Protecting your finances amid economic uncertainty
WESH 2’s Meredith McDonough and Jason Guy discuss how President Donald Trump’s newly imposed tariffs may impact the U.S. economy, stock market
MONTH, A TIME DEDICATED TO PROMOTING FINANCIAL EDUCATION AND EMPOWERMENT, AND NOW FEELS LIKE A VERY IMPORTANT TIME, MAYBE MORE IMPORTANT THAN EVER TO LEARN ALL ABOUT IT. SO WE’RE BRINGING IN AN EXPERT. YES. JOINING US LIVE THIS MORNING IS ROCHELLE SMITH, THE CEO OF AMES FINANCIAL SOLUTIONS. OKAY. SO ROCHELLE WITH THE TARIFF ANNOUNCEMENT THIS WEEK WE’VE SEEN JUST STOCK MARKETS GO INTO A TAILSPIN. KIND OF JUST TAKE US THROUGH WHAT WE’RE GOING TO BE SEEING SHORT TERM EFFECTS NOW. SO SHORT TERM AS JASON AND I WERE TALKING ABOUT EARLIER WE ARE LOOKING AT PROBABLY THE MARKET OPENING DOWN, AND WE’RE GOING TO SEE THAT. I THINK THAT A LOT OF PEOPLE ARE TRADING ON EMOTIONS AND HEADLINES. AND SO I WANT PEOPLE TO CHECK IN WITH THEIR PROFESSIONALS, LIKE THEIR FINANCIAL PLANNERS, TO MAKE SURE THAT THEY ARE MAKING THE RIGHT DECISIONS SHORT TERM. THERE IS UNCERTAINTY. I THINK WITH THE ANNOUNCEMENT OF THE TARIFFS YESTERDAY, PEOPLE FEEL LIKE WE ARE THE PROBABILITY OF OF A RECESSION IS A LITTLE BIT HIGHER. BUT THEN WE HAD SOME GOOD ECONOMIC NUMBERS COME OUT THIS MORNING. SO WE’LL SEE WHERE IT GOES. AND LET’S TALK ABOUT DAY TO DAY. WHAT COULD THIS MEAN FOR US WHEN IT COMES TO OUR CHILD CARE COSTS UTILITIES GAS AND GROCERIES? WHAT DO YOU THINK, ROCHELLE? WE’VE BEEN TALKING ABOUT EGGS FOR A LONG. YEAH, RIGHT. SO WE’RE DEFINITELY GOING TO SEE THINGS GO UP IN THE GROCERY STORE. HOW QUICKLY SOME ECONOMISTS ARE SAYING NOW. RIGHT. SO WE’LL DEFINITELY SEE THINGS GO UP. THE AUTOMOBILE INDUSTRY THAT HAS ALREADY BEEN PUT OUT THERE THAT THAT IS DEFINITELY ONE OF THE INDUSTRIES THAT IS GOING TO SEE AN UPTICK IN PRICES. SO OF COURSE, YOU KNOW, THAT’S GOING TO HAPPEN. I THINK THAT IT JUST DEPENDS ON IF THESE TARIFFS STICK, IF IT’S A NEGOTIATION TOOL AND THERE’S SOME BACK AND FORTH AND THEY’RE OFF THE TABLE OR THEY’RE TEMPORARY, THEN YOU KNOW THAT’S GOOD FOR US. IF THEY’RE LONG TERM THEN THAT IT’S A DIFFERENT CONVERSATION OKAY. AND ROCHELLE YOU JUST MENTIONED THE CAR INDUSTRY. WHAT IF YOU’RE KIND OF LIKE A FIRST TIME HOME BUYER OR YOU’RE INTERESTED IN MOVING THAT KIND OF THING? IS IT ONE OF THOSE THINGS IT’S A WAIT AND SEE GAME OR DO IT NOW. WELL, INTEREST RATES IS ONE OF THE THINGS THAT PEOPLE LOOK AT. AND HOME PRICES. SO THOSE ARE TWO VERY IMPORTANT FACTORS WHEN YOU’RE BUYING A HOME. SOME PEOPLE ARE WAITING ON THE SIDELINES TO SEE IF INTEREST RATES WERE GOING TO GO DOWN, AND THE FED HASN’T MOVED YET, AND WE DON’T KNOW IF THEY’RE GOING TO MOVE. AND THEN AS FAR AS YOUR DOWN PAYMENT, PEOPLE MAY HAVE SOME CASH ON THE SIDE. BUT I THINK THERE IS A LITTLE FEAR RIGHT NOW BECAUSE PRICES ON OTHER THINGS ARE GOING UP. SO MAKING VERY LARGE PURCHASES NOW IS SOMETHING THAT YOU NEED TO DO STRATEGICALLY. OKAY. MOVES ARE IMPORTANT RIGHT NOW, AND I THINK WE’RE ALL WONDERING ABOUT THAT RETIREMENT PLAN. MAYBE A 401 K. WHAT ARE YOU TELLING PEOPLE WHEN THEY SAY DO I STOP PUTTING MONEY INTO IT RIGHT NOW? DO I HOLD WHAT DO I DO? WELL, THIS TIME LAST YEAR, ACTUALLY THE END OF LAST YEAR, I WAS VERY HAPPY. LIKE, OH, WE’RE MAKING MORE MILLIONAIRES. THE 401 K MILLIONAIRES HAD WENT UP ALMOST 30%. AND SO I KNOW THAT SOME OF THOSE GAINS HAVE BEEN WASHED OUT TO SOME EXTENT. SO I SAY, LOOK, AT YOUR AGE, IF YOU ARE 40, 45 OR UNDER, THIS MAY BE A GREAT OPPORTUNITY FOR YOU TO GO IN AND SPEND SOME MONEY IN THE STOCK MARKET IF YOU CAN, BECAUSE YOU HAVE A LONG WAY TO GO. FOR THOSE WHO MAY BE A LITTLE OLDER, THOSE WHO ARE TOWARDS RETIREMENT, YOU PROBABLY ARE ALREADY IN BONDS AND THINGS THAT ARE NOT AS AGGRESSIVE, SO YOU PROBABLY WANT TO STAY THERE, AND I DON’T I DON’T SUGGEST THAT YOU MAKE EMOTIONAL DECISIONS AND LOCK IN THESE LOSSES. TALK TO YOUR FINANCIAL PROFESSIONAL FIRST, OKAY. AND DURING THIS TRANSITION PERIOD, ROCHELLE, IS THIS KIND OF GOING TO BE THE PAIN BEFORE THE GAIN? ABSOLUTELY. SO HISTORICALLY THE STOCK MARKET TRENDS UP. I REMEMBER WHEN I WAS HERE A FEW YEARS AGO WITH STEWART MOORE AND THE STOCK MARKET HIT 20,000. NOW WE’RE AT 40,000. SO YOU’RE YOU ARE GOING TO SEE THOSE DIPS. WE SAW THE DIPS WHEN WE WERE COVID. YOU ARE GOING TO SEE THOSE CORRECTIONS. BUT YOU HAVE TO KNOW WHO YOU ARE AS AN INVESTOR AND UNDERSTAND THAT OVER TIME, THE STOCK MARKET TRENDS UP, OKAY. AND THAT IS THE THING. AND I LIKE ONE OF THE THINGS THAT YOU’VE TOLD ME THROUGH THE YEARS IS THAT IT’S LIKE YOU’RE BUYING AT A DISCOUNT RIGHT NOW, SO WE’RE GOING TO HAVE MORE INVESTED INTO THE MARKET AS FAR AS SHARES GOES. AND THEN WHEN WE SEE GAINS, IT’S GOING TO BE WE’VE GOT MORE TO TO GAIN. ABSOLUTELY. SO WHATEVER YOU WERE BUYING BEFORE, IF YOU HAD $100, MAYBE YOU WERE ABLE TO BUY ONE SHARE OF A STOCK. IF YOU HAVE $100 NOW AND IT’S DEEPLY DISCOUNTED, THEN MAYBE YOU CAN BUY TWO SHARES AND IT GROWS OVER TIME. NOW YOU HAVE TWO SHARES INSTEAD OF ONE, RIGHT? ALL RIGHT. WE LOVE IT. THANKS FOR HELPING US NAVIGATE THIS RICK SMITH JOINING US. AND WE’VE GOT THAT OPENING BELL
Protecting your finances amid economic uncertainty
WESH 2’s Meredith McDonough and Jason Guy discuss how President Donald Trump’s newly imposed tariffs may impact the U.S. economy, stock market
Updated: 10:44 AM EDT Apr 4, 2025
WESH 2’s Meredith McDonough and Jason Guy discuss how President Donald Trump’s newly imposed tariffs may impact the U.S. economy and the sliding U.S. stock market.Reshell Smith, the founder and CEO of AMES Financial Solutions, recommends consulting with a financial planner before trading stocks and shares or making larger purchases.Smith says the costs of groceries, automobiles and other goods will increase at varying rates, based on economists’ reports. Smith adds that this uptick in prices may be temporary based on world leaders’ negotiations. Click here to learn more about Smith’s services.
WESH 2’s Meredith McDonough and Jason Guy discuss how President Donald Trump’s newly imposed tariffs may impact the U.S. economy and the sliding U.S. stock market.
Reshell Smith, the founder and CEO of AMES Financial Solutions, recommends consulting with a financial planner before trading stocks and shares or making larger purchases.
Smith says the costs of groceries, automobiles and other goods will increase at varying rates, based on economists’ reports. Smith adds that this uptick in prices may be temporary based on world leaders’ negotiations.
