A $300,000 mortgage costs around $1,980/month today. In 2021, that same $300,000 mortgage was closer to $1,230/month. That’s an extra $750 every month for borrowing the exact same amount. Same loan amount. Same 30-year term. Very different monthly payment. The cost of borrowing has become a huge hurdle.

Robinhood Day Trading Left This Couple With $511,000 in Debt. Alicia (Caller): About two months ago, I discovered my husband had accumulated $87,000 in credit card and personal loan debt from day trading on Robinhood. At first, he told me it was $45,000. But after checking his accounts, I discovered the real amount. He had also depleted a previous 401(k) and withdrawn another $18,000 from his current retirement account, which he now has to repay. George Kamel: I don’t think earning more money is the main solution right now. I’m more concerned about the gambling behavior that got him into this situation. Alicia: He’s getting individual counseling, we’re attending couples counseling, and I’m getting counseling too. He told me he got in over his head trying to win the money back, but things kept getting worse. George Kamel: That’s the cycle with gambling. People lose money, believe they can win it back with one more attempt, and end up digging themselves deeper. I’d recommend keeping your finances separate for now and creating a clear plan to rebuild trust. Alicia: I earn around $150,000 a year as a pharmacist, while he earns about $42,000. Our total debt is approximately $511,000, including our $225,000 mortgage and my $156,000 in student loans. I’m also unsure whether I should keep relying on student loan forgiveness or start paying the loans off myself. George Kamel: Don’t build your entire future around the hope that forgiveness will happen. Make a plan that puts your future in your own hands. What would you do if your spouse secretly accumulated $87,000 in debt through day trading? Would you stay and work through it, or would it be a deal-breaker?

A 60-year-old boomer wants to retire in 4 years, but she’s not sure she can afford to. Here’s her financial situation: • $600,000 in her 403(b) retirement account. • $220,000 left on her mortgage. • Only 3 months’ worth of expenses saved. • Earning $150,000 a year. • Expecting a pension of $98,000 annually. • Contributing 17% of her salary toward retirement. She bought a new home last year, put down 30%, and is now working toward paying off the remaining mortgage. Despite earning a six-figure salary and having substantial retirement savings, she’s worried about whether she can afford to stop working. With just 4 years to go, she needs to figure out how to manage her investments, handle her mortgage, and prepare for life without a paycheck.

Mark Cuban was just 12 years old when he learned a business lesson that would shape his future. His father refused to buy him a new pair of Converse shoes because his old ones still worked. But Mark wanted a new pair. Then one of his father’s poker buddies offered him a deal: sell boxes of garbage bags around the neighborhood. Mark bought each box for $3 and sold it for $6. He went door to door asking neighbors if they needed garbage bags. Almost everyone did. He started making around $20 a week, earned enough to buy his shoes, and learned a lesson that would stay with him for life. Selling isn’t about convincing people to buy something they don’t want. It’s about finding something people need and providing it better. Years later, Cuban built technology companies, sold Broadcast.com to Yahoo for billions of dollars in stock, bought the Dallas Mavericks, and became an investor on Shark Tank. The principle behind his success started with a 12-year-old boy selling garbage bags. What’s one business lesson you wish you had learned earlier in life?

My husband and I were having a serious argument about how much money I had spent on groceries when a boomer walked up to me and said: “Hey, young lady, back in 1972, I could feed a family of four on just $50 a week.” I looked at him and said, That’s about $300 in today’s money. He smiled. Exactly. So why can’t you manage the same? I told him, Because groceries for my family of four cost nearly $390 a week now. He shook his head. You’re probably buying expensive brands. Milk, bread, chicken, eggs, and vegetables. Nothing fancy. Still, salaries have gone up too, he replied. I asked him, How much did you earn in 1972? About $10,500 a year. That’s roughly $79,000 in today’s money. I earn $62,000.” He went quiet for a moment. Then I said, You’re telling me to manage money the way you did, but your paycheck had more purchasing power than mine does. It’s easy to tell people to spend less when basic necessities take up a smaller share of their income. My question is, am I really bad with money, or have things just gotten that expensive? Honestly, I’m tired of my husband complaining about how much I spend on groceries.

MORTGAGE SERVICER: Your monthly house payment is increasing by $375 starting next month. YOU: My mortgage has a fixed interest rate of 3.25%. How can my payment go up? MORTGAGE SERVICER: Your property taxes increased, and your homeowners insurance premium went up. Your escrow account now has a shortage. YOU: So the amount I owe on my actual mortgage hasn’t changed? MORTGAGE SERVICER: Correct. Your principal and interest remain fixed, but your taxes and insurance can change. YOU: I’ve paid thousands toward my mortgage this year. Why does owning my home keep getting more expensive? MORTGAGE SERVICER: Your property was reassessed at a higher value, and your insurance company raised its rates. You did everything you were supposed to do. You bought a house. You locked in a fixed mortgage rate. You made your payments on time. Yet your monthly housing costs keep climbing. 😪

Waking up to find your electricity bill has suddenly increased by $75 is one of the most frustrating ways to start your day. You didn’t use the AC any longer. You didn’t leave the lights on. You didn’t change your daily routine. Yet somehow, your bill went up again. When you look closer, there’s a new service adjustment fee you’ve never seen before. No extra comfort. No extra electricity. Just another charge you’re expected to pay.

I tried to buy a used 2019 Honda Accord last week to get to work. Listed price online: $16,200. After sitting at the dealership for nearly an hour, the final price sheet looked like this: • Documentation Fee: $750 • Vehicle Preparation Fee: $950 • Mandatory Protection Package: $1,300 • Out-the-door price: $19,200 before taxes. When I told the dealer I wanted to pay the advertised $16,200 in cash, his attitude changed immediately. He started pushing their financing option with an 11.5% interest rate instead. Suddenly, buying a car wasn’t about finding reliable transportation. It was about getting me to sign a loan contract.