, she reached someone who would ultimately rob her of her life savings.
When a Knoxville, Tennessee woman named Colleen saw a duplicate charge on her credit card for an Amazon purchase, she attempted to contact the merchant to resolve the issue. But instead of getting in touch with Amazon, she wound up contacting a scammer by accident. Her mistake was innocent enough. Rather than go to Amazon's website and use their channels to connect with someone from customer service, Colleen did an internet search for a customer service phone number. The problem? She didn't reach Amazon. Instead, she reached someone who would ultimately rob her of her life savings.
Moneywise Digest