💥 Peter Schiff blasts Trump's 401k scheme

Good morning. Rhode Island may stop offering novelty Mr. Potato Head license plates to protest Hasbro’s decision to leave the state, causing “untold economic harm.” We understand the sentiment, though we can’t imagine CVS or Amica Mutual Insurance plates will prove quite so popular.

Here’s what we’re covering today:

Don’t miss our full exclusive interview with money expert Nick Maggiulli below!

Financial advisors and influencers often talk about adopting a long-term mindset. The power of compounding. What’s rarely mentioned is just how slow the process of building wealth can be when you’re getting started.

For instance, if you save $500 a month and invest it in an asset that delivers 8% annual growth, after five years you will accumulate only $35,200. In other words, you’ve waited half a decade just to be able to afford a budget car. To make matters worse, 85% of your net worth was generated by your own monthly contributions, not capital appreciation.

But if you manage to overcome this feeling and continue on the journey, you could reach $1 million in net worth within 35 years. At that stage, your accumulated monthly contributions account for just less than 21% of your total wealth — with the rest derived from compounding growth.

The good news is that you don’t have to wait 30 years to see payoffs. Along the way, you’re likely to hit some tipping points that unlock new phases of growth and wealth accumulation.

Discover a simpler way to evaluate your retirement income options. Fisher Investments’ free guide helps investors with $1 million or more weigh the pros and cons of seven income strategies.

What investment types will help you meet your income goals? Dividend-producing stocks, bond coupons, other investments or a mix of several types?

Request your copy of The Definitive Guide to Retirement Income to learn more about these investments while probing the ins and outs of real estate investment trusts, master limited partnerships, annuities and more.

You’ll also find helpful tips for dealing with inflation, setting your financial goals and finding anexperienced adviser who can help you enjoy a comfortable retirement.

Request The Definitive Guide to Retirement Income today.

When American special forces extracted leader Nicolás Maduro from Venezuela, the U.S. Federal Aviation Administration closed airspace over parts of the Caribbean — resulting in hundreds of canceled flights and major disruptions.

Travelers were briefly stranded, many surprised to learn their travel insurance didn’t cover them in this situation.

Recent geopolitical events — including talk of invading Colombia, Cuba and Greenland — have rattled travel markets. They’ve also reignited concerns about what travel insurance covers, particularly amid political unrest, civil disturbances or acts of war.

Travelers could find themselves in a precarious situation trying to get home and paying thousands or tens of thousands of dollars to do so.

Here’s what you need to know about the limits of travel insurance and how to protect yourself.

With housing affordability becoming an increasingly pressing issue in America, the Trump administration is planning to allow homebuyers to tap their retirement savings to fund a down payment, according to Kevin Hassett, director of the National Economic Council.

While the move could unlock new funds for struggling buyers, economist Peter Schiff argues it would do more harm than good.

“In his latest attempt to keep overpriced home prices from falling so that more people could afford them, Trump will soon unveil a plan to allow homebuyers to use their 401(k)s to fund down payments. That way Americans can deplete their retirement savings to overpay for houses,” Schiff wrote in a recent post on X.

The proposal comes as many Americans are struggling to save enough for a home purchase. Hassett highlighted that today’s homebuyers are facing a much heavier burden than in the past.

Whether this proposal sounds alluring or alarming, you don’t have to wait for Washington to act. These days, there are ways to tap into the U.S. housing market without buying a home outright.

Nick Maggiuli breaks down his "Wealth Ladder" framework in this exclusive Moneywise interview: Six net worth levels that should guide your financial strategy, from grocery freedom at $100,000 to travel freedom at $1M plus.

His key insight: the advice that works for billionaires can backfire for those just starting out. Plus, his 0.01% rule offers a simple way to know if you can actually afford that splurge.