Hurdles in the way
While Trump is confident in the gold card’s potential, not everyone shares his optimism.
“People who could actually afford and want to use a $5 million golden visa … do not necessarily want to be subject to U.S. taxation,” said immigration lawyer Charles Kuck.
Sharvari Dalal-Dheini, director of government relations for the American Immigration Lawyers Association, told CNN that the program can’t move forward without congressional approval.
“Congress would have to legislate a new program,” she said. “I really don’t know what legal authority you would have to just create this new program out of whole cloth,” she.
While the feasibility of Trump’s gold card remains uncertain, the broader conversation around paying down debt — including Americans’ personal debt — is more relevant than ever.
If the U.S. debt crisis has got you thinking about your long-term financial health, here are some practical ways to improve it.
Build a safety net
Life is unpredictable. Unexpected medical bills, car repairs, or job loss can quickly derail your budget if you’re unprepared. That’s why an emergency fund is essential.
The size of the emergency fund you need will vary based on your circumstances, job security and financial responsibilities. Personal finance expert Dave Ramsey suggests have an emergency fund that can cover three to six months of living expenses.
You don’t have to build it overnight. Starting small is better than not starting at all. And your money doesn’t have to sit idle. High-yield savings accounts offer significantly higher interest rates than traditional savings accounts, allowing your emergency fund to grow while remaining easily accessible.
These days, some banks and financial institutions offer high-yield accounts that pay up to 4.5%, making it easier to maximize your savings without locking it away in long-term investments.
Break free from high-interest debt
Compounding interest on debt is what makes it costly and difficult to pay off. The longer high-interest debt lingers, the more it snowballs, potentially costing you thousands over time.
Take credit cards, for example. According to the Federal Reserve Bank of St. Louis, the average credit card interest rate in November 2024 was a whopping 21.47% — making credit card debt one of the most expensive types of consumer debt in the U.S.
If you’re carrying high-interest balances, make paying them off a top financial priority. One effective strategy is the avalanche method, tackling the debt with the highest interest rate first.
This approach should allow the borrower to pay less over time. Since high-interest balances rack up the biggest charges, this approach should allow the borrower to pay less over time.
For those looking to simplify their debt and reduce interest costs, Credible provides a free online service to compare lending options. With just a few clicks, you’ll see all the lenders willing to help pay off your credit cards or other debts with a single personal loan.
Homeowners may also have another option: tapping into home equity. Rates on HELOCs and home equity loans are typically lower than APRs on credit cards, making it an appealing option for homeowners with substantial equity.
You can compare real loan rates offered by different lenders side-by-side through LendingTree.
Just answer a few simple questions, and LendingTree will match you with up to 5 lenders¹ with low rates today.
Invest for passive income
Building wealth isn’t just about saving — it’s also about making your money work for you. Passive income allows you to generate earnings with minimal ongoing effort, providing financial stability and long-term growth.
One of the most time-tested strategies to generate passive income is through real estate investing. Owning a rental property can generate monthly cash flow from tenants while also serving as a potential hedge against inflation as property values and rental prices tend to rise along with the cost of living over time.
However, being a landlord comes with its challenges. You need to find and screen tenants, ensure rent is collected on time, and deal with maintenance and repairs out of your own pocket.
That’s assuming you can afford a down payment and qualify for a mortgage on a rental property in the first place.
The good news? You don’t have to buy a property to invest in real estate anymore. First National Realty Partners (FNRP) allows accredited investors to diversify their portfolio through grocery-anchored commercial properties, without taking on the responsibilities of being a landlord.
With a minimum investment of $50,000, investors can own a share of properties leased by national brands like Whole Foods, Kroger and Walmart, which provide essential goods to their communities. Thanks to Triple Net (NNN) leases, accredited investors are able to invest in these properties without worrying about tenant costs cutting into their potential returns.
Simply answer a few questions — including how much you would like to invest — to start browsing their full list of available properties.
