Buy a House, They Said
The good news: Mortgage rates are dropping (slightly) and more homes are hitting the market. Considering buying? There’s another rate to keep an eye on.
US home insurance premiums have spiked in recent years, and are likely to keep ticking up thanks to more (and more intense) fires, floods, and hurricanes. What used to be a low-drama item — about 8% of a typical mortgage payment — is now about 20%.
While homeowner’s insurance is usually a must-have for mortgage lenders, some people whose houses are already paid off are fully opting out. Hi, Florida Man. About 1 in 5 homeowners in the state are playing climate roulette rather than forking up an average of $11,000 a year in premiums.
In California, insurers were bailing on homeowners even before last month’s LA fires, either by pulling policies or jacking up premiums. The state’s FAIR Plan — an “insurer of last resort” — doesn’t have enough cash on hand to cover what may be more than $35 billion in losses. This could mean higher premiums for Southern Californians, and higher taxes for everyone else.
So, if you’re house-hunting, take a close look at the costs of protecting your investment. This means insurance premiums, risk zones, and potential coverage gaps.
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Attention aspiring RushTokers: Tariffs may soon be coming for your Shein and Temu finds.
If all of your coworkers are suddenly referring to themselves as “high agency” … we’re so sorry, and also we have a translation.
Late-night online shopping? You may be paying more thanks to "surveillance pricing.”
You’re not the only one whose boss is sending increasingly-stern return-to-office memos. (Except for you, Citigroup. As you were.)
Hit with an unexpected tax bill? First step, breathe. Second step, follow these strategies.
Are you the type to manage your finances with spreadsheets, or do you rely on mental math? Do you pick up tips from FinTok, or do you have a go-to financial expert? And what money questions do you want us to dig into?
Use the letters below to identify the word or phrase. Then, click to find the answer.
Clue: These tech giants dominate Wall Street and power everything from your TikTok scroll to your cloud storage — and right now, they have a lot of stockholders reaching for the Pepto.
Q: I want to invest, but I’m so confused. How do I pick stocks? How do I sell them? And how do I know my money is “safe”? I know that the market will move, but how can I be sure I can get my money back if I need it, and how long would that take? — Stocking Up, But Safely
FEATURED EXPERT:
Nicole Romito
Certified Financial Planner and partner at Private Vista, a wealth management firm in Chicago, IL.
You’re asking all the right questions. Here are the three things you need to know to protect your money, minimize risk, and build a strategy that works for you.
Know your timeline. Investing is a long game. “It’s normal for investments to rise and fall in value in the short term,” says Romito. If you need the cash within five years, you’re better off parking it in a high-yield savings account.
Don’t worry about “picking” stocks. Hot stock tips might be trending, but buying individual company stocks is risky. “Diversifying your portfolio can help smooth out returns,” Romito explains. Enter: ETFs. Think of them as a “basket” of stocks that spread out your risk.
Do your research. A financial pro can help guide you through your strategy, and help you understand your brokerage options. In general, you’re going to compare fees, services (such as roboadvisor allocations), and customer support.
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