Good morning. Your money is being pulled in three directions today — your home, your paycheck and the roads you drive on. Knowing what to watch for is half the battle.
On The Money Today:
Property taxes are rising fast — and most homeowners may not see it coming
What it actually costs to live comfortably where you are
The speeding ticket system that counted on you not to push back
Let's get into it.
Dan and Carol Webster saved carefully, built their home on the edge of a quiet Montana mountain town and planned to live out retirement there. Then the city exploded in growth — and their property tax bill went from $25,885 to $53,662 in a single year. Now both approaching 80, they're house rich and cash poor. And they're not the only ones.
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A new SmartAsset analysis found you need nearly $159,000 to live comfortably in New York City — but the real story is what's happening everywhere else. Denver, Nashville, Charlotte and Boise now all require six figures too. And even in the cheapest major city on the list, you'll need $83,000 a year. The typical American worker earns $64,220.
In just 25 days, automated cameras on a Rochester highway issued more than 26,000 speeding tickets — raking in an estimated $1.3 million from drivers who thought they had no choice but to pay. A judge has now overturned a group of those tickets, calling the proceedings "the most egregious event" with "barely any evidence." Most drivers already paid. The question now is whether they should have.
MONEY IQ
What is the largest speeding fine ever issued in the world?
ALSO MAKING THE ROUNDS TODAY
NEWS: Trump wants a 250-foot gold arch near the Lincoln Memorial — and when asked who it's meant to honor, his answer was one word
STOCKS: Devin Nunes is out as Trump Media CEO after four years — the company promised investors billions and delivered 99.8% less
BUDGETING: A 36-year-old teacher moved to China and supports a family of four for $3,500 a month. Here's what his budget looks like
EMPLOYMENT: A job offer was rescinded days before the start date after this worker moved across the country. You might have more options than you think
MONEY IQ ANSWER
C) $290,000. In 2010, a Swiss millionaire was caught doing 85 mph through a village in his red Ferrari — and walked away with a $290,000 speeding fine. In Switzerland, fines are calculated based on your wealth.
That's a wrap for today! Before you go, we'd love to know what you thought of today's newsletter. Hit REPLY if you have more to share — we read every reply.
See you soon with another quick roundup of the financial news that matters.
