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A recent investigation by CBS News found that since many private insurance companies have stopped issuing new policies, homeowners are being forced into the state’s insurance plan, the FAIR plan, despite living in low fire risk areas. The only other option they have is purchasing a policy from unregulated out-of-state insurers. While it doesn’t sound that bad on the surface — homeowners can still purchase policies — it appears as though having more homeowners on the FAIR plan can cause far more issues.

By Sarah Li-Cain, AFC | 04.25.25

It was supposed to be the ultimate wedding anniversary surprise, a secret investment that would unlock wealth the couple never knew. Instead, a Wisconsin woman ended up more than $80,000 in the hole — the victim of a cruel crypto scam that lured her in with promises of sky-high returns and faked investment dashboards. "She had a big smile on her face saying, ‘Look what I did,’" Scott Johansson told Fox 6 News Milwaukee about the moment his wife presented the gift, which turned out to be a bigger surprise than either of them wanted. “All I thought was, 'This is not real.’” Unfortunately, he was right. Police doubt the money will ever come back, making the couple among a growing list of crypto victims in the U.S.

By Christy Bieber | 04.25.25

In light of President Donald Trump’s sweeping tariffs and the uncertainty surrounding them, many experts are warning that America may be headed for a recession. But according to Rich Dad Poor Dad author Robert Kiyosaki, something far worse is looming. “In 2025 credit card debt is at all time highs. U.S. debt is at all time highs. Unemployment is rising. 401(k)’s are losing,” he wrote in an X post on April 18. “U.S.A. may be heading for a GREATER DEPRESSION.” According to the Federal Reserve Bank of New York, Americans now owe a record $1.21 trillion on their credit cards. The U.S. National debt has climbed to $36.22 trillion. Meanwhile, the unemployment rate ticked up to 4.2% in March, and retirees are watching their 401(k)s shrink amid ongoing market volatility. The Great Depression of the 1930s was the worst economic crisis in modern history — marked by mass unemployment, widespread poverty and a collapse in consumer and business confidence. But by calling the next downturn a “Greater Depression,” Kiyosaki suggests it could be even more devastating. As he put it, “This coming Great Depression will cause millions to be poor … and a few who take action, may enjoy great wealth and freedom.” So, what kind of action is he recommending? “For those who take action today, when the crash crashes, those who invest in just one Bitcoin, or some gold, or silver … You may come through this crisis a very rich person,” Kiyosaki wrote. That advice should come as no surprise — Kiyosaki has long been a vocal proponent of these alternative assets, which he backed by making a bold prediction. “I strongly believe, by 2035, that one Bitcoin will be over $1 million. Gold will be $30K and silver $3,000 a coin,” he wrote. Let’s take a closer look at the assets he’s championing.

By Jing Pan | 04.25.25

The price of almost everything – from a carton of eggs to a pound of steak – remains stubbornly high. According to a report by Edelman Financial Engines, 58% of Americans say they need a minimum salary of $100,000 to avoid worrying about everyday expenses. While you may not have much control over the price of most necessities, here are five things in your monthly budget you may be overpaying for – and how you can cut back.

By Marie Alcober | 04.25.25

Many kids struggle to get started financially when they become legal adults, so if you're a parent putting away money to give to your child when they turn 18, you're already setting them up for success. However, it's also smart to look into ways to grow this money so you can give your kids the best possible financial head-start. If you've invested in certificates of deposit (CDs), you've already taken a smart step by looking beyond just a savings account. CDs typically, although not always, provide higher yields than even high-yield savings accounts. While the interest rate is locked in for the duration of the CD term, and you can't withdraw the funds during the term without a penalty, you have several years before you need to give the money to your son. However, while CDs are a solid choice in the right circumstances, other investments offer more growth potential if you have a long time horizon. Here are a few things to consider to maximize the funds you can give your child once they reach adulthood.

By Christy Bieber | 04.25.25

Thomas McPeek didn’t stumble into a lucky streak — he studied for it. The 24-year-old from Chicago spent last year diving into the world of sports betting, placing dozens of complex, high-risk wagers on football — called parlays — based on odds he believed he could beat. “It was a calculated attack where I thought I had an edge,” McPeek told CBS News Chicago. In August, he visited the sportsbook at the Horseshoe Casino in Hammond, Indiana, owned by Caesars Entertainment. To ensure his bets wouldn’t be rejected, he remained anonymous, making multiple small bets at kiosks instead of with a clerk at a counter. He even went so far as to disguise himself with sunglasses or hiding his hair. Over the course of a single week, McPeek says he bet around $30,000 and won $350,000. A month later, he traveled across state lines to employ the same strategies at another Caesars property — the Isle Casino in Bettendorf, Iowa. This time, he says his tickets totaled about $450,000 in winnings. But McPeek says when he tried to cash in, both casinos voided his tickets, citing house rules and anti-money-laundering policies. He says he’s willing to sue to get his winnings.

By Victoria Vesovski | 04.25.25

Warren Buffett is known for both his generosity and his frugality. That might be why he pulled the plug on large cash gifts for his family after learning they were blowing through the money as quickly as they got it. In a 2019 ThinkAdvisor interview, Buffett’s former daughter-in-law, Mary Buffett, recalled when he gifted her $10,000 in hundred-dollar bills. She reminisced, “As soon as we got home, we’d spend it, whoo!” As the king of investing, not spending, however, the CEO of Berkshire Hathaway quickly decided the gift of shares would be a better investment for his family’s future. With the holidays behind us, you may have been lucky enough to get some cash, as Buffett’s family used to. Tempting as it may be to spend it, follow these tips to use it in a way that the Oracle of Omaha would approve of.

By Gemma Lewis | 04.25.25

Jeff Bezos' siblings, Mark and Christina, took a leap of faith by investing $10,000 each in a fledgling online book store. Their decision to purchase 30,000 shares of Amazon.com Inc. back in 1996 was a risky move. Bezos tirelessly convinced family members, friends, and potential investors, looking for money to help bring his vision to fruition. But gaining support from investors for his then-high-risk venture wasn’t easy. According to the book “The Everything Store: Jeff Bezos and the Age of Amazon,” he said this to them at the time: “I want you to know what the risks are because I still want to come home for Thanksgiving if this doesn’t work.” While his brother Mark Bezos’ current net worth is unknown, he and his wife Lisa had reportedly made over $600M in profits from those original Amazon (AMZN) shares as of 2018. Mark’s current stake in Amazon is also unknown, but it is estimated the value of the siblings’ shares would have soared beyond the billion-dollar mark by now, according to a Bloomberg report. Bezos also convinced his parents to invest in his startup back in 1995. Mike and Jackie Bezos invested $245,573 in Amazon in exchange for a 6% stake back in 1995 – estimated to be worth $120 billion today. Whether you have $10,000 or just $100 to invest, there are multiple ways you can build wealth, that don’t include playing the stock market or getting your family on board for a risky entrepreneurial venture.

By Moneywise | 04.25.25

Phyllis Anderson knew something was off with her garage door. It had started making strange noises and sometimes stopped just short of closing completely. But, she never expected that fixing it would cost nearly $5,000. “I’m stunned. I didn’t know what to think or what to do,” Anderson, 79, told AZFamily News. “It’s like a panic situation for me because I have no other money coming in, and it hurts.” Anderson, who lives alone in Fountain Hills, Arizona, was left with an almost empty bank account after paying a $4,911.88 bill for what she thought was a standard garage door repair. The fear she felt may be all too familiar to other older Americans — especially those on fixed incomes.

By Danielle Antosz | 04.25.25

A fresh wave of tariffs from President Donald Trump — despite a temporary pause on many — has unleashed chaos across global markets, reigniting trade tensions and rattling investors. But billionaire hedge fund manager Ray Dalio says the real storm is still to come. On April 7, in a lengthy social media post, Dalio argued that the recent tariff drama is merely a symptom of deeper, structural problems. “We are seeing a classic breakdown of the major monetary, political, and geopolitical orders,” he wrote. Dalio outlined five forces he described as reshaping the global landscape. 1. The global monetary order Dalio said the global economic order is breaking down due to unsustainable debt and deep imbalances between debtor nations like the U.S. and creditor nations like China. As these imbalances unwind, Dalio warned the current monetary order will be forced to change in “big disruptive ways”, with major consequences for capital markets and the broader economy. 2. The political order Dalio sees the political order of democracies breaking down under the weight of what he calls “huge gaps” in people’s education, income and opportunity levels, as well as values. He said history shows this kind of environment often gives rise to “strong autocratic leaders” — especially when paired with economic and market turmoil. 3. The global power structure Dalio was blunt on this point: “The international geopolitical world order is breaking down because the era of one dominant power (the U.S.) that dictates the order that other countries follow is over.” He argued it’s being replaced by a “unilateral, power-rules” approach. While the U.S. remains the most powerful nation, Dalio said it is now operating under a more self-interested, “America First” framework. 4, 5. Nature and technology Dalio added that “acts of nature” — such as floods and pandemics — are becoming more disruptive, while rapid advances in technology — such as artificial intelligence — are impacting “all aspects of life, including the money/debt/economic order, the political order, the international order, and the costs of acts of nature.”

By Jing Pan | 04.25.25

Rich Dad, Poor Dad author Robert Kiyosaki has been predicting dark clouds for the stock market for over a year, saying that when the storm hits, one generation will feel the brunt of it. “BOOMERS are SOL: When the stock market bursts … BOOMERS will be BIGGEST LOSERS,” Kiyosaki posted on X in December. In the wake of recent stock market turmoil, Kiyosaki didn’t hesitate to say I told you so. “That stock market crash arrived today. We are definitely in a RECESSION and more than likely…a DEPRESSION,” he wrote in an X post April, 4. However, the controversial speaker and author went on to write that there’s a chance for investors to turn this crisis into an opportunity – if they play their cards right. “Take care and make this recession the best thing that has ever happened to you,” he wrote. “You and only you have that power.” Here are some of the investments Kiyosaki recommends.

By Jing Pan | 04.25.25

In the heart of Los Angeles, the once well-lit streets of Los Feliz are now cloaked in an unsettling darkness. A surge in copper-wire theft has plunged entire neighborhoods into pitch-black darkness. “It scares me,” resident Barbara Wright told KTLA 5. “I’m afraid to go out. All of the lights are out and it’s pitch dark at night.” Her neighbor was robbed. Resident Sarah Yun added that there have been a number of car break-ins. “We’re more fearful of what might happen at night,” Yun said.

By Monique Danao | 04.25.25

Mortgage rates are climbing in response to a sell-off off in U.S. Treasury bonds, according to CNBC. Throw in an accelerated mortgage sell-off in China and things could get much worse. Mortgage rates tend to track the 10-year Treasury yield, so it doesn’t bode well for mortgages if investors decide to sell U.S. Treasury bonds. Adding to the risk is the possibility that U.S. mortgage-backed securities (MBS), 15% of which are held by foreign countries, could also be increasingly on the selling block “If China wanted to hit us hard, they could unload Treasuries. Is that a threat? Sure it is,” Guy Cecala, executive chair of Inside Mortgage Finance, told CNBC. At the time of writing, President Donald Trump had imposed tariffs of 145% on Chinese goods, while China retaliated with tariffs of 125% on imported American goods. If countries like China decide to dump U.S. Treasuries and MBS in retaliation for tariffs and trade policies, how could that impact you?

By Vawn Himmelsbach | 04.25.25

Rich Couture, a spokesperson for the AFGE SSA General Committee, a union representing roughly 42,000 Social Security workers, is sounding the alarm about the far-reaching impact of Elon Musk’s Department of Government Efficiency (DOGE) on the nation’s social safety net. In fact, he believes the cuts that have been announced so far could put the agency into a “death spiral.” Here’s why he is so concerned about the agency’s future.

By Vishesh Raisinghani | 04.25.25

It was a scheme too good to be true — and now, the bank wants its money back. A number of fresh lawsuits have been filed against J.P. Morgan Chase customers nationwide accused of exploiting what became known on social media as the “infinite money glitch,” according to CNBC. The scam briefly let users withdraw phantom funds out of their bank accounts. "We're still investigating cases of fraud and cooperating with law enforcement — and we'll do that for as long as it takes to hold fraudsters accountable," Drew Pusateri, a spokesperson for the bank, told the broadcaster in story published April 16. CNBC says a source familiar with the company's actions revealed the bank is now targeting customers who allegedly stole amounts below $75,000, and letters were sent to over 1,000 customers demanding they repay funds.

By Chris Clark | 04.25.25

At 73, Jose Fimbres refuses to slow down. The father and former semi-truck driver starts his day at 4 a.m., delivering for DoorDash in National City, California to stay active and support himself, proving that determination has no age limit. "I gotta do something to keep moving," Fimbres told CBS8. "If I didn't do it, I would be sitting in a wheelchair…I like that I'm still supporting myself. If I want to eat something, I'm gonna get it. I'm not gonna ask my daughters or my sons." But a recent early-morning delivery to the De La Torre family changed everything. After his wife placed the order, Luis De La Torre, who owns Louie’s Garage body shop, watched a video from his Ring camera of Fimbres carefully navigating their porch steps. The footage deeply inspired him.

By Danielle Antosz | 04.25.25

President Donald Trump made clear throughout his election campaign that tariffs were going to be a key part of his economic plan. Historically, the U.S. has kept tariffs low on imported goods compared to other countries. But Trump views them as a key source of tax revenue and incentive to increase U.S. manufacturing and protect American jobs. Tariffs, however, are taxes charged on imported goods paid for by the companies that bring them into the country, and typically equal a percentage of the items' value. This added cost is often passed on to the consumer, experts say. As for bolstering domestic production, it can take years to build up the necessary infrastructure to do so. Since the president has become a big proponent of these import taxes, it's unsurprising he's announced sweeping tariffs early in his term. As of April 10, there's a baseline 10% tariff on imported goods from most countries, along with a 25% tariff on steel and aluminum products, a 25% tariff on certain foreign-made vehicles and auto parts, and a minimum 145% tariff on Chinese goods. There also may be more to come, as Trump placed a 90-day freeze on previously announced reciprocal tariffs. These levies have also prompted some countries to impose retaliatory tariffs on American goods. All of this has impacted the stock market. Trump implementing tariffs — and subsequently delaying them in some cases — has led to increased volatility. But overall, markets are down. As of April 24, the S&P 500 stood around 10% below its record high set in February. This has led investors to raise questions about whether they should change their investment strategies.

By Christy Bieber | 04.25.25

Coachella came and went in a blur of sequins, desert dust and $17 iced lattes. The music was unforgettable — Lady Gaga, Post Malone, Green Day — but once the lights faded and the desert chic outfits were packed away, many fans were left with something a little less glamorous: payment plans. This year, more than 60% of attendees financed their Coachella experience using payment plans, according to USA Today. Through the festival’s own payment option, fans could lock in their general admission ticket for just $49.99 down — the rest of the $599 ticket charge would then be paid off in monthly installments through March 2025. Olivia Lima, a 29-year-old from New Jersey, has made peace with the price of live music and the payment plan that often comes with it. “Festivals and concerts are places where all these people from all these walks of life who might not normally interact, meet up," she told USA Today. “There’s a touch of that magic.” With the spring season heating up and festivals like Stagecoach right around the corner, Buy Now, Pay Later (BNPL) plans are quickly becoming the new norm for live-music fans. But when even your wristband comes with fine print, it might be worth asking: are we responsibly budgeting for joy — or just paying for spontaneity in slow motion?

By Victoria Vesovski | 04.25.25

Many hard-working Americans dream of a retirement with no stress, no daily commute and no demanding boss. Life will surely be better with the freedom to do what you want, when you want… right? Even if you have a decent nest egg of $1 million, there are potential downsides to retirement that you’ll want to consider before heading into your golden years. Here are three of them:

By Vawn Himmelsbach | 04.25.25

On a quiet street in a Houston galaxy far, far away, exists a four-bedroom, five-bathroom house boasting 7,000 square feet of living space. But this is no mere hovel in the swamps of Dagobah or the tree tops of the forest moon of Endor. No, it's an homage to one of the most notorious movie villains of all time — the incomparable Darth Vader from the Star Wars franchise. Dubbed the "Darth Vader house," the iconic property is getting a new owner after being listed at $3.35 million, according to the Houston Association of Realtors. "Saw the house, loved it, thought it was cool," original owner Jason Junkin told KHOU 11 News. But now, the Force is being transferred, so to speak, to another lucky fan. And buying a unique home can have its own Jedi Code repercussions.

By Maurie Backman | 04.25.25