Investment fraud cost Americans $5.7B in 2024
Scammers are getting bolder — and consumers are paying the price. In 2024 alone, fraud cost Americans more than $12.5 billion, a staggering 25% increase from the previous year, according to newly released data from the Federal Trade Commission. Investment scams were the most costly, accounting for $5.7 billion in losses, a 24% increase from the previous year. In comparison, imposter scams, the second most common type of fraud, cost consumers $2.95 billion. So, what kinds of investment scams are causing consumers so much, and how can you protect yourself? Here's what you need to know.
Scammers are getting bolder — and consumers are paying the price. In 2024 alone, fraud cost Americans more than $12.5 billion, a staggering 25% increase from the previous year, according to newly released data from the Federal Trade Commission. Investment scams were the most costly, accounting for $5.7 billion in losses, a 24% increase from the previous year. In comparison, imposter scams, the second most common type of fraud, cost consumers $2.95 billion. So, what kinds of investment scams are causing consumers so much, and how can you protect yourself? Here's what you need to know.
Mortgage rate trends this week
Thirty-year fixed mortgage rates decreased slightly again this week, down from 6.65% last week, to an average of 6.64%. “Over the last month, the 30-year fixed-rate has settled in, making only slight moves in either direction. This stability is reassuring, and borrowers have responded with purchase application demand rising to the highest growth rate since late last year,” said Sam Khater, Freddie Mac’s chief economist.
Thirty-year fixed mortgage rates decreased slightly again this week, down from 6.65% last week, to an average of 6.64%. “Over the last month, the 30-year fixed-rate has settled in, making only slight moves in either direction. This stability is reassuring, and borrowers have responded with purchase application demand rising to the highest growth rate since late last year,” said Sam Khater, Freddie Mac’s chief economist.
Less federal workers could affect your finances
The Trump administration is aggressively focused on cutting costs and reducing the size of government. To that end, President Donald Trump signed an executive order in February, aimed at reducing the federal bureaucracy. Agency heads responded to the executive order, and, in conjunction with efforts by the Department of Government Efficiency (DOGE), more than 50,000 federal workers have been laid off from their positions. Many of these firings have been challenged in court, with several judges issuing injunctions on the firings and ordering workers to be reinstated or placed on administrative leave. However, the Trump administration is appealing these orders, and there is a very real possibility that they will ultimately be able to follow through on their workforce reduction efforts. If the federal workforce does end up being substantially reduced, obviously it will profoundly affect the finances of government workers. However, every American could also find their finances affected by such a move. Here's how your finances — including your retirement and taxes — could be affected.
The Trump administration is aggressively focused on cutting costs and reducing the size of government. To that end, President Donald Trump signed an executive order in February, aimed at reducing the federal bureaucracy. Agency heads responded to the executive order, and, in conjunction with efforts by the Department of Government Efficiency (DOGE), more than 50,000 federal workers have been laid off from their positions. Many of these firings have been challenged in court, with several judges issuing injunctions on the firings and ordering workers to be reinstated or placed on administrative leave. However, the Trump administration is appealing these orders, and there is a very real possibility that they will ultimately be able to follow through on their workforce reduction efforts. If the federal workforce does end up being substantially reduced, obviously it will profoundly affect the finances of government workers. However, every American could also find their finances affected by such a move. Here's how your finances — including your retirement and taxes — could be affected.
Scott Galloway, Ramit Sethi dispel money myths
Scott Galloway, a serial entrepreneur and NYU professor, recently interviewed Ramit Sethi, bestselling author of “I Will Teach You To Be Rich” on his podcast "The Prof G Show". The two experts set out to dispel common financial myths that can hold Americans back from realizing their wealth goals. For example, when asked whether owning a home is essential for “being rich,” Sethi replied, “no, not necessarily.” His unconventional advice for achieving wealth deviates from mainstream financial guidance and popular belief. Nearly 40% of Americans believe real estate is the best long-term investment, yet Sethi, a self-proclaimed multi-millionaire, doesn’t own a home. So, what gives? This topic is just one of many Sethi addresses — so here are three tips that can be gleaned from his hour-long chat with fellow finance celeb Scott Galloway.
Scott Galloway, a serial entrepreneur and NYU professor, recently interviewed Ramit Sethi, bestselling author of “I Will Teach You To Be Rich” on his podcast "The Prof G Show". The two experts set out to dispel common financial myths that can hold Americans back from realizing their wealth goals. For example, when asked whether owning a home is essential for “being rich,” Sethi replied, “no, not necessarily.” His unconventional advice for achieving wealth deviates from mainstream financial guidance and popular belief. Nearly 40% of Americans believe real estate is the best long-term investment, yet Sethi, a self-proclaimed multi-millionaire, doesn’t own a home. So, what gives? This topic is just one of many Sethi addresses — so here are three tips that can be gleaned from his hour-long chat with fellow finance celeb Scott Galloway.
U.S.-Canada trade war could hit families hard
Canadians and Americans have shared battlefields from Vimy Ridge to Kandahar. But they’re now bracing for an economic war against each other. Canadian economist Mike Moffatt is sounding the alarm about this 150-year old alliance unraveling as Trump’s tariffs reshape public opinion north of the border. “I think it's a combination of we're hurt and angry,” said former advisor to ex-Prime Minister Justin Trudeau on a recent episode of The Prof G podcast. He warned that the trade war could cripple the Canadian economy while also imposing hard costs on ordinary Americans by diminishing U.S. soft power.
Canadians and Americans have shared battlefields from Vimy Ridge to Kandahar. But they’re now bracing for an economic war against each other. Canadian economist Mike Moffatt is sounding the alarm about this 150-year old alliance unraveling as Trump’s tariffs reshape public opinion north of the border. “I think it's a combination of we're hurt and angry,” said former advisor to ex-Prime Minister Justin Trudeau on a recent episode of The Prof G podcast. He warned that the trade war could cripple the Canadian economy while also imposing hard costs on ordinary Americans by diminishing U.S. soft power.
How Donald Trump's tariffs hurt American farmers
President Donald Trump’s tariff threats has American crop farmers facing a precarious situation. In early March, Trump imposed 25% tariffs on imports from Canada and Mexico (10% for energy products, critical minerals and potash) that are not compliant with the United States-Mexico-Canada Agreement (USMCA). Many other tariff announcements and threats have been made since, but potash is one product of particular interest to farmers. Potash is a key fertilizer ingredient widely used by U.S. crop growers, and around 80% of potash imports come from Canada, according to government data. Canada produces more potash than any other country in the world. Potentially slapping tariffs on this farming product has experts worried about farmers facing further financial struggles, which may lead to increased consumer costs. Here’s why.
President Donald Trump’s tariff threats has American crop farmers facing a precarious situation. In early March, Trump imposed 25% tariffs on imports from Canada and Mexico (10% for energy products, critical minerals and potash) that are not compliant with the United States-Mexico-Canada Agreement (USMCA). Many other tariff announcements and threats have been made since, but potash is one product of particular interest to farmers. Potash is a key fertilizer ingredient widely used by U.S. crop growers, and around 80% of potash imports come from Canada, according to government data. Canada produces more potash than any other country in the world. Potentially slapping tariffs on this farming product has experts worried about farmers facing further financial struggles, which may lead to increased consumer costs. Here’s why.
Egg prices are cracking — but not for long
Grocery shoppers have been forced to scramble since egg prices have been consistently high. With the cost of Grade A eggs hitting a record high of $5.90 per dozen in February, many consumers have had eggs on their faces. This was the highest price consumers had ever paid for eggs, nearly double what they had paid the previous year. Some relief may finally be on the way, as the wholesale egg prices have started to fall. However, Easter and a lag between the changes in wholesale and consumer prices may mean that relief doesn't come immediately for frustrated grocery shoppers, many of whom have struggled with high food inflation since the pandemic.
Grocery shoppers have been forced to scramble since egg prices have been consistently high. With the cost of Grade A eggs hitting a record high of $5.90 per dozen in February, many consumers have had eggs on their faces. This was the highest price consumers had ever paid for eggs, nearly double what they had paid the previous year. Some relief may finally be on the way, as the wholesale egg prices have started to fall. However, Easter and a lag between the changes in wholesale and consumer prices may mean that relief doesn't come immediately for frustrated grocery shoppers, many of whom have struggled with high food inflation since the pandemic.
DEI out, MEI in? This Harvard economist thinks so
If you’ve been following the plans of the Trump administration, you've likely heard a lot about DEI – diversity, equity, and inclusion. DEI programs focus on ensuring fair treatment and equal participation for everyone, particularly targeting biases against marginalized groups in workplaces, college campuses, and organizations. But the Trump administration wants DEI gone, labeling DEI government programs “radical” and “wasteful.” Tesla CEO Elon Musk's Department of Government Efficiency (DOGE) has regularly used the term in its updates about "wasteful" contracts and grants it has cancelled. Now, there’s a new acronym grabbing attention – MEI, short for merit, excellence, and intelligence. Harvard economist Roland Fryer dubbed MEI "the new corporate rage" in a recent op-ed for The Wall Street Journal. So is MEI writing DEI’s obituary?
If you’ve been following the plans of the Trump administration, you've likely heard a lot about DEI – diversity, equity, and inclusion. DEI programs focus on ensuring fair treatment and equal participation for everyone, particularly targeting biases against marginalized groups in workplaces, college campuses, and organizations. But the Trump administration wants DEI gone, labeling DEI government programs “radical” and “wasteful.” Tesla CEO Elon Musk's Department of Government Efficiency (DOGE) has regularly used the term in its updates about "wasteful" contracts and grants it has cancelled. Now, there’s a new acronym grabbing attention – MEI, short for merit, excellence, and intelligence. Harvard economist Roland Fryer dubbed MEI "the new corporate rage" in a recent op-ed for The Wall Street Journal. So is MEI writing DEI’s obituary?
Social Security at Risk Despite Musk's Assurances
Elon Musk, the billionaire unofficially running the Department of Government Efficiency (DOGE), said on X he’s “increasingly optimistic” about the future of retirement benefits, adding there was “potential to increase actual dollars received by citizens.” But he has Social Security in his sights as he claims the program is rife with fraud and wasteful spending, going so far as to describe it as a “Ponzi scheme” In a recent interview with Fox, Musk said DOGE's efforts will shore up the program against fraud, and that the main beneficiaries will be "legitimate people" who collect monthly checks. "What we're doing will help their benefits, he said, adding that "the fraud prevention measures we're putting in place will ensure that somebody can't take your Social Security." President Donald Trump and Musk say they’re targeting all entitlement programs — including Social Security, Medicare and Medicaid — for cuts, claiming waste. That may leave people wondering about the long-term future of their Social Security benefits.
Elon Musk, the billionaire unofficially running the Department of Government Efficiency (DOGE), said on X he’s “increasingly optimistic” about the future of retirement benefits, adding there was “potential to increase actual dollars received by citizens.” But he has Social Security in his sights as he claims the program is rife with fraud and wasteful spending, going so far as to describe it as a “Ponzi scheme” In a recent interview with Fox, Musk said DOGE's efforts will shore up the program against fraud, and that the main beneficiaries will be "legitimate people" who collect monthly checks. "What we're doing will help their benefits, he said, adding that "the fraud prevention measures we're putting in place will ensure that somebody can't take your Social Security." President Donald Trump and Musk say they’re targeting all entitlement programs — including Social Security, Medicare and Medicaid — for cuts, claiming waste. That may leave people wondering about the long-term future of their Social Security benefits.
USDA cuts add to food insecurity in North Texas
There are more food-insecure families in Texas than any state in the nation. The problem is acute in Dallas-Fort Worth, where one in seven — a third of them children — face hunger. "In North Texas, things have been tight,” Anne Readhimer, Chief Impact Officer for North Texas Food Bank, told CBS News. “Everyone is just needing a little bit more help these days.” That’s why the axing of the USDA’s Local Food for Schools Cooperative Agreement Program and Local Food Purchase Assistance Cooperative Agreement Program (LFPA) hits hard. Readhimer said the food bank and schools in North Texas relied on these programs to get fresh produce to those in need. "We’re still waiting to get a better understanding of how we’re going to make up for it.” she said.
There are more food-insecure families in Texas than any state in the nation. The problem is acute in Dallas-Fort Worth, where one in seven — a third of them children — face hunger. "In North Texas, things have been tight,” Anne Readhimer, Chief Impact Officer for North Texas Food Bank, told CBS News. “Everyone is just needing a little bit more help these days.” That’s why the axing of the USDA’s Local Food for Schools Cooperative Agreement Program and Local Food Purchase Assistance Cooperative Agreement Program (LFPA) hits hard. Readhimer said the food bank and schools in North Texas relied on these programs to get fresh produce to those in need. "We’re still waiting to get a better understanding of how we’re going to make up for it.” she said.