Alleged solar scam targets seniors
Patricia Khan, a 77-year-old from Queens, New York, takes great pride in the home she’s owned for four decades. When her aging roof needed repairs, she searched for an affordable provider. During that search, a representative from a company called Attyx and SUNco presented what seemed like a great deal: roof repairs and solar panels for just $167 a month. However, Khan says the reality was far from what she expected. The contract emailed to her listed payments of $400 per month, totaling over $100,000 — an amount she simply can’t afford on her fixed income. Worse, Khan claims her signature appears on pages she doesn’t recognize. Despite repeated attempts to cancel by calling, texting and emailing the company, her efforts were dismissed. Now, she fears losing what she holds most dear — her home. “The next thing they’re going to do, they’re going to put a lien on my house,” Khan told CBS News New York. “This is all I have.”
Patricia Khan, a 77-year-old from Queens, New York, takes great pride in the home she’s owned for four decades. When her aging roof needed repairs, she searched for an affordable provider. During that search, a representative from a company called Attyx and SUNco presented what seemed like a great deal: roof repairs and solar panels for just $167 a month. However, Khan says the reality was far from what she expected. The contract emailed to her listed payments of $400 per month, totaling over $100,000 — an amount she simply can’t afford on her fixed income. Worse, Khan claims her signature appears on pages she doesn’t recognize. Despite repeated attempts to cancel by calling, texting and emailing the company, her efforts were dismissed. Now, she fears losing what she holds most dear — her home. “The next thing they’re going to do, they’re going to put a lien on my house,” Khan told CBS News New York. “This is all I have.”
3 ways to give back without breaking the bank
Chef Tommy Banks, a Michelin-starred chef based in northeast England, urged the thieves who stole his work van — along with approximately 2,500 pies worth $32,000 — to embrace the holiday spirit and at least deliver the pies to help feed those in need. According to CBS News, Banks' refrigerated van was loaded with pies, bound for a Christmas market and left to charge overnight. When a colleague arrived in the morning to deliver the pies, the van was gone. "I know you're a criminal, but maybe just do something nice because it's Christmas and maybe we could feed a few thousand people with these pies that you stole," Banks said in an Instagram video. CBS News reported that the North Yorkshire Police said the stolen van was later found abandoned more than 30 miles away from where it was taken. Banks had hoped the thieves would deliver the pies to a community center, shelter or somewhere where they could feed people in need rather than going to waste. But he confirmed with the BBC they ended up being a write-off. With this sentiment in mind, here are a few ways to do your part over the holidays.
Chef Tommy Banks, a Michelin-starred chef based in northeast England, urged the thieves who stole his work van — along with approximately 2,500 pies worth $32,000 — to embrace the holiday spirit and at least deliver the pies to help feed those in need. According to CBS News, Banks' refrigerated van was loaded with pies, bound for a Christmas market and left to charge overnight. When a colleague arrived in the morning to deliver the pies, the van was gone. "I know you're a criminal, but maybe just do something nice because it's Christmas and maybe we could feed a few thousand people with these pies that you stole," Banks said in an Instagram video. CBS News reported that the North Yorkshire Police said the stolen van was later found abandoned more than 30 miles away from where it was taken. Banks had hoped the thieves would deliver the pies to a community center, shelter or somewhere where they could feed people in need rather than going to waste. But he confirmed with the BBC they ended up being a write-off. With this sentiment in mind, here are a few ways to do your part over the holidays.
Locals of historic Arizona town fight for its life
Lowell, Arizona, was once a prospering copper mining town located southeast of Bisbee. Today, it's famous for its historic charm and vintage cars that line the main thoroughfare. People from around the world visit Erie Street to take pictures next to the vintage vehicles and historic building facades, according to 12News. But that may soon change. Freeport-McMoRan, which owns the nearby mine and many of the buildings in Lowell, is refusing to renew the lease for Bisbee Breakfast Club, the only restaurant on Erie Street. "It's going to be really heartbreaking to me," Mitzi Satterfield, general manager of the Bisbee Breakfast Club, told the local broadcaster. "I have put everything into this restaurant, and it's my heart and soul." Locals have been rallying around the eatery in an attempt to protect the town.
Lowell, Arizona, was once a prospering copper mining town located southeast of Bisbee. Today, it's famous for its historic charm and vintage cars that line the main thoroughfare. People from around the world visit Erie Street to take pictures next to the vintage vehicles and historic building facades, according to 12News. But that may soon change. Freeport-McMoRan, which owns the nearby mine and many of the buildings in Lowell, is refusing to renew the lease for Bisbee Breakfast Club, the only restaurant on Erie Street. "It's going to be really heartbreaking to me," Mitzi Satterfield, general manager of the Bisbee Breakfast Club, told the local broadcaster. "I have put everything into this restaurant, and it's my heart and soul." Locals have been rallying around the eatery in an attempt to protect the town.
The Rock went from $40 a match to Hollywood star
Hollywood superstar Dwayne “The Rock” Johnson is one of the highest-paid actors in the world. He earned $270 million in 2022, according to Forbes, good enough for No. 4 on the publication’s entertainers list that year. The first leg of his career, however, was nowhere near as lucrative. “Those were the days where I was making $40 per match wrestling in flea markets and used-car dealerships in the parking lot,” the 52-year-old told GQ in an article published Nov. 11. These humble beginnings as a pro wrestler gave Johnson the keys he needed to build his profile, and therefore his fortune, as a world-class entertainer today. Here are three lessons you can apply to supercharge your wealth-building efforts.
Hollywood superstar Dwayne “The Rock” Johnson is one of the highest-paid actors in the world. He earned $270 million in 2022, according to Forbes, good enough for No. 4 on the publication’s entertainers list that year. The first leg of his career, however, was nowhere near as lucrative. “Those were the days where I was making $40 per match wrestling in flea markets and used-car dealerships in the parking lot,” the 52-year-old told GQ in an article published Nov. 11. These humble beginnings as a pro wrestler gave Johnson the keys he needed to build his profile, and therefore his fortune, as a world-class entertainer today. Here are three lessons you can apply to supercharge your wealth-building efforts.
Widow battles insurer over husband’s funds
The widow of a Pinellas Park, Florida, firefighter, who asked to go by Trudy, says she spent six months struggling to gain access to funds her husband of 56 years had left behind. Following his death in May, all accounts were settled except one with an insurance company. Trudy planned to use funds from the account to move into an independent living community. However, months after sending in the paperwork, she still hadn’t received any money. “It rips my heart because my husband wanted to make sure that I would have enough,” Trudy told ABC Action News in a story broadcast Nov. 25. Here’s what happened, including the conclusion of the dispute, and what could possibly have been done to prevent it.
The widow of a Pinellas Park, Florida, firefighter, who asked to go by Trudy, says she spent six months struggling to gain access to funds her husband of 56 years had left behind. Following his death in May, all accounts were settled except one with an insurance company. Trudy planned to use funds from the account to move into an independent living community. However, months after sending in the paperwork, she still hadn’t received any money. “It rips my heart because my husband wanted to make sure that I would have enough,” Trudy told ABC Action News in a story broadcast Nov. 25. Here’s what happened, including the conclusion of the dispute, and what could possibly have been done to prevent it.
Mortgage rate trends this week
Thirty-year fixed mortgage rates dipped this week, down from 6.81% last week, to an average of 6.69%. “This week, mortgage rates decreased to their lowest level in over a month,” says Sam Khater, chief economist at housing giant Freddie Mac. “Despite just a modest drop in rates, consumers clearly have responded as purchase demand has noticeably improved. The responsiveness of prospective homebuyers to even small changes in rates illustrates that affordability headwinds persist.”
Thirty-year fixed mortgage rates dipped this week, down from 6.81% last week, to an average of 6.69%. “This week, mortgage rates decreased to their lowest level in over a month,” says Sam Khater, chief economist at housing giant Freddie Mac. “Despite just a modest drop in rates, consumers clearly have responded as purchase demand has noticeably improved. The responsiveness of prospective homebuyers to even small changes in rates illustrates that affordability headwinds persist.”
Walmart might need to raise 'everyday low prices'
Prices at WalMart are probably about to go up, according to the company’s CEO. The reason: the mammoth chain imports nearly all its goods from China, which is one of the expected targets of President-elect Donald Trump’s import tariffs. “We never want to raise prices,” Walmart CFO John David Rainey told CNBC in an interview. “Our model is everyday low prices. But there probably will be cases where prices will go up for consumers.” Between 70% to 80% of Walmart’s suppliers are from China, according to data compiled by the Alliance for American Manufacturing. Trump made a number of tariff promises on the campaign trail, including a “universal tariff” for all imported goods of 10% to 20% and one of 60% or more for goods specifically from China. And on Nov. 25, the president-elect announced his intentions to impose a 10% tariff on China and 25% on Canada and Mexico, respectively as one of his first executive orders once he takes office on Jan. 20. Rainey told CNBC he couldn’t publicly disclose which products could increase in price. “We want to work with suppliers and with our own private brand assortment to try to bring down prices,” he said.
Prices at WalMart are probably about to go up, according to the company’s CEO. The reason: the mammoth chain imports nearly all its goods from China, which is one of the expected targets of President-elect Donald Trump’s import tariffs. “We never want to raise prices,” Walmart CFO John David Rainey told CNBC in an interview. “Our model is everyday low prices. But there probably will be cases where prices will go up for consumers.” Between 70% to 80% of Walmart’s suppliers are from China, according to data compiled by the Alliance for American Manufacturing. Trump made a number of tariff promises on the campaign trail, including a “universal tariff” for all imported goods of 10% to 20% and one of 60% or more for goods specifically from China. And on Nov. 25, the president-elect announced his intentions to impose a 10% tariff on China and 25% on Canada and Mexico, respectively as one of his first executive orders once he takes office on Jan. 20. Rainey told CNBC he couldn’t publicly disclose which products could increase in price. “We want to work with suppliers and with our own private brand assortment to try to bring down prices,” he said.
Mom-and-pop shop resisted eminent domain seizure
Eighty Eight Coffee Co. in Manchester, New Hampshire, has been eighty-sixed. The local restaurant and coffee shop, a popular spot for students and residents alike, confirmed on its website it has ended its struggle with the city, which had pursued ownership of the property via eminent domain. "We’ll be in operation until end of November," Eighty Eight Coffee Co. shared in a social media post Oct. 30, indiciating it had signed a purchase and sales agreement, though perhaps reluctantly. The shop had been battling the city for what it considered fair compensation. "My parents have owned the property since ’99," Corey Tong, one of the owners of the coffee shop, told CBS News Boston on Oct. 11. "In 2023, they reached out to us to say they wanted this property as part of the Cemetery Drain Brook Tunnel." According to the city, the Cemetery Brook Drain Tunnel Project includes construction of a new drainage system as part of a plan that aims to improve water quality in the Merrimack River, which provides drinking water to nearby communities. Tong works at the shop with his wife and brother, and says his mom "comes in sometimes on the weekends to help out."
Eighty Eight Coffee Co. in Manchester, New Hampshire, has been eighty-sixed. The local restaurant and coffee shop, a popular spot for students and residents alike, confirmed on its website it has ended its struggle with the city, which had pursued ownership of the property via eminent domain. "We’ll be in operation until end of November," Eighty Eight Coffee Co. shared in a social media post Oct. 30, indiciating it had signed a purchase and sales agreement, though perhaps reluctantly. The shop had been battling the city for what it considered fair compensation. "My parents have owned the property since ’99," Corey Tong, one of the owners of the coffee shop, told CBS News Boston on Oct. 11. "In 2023, they reached out to us to say they wanted this property as part of the Cemetery Drain Brook Tunnel." According to the city, the Cemetery Brook Drain Tunnel Project includes construction of a new drainage system as part of a plan that aims to improve water quality in the Merrimack River, which provides drinking water to nearby communities. Tong works at the shop with his wife and brother, and says his mom "comes in sometimes on the weekends to help out."
Why rich Americans are applying for passports
Leading up to the presidential election, there was a lot of news coverage about celebrities threatening to leave the country if their preferred candidate didn’t win. It remains to be seen how many actually do leave. Still, it turns out that, regardless of the outcome of the election, many of the nation’s millionaires are looking to make a permanent move. The past year has seen a dramatic rise in those seeking a second passport. Applications for second passports, investment visas and permanent residencies are up more than 30% from last year, according to advisers and attorneys for family offices and high-net-worth families, CNBC Television reports. Americans are now the No. 1 group applying for investment migration programs, with 53% of American millionaires and 64% of younger millionaires (aged 18 to 29) saying they’re likely to leave the U.S. after the election — regardless of the winner, according to a survey by Arton Capital, an immigration adviser to the wealthy. Golden visas are also known as residency by investment programs and allow the wealthy to acquire temporary or permanent residency by buying a house, starting or investing in a company or making a substantial donation. Some countries even offer golden passports.
Leading up to the presidential election, there was a lot of news coverage about celebrities threatening to leave the country if their preferred candidate didn’t win. It remains to be seen how many actually do leave. Still, it turns out that, regardless of the outcome of the election, many of the nation’s millionaires are looking to make a permanent move. The past year has seen a dramatic rise in those seeking a second passport. Applications for second passports, investment visas and permanent residencies are up more than 30% from last year, according to advisers and attorneys for family offices and high-net-worth families, CNBC Television reports. Americans are now the No. 1 group applying for investment migration programs, with 53% of American millionaires and 64% of younger millionaires (aged 18 to 29) saying they’re likely to leave the U.S. after the election — regardless of the winner, according to a survey by Arton Capital, an immigration adviser to the wealthy. Golden visas are also known as residency by investment programs and allow the wealthy to acquire temporary or permanent residency by buying a house, starting or investing in a company or making a substantial donation. Some countries even offer golden passports.
Fla. couple faces $30K IRS fine after buying home
Bryan and Ingrid Zappulla thought they’d finally found their dream home in Florida. They were particularly thrilled with a hand-painted mural of a Parisian street that adorned one wall. “This is the perfect house for my son,” Ingrid told 7 News Miami. The Zappullas bought the property for $790,000 in 2020 from two Russians who had built the home themselves. However, a few months later, the Zappullas' dream became a nightmare when the couple received a $30,000 fine from the IRS — a penalty they say they shouldn’t have to pay. The fine is the result of the failure of the seller's attorney to pay the required capital gain taxes on the home. According to 7 News Miami legal expert Howard Finkelstein, foreign nationals — like the Russian duo — who sell property in the U.S. are required to pay capital gains taxes. Specifically, they must fill out an IRS form 8288 and pay 10% of the sale price within 45 days of the property sale. However, Bryan was told that the attorney for the Russian pair had closed his office for nine months during the COVID-19 pandemic and, once he reopened, he finally submitted the outstanding $79,000 to the IRS. But by then, it was January 2021 — nine months past the due date. “He just sat on it [during the pandemic],” Bryan said. “Maybe it was ignorance. Maybe it was COVID.” Either way, the IRS fined the Zappullas $30,000 in late payment penalties.
Bryan and Ingrid Zappulla thought they’d finally found their dream home in Florida. They were particularly thrilled with a hand-painted mural of a Parisian street that adorned one wall. “This is the perfect house for my son,” Ingrid told 7 News Miami. The Zappullas bought the property for $790,000 in 2020 from two Russians who had built the home themselves. However, a few months later, the Zappullas' dream became a nightmare when the couple received a $30,000 fine from the IRS — a penalty they say they shouldn’t have to pay. The fine is the result of the failure of the seller's attorney to pay the required capital gain taxes on the home. According to 7 News Miami legal expert Howard Finkelstein, foreign nationals — like the Russian duo — who sell property in the U.S. are required to pay capital gains taxes. Specifically, they must fill out an IRS form 8288 and pay 10% of the sale price within 45 days of the property sale. However, Bryan was told that the attorney for the Russian pair had closed his office for nine months during the COVID-19 pandemic and, once he reopened, he finally submitted the outstanding $79,000 to the IRS. But by then, it was January 2021 — nine months past the due date. “He just sat on it [during the pandemic],” Bryan said. “Maybe it was ignorance. Maybe it was COVID.” Either way, the IRS fined the Zappullas $30,000 in late payment penalties.
Moneywise Digest