Seniors are feeling insecure about Social Security
Retirees are anxious about the future of Social Security as they navigate DOGE cuts, extreme market volatility and high levels of policy and economic uncertainty. “I think anybody, future or current people on Social Security, are definitely targeted,” 74-year-old retiree Kathie Sherrill told the Detroit Free Press in an article published March 26. “It’s a worry that I’m sure everybody is having right now.” When it comes to retirees, she may be right. According to the publication, since early February, AARP, an organization that educates and advocates for U.S. adults over 50, has received more than 2,000 calls per week — nearly double the normal volume — relating to concerns about Social Security. “Social Security has never missed a payment and AARP and our tens of millions of members are not going to stand by and let that happen now,” John Hishta, AARP’s senior vice president of campaigns, said in a statement on social media.
Retirees are anxious about the future of Social Security as they navigate DOGE cuts, extreme market volatility and high levels of policy and economic uncertainty. “I think anybody, future or current people on Social Security, are definitely targeted,” 74-year-old retiree Kathie Sherrill told the Detroit Free Press in an article published March 26. “It’s a worry that I’m sure everybody is having right now.” When it comes to retirees, she may be right. According to the publication, since early February, AARP, an organization that educates and advocates for U.S. adults over 50, has received more than 2,000 calls per week — nearly double the normal volume — relating to concerns about Social Security. “Social Security has never missed a payment and AARP and our tens of millions of members are not going to stand by and let that happen now,” John Hishta, AARP’s senior vice president of campaigns, said in a statement on social media.
Short-term rental shakeup hits big Texas city
Short-term rental operators in Austin, Texas are bracing for a financial curveball after the city implemented an 11% “hotel occupancy tax” (HOT) on short-term rentals like those listed on Airbnb and Vrbo. City officials believe the lodging tax, which kicked in April 1, will help regulate the industry and generate revenue for local services. “The issue is that we have these corporate-owned STRs that come into our city that buy up entire blocks,” Austin City council member Vanessa Fuentes said. "They're buying up affordable housing stock and impacting our affordability levels." The city collects about $7 million annually from short-term rental operators — a figure expected to climb significantly with the tax hike. But the tax has drawn concern among local homeowners who have used short-term rentals to subsidize their housing costs.
Short-term rental operators in Austin, Texas are bracing for a financial curveball after the city implemented an 11% “hotel occupancy tax” (HOT) on short-term rentals like those listed on Airbnb and Vrbo. City officials believe the lodging tax, which kicked in April 1, will help regulate the industry and generate revenue for local services. “The issue is that we have these corporate-owned STRs that come into our city that buy up entire blocks,” Austin City council member Vanessa Fuentes said. "They're buying up affordable housing stock and impacting our affordability levels." The city collects about $7 million annually from short-term rental operators — a figure expected to climb significantly with the tax hike. But the tax has drawn concern among local homeowners who have used short-term rentals to subsidize their housing costs.
I need to work two jobs to afford a home
Housing affordability is a hot topic across the country. As home prices rise, mortgage rates remain elevated and major cities deal with shortages of available homes, many first-time home buyers are struggling to get on the property ladder. In fact, a Pew Research Center study from 2024 found that 69% of Americans express “a high degree of concern” about the cost of housing, an 8% rise from 2023. So what can you do if you are stuck on your dream of homeownership, but have come to realize that you can only afford to save for a downpayment if you work two jobs? Our guide breaks down how to schedule your work life so that your dream doesn’t break you.
Housing affordability is a hot topic across the country. As home prices rise, mortgage rates remain elevated and major cities deal with shortages of available homes, many first-time home buyers are struggling to get on the property ladder. In fact, a Pew Research Center study from 2024 found that 69% of Americans express “a high degree of concern” about the cost of housing, an 8% rise from 2023. So what can you do if you are stuck on your dream of homeownership, but have come to realize that you can only afford to save for a downpayment if you work two jobs? Our guide breaks down how to schedule your work life so that your dream doesn’t break you.
Health coverage options for early retirement
In a MassMutual survey, 63 was identified as an ideal retirement age. So if you’re 60 years old now, you may be targeting 63 as your optimal retirement age, too. There are a few reasons why retiring at 63 (or somewhere in that vicinity) may be more than feasible. First, once you turn 59 ½, you’re eligible to tap your individual retirement account (IRA) or 401(k) plan without risking a costly early withdrawal penalty. In addition, Social Security eligibility begins at 62, so you’ll have the option to claim your monthly benefits (albeit at a reduced rate, since your full retirement age won’t arrive until 67). But if you’re looking at retiring a few years before turning 65, you’ll need to solve the problem of health insurance. Most people can’t get Medicare until they turn 65. And if you don’t have a spouse’s workplace plan to join, you may be looking at pretty expensive coverage if you stick with your current employer’s plan.
In a MassMutual survey, 63 was identified as an ideal retirement age. So if you’re 60 years old now, you may be targeting 63 as your optimal retirement age, too. There are a few reasons why retiring at 63 (or somewhere in that vicinity) may be more than feasible. First, once you turn 59 ½, you’re eligible to tap your individual retirement account (IRA) or 401(k) plan without risking a costly early withdrawal penalty. In addition, Social Security eligibility begins at 62, so you’ll have the option to claim your monthly benefits (albeit at a reduced rate, since your full retirement age won’t arrive until 67). But if you’re looking at retiring a few years before turning 65, you’ll need to solve the problem of health insurance. Most people can’t get Medicare until they turn 65. And if you don’t have a spouse’s workplace plan to join, you may be looking at pretty expensive coverage if you stick with your current employer’s plan.
Trump roars back at tariff critics
Donald Trump’s sweeping tariffs have sparked a chorus of criticism from across the political and economic spectrum — with lawmakers, CEOs and economists warning of rising costs and escalating trade tensions. But the president isn’t backing down. Even after announcing a pause on some tariffs, Trump is doubling down on his hardline stance. “The businessmen who criticize tariffs are bad at business, but really bad at politics,” he declared in a fiery Truth Social post on April 20. “They don’t understand or realize that I am the greatest friend that American capitalism has ever had!” For Trump, the tariff fight isn’t just about economics — it’s about leverage.
Donald Trump’s sweeping tariffs have sparked a chorus of criticism from across the political and economic spectrum — with lawmakers, CEOs and economists warning of rising costs and escalating trade tensions. But the president isn’t backing down. Even after announcing a pause on some tariffs, Trump is doubling down on his hardline stance. “The businessmen who criticize tariffs are bad at business, but really bad at politics,” he declared in a fiery Truth Social post on April 20. “They don’t understand or realize that I am the greatest friend that American capitalism has ever had!” For Trump, the tariff fight isn’t just about economics — it’s about leverage.
This 1 money-saving tactic may be costing you big
Collecting loyalty points such as frequent flyer miles and credit card rewards can help you net a variety of perks, from free products to exclusive discounts to premium member tiers. But in many cases, the value of loyalty points is diminishing, making it harder to reach those goals. And that’s led to “spaving,” which could be costing you thousands if you’re not careful. Points aren’t as generous as they used to be, according to a Bloomberg report, citing examples such as hotels.com, which cut the value of its loyalty program from 10% of money spent to 2%. In other words, you now have to spend more money to unlock status or save more points to book a flight. And it can be addictive. “Once you get status and see what that unlocks, like extra baggage allowance, that can be a really nice feeling and it creates emotional attachment to airlines,” Nick Ewen, senior editorial director at the website The Points Guy, told Bloomberg. This has led to “spaving,” a concept where you spend more to save more. But in some cases, those savings are an illusion — yet companies still gain the benefits of customer loyalty while gleaning valuable data about your behaviors and habits.
Collecting loyalty points such as frequent flyer miles and credit card rewards can help you net a variety of perks, from free products to exclusive discounts to premium member tiers. But in many cases, the value of loyalty points is diminishing, making it harder to reach those goals. And that’s led to “spaving,” which could be costing you thousands if you’re not careful. Points aren’t as generous as they used to be, according to a Bloomberg report, citing examples such as hotels.com, which cut the value of its loyalty program from 10% of money spent to 2%. In other words, you now have to spend more money to unlock status or save more points to book a flight. And it can be addictive. “Once you get status and see what that unlocks, like extra baggage allowance, that can be a really nice feeling and it creates emotional attachment to airlines,” Nick Ewen, senior editorial director at the website The Points Guy, told Bloomberg. This has led to “spaving,” a concept where you spend more to save more. But in some cases, those savings are an illusion — yet companies still gain the benefits of customer loyalty while gleaning valuable data about your behaviors and habits.
Kiyosaki challenges wisdom of Ramsey, Orman
Robert Kiyosaki has a controversial take on debt: you shouldn’t avoid it. Instead, just embrace it. Garrett Gunderson interviewed Kiyosaki in 2019, and that’s how he said the rich get richer. His stance is pretty unique from the other big name financial gurus. Suze Orman emphasizes strict budgeting and frugality, and Dave Ramsey champions a debt-free lifestyle. But Kiyosaki’s perspective is markedly different. By investing in investments that generate cash flow, while minimizing taxes and tapping into debt, Robert Kiyosaki’s strategy is focused on growing assets rather than cutting costs. Here are 3 of his top tips.
Robert Kiyosaki has a controversial take on debt: you shouldn’t avoid it. Instead, just embrace it. Garrett Gunderson interviewed Kiyosaki in 2019, and that’s how he said the rich get richer. His stance is pretty unique from the other big name financial gurus. Suze Orman emphasizes strict budgeting and frugality, and Dave Ramsey champions a debt-free lifestyle. But Kiyosaki’s perspective is markedly different. By investing in investments that generate cash flow, while minimizing taxes and tapping into debt, Robert Kiyosaki’s strategy is focused on growing assets rather than cutting costs. Here are 3 of his top tips.
The No. 1 risk destroying your retirement
After spending decades saving for your retirement — and maybe making some sacrifices along the way — you’ve finally retired. Now you can start living off your nest egg, which is big enough that, if managed prudently, you can maintain your standard of living while spending more on travel, hobbies and dining out. But, if you’re like many American retirees, this won’t be the case. Why? Because you won’t spend enough to get the most out of your retirement — even though you can.
After spending decades saving for your retirement — and maybe making some sacrifices along the way — you’ve finally retired. Now you can start living off your nest egg, which is big enough that, if managed prudently, you can maintain your standard of living while spending more on travel, hobbies and dining out. But, if you’re like many American retirees, this won’t be the case. Why? Because you won’t spend enough to get the most out of your retirement — even though you can.
This state gets a tax extension after FEMA relief
Imagine breathing a little easier this tax season, not because you’ve filed on time, but because the IRS has handed you an unexpected extension. Recently, the IRS rolled out a major tax filing and payment extension, but only for one specific state. The move came after the state was declared a disaster zone by the Federal Emergency Management Agency (FEMA), in the wake of intense and damaging severe weather. But here’s the twist: the extension isn’t just for folks hit hard by natural disasters. It’s a statewide reprieve.
Imagine breathing a little easier this tax season, not because you’ve filed on time, but because the IRS has handed you an unexpected extension. Recently, the IRS rolled out a major tax filing and payment extension, but only for one specific state. The move came after the state was declared a disaster zone by the Federal Emergency Management Agency (FEMA), in the wake of intense and damaging severe weather. But here’s the twist: the extension isn’t just for folks hit hard by natural disasters. It’s a statewide reprieve.
Georgia tenants evicted from unsafe apartments
Imagine being told you have just five days to leave your home — with nowhere to go and no plan for what comes next. That was the nightmarish reality for residents of The Vault apartment complex in Statesboro, Georgia. City inspectors deemed the buildings “dangerous to life, health, property and safety,” and gave the property 10 days to submit a repair plan, according to WJCL News. Instead, eviction notices were posted on April 7 saying units must be vacated by April 11. "Basically saying that we need to move out by Friday. By the end of the business day," Tamia Allen told the local broadcaster. Here's what residents have to say about the state of the complex, and what tenants should know about their rights.
Imagine being told you have just five days to leave your home — with nowhere to go and no plan for what comes next. That was the nightmarish reality for residents of The Vault apartment complex in Statesboro, Georgia. City inspectors deemed the buildings “dangerous to life, health, property and safety,” and gave the property 10 days to submit a repair plan, according to WJCL News. Instead, eviction notices were posted on April 7 saying units must be vacated by April 11. "Basically saying that we need to move out by Friday. By the end of the business day," Tamia Allen told the local broadcaster. Here's what residents have to say about the state of the complex, and what tenants should know about their rights.
CA Insurance Commissioner Travels While Homes Burn
San Francisco ABC affiliate 7 On Your Side and The San Francisco Standard report that California Insurance Commissioner Ricardo Lara has been having a good time on the taxpayers’ dime — during an unprecedented insurance crisis. The news outlets reveal that Commissioner Lara used campaign funding to pay for $30,000 in fancy meals and taxpayer dollars to travel to Paris, Bogota and beyond. The state has launched a probe in the wake of the news investigations. Lara’s spokesperson has responded to a request for comment by saying the Insurance Commissioner is “laser focused on his job serving Californians as we face unprecedented times and bringing solutions to the insurance crisis.” Here’s a look at what the commissioner has been doing and what critics are saying about it.
San Francisco ABC affiliate 7 On Your Side and The San Francisco Standard report that California Insurance Commissioner Ricardo Lara has been having a good time on the taxpayers’ dime — during an unprecedented insurance crisis. The news outlets reveal that Commissioner Lara used campaign funding to pay for $30,000 in fancy meals and taxpayer dollars to travel to Paris, Bogota and beyond. The state has launched a probe in the wake of the news investigations. Lara’s spokesperson has responded to a request for comment by saying the Insurance Commissioner is “laser focused on his job serving Californians as we face unprecedented times and bringing solutions to the insurance crisis.” Here’s a look at what the commissioner has been doing and what critics are saying about it.
Mortgage rate trends this week
Thirty-year fixed mortgage rates declined this week, down from 6.83% last week, to an average of 6.81%. “The average mortgage rate decreased slightly this week,” said Sam Khater, Freddie Mac’s chief economist. “Over the last couple of months, the 30-year fixed-rate mortgage has fluctuated less than 20 basis points, and this stability continues to bode well for buyers and sellers alike.”
Thirty-year fixed mortgage rates declined this week, down from 6.83% last week, to an average of 6.81%. “The average mortgage rate decreased slightly this week,” said Sam Khater, Freddie Mac’s chief economist. “Over the last couple of months, the 30-year fixed-rate mortgage has fluctuated less than 20 basis points, and this stability continues to bode well for buyers and sellers alike.”
Why Buffett's 'tariff' fix is better than Trump's
President Donald Trump’s sweeping tariffs have sent shockwaves across the globe, as he attempts to rein in the massive trade deficits the U.S. has with other nations. While many economists have criticized Trump’s blunt approach — and markets have reacted poorly — the issue he’s targeting is far from trivial. While the president has since gone back and forth on levying the tariffs, legendary investor Warren Buffett has been sounding the alarm on America’s growing trade deficit for decades. Back in 2003, Buffett wrote a Fortune article with the striking title: “America's Growing Trade Deficit Is Selling The Nation Out From Under Us. Here's A Way To Fix The Problem — And We Need To Do It Now.” In it, he issued a stark warning about the long-term risks of persistent trade imbalances. A trade deficit occurs when a country imports more than it exports. While that might sound harmless, Buffett warned that over time it leads to something far more serious: a steady transfer of national wealth to foreign hands. To drive the point home, he introduced a parable involving two fictional islands: Thriftville, whose industrious citizens produce more than they consume and export the surplus, and Squanderville, whose inhabitants consume more than they produce, financing their excess consumption by issuing IOUs to Thriftville. Over time, Thriftville accumulates substantial claims on Squanderville's future output, leading to a scenario where Squanderville's citizens must work harder just to repay the debt, effectively becoming economically subservient to Thriftville. Buffett took the analogy further, warning that Thriftville’s citizens might lose faith in Squanderville’s IOUs. “Just how good, they ask, are the IOUs of a shiftless island?” Buffett wrote. “So the Thrifts change strategy: Though they continue to hold some bonds, they sell most of them to Squanderville residents for Squanderbucks and use the proceeds to buy Squanderville land. And eventually the Thrifts own all of Squanderville.” Buffett’s central concern was that the U.S. was behaving just like Squanderville — consuming far more than it produced, and becoming increasingly indebted to the rest of the world. He warned that, at the trade deficit level at the time, foreign ownership of U.S. assets would “grow at about $500 billion per year.” As that ownership increases, he cautioned, so too will the net investment income flowing out of the country. “That will leave us paying ever-increasing dividends and interest to the world rather than being a net receiver of them, as in the past,” he wrote. “We have entered the world of negative compounding — goodbye pleasure, hello pain.” That was more than two decades ago. But Buffett’s warning still resonates today. By the end of 2024, the U.S. net international investment position had plunged to -$26.2 trillion — meaning foreign investors now own over $26 trillion more in U.S. assets than Americans own abroad.
President Donald Trump’s sweeping tariffs have sent shockwaves across the globe, as he attempts to rein in the massive trade deficits the U.S. has with other nations. While many economists have criticized Trump’s blunt approach — and markets have reacted poorly — the issue he’s targeting is far from trivial. While the president has since gone back and forth on levying the tariffs, legendary investor Warren Buffett has been sounding the alarm on America’s growing trade deficit for decades. Back in 2003, Buffett wrote a Fortune article with the striking title: “America's Growing Trade Deficit Is Selling The Nation Out From Under Us. Here's A Way To Fix The Problem — And We Need To Do It Now.” In it, he issued a stark warning about the long-term risks of persistent trade imbalances. A trade deficit occurs when a country imports more than it exports. While that might sound harmless, Buffett warned that over time it leads to something far more serious: a steady transfer of national wealth to foreign hands. To drive the point home, he introduced a parable involving two fictional islands: Thriftville, whose industrious citizens produce more than they consume and export the surplus, and Squanderville, whose inhabitants consume more than they produce, financing their excess consumption by issuing IOUs to Thriftville. Over time, Thriftville accumulates substantial claims on Squanderville's future output, leading to a scenario where Squanderville's citizens must work harder just to repay the debt, effectively becoming economically subservient to Thriftville. Buffett took the analogy further, warning that Thriftville’s citizens might lose faith in Squanderville’s IOUs. “Just how good, they ask, are the IOUs of a shiftless island?” Buffett wrote. “So the Thrifts change strategy: Though they continue to hold some bonds, they sell most of them to Squanderville residents for Squanderbucks and use the proceeds to buy Squanderville land. And eventually the Thrifts own all of Squanderville.” Buffett’s central concern was that the U.S. was behaving just like Squanderville — consuming far more than it produced, and becoming increasingly indebted to the rest of the world. He warned that, at the trade deficit level at the time, foreign ownership of U.S. assets would “grow at about $500 billion per year.” As that ownership increases, he cautioned, so too will the net investment income flowing out of the country. “That will leave us paying ever-increasing dividends and interest to the world rather than being a net receiver of them, as in the past,” he wrote. “We have entered the world of negative compounding — goodbye pleasure, hello pain.” That was more than two decades ago. But Buffett’s warning still resonates today. By the end of 2024, the U.S. net international investment position had plunged to -$26.2 trillion — meaning foreign investors now own over $26 trillion more in U.S. assets than Americans own abroad.
Should I keep my 3% mortgage rate, or upsize?
Owning a home is as much a lifestyle decision as it is a financial one. You likely want to grow roots in a community you love in a home that you can afford. What’s even better is if you lock it in at an extremely low mortgage rate. A few years ago, when rates were much lower, it seemed like the obvious choice to hold onto your home. But what if your life has drastically changed? You may, for example, have a bigger family to account for. The decision of whether to hold onto a low mortgage rate with your current home or upgrade to a larger space isn’t as simple as it seems. Some factors you’ll want to consider are the costs of moving, your housing budget and what lifestyle changes you’re willing to make. But with current mortgage rates now much higher, selling would mean giving up an incredible rate and taking on a much bigger payment.
Owning a home is as much a lifestyle decision as it is a financial one. You likely want to grow roots in a community you love in a home that you can afford. What’s even better is if you lock it in at an extremely low mortgage rate. A few years ago, when rates were much lower, it seemed like the obvious choice to hold onto your home. But what if your life has drastically changed? You may, for example, have a bigger family to account for. The decision of whether to hold onto a low mortgage rate with your current home or upgrade to a larger space isn’t as simple as it seems. Some factors you’ll want to consider are the costs of moving, your housing budget and what lifestyle changes you’re willing to make. But with current mortgage rates now much higher, selling would mean giving up an incredible rate and taking on a much bigger payment.
Larry Summers predicts post-Trump inflation spike
Headline inflation has eased in the U.S., but according to economist and former Treasury Secretary Larry Summers, soaring prices may not be over — especially in light of Donald Trump’s recent presidential election victory. Speaking at a New York Economic Club, Summers cautioned that Trump’s proposed policies could drive inflation even higher than the levels triggered by his predecessor’s actions. “There is a very substantial risk that the president will attempt to implement what he talked about. If he does, the consequences are likely to be substantially greater inflation than what was set off by the excessive Biden stimulus,” Summers suggested, according to a recent CNN report. Inflation impacts everyone by eroding the purchasing power of money. If you share Summers’s concerns, here are three strategies to guard against its impact.
Headline inflation has eased in the U.S., but according to economist and former Treasury Secretary Larry Summers, soaring prices may not be over — especially in light of Donald Trump’s recent presidential election victory. Speaking at a New York Economic Club, Summers cautioned that Trump’s proposed policies could drive inflation even higher than the levels triggered by his predecessor’s actions. “There is a very substantial risk that the president will attempt to implement what he talked about. If he does, the consequences are likely to be substantially greater inflation than what was set off by the excessive Biden stimulus,” Summers suggested, according to a recent CNN report. Inflation impacts everyone by eroding the purchasing power of money. If you share Summers’s concerns, here are three strategies to guard against its impact.
Here's the net worth you need to join America's 1%
If you’re a keen investor, having a benchmark for the wealth an individual household needs to accumulate to make it into the top income brackets is important for any aspiring money mogul. You need to make at least $787,712 to be considered a top 1% earner in the U.S., according to data from Smart Asset, which is based on 2021 IRS data for individual tax filers adjusted to June 2024. The average wealth of the top 0.9% is around $21.83 million – while the top 0.1% have an approximate net worth of $158.65 million, according to Federal Reserve Economic data. For those looking to have a more reasonable goal, the net worth of the top 9% of households in the U.S. is roughly $4.76 million. And while most of that net worth is a derivative of the assets a given household owns (we’ll get to that in a minute), it’s also true that the ultra-wealthy have certain profiles that are worth emulating — at least for those aspiring to be a part of this group Here are actionable strategies that can help you build your portfolio like the top 1%.
If you’re a keen investor, having a benchmark for the wealth an individual household needs to accumulate to make it into the top income brackets is important for any aspiring money mogul. You need to make at least $787,712 to be considered a top 1% earner in the U.S., according to data from Smart Asset, which is based on 2021 IRS data for individual tax filers adjusted to June 2024. The average wealth of the top 0.9% is around $21.83 million – while the top 0.1% have an approximate net worth of $158.65 million, according to Federal Reserve Economic data. For those looking to have a more reasonable goal, the net worth of the top 9% of households in the U.S. is roughly $4.76 million. And while most of that net worth is a derivative of the assets a given household owns (we’ll get to that in a minute), it’s also true that the ultra-wealthy have certain profiles that are worth emulating — at least for those aspiring to be a part of this group Here are actionable strategies that can help you build your portfolio like the top 1%.
Worried about a recession? 10 money moves to make
The chance of a recession hitting the U.S. economy in 2025 has gone up. Following President Donald Trump’s 'Liberation Day' tariff announcements, JP Morgan raised the chances of a global recession happening this year to 60%, up from 40% at the end of March. So if you’re thinking of tightening your wallet — and looking for ways to stretch every dollar — here are 10 money moves you can make to make sure you’re in great financial shape during this uncertain time.
The chance of a recession hitting the U.S. economy in 2025 has gone up. Following President Donald Trump’s 'Liberation Day' tariff announcements, JP Morgan raised the chances of a global recession happening this year to 60%, up from 40% at the end of March. So if you’re thinking of tightening your wallet — and looking for ways to stretch every dollar — here are 10 money moves you can make to make sure you’re in great financial shape during this uncertain time.
Number of people crushed by debt hits 12-year high
While investors worry about the markets, the Federal Reserve Bank of Philadelphia is raising the alarm about another economic indicator: credit-card payments. According to the central bank, more than one in 10 Americans (11.1%) paid the bare minimum monthly on their credit-card debt in the fourth quarter of 2024. That’s a sign of consumer distress, and it’s at a 12-year high. Another distress signal? Credit-card accounts that are three months or more past due, which also hit a record high in the fourth quarter of 2024. Read on to learn why so many Americans owe so much, what to do if you're one of them and how to get out and stay out of debt.
While investors worry about the markets, the Federal Reserve Bank of Philadelphia is raising the alarm about another economic indicator: credit-card payments. According to the central bank, more than one in 10 Americans (11.1%) paid the bare minimum monthly on their credit-card debt in the fourth quarter of 2024. That’s a sign of consumer distress, and it’s at a 12-year high. Another distress signal? Credit-card accounts that are three months or more past due, which also hit a record high in the fourth quarter of 2024. Read on to learn why so many Americans owe so much, what to do if you're one of them and how to get out and stay out of debt.
Gates: AI could fill shortages in these 2 jobs
Bill Gates isn’t sugarcoating it: Artificial intelligence is coming for jobs. And not just blue-collar ones. In a recent episode of the People by WTF podcast, the Microsoft co-founder laid out a vision of the future in which AI tools take over some of the most essential professions in America, including teaching and medicine. But instead of sounding the alarm, Gates insisted it’s a good thing — even as millions of workers brace for change. "We've always had a shortage of doctors, teachers, of people to work in the factories. Those shortages won't exist," Gates told host Nikhil Kamath. “AI will come in and provide medical IQ, and there won't be a shortage." Gates also spoke to The Tonight Show host Jimmy Fallon about the transition. “Will we still need humans?” Fallon asked. “Not for most things,” Gates replied. So what are the implications for working Americans?
Bill Gates isn’t sugarcoating it: Artificial intelligence is coming for jobs. And not just blue-collar ones. In a recent episode of the People by WTF podcast, the Microsoft co-founder laid out a vision of the future in which AI tools take over some of the most essential professions in America, including teaching and medicine. But instead of sounding the alarm, Gates insisted it’s a good thing — even as millions of workers brace for change. "We've always had a shortage of doctors, teachers, of people to work in the factories. Those shortages won't exist," Gates told host Nikhil Kamath. “AI will come in and provide medical IQ, and there won't be a shortage." Gates also spoke to The Tonight Show host Jimmy Fallon about the transition. “Will we still need humans?” Fallon asked. “Not for most things,” Gates replied. So what are the implications for working Americans?
Warren Buffett on US real estate
Back in 2012, Warren Buffett told CNBC that if there was a way to buy thousands of single-family homes at once, and to manage them easily, he would “load up.” He also emphasized he’d take out mortgages at “very, very low rates.” For Buffett, those low mortgage rates were what made housing such a great opportunity. He’s a value investor after all, which means he seeks investments with low prices relative to what they’re actually worth. The question is, with prices and interest rates now so much higher than they were, would Buffett’s sentiment still hold for real estate as an investment now?
Back in 2012, Warren Buffett told CNBC that if there was a way to buy thousands of single-family homes at once, and to manage them easily, he would “load up.” He also emphasized he’d take out mortgages at “very, very low rates.” For Buffett, those low mortgage rates were what made housing such a great opportunity. He’s a value investor after all, which means he seeks investments with low prices relative to what they’re actually worth. The question is, with prices and interest rates now so much higher than they were, would Buffett’s sentiment still hold for real estate as an investment now?
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