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Treasury Secretary Scott Bessent says he’s concerned about the allure of easy money — lottery tickets, buy now, pay later loans and the promise of a crypto windfall. Bessent worries the get-rich-quick mindset often leads Americans farther from financial stability, not closer to it. The billionaire hedge fund manager and the first openly gay treasury secretary has a personal history marked by financial struggles, with humble beginnings in rural South Carolina. Bessent hopes part of his Treasury Department legacy will be promoting financial literacy, helping Americans budget and save. This push comes as the government amasses record debt and critics say Bessent should focus more on lowering Americans' cost of living.

Tyler Jones dreams of homeownership but finds it unattainable. Despite working two jobs and having no debt, the 21-year-old struggles to save. According to Harvard’s Joint Center for Housing Studies, 65% of working-age renters can’t cover monthly expenses after housing costs. Nearly half of renters spend over a third of their income on housing. Financial therapist John Hankins advises facing finances head-on, building credit carefully, and avoiding comparisons with older generations. These steps can help manage anxiety and work toward financial goals.

After student loan payments were paused during the pandemic, more than 40 million Americans started to pay back their federal student loans. The rising cost of living combined with the increased amount of other types of debt is leading many people feeling constrained. Experts say that if you're dealing with student loan debt and it's affecting your mental health, give yourself some specific time to not worry about your debt and instead focus on the big picture. They also suggest that you share with friends and family as much as you're comfortable so you don't feel so alone.