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By LEAH ASKARINAM, Associated Press

WASHINGTON (AP) — The U.S. Senate on Wednesday confirmed Bryan Bedford to lead the Federal Aviation Administration, putting him in charge of the federal agency at a precarious time for the airline industry after recent accidents, including the January collision near Washington, D.C. that killed 67 people.

Bedford was confirmed on a near party-line vote, 53-43.

Republicans and industry leaders lauded President Donald Trump’s choice of Bedford, citing his experience as CEO of regional airline Republic Airways since 1999. Sen. Ted Cruz, the chairman of the Senate Commerce Committee, called Bedford a “steady leader with executive experience.”

But Democrats and flight safety advocates opposed his nomination, citing Bedford’s lack of commitment to the 1,500-hour training requirement for pilots that was put in place by Congress after a 2009 plane crash near Buffalo.

Bedford declined during his confirmation hearing to commit to upholding a rule requiring 1,500 hours of training for pilots, saying only that he would not “have anything that will reduce safety.”

Sen. Maria Cantwell, the top Democrat on the Commerce panel, accused Bedford of wanting “to roll back safety reforms and unravel the regulatory framework that made the United States the gold standard” in aviation safety.

Congress implemented the 1,500-hour rule for pilot training and other safety precautions after the 2009 Colgan Air crash in Buffalo, New York. In that flight, the pilot had not been trained on how to recover from a stall in the aircraft. His actions caused the plane carrying 49 people to fall from the sky and crash into a house, where another man was killed.

Families of the victims of the Colgan crash pushed for the the stricter training requirements and remain vocal advocates for airline safety. They joined Senate Democratic leader Chuck Schumer at a press conference at the U.S. Capitol to express concern about Bedford’s nomination.

Marilyn Kausner, the mother of a passenger on the 3407 flight, said she and other families requested a meeting with Transportation Secretary Sean Duffy after Bedford’s confirmation hearing. Her husband, she said, was “discouraged” after hearing what Bedford had to say at his hearing

Pilot Chesley “Sully” Sullenberger, made famous for safely landing a plane in the Hudson River, also opposed Trump’s pick, posting on social media that “with the nomination of Bryan Bedford to be FAA Administration, my life’s work could be undone.”

Republican Sen. Todd Young, who is also on the committee, called the 1,500-hour rule an “emotional topic” but maintained that Bedford’s approach to safety is clearly “analytical,” prioritizing what “we ascertain leads to the best safety for passengers.”

“All you have to do is look at his credentials and his testimony to be persuaded that he’s the right person for the job,” Young said.

Bedford has support from much of the industry. The air traffic controllers union noted his commitment to modernize the outdated system.

Airlines for America, a trade association for major airlines, called Bedford a “superb choice.” And United Airlines CEO Scott Kirby said, having worked with Bedford, he had “total confidence in his ability to lead the FAA.”

By Bernadette Joy, Bankrate.com

“Renting is throwing money away.” Has anyone ever told you this? Well, I’m here to say: It’s bad financial advice.

My husband and I have owned four different homes in three cities since 2010. If I wanted to, I could buy a house in cash today. But for the last three years, I’ve chosen to rent instead — and my net worth has grown by leaps and bounds because of that choice, not in spite of it.

This is always a hot topic, especially because renting challenges the traditional rhetoric that homeownership is the ultimate path to wealth. And I get it — owning a home is part of the “American Dream.” But if it doesn’t lead to financial freedom, homeownership may be more like a nightmare.

Let me show you how renting, when done intentionally, can actually make you richer.

Renting avoids the hidden costs of homeownership

When you own a home, you’re not just paying the mortgage — you’re also responsible for home maintenance, property taxes and insurance. In fact, Bankrate’s 2025 Hidden Costs of Homeownership Study found that the average annual cost of owning and maintaining a single-family home is more than $21,000.

Now, you’ll incur some of these costs when renting, too. Unless your rental unit includes utilities and internet, you’re probably going to have to pay out of pocket. You’ll probably pay less in electricity than you would in a large, single-family home, but for the sake of argument, let’s take these average costs at face value.

Omitting the expenses you’ll still have when renting, homeownership costs an average of $15,391 — that’s almost $1,300 you could free up each month.

While there aren’t any states that require renters insurance, most landlords have a provision in their rental contracts requiring this form of coverage. While typically less expensive than homeowners insurance, renters insurance is another cost to factor into your calculations.

And don’t forget about mortgage interest

My clients are always shocked when I have them review the amortization table for their 30-year mortgage. In the early years of your mortgage, a large percentage of your monthly payment goes toward interest. You’re not really building equity in the first few years of a mortgage — you’re mostly paying interest.

Let’s say you borrowed a $420,000 mortgage. You qualified for a 6.75 percent mortgage rate on a 30-year term. Your monthly payment is $2,724.

Of your first mortgage payment, only $362 pays down the principal balance — a whopping $2,363 goes toward interest. The balance does shift over time, and by the end of your 30-year term, the bulk of your payment goes toward the principal. But how likely is it that you’ll see the mortgage through to the bitter end, without selling or refinancing (and starting the clock all over again)?

I’ve helped five clients make the decision to sell their homes in 2025, and none of them lived there longer than a decade. So much of their money has gone to interest, and they won’t get much equity in return.

After five years of dutifully paying $2,724 every month, you’ve only gained about $25,000 in home equity. Meanwhile, your mortgage servicer will have made nearly $138,000 from your loan interest. Your five years’ worth of mortgage payments cost you $163,440, and in return, you got $25,000 in equity. Hardly seems worth it.

Rather than paying $15,000 per year in homeownership costs and vast sums of mortgage interest, I pay my rent. Sure, I won’t get a return on that money, but more cash stays in my pocket — cash I can put toward investments. Use a mortgage calculator to take a look at your amortization table and crunch the numbers for yourself.

Renting frees up capital for wealth-building

“Real estate always appreciates in value.” This one’s a myth — just ask anyone who sold a home during the 2008 financial crisis. My husband and I paid $10,000 out of pocket to sell his home at the time.

Yes, real estate can appreciate, but it’s also highly market- and location-dependent. In the past three years, the investments I’ve made in the stock market and my financial education business have significantly outpaced the return I would’ve made on a home in my local market — and with much less headache.

Unfortunately, several of my clients bought their homes at the height of the pandemic boom and are now seeing their home values decline from their peaks.

In today’s economy, renting is increasingly the more affordable option.

According to those numbers, you could save more than $9,000 per year by renting. That money could go a long way for many Americans, and even further if you reallocate that money into wealth-building assets.

After selling my home and returning to renting, I took the proceeds of the sale and invested in growing my business — that cash injection allowed me to surpass my first $1 million in revenue. In the time since, my husband and I have also contributed the maximum amount to our 401(k)s and individual retirement accounts (IRAs), allowing us to pursue early retirement.

When I transitioned from homeownership to renting, I used the proceeds from my home sale and invested in low-risk, interest-bearing accounts, like high-yield savings accounts, money market accounts and certificates of deposit (CDs). This passive income has covered my rent and other living expenses.

I have more money working for me as a renter than I did as a homeowner.

Renting can offer new social networks and income opportunities

Some of my older coaching clients tend to wrongly believe that renting equates to a decrease in quality of life. I’ve been happy to dispel that myth when they comment on the dance, improv and travel that my renting lifestyle accommodates.

I live in a one-bedroom rental in a walkable neighborhood filled with restaurants, music, theater and fitness. Post-COVID apartment buildings often feature co-working spaces, gyms and even social events that allow me to meet people from all walks of life. I felt a lot more isolated in the suburb where I used to live, which was more homogeneous, less active, and farther away from cultural events.

I’ve also been able to find more side hustles than when I lived on the outskirts, like teaching financial literacy classes or dog walking and babysitting for neighbors in my building.

The combination of downsizing and renting has also allowed me to pick up and move quickly to capitalize on potential business or job opportunities in other cities. I can afford global travel with business partners using the money I previously spent on lawn care and home DIY projects. I’ve expanded my social and professional networks and spend more time doing things that bring me joy.

Why renting can be strategic

According to Bankrate’s 2025 Emergency Savings Report, fewer than half of U.S. adults have enough emergency savings to cover three months of expenses, and about a quarter have no emergency savings at all. When you don’t have money set aside for a rainy day, it’s especially important to have tight control over your monthly spending — predictable monthly payments are key.

A fixed-rate mortgage may seem stable, but property taxes can always go up. Insurance premiums can rise, and maintenance is always more expensive than you think. Avoiding surprise repairs to water heaters, HVAC systems or roofing can also decrease the anxiety of not having enough cash savings on hand, especially when those repairs cost thousands of dollars.

Your next steps

• What expenses will actually help me build the life I want?
• Do I want a house in the suburbs because I believe it’s what’s expected of me?
• Could my money be better spent elsewhere?
• If I already own a home, have I considered the real-world costs associated with my mortgage, maintenance and other housing costs?
• How do my homeownership costs compare to rentals in my area?

Final thoughts: Owning a home can be great — if it fits your financial plan

As a first-generation American, I felt the weight of my family’s expectation to live out the American Dream — after all, they emigrated here so I could realize it. But I’m living proof that renting isn’t a step back, nor should you feel any shame for choosing to rent.

It’s been a strategic move that’s made me richer — financially, mentally, and emotionally.

Think of rent the same way you think of a gym membership or software subscription — it’s a monthly cost that may support the lifestyle you want. It’s not “throwing money away.” It’s buying peace of mind, freedom of movement and time to grow wealth in other ways.

For me, real wealth isn’t found in square footage. It’s in the daily opportunity to move and live freely according to what aligns with my own version of the American Dream.

©2025 Bankrate.com. Distributed by Tribune Content Agency, LLC.

By JOSH BOAK

WASHINGTON (AP) — President Donald Trump sent out tariff letters to seven smaller U.S. trading partners on Wednesday with a pledge to announce import taxes on other countries later in the day.

None of the countries targeted in the first batch of letters — the Philippines, Brunei, Moldova, Algeria, Libya, Iraq and Sri Lanka — is a major industrial rival to the United States. It’s a sign that a president who has openly expressed his love for the word “tariff” is still infatuated with the idea that taxing trade will create prosperity for America.

Most economic analyses say the tariffs will worsen inflationary pressures and subtract from economic growth, but Trump has used the taxes as a way to assert the diplomatic and financial power of the U.S. on both rivals and allies. His administration is promising that the taxes on imports will lower trade imbalances, offset some of the cost of the tax cuts he signed into law on Friday and cause factory jobs to return to the United States.

Trump, during a White House meeting with African leaders talked up trade as a diplomatic tool. Trade, he said, “seems to be a foundation” for him to settle disputes between India and Pakistan, as well as Kosovo and Serbia.

“You guys are going to fight, we’re not going to trade,” Trump said. “And we seem to be quite successful in doing that.”

On Monday, Trump placed a 35% tariff on Serbia, one of the countries he was using as an example of how fostering trade can lead to peace.

Trump said the tariff rates in his letters were based on “common sense” and trade imbalances, adding that he would be sending a letter on Wednesday or Thursday to Brazil. Trump suggested he had not thought of penalizing the countries whose leaders were meeting with him in the Oval Office — Liberia, Senegal, Gabon, Mauritania and Guinea-Bissau — as “these are friends of mine now.”

Officials for the European Union, a major trade partner and source of Trump’s ire on trade, said Tuesday that they are not expecting to receive a letter from Trump listing tariff rates. The Republican president started the process of announcing tariff rates on Monday by hitting two major U.S. trading partners, Japan and South Korea, with import taxes of 25%.

According to Trump’s letters, imports from Libya, Iraq, Algeria and Sri Lanka would be taxed at 30%, those from Moldova and Brunei at 25% and those from the Philippines at 20%. The tariffs would start Aug. 1.

The Census Bureau reported that last year U.S. ran a trade imbalance on goods of $1.4 billion with Algeria, $5.9 billion with Iraq, $900 million with Libya, $4.9 billion with the Philippines, $2.6 billion with Sri Lanka, $111 million with Brunei and $85 million with Moldova. The imbalance represents the difference between what the U.S. exported to those countries and what it imported.

Taken together, the trade imbalances with those seven countries are essentially a rounding error in a U.S. economy with a gross domestic product of $30 trillion.

The letters were posted on Truth Social after the expiration of a 90-day negotiating period with a baseline levy of 10%. Trump is giving countries more time to negotiate with his Aug. 1 deadline, but he has insisted there will be no extensions for the countries that receive letters.

Maros Sefcovic, the EU’s chief trade negotiator, told EU lawmakers in Strasbourg, France, on Wednesday that the EU had been spared the increased tariffs contained in the letters sent by Trump and that an extension of talks until Aug. 1 would provide “additional space to reach a satisfactory conclusion.”

Trump on April 2 proposed a 20% tariff for EU goods and then threatened to raise that to 50% after negotiations did not move as fast as he would have liked, only to return to the 10% baseline. The EU has 27 member states, including France, Germany, Italy and Spain.

The tariff letters are worded aggressively in Trump’s style of writing. He frames the tariffs as an invitation to “participate in the extraordinary Economy of the United States,” adding that the trade imbalances are a “major threat” to America’s economy and national security.

The president threatened additional tariffs on any country that attempts to retaliate. He said he chose to send the letters because it was too complicated for U.S. officials to negotiate with their counterparts in the countries with new tariffs. It can take years to broker trade accords.

Japanese Prime Minister Shigeru Ishiba interpreted the Aug. 1 deadline as a delay to allow more time for negotiations, although he cautioned in remarks that the tariffs would hurt his nation’s domestic industries and employment.

Malaysia’s trade minister, Zafrul Aziz, said Wednesday that his country would not meet all of the U.S. requests after a Trump letter placed a 25% tariff on its goods. Aziz said U.S. officials are seeking changes in government procurement, halal certification, medical standards and digital taxes. Aziz he indicated those were red lines.

Secretary of State Marco Rubio is set to arrive Thursday in Malaysia’s capital of Kuala Lumpur.

Associated Press writers David McHugh in Frankfurt, Germany and Eileen Ng in Kuala Lumpur, Malaysia, contributed to this report.

By PAUL WISEMAN, AP Economics Writer

WASHINGTON (AP) — President Donald Trump and his advisers promised a lightning round of global trade negotiations with dozens of countries back in April.

White House trade adviser Peter Navarro predicted “90 deals in 90 days.’’ Administration officials declared that other countries were desperate to make concessions to avoid the massive import taxes – tariffs — that Trump was threatening to plaster on their products starting July 9.

But the 90 days have come and gone. And the tally of trade deals stands at two – one with the United Kingdom and one with Vietnam. Trump has also announced the framework for a deal with China, the details of which remain fuzzy.

Trump has now extended the deadline for negotiations to Aug. 1 and tinkered with his threatened tariffs, leaving the global trading system pretty much where it stood three months ago — in a state of limbo as businesses delay decisions on investments, contracts and hiring because they don’t know what the rules will be.

“It’s a rerun, basically,’’ said William Reinsch, a former U.S. trade official who’s now an adviser with the Center for Strategic and International Studies think tank. Trump and his team “don’t have the deals they want. So they’re piling on the threats.”

The pattern has repeated itself enough times to earn Trump the label TACO — an acronym coined by The Financial Times’ Robert Armstrong that stands for “Trump Always Chickens Out.”

“This is classic Trump: Threaten, threaten more, but then extend the deadline,” Reinsch said. “July 30 arrives, does he do it again if he still doesn’t have the deals?’’ (Trump said Tuesday that there will be no more extensions.)

The deal drought represents a collision with reality.

Negotiating simultaneously with every country on earth was always an impossible task, as Trump himself belatedly admitted last month in an interview with the Fox News Channel. (“There’s 200 countries,’’ the president said. “You can’t talk to all of them.’’) And many trading partners — such as Japan and the European Union — were always likely to balk at Trump’s demands, at least without getting something in return.

“It’s really, really hard to negotiate trade agreements,” which usually takes several months even when it involves just one country or a small regional group, said Chad Bown, an economic adviser in the Obama White House and now senior fellow at the Peterson Institute for International Economics. “What the administration is doing is negotiating a bunch of these at the same time.’’

The drama began April 2 – “Liberation Day,” Trump called it — when the tariff-loving president announced a so-called baseline 10% import tax on everybody and what he called “reciprocal’’ levies of up to 50% on countries with which the United States runs trade deficits.

The 10% baseline tariffs appear to be here to stay. Trump needs them to raise money to patch the hole his massive tax-cut bill is blasting into the federal budget deficit.

By themselves, the baseline tariffs represent a massive shift in American trade policy: Tariffs averaged around 2.5% when Trump returned to the White House and were even lower before he started raising them in his first term.

But the reciprocal tariffs are an even bigger deal.

In announcing them, Trump effectively blew up the rules governing world trade. For decades, the United States and most other countries abided by tariff rates set through a series of complex negotiations known as the Uruguay round. Countries could set their own tariffs – but under the “most favored nation’’ approach, they couldn’t charge one country more than they charged another.

Now Trump is setting the tariff rates himself, creating “tailor-made trade plans for each and every country on this planet,’’ in the words of White House press secretary Karoline Leavitt.

But investors have recoiled at the audacious plan, fearing that it will disrupt trade and damage the world economy. Trump’s Liberation Day tariffs, for instance, set off a four-day rout in global financial markets. Trump blinked. Less than 13 hours after the reciprocal tariffs took effect April 9, he abruptly suspended them for 90 days, giving countries time to negotiate with his trade team.

Despite the Trump administration’s expressions of confidence, the talks turned into a slog.

“Countries have their own politics, their own domestic politics,” Reinsch said. “Trump structured this ideally so that all the concessions are made by the other guys and the only U.S. concession is: We don’t impose the tariffs.’’

But countries like South Korea and Japan needed “to come back with something,’’ he said. Their thinking: “We have to get some concessions out of the United States to make it look like this is a win-win agreement and not a we-fold-and-surrender agreement. ”

Japan, for example, wanted relief from another Trump tariff — 50% levies on steel and aluminum.

Countries may also be hesitant to reach a deal with the United States while the Trump administration conducts investigations that might result in new tariffs on a range of products, including pharmaceuticals and semiconductors.

Frustrated by the lack of progress, Trump on Monday sent letters to Japan, South Korea and 12 other countries, saying he’d hit them with tariffs Aug. 1 if they couldn’t reach an agreement. The levies were close to what he’d announced on April 2; Japan’s, for example, would be 25%, compared to the 24% unveiled April 2.

Trump did sign an agreement last month with the United Kingdom that, among other provisions, reduced U.S. tariffs on British automotive and aerospace products while opening the U.K. market for American beef and ethanol. But the pact kept the baseline tariff on British products mostly in place, underlining Trump’s commitment to the 10% tax despite the United States running a trade surplus — not a deficit — with the U.K. for 19 straight years, according to the U.S. Commerce Department.

On July 2. Trump announced a deal with Vietnam. The Vietnamese agreed to let U.S. products into the country duty free while accepting a 20% tax on their exports to the United States, Trump said, though details of the agreement have not been released.

The lopsided deal with Vietnam suggests that Trump can successfully use the tariff threat to bully concessions out of smaller economies.

“They just can’t really negotiate in the same way that the (European Union) or Korea or Japan (or) Canada can negotiate with the United States,’’ said Dan McCarthy, principal in McCarthy Consulting and a former official with the Office of the U.S. Trade Representative in the Biden administration. “A lot of (smaller) countries just want to get out of this and are willing to cut their losses.’’

But wrangling a deal with bigger trading partners is likely to remain tougher.

“The U.S. is gambling that these countries will ultimately be intimidated and fold,” Reinsch said. “And the countries are gambling that the longer this stretches out, and the longer it goes without Trump producing any more deals, the more desperate he gets; and he lowers his standards.

“It’s kind of a giant game of chicken.’’

Kroger Co. is asking Royal Oak to approve a rezoning to allow a new store down the street from a controversial Sheetz gas station, convenience store and restaurant.

The Planning Commission will consider the request at a meeting at 7 p.m. Tuesday, July 8, in the commission chambers at City Hall, 203 S. Troy St.

Kroger plans a nearly 103,000-square-foot store and gas station on the site of the shuttered Comau manufacturing facility, 2800 W. 14 Mile Road. The site is at the northeast corner of 14 Mile and Coolidge Highway.

Last month, the City Commission approved the Sheetz proposal amid vigorous opposition from residents concerned about traffic at the T-shaped intersection of 14 Mile and Coolidge.

Sheetz plans to locate at 3200 W. 14 Mile, on the site of the former MacLean-Fogg Component Solutions. At the city’s request, Sheetz will pay to redesign a traffic light at the intersection to address traffic concerns.

Kroger requests a rezoning from a general industrial to general business classification, according to city documents. In addition to the rezoning, the Planning Commission will also review the grocery giant’s site plan.

The Cincinnati-based Kroger plans to demolish the existing manufacturing facility. The grocery store would be at the north or rear of the property and the gas station at the southwest corner.

If the Planning Commission recommends approval, the city will conduct a traffic study before the proposal goes to the City Commission for final consideration.

Kroger operates about 30 stores in Oakland County, including one in Royal Oak, one in Birmingham and four in Troy.

UPDATED: Sheetz station approved for Royal Oak site

Pinky’s Rooftop in Royal Oak closes, latest restaurant in that location to fail

By Brian Baker, CFA, Bankrate.com

Bitcoin mining is the process of creating new bitcoins by solving extremely complicated math problems that verify transactions in the currency. When a bitcoin is successfully mined, the miner receives a predetermined amount of Bitcoin.

Bitcoin is one of the most popular types of cryptocurrencies, which are digital mediums of exchange that exist solely online. Bitcoin runs on a decentralized computer network, or distributed ledger, that tracks transactions in the cryptocurrency. When computers on the network verify and process transactions, new bitcoins are created, or mined. These networked computers, or miners, process the transaction in exchange for a payment in Bitcoin.

As the prices of cryptocurrencies and Bitcoin in particular have skyrocketed in recent years, it’s understandable that interest in mining has picked up as well. A miner currently earns 3.125 Bitcoin (about $334,375 as of mid-June 2025) for successfully validating a new block on the Bitcoin blockchain. But for most people, the prospects for Bitcoin mining are not good due to its complex nature and high costs.

Here are the basics of how Bitcoin mining works and some key risks to be aware of.

How Bitcoin mining works

Bitcoin is powered by blockchain, which is the technology behind many cryptocurrencies. A blockchain is a decentralized ledger of all the transactions across a network. Groups of approved transactions together form a block and are joined by computers within the network (called miners) to create a chain. Think of it as a long public record that functions almost like a long-running receipt. Bitcoin mining is the process of adding a block to the chain.

Bitcoin miners pick transactions from a group of unconfirmed transactions, called a mempool, to form a block on the blockchain. Before they can add the block securely to the blockchain, miners must solve what’s called a proof-of-work puzzle by guessing a number (also called a nonce). This number is combined with the block’s data and processed through a function called SHA-256.

The ultimate goal: create a block hash, which is a code with enough leading zeros to be less than, or equal to, the network’s target hash. The target hash is what determines how difficult the puzzle is to solve.

Target hash example: 0000000000000000ffff00000000000000000000000000000000000000000000

Block hash example: 0000000000000000057e29f1b57c1a9d5b90a6b7f1b4f0c9e2b0a1d3e4f5c6d7

Remember the block hash must be less than or equal to the target hash. Think of it like a dice game where the only way to win is if you roll a number smaller than or equal to a some number you’re given at the beginning. That number is made mostly of zeros, so you’d need a really insane and rare roll — a hash with tons of zeros in front of it — to win. In this example, the target hash’s “ffff” represents numbers that are non-zero and the block hash is less than the target hash, therefore solving the puzzle.

If you’re wondering whether this process requires a ton of computational power, you’re right. Miners use extremely powerful computers, called ASICs, to make billions — or trillions — of guesses about which nonces could work. One computer can cost up to $10,000. ASICs also consume huge amounts of electricity, which has drawn criticism from environmental groups and limits the profitability of miners. Technically, though, you could mine Bitcoin with, say, a MacBook Pro, but unfortunately you won’t get very far because there’s not enough computing power.

If a miner is able to successfully add a block to the blockchain, they will receive 3.125 bitcoins. The reward amount is cut in half roughly every four years, or every 210,000 blocks. As of mid-June 2025, Bitcoin traded at around $107,000, making 3.125 bitcoins worth $334,375.

Risks of Bitcoin mining

• Regulation: Very few governments have embraced cryptocurrencies such as Bitcoin, and many are more likely to view them skeptically because the currencies operate outside government control. There is always the risk that governments could outlaw the mining of Bitcoin or cryptocurrencies altogether as China did in 2021, citing financial risks and increased speculative trading.
• Price volatility: Bitcoin’s price has fluctuated widely since it was introduced in 2009. Since just January 2023, Bitcoin has at times traded for less than $18,000 and more than $110,000 recently. This kind of volatility makes it difficult for miners to know if their reward will outweigh the high costs of mining.

How to start Bitcoin mining

Here are the basic components you’ll need to start mining Bitcoin.

This is where any Bitcoin you earn as a result of your mining efforts will be stored. A wallet is an encrypted online account that allows you to store, transfer and accept Bitcoin or other cryptocurrencies. Companies such as Coinbase, Trezor and Exodus all offer wallet options for cryptocurrency.

There are a number of different providers of mining software, many of which are free to download and can run on Windows and Mac computers. Once the software is connected to the necessary hardware, you’ll be able to mine Bitcoin.

The most cost-prohibitive aspect of Bitcoin mining involves the hardware. You’ll need a powerful computer that uses an enormous amount of electricity in order to successfully mine Bitcoin. It’s not uncommon for the hardware costs to run around $10,000 or more.

Bitcoin mining statistics

• Creating Bitcoin consumes 184.4 terawatt-hours of electricity each year, more than is used by Poland or Egypt, according to the Cambridge Bitcoin Electricity Consumption Index.
• The price of Bitcoin has been extremely volatile over time. In 2020, it traded as low as $4,107 and reached an all-time high of $111,970 in May 2025. As of mid-June, it traded around $107,000.
• The United States (37.8%), Mainland China (21.1%) and Kazakhstan (13.2%) were the largest bitcoin miners as of December 2021, according to the Cambridge Electricity Consumption Index.

Taxes on Bitcoin mining

It’s important to remember the impact that taxes can have on Bitcoin mining. The IRS has been looking to crack down on owners and traders of cryptocurrencies as the asset prices have ballooned in recent years. Here are the key tax considerations to keep in mind for Bitcoin mining.

• Are you a business? If Bitcoin mining is your business, you may be able to deduct expenses you incur for tax purposes. Revenue would be the value of the bitcoins you earn. But if mining is a hobby for you, it’s not likely you’ll be able to deduct expenses.
• Mined bitcoin is income. If you’re successfully able to mine Bitcoin or other cryptocurrencies, the fair market value of the currencies at the time of receipt will be taxed at ordinary income rates.
• Capital gains. If you sell bitcoins at a price above where you received them, that qualifies as a capital gain, which would be taxed the same way it would for traditional assets such as stocks or bonds.

Check out Bankrate’s cryptocurrency tax guide to learn about basic tax rules for Bitcoin, Ethereum and more.

Is Bitcoin mining profitable?

It depends. Even if Bitcoin miners are successful, it’s not clear that their efforts will end up being profitable due to the high upfront costs of equipment and the ongoing electricity costs.

Worldwide, bitcoin mining uses more electricity than Poland, a nation of 36.7 million people, according to the University of Cambridge’s Bitcoin Electricity Consumption Index.

As the difficulty and complexity of Bitcoin mining has increased, the computing power required has also gone up. Bitcoin mining consumes about 184.4 terawatt-hours of electricity each year, more than most countries, according to the Cambridge index.

One way to share some of the high costs of mining is by joining a mining pool. Pools allow miners to share resources and add more capability, but shared resources mean shared rewards, so the potential payout is less when working through a pool. The volatility of Bitcoin’s price also makes it difficult to know exactly how much you’re working for.

Bottom line

While Bitcoin mining sounds appealing, the reality is that it’s difficult and expensive to actually do profitably. The extreme volatility of Bitcoin’s price adds more uncertainty to the equation.

Keep in mind that Bitcoin itself is a speculative asset with no intrinsic value, which means it won’t produce anything for its owner and isn’t pegged to something like gold. Your return is based on selling it to someone else for a higher price, and that price may not be high enough for you to turn a profit.

(Bankrate’s Logan Jacoby contributed to an update of this article.)

©2025 Bankrate.com. Distributed by Tribune Content Agency, LLC.

The post Detroit Evening Report: Detroit suing blockchain-based real estate firm for neglecting hundreds of properties appeared first on WDET 101.9 FM.

By CATHY BUSSEWITZ, Staff Writer

NEW YORK (AP) — Jeremy Didier had taken her son to a psychologist for a possible ADHD evaluation when she spotted an article about women with the condition. As she read it in the waiting room, she thought to herself: They’re describing me.

“Lots of risk-taking, lots of very impulsive behavior growing up,” Didier said. As the magazine described, she’d excelled in school but gotten in trouble for talking too much. She’d amassed too many speeding tickets as an adult. She turned to her husband and said, “I think I might have ADHD.”

Didier is now the board president of Children and Adults with Attention-Deficit/Hyperactivity Disorder, a nonprofit advocacy and support organization. Her realization mirrors the experiences of other adults who wonder if they have ADHD after a child’s diagnosis.

Attention-deficit/hyperactivity disorder is a neurodevelopmental condition characterized by inattention, hyperactivity or a combination of the two. Common symptoms such as trouble concentrating or sitting still can create challenges at work.

People with ADHD are often passed over for promotions, said Andrew Sylvester, a psychiatrist at UCHealth, a hospital in Longmont, Colorado. Difficulties with attention may lead the mind to drift during meetings, and cause someone to miss important discussion nuances. The disorder may interfere with organization, planning and remembering details.

Yet some adults think of having ADHD as a source of personality strengths and ways of thinking that benefit employers. Diagnostic manuals may call it a disorder, but it also can be a superpower, they said.

“Our brains work differently and so we’re more likely to be able to think outside the box and come up with different things, and sometimes that’s because we’ve had to do that in order to to survive,” Didier said.

Here are some ways to cope with and channel ADHD in the workplace.

Finding community

Getting diagnosed with ADHD doesn’t always lead to a quick fix. While doctors often recommend medication and therapy, not everyone can take medication, and those routes don’t necessarily eliminate all symptoms.

Didier floundered with a messy house and lots of yelling as she and four of her five children were diagnosed with ADHD. She experimented with medicine, diets and reward charts, and discovered what helped her the most: a community of parents who had children with ADHD.

“There’s nothing like talking to other people who are going through what you’re going through to help you feel … that you’re not alone,” she said.

Didier eventually became a social worker and now runs support groups for adults with ADHD, teaching skills they can use at work.

Some organizations have employee resource groups organized around neurodiversity to provide camaraderie and support to adults with ADHD, autism, dyslexia and other conditions.

GPS of the brain

People with ADHD often struggle with executive function, which Didier describes as “your brain’s GPS” for navigating your day. Executive function is a set of mental skills that includes making plans, managing time and flexible thinking. It also includes working memory, which helps us keep track of what we’re doing.

To keep from getting derailed, experts recommend breaking large tasks into chunks, writing detailed to-do lists and taking breaks.

Personal chef Bill Collins, 66, who was diagnosed with ADHD two years ago, writes structured lists when he’s making a meal for a client. He creates categories for kitchen areas — counter, stove and oven — and then lists tasks such as “chop carrots, boil water for pasta” underneath each category. Then he numbers each task so he knows exactly what to do, where and when.

“That’s how I got around my unknown ADHD early on, just making lists,” Collins said. “If it’s something I don’t want to do, I put it at the top of the list so I can be done with it.”

Another technique is called “body doubling,” which involves a pair of work colleagues meeting over Zoom or in-person to focus on completing projects. The two may choose to perform separate tasks — one might build a presentation deck while the other files tax reports — but help each other stay accountable.

“You’re just sitting there during that dedicated time, getting things done,” Didier said.

Insurance company Liberty Mutual provides an AI tool that helps break down large projects into manageable tasks and provides reminders about deadlines, to help employees with ADHD stay focused and organized, said Head of Benefits Verlinda DiMarino.

Getting through meetings

Meetings can be difficult for people with ADHD if their minds drift or they feel an urge to get up out of a chair. They also may struggle with impulse control and find it hard to wait their turn to speak.

Nicole Clark, CEO of the Adult and Pediatric Institute, a mental health practice in Stuart, Florida, suggests asking for meeting topics in advance and writing up talking points. If you think of questions during the meeting, write them down.

Some employers use a voice-to-text service, projecting what a speaker is saying on a screen, which helps people with attention difficulties stay focused, Clark said.

Sylvester, the psychiatrist, recommends practicing active listening by repeating in your head what someone just said, or taking a brief time-out from a meeting to reset.

Tell them, “’I need five minutes. I’ll be right back.’ Get up and walk out. Do what you need to do,” he said.

Mariel Paralitici-Morales, chief medical officer of the Adult and Pediatric Institute, who has ADHD, sits close to whoever will be speaking to help sustain attention.

“Having something in my hand helps,” said Paralitici-Morales, who sometimes holds a fidget spinner. “If we have to talk, I found it’s easier for me to be the first one and break the ice” to keep herself from second-guessing what she planned to say.

Seek accommodations

People with an ADHD diagnosis can request accommodations at work through the Americans with Disabilities Act. Noise-canceling headphones may help. Consider asking for the ability to take a break every 20 minutes, Sylvester said.

“Set a timer for five to 10 minutes. Get up and walk around. Make some coffee. Go play with the dog,” he said. “When that timer goes off, go back to a 15 to 20 minute hard productivity cycle.”

Employees can also request a flexible schedule or ability to work from home, which can enable time for therapy or self-care.

Antoinette Damico, 23, who coordinates events at an executive search firm in San Francisco, said she practices meditation, writes daily goals in a journal and stays off short-form media to improve her concentration.

Celebrate your strengths

Having ADHD can be an asset in the workplace, and many CEOs and entrepreneurs are neurodiverse, Didier said.

“We bring all kinds of unique talents to our workplaces. Hyper-focus, lots of energy, resilience, the ability to multitask,” she added. “There’s something about people with ADHD that seems to unmask or give us a greater capacity for creativity and innovation.”

Damico also thinks her ADHD provides some advantages. When she’s interested in a topic, she can be extremely focused, reading extensively and talking about the topic nonstop, a trait others with ADHD report.

“It can generate a real passion in you that is a bit unique,” she said. “It really creates this grit in me in terms of when I really want to accomplish something, there’s this boost of energy.”

Share your stories and questions about workplace wellness at cbussewitz@ap.org. Follow AP’s Be Well coverage, focusing on wellness, fitness, diet and mental health at https://apnews.com/hub/be-well

Nancy Forster-Holt

(The Conversation is an independent and nonprofit source of news, analysis and commentary from academic experts.)

Nancy Forster-Holt, University of Rhode Island

(THE CONVERSATION) Americans love small businesses. We dedicate a week each year to applauding them, and spend Small Business Saturday shopping locally. Yet hiding in plain sight is an enormous challenge facing small business owners as they age: retiring with dignity and foresight. The current economic climate is making this even more difficult.

As a professor who studies aging and business, I’ve long viewed small business owners’ retirement challenges as a looming crisis. The issue is now front and center for millions of entrepreneurs approaching retirement. Small enterprises make up more than half of all privately held U.S. companies, and for many of their owners, the business is their retirement plan.

But while owners often hope to finance their golden years by selling their companies, only 20% of small businesses are ready for sale even in good times, according to the Exit Planning Institute. And right now, conditions are far from ideal. An economic stew of inflation, supply chain instability and high borrowing costs means that interest from potential buyers is cooling.

For many business owners, retirement isn’t a distant concern. In the U.S., baby boomers – who are currently 61 to 79 years old – own about 2.3 million businesses. Altogether, they generate about US$5 billion in revenue and employ almost 25 million people. These entrepreneurs have spent decades building businesses that often are deeply rooted in their communities. They don’t have time to ride out economic chaos, and their optimism is at a 50-year low.

New policies, new challenges

You can’t blame them for being gloomy. Recent policy shifts have only made life harder for business owners nearing retirement. Trade instability, whipsawing tariff announcements and disrupted supply chains have eroded already thin margins. Some businesses – generally larger ones with more negotiating power – are absorbing extra costs rather than passing them on to shoppers. Others have no choice but to raise prices, to customers’ dismay. Inflation has further squeezed profits.

At the same time, with a few notableexceptions, buyers and capital have grown scarce. Acquirers and liquidity have dried up across many sectors. The secondary market – a barometer of broader investor appetite – now sees more sellers than buyers. These are textbook symptoms of a “flight to safety,” a market shift that drags out sale timelines and depresses valuations – all while Main Street business owners age out. These entrepreneurs typically have one shot at retirement – if any.

Adding to these woes, many small businesses are part of what economists call regional “clusters,” providing services to nearby universities, hospitals and local governments. When those anchor institutions face budget cuts – as is happening now – small business vendors are often the first to feel the impact.

Research shows that many aging owners actually double down in weak economic times, sinking increasing amounts of time and money in a psychological pattern known as “escalating commitment.” The result is a troubling phenomenon scholars refer to as “benign entrapment.” Aging entrepreneurs can remain attached to their businesses not because they want to, but because they see no viable exit.

This growing crisis isn’t about bad personal planning — it’s a systemic failure.

Rewriting the playbook on small business policy

A key mistake that policymakers make is to lump all small business owners together into one group. That causes them to overlook important differences. After all, a 68-year-old carpenter trying to retire doesn’t have much in common with a 28-year-old tech founder pitching a startup. Policymakers may cheer for high-growth “unicorns,” but they often overlook the “cows and horses” that keep local economies running.

Even among older business owners, circumstances vary based on local conditions. Two retiring carpenters in different towns may face vastly different prospects based on the strength of their local economies. No business, and no business owner, exists in a vacuum.

Relatedly, when small businesses fail to transition, it can have consequences for the local economy. Without a buyer, many enterprises will simply shut down. And while closures can be long-planned and thoughtful, when a business closes suddenly, it’s not just the owner who loses. Employees are left scrambling for work. Suppliers lose contracts. Communities lose essential services.

Four ways to help aging entrepreneurs

That’s why I think policymakers should reimagine how they support small businesses, especially owners nearing the end of their careers.

First, small business policy should be tailored to age. A retirement-ready business shouldn’t be judged solely by its growth potential. Rather, policies should recognize stability and community value as markers of success. The U.S. Small Business Administration and regional agencies can provide resources specifically for retirement planning that starts early in a business’s life, to include how to increase the value of the business and a plan to attract acquirers in later stages.

Second, exit infrastructure should be built into local entrepreneurial ecosystems. Entrepreneurial ecosystems are built to support business entry – think incubators and accelerators – but not for exit. In other words, just like there are accelerators for launching businesses, there should be programs to support winding them down. These could include confidential peer forums, retirement-readiness clinics, succession matchmaking platforms and flexible financing options for acquisition.

Third, chaos isn’t good for anybody. Fluctuations in capital gains taxes, estate tax thresholds and tariffs make planning difficult and reduce business value in the eyes of potential buyers. Stability encourages confidence on both sides of a transaction.

And finally, policymakers should include ripple-effect analysis in budget decisions. When universities, hospitals or governments cut spending, small business vendors often absorb much of the shock. Policymakers should account for these downstream impacts when shaping local and federal budgets.

If we want to truly support small businesses and their owners, it’s important to honor the lifetime arc of entrepreneurship – not just the launch and growth, but the retirement, too.

This article is republished from The Conversation under a Creative Commons license. Read the original article here: https://theconversation.com/no-country-for-old-business-owners-economic-shifts-create-a-growing-challenge-for-americas-aging-entrepreneurs-254537.

By CORA LEWIS

NEW YORK (AP) — Hundreds of millions of ‘Buy Now, Pay Later’ loans will soon affect credit scores for millions of Americans who use the loans to buy clothing, furniture, concert tickets, and takeout.

Scoring company FICO said Monday that it is rolling out a new model that factors the short-term loans into their consumer scores. A majority of lenders use FICO scores to determine a borrower’s credit worthiness. Previously, the loans had been excluded, though Buy Now, Pay Later company Affirm began voluntarily reporting pay-in-four loans to Experian, a separate credit bureau, in April.

The new FICO scores will be available beginning in the fall, as an option for lenders to increase visibility into consumers’ repayment behavior, the company said. Still, not all Buy Now, Pay Later companies share their data with the credit bureaus, and not all lenders will opt in to using the new models, so widespread adoption could take time, according to Adam Rust, director of financial services at the nonprofit Consumer Federation of America.

Here’s what to know.

Why haven’t the loans appeared in credit scores previously?

Typically, when using Buy Now, Pay Later loans, consumers pay for a given purchase in four installments over six weeks, in a model more similar to layaway than to a traditional credit card. The loans are marketed as zero-interest, and most require no credit check or only a soft credit check.

The main three credit reporting bureaus, Experian, TransUnion, and Equifax, haven’t yet incorporated a standard way of including these new financial products in their reports, since they don’t adhere to existing models of lending and repayment. FICO, the score of the Fair Isaac Corporation, uses data from the bureaus to calculate its own credit score, and is independently choosing to pilot a new score that takes the loans into account.

Why is this important?

BNPL providers promote the plans as safer alternatives to credit cards, while consumer advocates warn about “loan stacking,” in which consumers take on many loans at once across several companies. So far, there’s been little visibility into this practice in the industry, and the opacity has led to warnings of “phantom debt” that could mask the health of the consumer.

In a statement, FICO said that their new credit score model is accounting for the growing significance of the loans in the U.S. credit ecosystem.

“Buy Now, Pay Later loans are playing an increasingly important role in consumers’ financial lives,” said Julie May, vice president and general manager of business-to-business scores at FICO. “We’re enabling lenders to more accurately evaluate credit readiness, especially for consumers whose first credit experience is through BNPL products.”

What does FICO hope to achieve?

FICO said the new model will responsibly expand access to credit. Many users of BNPL loans are younger consumers and consumers who may not have good or lengthy credit histories. In a joint study with Affirm, FICO trained its new scores on a sample of more than 500,000 BNPL borrowers and found that consumers with five or more loans typically saw their scores increase or remain stable under the new model.

For consumers who pay back their BNPL loans in a timely way, the new credit scoring model could help them improve their credit scores, increasing access to mortgages, car loans, and apartment rentals. Currently, the loans don’t typically contribute directly to improved scores, though missed payments can hurt or ding a score.

Since March, credit scores have declined steeply for millions, as student loan payments resume and many student borrowers find themselves unable to make regular payments on their federal student loans.

What are the risks and concerns?

Nadine Chabrier, senior policy and litigation counsel at the Center for Responsible Lending, said her main concern is that the integration of the loans into a score could have unexpected negative effects on people who are already credit-restrained.

“There isn’t a lot of information out there about how integrating BNPL into credit scoring will work out,” Chabrier said. “FICO simulated the effect on credit scoring through a study. They saw that some users’ scores increased. But if you factor in something that, last week, didn’t affect your credit, and this week, it does, without having very much information about the modeling, it’s a little hard to tell what the consequences will be.”

Chabrier cited research that’s shown that many BNPL users have revolving credit card balances, lower credit scores, delinquencies, and existing debt. Women of color are also more likely to use the loans, she said.

“This is a credit vulnerable community,” said Chabrier.

Will consumers see immediate effects?

Rust, of the Consumer Federation of America, said he doesn’t expect this to be a game-changer for consumers who already have a credit profile.

“Are we at a point where using BNPL loans will dramatically alter your credit profile? Probably not,” he said. “I think it’s important that people have reasonable expectations.”

Rust said the average BNPL loan is for $135, and that repaying such small loans, even consistently, might not result in changes to a credit score that would significantly move the needle.

“It’s not about going from 620 to 624. It’s about going from 620 to 780,” he said, referring to the kind of credit score jumps that affect one’s credit card offers, interest rates on loans, and the like.

Still, Rust said that increased transparency around the loans could create a more accurate picture of a consumer’s debts, which could improve accurate underwriting and keep consumers from over-extending themselves.

“This addresses the problem of ‘phantom debt,’ and that’s a good thing,” he said. “Because it could be something that keeps people from getting too deeply into debt they can’t afford.”

The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism.

By BERNARD CONDON

NEW YORK (AP) — When the Trump family unveiled a new phone before a giant American flag at its headquarters earlier this month, the pitch was simple and succinct, packed with pure patriotism: “Made in the U.S.A.”

The Trumps are apparently having second thoughts.

How about “proudly American”?

Those are the two words that have replaced the “Made in the USA” pitch that just a few days ago appeared on the website where customers can pre-order the so-called T-1 gold-toned phones with an American flag etched on the back. Elsewhere on the site, other vague terms are now being used, describing the $499 phone as boasting an “American-Proud Design” and “brought to life right here in the U.S.A.”

The Federal Trade Commission requires that items labeled “Made in USA” be “all or virtually all” produced in the U.S. and several firms have been sued over misusing the term.

The Trump Organization has not explained the change and has not responded to a request for comment. Neither did an outside public relations firm handling the Trumps’ mobile phone business, including a request to confirm a statement made to another media outlet.

“T1 phones are proudly being made in America,” said Trump Mobile spokesman Chris Walker, according to USA Today. “Speculation to the contrary is simply inaccurate.”

The language change on the website was first reported by the news site The Verge.

An expert on cell phone technology, IDC analyst Francisco Jeronimo, said he’s not surprised the Trump family has dropped the “Made in the USA” label because it’s nearly impossible to build one here given the higher cost and lack of infrastructure to do so.

But, of course, you can claim to do it.

“Whether it is possible or not to build this phone in the US depends on what you consider ‘build,’” Jeronimo said. “If it’s a question of assembling components and targeting small volumes, I suppose it’s somehow possible. You can always get the components from China and assemble them by hand somewhere.”

“You’re going to have phones that are made right here in the United States of America,” said Trump’s son Eric to Fox News recently, adding, “It’s about time we bring products back to our great country.”

The Trump family has flown the American flag before with Trump-branded products of suspicious origin, including its “God Bless the USA” Bibles, which an Associated Press investigation last year showed were printed in China.

The Trump phone is part of a bigger family mobile business plan designed to tap into MAGA enthusiasm for the president. The two sons running the business, Eric and Don Jr., announced earlier this month that they would offer mobile phone plans for $47.45 a month, a reference to their father’s status as the 45th and 47th president. The call center, they said, will be in the U.S., too.

“You’re not calling up call centers in Bangladesh,” Eric Trump said on Fox News. “We’re doing it out of St. Louis, Missouri.”

The new service has been blasted by government ethics experts for a conflict of interest, given that President Donald Trump oversees the Federal Communications Commission that regulates the business and is investigating phone service companies that are now Trump Mobile rivals.

Trump has also threatened to punish cell phone maker Apple, now a direct competitor, threatening to slap 25% tariffs on devices because of its plans to make most of its U.S. iPhones in India.

By TOM MURPHY

A small, growing number of employers are putting health insurance decisions entirely in the hands of their workers.

Instead of offering traditional insurance, they’re giving workers money to buy their own coverage in what’s known as Individual Coverage Health Reimbursement Arrangements, or ICHRAs.

Advocates say this approach provides small companies that couldn’t afford insurance a chance to offer something. It also caps a growing expense for employers and fits conservative political goals of giving people more purchasing power over their coverage.

But ICHRAs place the risk for finding coverage on the employee, and they force them to do something many dislike: Shop for insurance.

“It’s maybe not perfect, but it’s solving a problem for a lot of people,” said Cynthia Cox, of the nonprofit KFF, which studies health care issues.

Here’s a closer look at how this approach to health insurance is evolving.

What’s an ICHRA?

Normally, U.S. employers offering health coverage will have one or two insurance options for workers through what’s known as a group plan. The employers then pick up most of the premium, or cost of coverage.

ICHRAs are different: Employers contribute to health insurance coverage, but the workers then pick their own insurance plans. The employers that use ICHRAs hire outside firms to help people make their coverage decisions.

ICHRAs were created during President Donald Trump’s first administration. Enrollment started slowly but has swelled in recent years.

What’s the big deal about ICHRAs?

They give business owners a predictable cost, and they save companies from having to make coverage decisions for employees.

“You have so many things you need to focus on as a business owner to just actually grow the business,” said Jeff Yuan, co-founder of the New York-based insurance startup Taro Health.

Small businesses, in particular, can be vulnerable to annual insurance cost spikes, especially if some employees have expensive medical conditions. But the ICHRA approach keeps the employer cost more predictable.

Yuan’s company bases its contributions on the employee’s age and how many people are covered under the plan. That means it may contribute anywhere from $400 to more than $2,000 monthly to an employee’s coverage.

How is this approach different?

ICHRAs let people pick from among dozens of options in an individual insurance market instead of just taking whatever their company offers.

That may give people a chance to find coverage more tailored to their needs. Some insurers, for instance, offer plans designed for people with diabetes.

And workers can keep the coverage if they leave — potentially for longer periods than they would be able to with traditional employer health insurance plans. They likely will have to pay the full premium, but keeping the coverage also means they won’t have to find a new plan that covers their doctors.

Mark Bertolini, CEO of the insurer Oscar Health, noted that most people change jobs several times.

“Insurance works best when it moves with the consumer,” said the executive, whose company is growing enrollment through ICHRAs in several states.

What are the drawbacks for employees?

Health insurance plans on the individual market tend to have narrower coverage networks than employer-sponsored coverage.

It may be challenging for patients who see several doctors to find one plan that covers them all.

People shopping for their own insurance can find coverage choices and terms like deductibles or coinsurance overwhelming. That makes it important for employers to provide help with plan selection.

The broker or technology platform setting up a company’s ICHRA generally does this by asking about their medical needs or if they have any surgeries planned in the coming year.

How many people get coverage this way?

There are no good numbers nationally that show how many people have coverage through an ICHRA or a separate program for companies with 50 workers or less.

However, the HRA Council, a trade association that promotes the arrangements, sees big growth. The council works with companies that help employers offer the ICHRAs. It studies growth in a sample of those businesses.

It says about 450,000 people were offered coverage through these arrangements this year. That’s up 50% from 2024. Council Executive Director Robin Paoli says the total market may be twice as large.

Still, these arrangements make up a sliver of employer-sponsored health coverage in the United States. About 154 million people were enrolled in coverage through work last year, according to KFF.

Will growth continue?

Several things could cause more employers to offer ICHRAs. As health care costs continue to climb, more companies may look to limit their exposure to the hit.

Some tax breaks and incentives that encourage the arrangements could wind up in a final version of the Republican tax bill currently under consideration in the Senate.

More people also will be eligible for the arrangements if extra government subsidies that help buy coverage on the Affordable Care Act’s individual marketplaces expire this year.

You can’t participate in an ICHRA if you are already getting a subsidy from the government, noted Brian Blase, a White House health policy adviser in the first Trump administration.

“The enhanced subsidies, they crowd out private financing,” he said.

The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Science and Educational Media Group. The AP is solely responsible for all content.

By Lauren Schwahn, NerdWallet

The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.

No, we’re not asking your name. And we promise we’re not trying to offend you.

HENRY isn’t an insult; it’s a nickname given to a certain demographic in the personal finance world. If you earn a decent income, but feel like you aren’t building enough wealth, you might be a HENRY.

What is a HENRY?

HENRY is an acronym that stands for “High Earner, Not Rich Yet.” But what does it mean to be high earning? The definition varies depending on who you ask.

We sifted through Reddit forums to get a pulse check on what users say about HENRYs. People post anonymously, so we cannot confirm their individual experiences or circumstances.

Over on Reddit in the r/HENRYfinance subreddit, HENRYs are defined as “people who earn high incomes, usually between $250,000 to $500,000, but have not saved or invested enough to be considered rich.”

Net worth is another key number to consider.

Trevor Ausen, a certified financial planner in Minneapolis, Minnesota, says that HENRYs often have “somewhere between negative net worth, thanks to student loans or early career costs, to around $1 million in assets.”

Having an income or net worth above these figures tips the scales toward “rich.”

Who is the typical HENRY?

HENRYs are often business professionals, doctors, lawyers or tech employees with equity compensation, Ausen says.

Many live in places like New York or the Bay Area, he adds, where it can be hard to accumulate wealth even with a high salary due to the high cost of living. They’re usually in their 20s, 30s or 40s.

In some cases, HENRYs are also the first in their families to earn a higher income. That can come with added pressure to provide financial support for relatives and create generational wealth.

How do you know if you’re a HENRY?

Now that you know what a HENRY is, let’s see if you fit the bill.

“If you’re earning well but still feel like you’re just getting by financially, you might be a HENRY,” Flavio Landivar, a CFP in Miami, Florida, said in an email interview.

You might be a HENRY if you:

• Earn an above-average income (typically in the low to mid six-figure range).
• Live in a high-cost area.
• Spend most of your income on costs such as housing, student loans, child care and discretionary expenses.
• Don’t feel financially secure.

But not all HENRYs are the same.

While many have trouble building wealth because student loans or living expenses eat up their income, others are saving aggressively, Ausen says.

“They’ve only been high earning for a short amount of time, and just have not had the time to really build up those assets and save enough where they can be considered rich,” he says.

Ausen says his HENRY clients generally have too much cash. After maxing out their 401(k)s or other retirement accounts, they aren’t putting their extra money to work in an investment account.

If you’re parking a lot of cash in a general savings or checking account, that’s a sign you might be a HENRY.

“While there certainly is an argument for how much emergency fund, essentially, someone should have, after a certain point, it starts to become not as efficient as it could be,” Ausen says.

What do HENRYs care about?

Like most people, HENRYs want more money and greater financial freedom. Online discussions in r/HENRYfinance and other forums often focus on lifestyle creep, career growth, investment options and strategies for minimizing tax burdens.

HENRYs are also looking for quick guidance and reassurance that they’re on the right track.

“These young professionals may be settling into their careers, gaining responsibilities and have less leisure time than they used to,” Yesenia Realejo, a CFP with Tobias Financial Advisors in Plantation, Florida, said in an email interview.

“They may be starting families, buying homes, saving for their children’s college. With so much on their plates, they may find that they’re saving, but have no planned financial direction.”

Is being a HENRY good or bad?

If you’re a HENRY, you may feel stuck. It might seem like you aren’t making enough progress toward your financial goals.

But it’s important to emphasize the “Y” in HENRY. You’re not rich yet — that doesn’t mean you’ll never be rich.

“With smart planning, managing expenses and focusing on long-term goals, HENRYs have a great opportunity to build real wealth down the road,” Landivar said.

“Without that focus, though, it’s easy to stay stuck living paycheck to paycheck despite a high income.”

Start by making, or revisiting, your financial plan. If you’re not sure where to begin, consider getting help from a financial advisor. Getting rich may happen sooner than you think.

More From NerdWallet

• Practical Ways to Tackle Overspending
• Where to Park Cash if You’re Worried about the Stock Market
• Here’s How I Made $360 Selling Stuff on Facebook Marketplace

Lauren Schwahn writes for NerdWallet. Email: lschwahn@nerdwallet.com. Twitter: @lauren_schwahn.

The article Are You a HENRY? originally appeared on NerdWallet.

By PAUL WISEMAN, AP Economics Writer

WASHINGTON (AP) — Farmers, cattle ranchers and hotel and restaurant managers breathed a sigh of relief last week when President Donald Trump ordered a pause to immigration raids that were disrupting those industries and scaring foreign-born workers off the job.

“There was finally a sense of calm,’’ said Rebecca Shi, CEO of the American Business Immigration Coalition.

That respite didn’t last long.

On Wednesday, Assistant Secretary of the Department of Homeland Security Tricia McLaughlin declared, “There will be no safe spaces for industries who harbor violent criminals or purposely try to undermine (immigration enforcement) efforts. Worksite enforcement remains a cornerstone of our efforts to safeguard public safety, national security and economic stability.’’

The flipflop baffled businesses trying to figure out the government’s actual policy, and Shi says now “there’s fear and worry once more.”

“That’s not a way to run business when your employees are at this level of stress and trauma,” she said.

Trump campaigned on a promise to deport millions of immigrants working in the United States illegally — an issue that has long fired up his GOP base. The crackdown intensified a few weeks ago when Stephen Miller, White House deputy chief of staff, gave the U.S. Immigration and Customs Enforcement a quota of 3,000 arrests a day, up from 650 a day in the first five months of Trump’s second term.

Suddenly, ICE seemed to be everywhere. “We saw ICE agents on farms, pointing assault rifles at cows, and removing half the workforce,’’ said Shi, whose coalition represents 1,700 employers and supports increased legal immigration.

One ICE raid left a New Mexico dairy with just 20 workers, down from 55. “You can’t turn off cows,’’ said Beverly Idsinga, the executive director of the Dairy Producers of New Mexico. “They need to be milked twice a day, fed twice a day.’’

Claudio Gonzalez, a chef at Izakaya Gazen in Los Angeles’ Little Tokyo district, said many of his Hispanic workers — whether they’re in the country legally or not — have been calling out of work recently due to fears that they will be targeted by ICE. His restaurant is a few blocks away from a collection of federal buildings, including an ICE detention center.

“They sometimes are too scared to work their shift,” Gonzalez said. “They kind of feel like it’s based on skin color.”

In some places, the problem isn’t ICE but rumors of ICE. At cherry-harvesting time in Washington state, many foreign-born workers are staying away from the orchards after hearing reports of impending immigration raids. One operation that usually employs 150 pickers is down to 20. Never mind that there hasn’t actually been any sign of ICE in the orchards.

“We’ve not heard of any real raids,’’ said Jon Folden, orchard manager for the farm cooperative Blue Bird in Washington’s Wenatchee River Valley. “We’ve heard a lot of rumors.’’

Jennie Murray, CEO of the advocacy group National Immigration Forum, said some immigrant parents worry that their workplaces will be raided and they’ll be hauled off by ICE while their kids are in school. They ask themselves, she said: “Do I show up and then my second-grader gets off the school bus and doesn’t have a parent to raise them? Maybe I shouldn’t show up for work.’’

The horror stories were conveyed to Trump, members of his administration and lawmakers in Congress by business advocacy and immigration reform groups like Shi’s coalition. Last Thursday, the president posted on his Truth Social platform that “Our great Farmers and people in the Hotel and Leisure business have been stating that our very aggressive policy on immigration is taking very good, long time workers away from them, with those jobs being almost impossible to replace.”

It was another case of Trump’s political agenda slamming smack into economic reality. With U.S. unemployment low at 4.2%, many businesses are desperate for workers, and immigration provides them.

According to the U.S. Census Bureau, foreign-born workers made up less than 19% of employed workers in the United States in 2023. But they accounted for nearly 24% of jobs preparing and serving food and 38% of jobs in farming, fishing and forestry.

“It really is clear to me that the people pushing for these raids that target farms and feed yards and dairies have no idea how farms operate,” Matt Teagarden, CEO of the Kansas Livestock Association, said Tuesday during a virtual press conference.

Torsten Slok, chief economist at Apollo Global Management, estimated in January that undocumented workers account for 13% of U.S. farm jobs and 7% of jobs in hospitality businesses such as hotels, restaurants and bars.

The Pew Research Center found last year that 75% of U.S. registered voters — including 59% of Trump supporters — agreed that undocumented immigrants mostly fill jobs that American citizens don’t want. And an influx of immigrants in 2022 and 2023 allowed the United States to overcome an outbreak of inflation without tipping into recession.

In the past, economists estimated that America’s employers could add no more than 100,000 jobs a month without overheating the economy and igniting inflation. But economists Wendy Edelberg and Tara Watson of the Brookings Institution calculated that because of the immigrant arrivals, monthly job growth could reach 160,000 to 200,000 without exerting upward pressure on prices.

Now Trump’s deportation plans — and the uncertainty around them — are weighing on businesses and the economy.

“The reality is, a significant portion of our industry relies on immigrant labor — skilled, hardworking people who’ve been part of our workforce for years. When there are sudden crackdowns or raids, it slows timelines, drives up costs, and makes it harder to plan ahead,” says Patrick Murphy, chief investment officer at the Florida building firm Coastal Construction and a former Democratic member of Congress. “ We’re not sure from one month to the next what the rules are going to be or how they’ll be enforced. That uncertainty makes it really hard to operate a forward-looking business.”

Adds Douglas Holtz Eakin, former director of the Congressional Budget Office and now president of the conservative American Action Forum think tank: “ICE had detained people who are here lawfully and so now lawful immigrants are afraid to go to work … All of this goes against other economic objectives the administration might have. The immigration policy and the economic policy are not lining up at all.’’

AP Staff Writers Jaime Ding in Los Angeles; Valerie Gonzalez in McAllen, Texas; Lisa Mascaro and Chris Megerian in Washington; Mae Anderson and Matt Sedensky in New York, and Associated Press/Report for America journalist Jack Brook in New Orleans contributed to this report.

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Located in the Cass Corridor, Roar Brewery is gearing up for its grand opening. Detroit is known for its many exports, and beer happens to be one of those significant Detroit staples, playing an important role in our city.

Roar Brewery plans to add to the legacy that is Detroit beer as a Black-owned brewery, opening its doors next month. Founder and US veteran Evan Fay wants to make sure Roar is a space the community can feel at home, and he joins us on The Metro today to welcome us in.

Listen to The Metro weekdays from 10 a.m. to noon ET on 101.9 FM and streaming  on demand.

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President Donald Trump suggested on Tuesday that he would likely extend a deadline for TikTok’s Chinese owner to divest the popular video sharing app.

Trump had signed an order in early April to keep TikTok running for another 75 days after a potential deal to sell the app to American owners was put on ice.

“Probably yeah, yeah,” he responded when asked by reporters on Air Force One whether the deadline would be extended again.

“Probably have to get China approval but I think we’ll get it. I think President Xi will ultimately approve it.”

He indicated in an interview last month with NBC that he would be open to pushing back the deadline again. If it happens, it would be third time that the deadline has been extended.

By Edward Russell
Special to The Washington Post

Travel writer Harriet Baskas faced a dilemma for her 20th wedding anniversary.

An assignment to Dallas-Fort Worth International Airport would see her miss the milestone with her husband and, while they had no standing traditions at home, a couples weekend package at the new Grand Hyatt DFW was enticing.

What if, she thought, he joined her for the trip to spend time together in an unconventional date spot?

That’s exactly what they did, taking a gourmet cooking class, enjoying the restaurants and soaking in the views of one of the world’s busiest airports.

That stay kicked off a tradition that has taken Baskas and her husband to an airport hotel roughly every five years, in places including Denver, Nashville and Vancouver.

Her favorite? The Westin Denver International Airport, where they watched “Top Gun” on the plaza.

“That was just a big treat to watch an aviation-themed movie at the airport outside our hotel,” she said.

Airport hotels are no longer dominated by the staid, cheap, bed-for-a-night abodes that were standard for so many decades. New accommodations hark back to the luxury of early aviation, featuring top-notch amenities that are enjoyable for weary vacationers, road warriors and even locals.

The TWA Hotel at New York’s John F. Kennedy International Airport features a high-end bar where aviation-themed drinks are a must. The rooftop pool at the Grand Hyatt DFW features sweeping views of the surrounding airport. And workouts in the high-floor gym at the Denver airport Westin come with a view of the Rocky Mountains.

From early practicality to modern amenities

The idea of an airport hotel dates to the origins of air travel itself, when those who could afford to fly faced long, multi-stop trips. A New York-to-Los Angeles flight on TWA in 1936 took more than 15 hours, according to a schedule from the time. Weather and other delays were common and often could require an overnight stay en route.

The Dearborn Inn was one of those early abodes, said Ted Ryan, an archivist at Ford Motor Co. Others included the Aerodrome Hotel at Britain’s Croydon Airport and the Oakland Airport Inn in California.

The Dearborn Inn opened adjacent to the former Ford Airport in Michigan in July 1931. The stately Georgian-style building designed by Albert Kahn served as an overnight respite for fliers and crews until the airport closed in 1947.

The hotel is still operating, though, and a recently completed multimillion-dollar, two-year renovation highlighted its aviation heritage.

Julie Mendola, who oversees real estate projects for Ford and worked on the renovation, said one feature reimagines a tradition from the company’s founder.

“Previously, when individuals traveled, Henry Ford would give them a boarding pass,” Mendola said. “We took the original phone booth (that) sits just off the lobby. When you step in you can actually print, email or text yourself a digital boarding pass.”

The “boarding pass” features your photo and a vintage aviation-themed background, Mendola said.

Between the Dearborn Inn’s “Americana” luxury, as a 1937 brochure put it, and today’s posh Hyatts and Westins was a long period of basic airport accommodations that served a need and not much else.

Henry Harteveldt, a travel-industry analyst at Atmosphere Research Group, noted the introduction of jumbo jets, such as Boeing’s 747 and the McDonnell Douglas DC-10, as a turning point for airport hotels. A lot more people could afford to fly on these new planes that seated hundreds of passengers.

“That really led to a growth in the number of (hotel) properties near an airport and a variety of properties near an airport,” he said.

One important cohort was business travelers. While earlier work trips involved a stay downtown or near a factory, the advent of mass air travel meant corporate fliers could go somewhere just for a meeting at the airport. And they needed a place to stay.

The Hilton Chicago O’Hare Airport Hotel catered to these road warriors. It opened in 1973 as one of the first hotels connected to an airport terminal, and it featured rooms that Architecture Plus magazine described at the time as “a good cut above standard practice.”

The growing demand for airport hotels attracted global brands — Hilton, Hyatt, Marriott — that brought a standard look and feel to properties, Harteveldt said, contributing to the sector’s staid reputation.

Pricey convenience

Stacey Stegman, a spokesperson for Denver International Airport, said feedback on the Westin is generally positive, but it does get one frequent complaint.

“People love the convenience; they love the quality,” she said. “The only negative thing I typically hear is that it can be pricey at times.”

Travelers do have the option of cheaper hotels near the Denver airport. There are more than a dozen accommodations a little more than five miles from the terminal, with rates as low as $100 a night, Google Maps shows. But none of these offer the convenience and ease of the Westin that is steps from baggage claim.

Newer, more sophisticated airport hotels are relatively expensive and popular.

The Grand Hyatt at SFO, which opened in 2019, is full more than 80% of the time, the San Francisco International Airport spokesman Doug Yakel said. The cheapest room for a one-night stay on a recent Friday was $340, according to the hotel’s website.

And a top amenity for aviation enthusiasts? The views.

Harteveldt said the views of Los Angeles International Airport from the Hyatt Regency LAX, his favorite airport hotel, are excellent. That includes the one from the gym at the top of the hotel.

“That makes a workout more fun for an AV geek like me,” he said.

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