Episode Transcript
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Speaker 1 (00:00):
Welcome to the hidden world of wealth, where secrets of
the affluent become accessible to you. You are listening to
Your Money Matters, the most provocative financial radio show on
the airwaves. You are about to start your educational journey
here on Your Money Matters with your host, Drew Prescott,
(00:22):
President of Prescott Private Wealth and Chartered Retirement Planning Counselor.
Drew will unlock the complexities of the financial landscape with straightforward,
powerful insights. Whether you're planning for retirement, managing in a state,
or looking to grow your wealth. Consider this your exclusive invitation.
Turn up the volume, lean in closer. Let's navigate the
(00:45):
hidden paths of prosperity together. Your financial enlightenment begins now.
Securities all produce a terror Financial Specialists LLC member fen
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(01:06):
Four five to one through sixth Street, Troy, New York,
one two one eight zero.
Speaker 2 (01:21):
Welcome back, everybody. You're listening to Your Money Matters and
I'm your host, Drew Prescott, Chartered Retirement Planning Counselor and
accredited wealth management advisor Here at Prescott Private Wealth. You're
listening to your money matters and we are here every
Sunday at eleven am. And for those of you who
tune in each and every week, I just want to
say thank you so much. For those who are new listeners,
(01:42):
thank you so much. And the idea here is to
provide you with a show that is your trusted companion
for navigating this financial world. And I want to help
empower you with strategies to secure your future. And that's
whether you're planning for retirement or growing your wealth, or
even tackling today's complex markets. And we have a blockbuster
(02:06):
episode for you today. We're going to be diving into
some economic stories that shape the markets this week, from
US trade tariffs which are sending shockwaves through the global commerce,
to the federal reserves, decisions about hitting your wallet, and
corporate earning surprises, as well as global economic shifts. So
(02:26):
we're gonna break it all down here and plain English
and show you what it really means for your money.
And if market volatility lately has you rethinking your strategy
or you're just ready to take control of your financial plan,
my team here at Prescott Private Wealth is here to
help you. Visit PRESCOTTPW dot com or call into us
(02:50):
at five one eight two zero three nineteen eighty three
five one eight two zero three nine eight three. It'll
set up your complementary console tation and let's build a
future that reflects your ambitions. So let's let's dive right
in here. I want to share with you a couple
of interesting bits and want to figure out, uh, tell
(03:17):
you a little bit about some top stories here. So,
the US trade policies and tariffs were kicking off this
story which is absolutely just still dominating headlines. It's like
when COVID was going on. I felt like a broken record.
I kept on talking about that. Well, here we are
(03:38):
in another news cycle talking about US trade policies and tariffs.
So the present President Trump's administration had rolled out some
bold measures. So now imposing a ten percent baseline tariff
on all imports and with higher rates on specific countries.
So one part that's turning heads here is a one
(04:04):
hundred percent tariff on foreign made films, and that's hitting
Hollywood hard. Now, Disney's stock price is here. They dropped
earlier in the week, but they were covered by May ninth,
up from their monthly low on April sixteenth. And then Netflix,
(04:26):
though not in our real time data, they kind of
faced similar volatility due to its resilience and international content production.
So let me share a quick news clip for you
with the CEO of Disney.
Speaker 3 (04:42):
I wanted to ask you about tariffs. One hundred percent
tariffs on films made outside the US. That's what the
President posted about this week. They haven't the White House
walked it back the little so they haven't made a decision.
They're exploring that option. What would that do to your
business and to the industry and would it indeed make
great again?
Speaker 4 (05:03):
Well, I think it's a little early to try to
do the math on one hundred percent tariffs or anything
like that. What I was actually most encouraged by was
the President talked about the fact that he wants to
help the industry and he wants to make the industry stronger.
So we certainly are more than happy to help in
terms of designing things that would make sense to make
(05:23):
the industry stronger, and we look forward to doing that.
Speaker 2 (05:28):
So that's a little clip from Hugh Johnson, the CEO
of Disney, that was on CNBC.
Speaker 1 (05:35):
The other day.
Speaker 2 (05:35):
But so why does that matter to you as the listener. Well,
as we've talked about, you can view tariffs as taxes
on imported goods, and they can sneak into your budget
in unexpected ways. Now, if foreign films become pricier due
to that one hundred percent tariff, we're probably going to
(05:57):
see some streaming platforms like Disney Plus and Netflix. They
might raise subscription fees to cover the cost, so that
fifteen dollars monthly fee could creep up to eighteen twenty.
And beyond entertainment, we're also seeing tariffs on everyday goods
as you know, clothing, electronics, food, and that could drive
up prices at the stores like Walmart, Target. So a
(06:20):
fifty dollars imported jacket may now cost US fifty five dollars,
or a two hundred dollars smartphone could jump to two
hundred and twenty dollars now. But these are all small increments,
but they can add up, especially for families who are
managing a tight budget. But more broadly, these protectionist policies
sparked some significant market volatility, and some analysts warn't of
(06:45):
recession if trade tensions start to escalate, So that's something
that we want to keep an eye on. And as
higher costs could slow down some consumer spending, which accounts
for about seventy percent of the US economy per the
Bureau of e Analysis. So if the business the businesses
pass on the tariff cost to consumers, then we could
(07:07):
possibly see some inflation spikes here which could make groceries, gasoline,
and utilities more expensive, as you know. But if they
absorb the cost, then the profits could shrink, which drags
down stock prices and impacts your investment portfolio. So we
want to be considerate of the other side here, okay,
because tariffs aim to protect these American businesses by making
(07:31):
domestic products more competitive. And it's like given US manufacturers
and farmers and filmmakers a home field advantage, which is
a good thing if American studios gain market share, and
if they do, it could create jobs and it could
boost the economic growth right here in the States. So
(07:52):
for example, domestic film studio, they might thrive if foreign
films are priced out, benefiting the local economies and works.
And the big question is whether the short term pain
and the higher prices is create some market jitters and
will that lead to some long term gains in the
(08:13):
US economy. So for investors, this is the critical moment
to reassess your strategy. So sectors like entertainment, retail, and manufacturing,
and particularly these sectors they're vulnerable. So if we look
at Disney, for instance, they rely on global supply chains
for merchandise for Mickey Mouse toys to Marvel apparel, and
(08:35):
the international markets for streaming revenue. And you know you
want a diversified portfolio. Why because that can help cushion
the blow if one sector takes a hit, and diversification
means really spreading these investments across different industries like technology, healthcare, utilities,
(08:55):
and asset classes like stocks, bonds, real estate, and commodities.
Because if tear Purff's hammer the entertainment stocks, your healthcare
or your bond holdings can stabilize your portfolio. So we
always want to have things that you know as your
portfolio here ebbs and flows. We want to have things
(09:17):
that complement one another. So let's talk about what this
means for your financial plan. So if you're holding stocks
that are in terrif exposed companies, and it's really it's
worth checking the waiting in your portfolio and are you
(09:39):
overexposed to one sector? Is your risk level still aligned
with your goals? And these are the kind of questions
that we tackle here at Prescott Private Wealth because we
build customized portfolios designed to protect and grow your wealth
no matter what's happening in Washington or on Wall Street,
and we always sit down and review with you the
(10:04):
analysis and the analysis is fantastic. It will go through
the countries that you're exposed to, the different sectors, the
risks that you're taking. And I want to give you
some practical tips as well. Right now, consider this, if
you look at your portfolio, do you have some defensive
(10:25):
assets in there? Do you have have you incorporated bonds,
some dividend paying stocks or gold in your portfolio. That's
what I want you to ask yourself. Look into your
portfolio and see because defensive assets like utilities or consumer staples,
you know, you want to think of like the proctors
and gambles, the Coca Cola's of the world. You know,
(10:46):
they often hold steady during market turbulence. So take a
look at your portfolio consider things like that. Also explore
some domestic ETFs, the ones that are focused on US
based companies. Maybe you look at something that reflects the
Russell two thousand that could benefit from some tariff policies
(11:11):
favoring domestic production and reducing some reliance on global supply change.
And if you're wondering how these tariffs might affect your
investment or how to capitalize on these changes, feel free
to reach out. We can talk about that. But I
want to also I'm going to cover with you what
(11:33):
has happened over at the Federal Reserve. Here here we
are inside of the Federal Reserve, and the Feds took
the center stage this week, really and it's decisions are
hitting your wallet directly. And here's what I mean when
(11:54):
I say that. See, the Fed opted to increase or
I shouldn't say increase, I apologize. They opted to keep
the interest rates steady at four point two five to
four and a half percent, and that move really sparked
some heated debate across the country because interest rates, they're
like the heartbeat of the economy. They really affect everything
(12:15):
from your mortgage payments, to your car loans, and to
the interest that you even earn on your money in
the savings accounts. And let's see if we can check
in here. Bloomberg had a clip here. I'll see if
I can play this for you. So here we go.
Let's take a listen.
Speaker 1 (12:34):
Here, you'll listen.
Speaker 5 (12:36):
The tariff increases and outs so far have been significantly
larger than anticipated. All these policies are still evolving, however,
and their effects on the economy remain highly uncertain. As
economic conditions evolve, we will continue to determine the appropriate
stance of monetary policy based on the incoming data, the outlook,
and the balance of risks. If the large increases in
(13:00):
care that have been announced or sustained, they're likely to
generate a rise in inflation, a slow down in economic growth,
and an increase in unemployment. The effects on inflation could
be short lived, reflecting a one time shift in the
price level. It is also possible that the inflationary effects
could instead be more persistent.
Speaker 2 (13:20):
So there you have it. There's Jerome Powell giving his
thoughts here. And here's what's interesting. Of course, at the
end of that, President Trump and Vice President JD. Vance
came out swinging urgent for the Fed to cut the
rates to start to stimulate economic growth. So their argument
is simple, it's lower rates make borrowing cheaper, and it
(13:42):
encourages businesses to expand and hire workers and invest in
new project projects. Wow. And for consumers it could mean
lower mortgage or auto payments here with the loans with
lower rates here starting to free up some ca for
some other expenses. So if you think of it like this,
(14:03):
imagine refinances refinancing your home. Maybe you have three hundred
thousand dollars loan at five percent instead of seven percent, Well,
that could save you about three hundred dollars a month.
And for the average family, that's enough for a family
vacation or a little extra to go into your retirement
(14:23):
savings each month. But the Fed's playing it cautious because
they're worried about inflation making a comeback here, and inflation
can erode your purchasing power, as you know, and that
would make everyday expenses like the groceries, the gas, and
utilities even more expensive. So investors here now are kind
(14:45):
of glued to the Fed statements because they're trying to
read the tea leaves here and trying to predict what's next.
Will the rates stay steady for the month, could have
cut come later on in twenty twenty five and those
are the questions that really row of market swings. As
the uncertainty here really starts to it's starting to settle in,
(15:07):
I guess a little bit with Wall Street nerves and
the S and P five hundred, though, has showed some
resilience with a nine day winning streak by May ninth here.
So the volatility, though, this is the vix that's still
lingering around beneath the surface, and it's reflecting this delicate
(15:28):
balance between growth and inflation fears. So I want to
unpack what that means for you. So let's say, if
you're a borrower, and steady rates me no relief on
loan payments yet. So for example, let's go back to
that mortgage. You got a thirty year mortgage with rates
hovering around seven percent, keeping monthly payments very high for
(15:51):
home buyers. So a three hundred thousand dollars mortgage at
seven percent costs about nineteen hundred and ninety six dollars
a month. Compare that to sixteen one hundred and sixty
three a month if they had a five percent loan rate. Well,
that's a significant difference to your budget. So if you're
a saver, there's the silver lining a high yield savings
(16:16):
account and possibly a certificate of deposit. They're offering rates
above four percent. Now, it's a far cry from the
near zero rate that we had a few years ago.
Because a one year CD at about four and a
half percent, well, that could earn you about four hundred
and fifty dollars on a ten thousand dollars deposit now
(16:38):
or forty five hundred dollars if you're on one hundred
thousand dollars deposit, and that's that provides some safety and
just a steady way to kind of grow that cash
that you want to have readily available. And for investors, well,
the FED stance has some big implications because higher interest
(17:00):
rates really start to pressure growth stocks like the technology companies,
and specifically because the borrowing costs they rise and future
earnings are discounted more heavily. So if you look at
a company like an AMD, which closed around one hundred
and two dollars on May ninth, which was down from
its year high of one hundred and eighty seven, these
(17:23):
higher rates make it tougher for tech firms to fund
their innovation. And now on the flip side, sectors like
financials and so you want to think banks and insurance
companies with financials here. Those guys thrive in these high
rate environments as they earn more on their loans. So
this dynamic here, this really creates some opportunity to balance
(17:48):
your portfolio and capitalize on shifting these market trends here. Okay,
so let me give you a couple of practical tips.
Let's start off with this. How about for those of
you who are carrying debt, if you're carrying a credit
card balance with a twenty percent APR, you want to
(18:09):
prioritize paying those down in this market because those rates
are silent wealth killer. Consider consolidating debts into maybe a
lower rate personal loan or transferring balances over to your
zero percent introductory credit card to save on interest. Also,
invest in rate friendly sectors. So if you want to
look at sectors that are benefiting from higher rates, like financials,
(18:32):
like I just said, you know, look at some ETFs
in that financial select sector. Offer some they'll offer some
broad exposure to banks and insurers and that'll help often
perform well in an environment like this. And also look
into high savings rates, so take advantage of some of
these high yield savings accounts or CDs while they're available,
(18:55):
you know, like a two year Treasury note yielding about
four and a half percent, or a high yield safe
account that can keep you on pace to grow that
cash safely, and it's perfect for that emergency funder your
short term goals. So I want to go into something
here that I thought was important to share with you,
(19:18):
so you know you can do a lot with what
you currently have available to you. So if you're just
if you're a good earner and you feel like you're
a little overwhelmed with debt, or you don't you don't
(19:38):
know where to start, well, let me just share with
you something here. As as seasons start to change with
these interest rates, you could be in a very good situation.
I'll share a story with you here.
Speaker 6 (19:53):
Everybody sit down, listen carefully, everybody, boy sid downcing down,
please sit Storty time, story time.
Speaker 2 (20:10):
Let me share a story about a couple that came
in to the office here a few years back, and
well it was more than a few years back now
because interest rates were much lower. But the reason I
tell you this is because when rates do go down,
maybe there's someone here listening that could benefit from something
like this. But I had a couple that came in
(20:31):
and they were just feeling completely overwhelmed with their mortgage.
They had like a seven percent mortgage on their house,
and they had a really tech heavy investment portfolio. Well,
that high mortgage payment was really straining their budget and
they were basically leaving little room for savings. So what
(20:53):
we did was we went through their budget, we worked
with them to refinance their mortgage at a slightly lower rate.
It saved them a few hundred dollars a month I
should say several one hundred dollars a month, and even
rebalance their portfolio to help them reduce some of the
volatility because what we did was we trimmed the exposure
(21:14):
to the growth stocks and we added some bonds and
financial in there, which helped perform well in the higher
rate environment. So you see today that same couple, they're
saving more and they have the ability to fund their
daughter's college, and they're feeling more confident about their financial future. Now,
(21:37):
these were great earners, but they took on a lot
of debt and they were always trying to provide for
their children. And when they came to the place of
where they had to prepare for college. They just could
not see how they were going to be able to
afford this, So we worked on that for them. We
were able to put some money aside help them save
(21:58):
for the wedding of their daughter as well. And they
have been able to just pay off all of their
debt and put away some great money for themselves. And now,
you know, that's just a story in their past at
this point. Now they're living a very free lifestyle and
(22:22):
they have a wonderful financial plan where they're coming into
the strong last quarter of their working career and we're
putting together just a dynamic retirement plan for them, and
they're putting in tremendously hard work and we're reviewing once
a year on that, and we review their portfolio twice
(22:44):
a year, and they're just they're doing the deal. They're
doing a fantastic job. And if you find yourself losing
sleep about your portfolio, you're just you and your spouse
or you alone. You make great income and you just
can't see the forest through the trees, or you've developed
some bad habits, but you have the ability to earn
(23:11):
I can help you, okay, and we can put together
a financial plan to work around this. Now, if these
market swings here are keeping you up, well, that's another
story because you've already amassed wealth. And if that's a
concern for you, I would like to invite you to
(23:32):
meet with me and our team here can help guide
you from retirement planning to investment strategies. What we do
is we create personalized plans to secure your future. So
feel free to visit PRESCOTTPW dot com, take our financial quiz,
and book a complementary consultation. Call us at five one
(23:53):
eight two zero three one nine eighty three five one
eight two zero three nineteen eighty three. Feel free to
email as well well Drew at PRESCOTTPW dot com. And
for those of you who are just joining us, you're
listening to your money matters with me, Drew Prescott, Wealth
Advisor at Prescott Private Wealth in Troy, New York, and
we're breaking down this week's biggest financial stories and we're
(24:15):
giving you the tools to make smart money moves. Coming
up next, we're going to talk about corporate earning. So
stay with us.
Speaker 7 (24:22):
At Prescott Private Wealth. We understand your financial picture is unique.
Don't get lost in the noise of mixed advice. Visit
us at four or five to one who Sixth Street
in Troy, New York, or online at PRESCOTTPW dot com.
Led by Drew Prescott, our team offers comprehensive solutions from
investments and retirement plans to risk management around insurance and
estate planning. At Prescott, we're fully licensed to safeguard and
(24:45):
grow your wealth Prescott Private Wealth, where your financial future
is secure. Visit PRESCOTTPW dot com today.
Speaker 2 (24:57):
Welcome back to your money matters. I'm Drew Prescott, and
we're diving in to the corporate earnings and the report
card that really tells us how America's biggest companies are performing.
And this week the earnings reports they were an absolute
roller coaster, driving stock prices up and down and revealing
what this economy's health really looks like. Well, you know,
(25:17):
we were talking about Disney earlier. They actually they absolutely
crushed the earnings expectation and sending the stock up, which
was a good thing for those of you who hold that. Now.
In contrast, we saw Uber they really hit a rough
patch and they closed out at about eighty two UH
with weaker than expected revenue. And then also Palenteer we
(25:40):
saw a palenteer sword to a stunning climb for its
A I should say from it's from its year low
of twenty dollars, it went up to one seventeen. That
was really fueled by that booming demand for the AI
and the data analytics here and AM held steady, so
(26:02):
Ford edged up a little bit.
Speaker 6 (26:05):
And then.
Speaker 2 (26:07):
As we were talking earlier about Disney and these companies, actually,
what do we talk about this? We talked about this
last week, I think right, we were talking about earnings, Yeah,
about the forward looking and everything, and really what do
the earnings tell us? Well, see, there's there's a pulse
check on consumer behavior and corporate strength. And what we
(26:31):
look at here is the corporate success signals and that
people are starting to prioritize a couple of things like vacations, movies,
and streaming subscriptions. And that's really a sign of confidence
in discretionary spending. So that's a good thing. Now, according
to the Bureau of Economic Analysis, here we saw a
(26:53):
consumer spending group by two point eight percent in quarter
one of twenty twenty five. Now that's supporting this trend
and ubers miss that might suggest some consumers are cutting
back on non essential services like ride sharing, especially if
inflation or tarif driven prices start to squeeze the budgets here. Now,
(27:16):
one thing that we want to look for as an
investor is that earning season here is both an opportunity
for you and it's also a challenge. So strong reports
they lift the stock prices and it really creates wealth
for the shareholders. But when a company misses, that can
(27:36):
start to trigger some sell offs and really kind of
testing your resolve. So the key is to focus on
fundamentals because the companies that you own, you want to
ask yourself, are they financially sound, do they have strong
balance sheets? Do they have consistent earnings and competitive advantages,
because you want to have companies that have diversified business models,
(28:01):
like you know, like if we were to use let's
say a Disney for a second, and they got theme parks,
they got streaming movies, merchandise, and that all helps kind
of weather the tariff storm here. Now, if you've got
a company that you know, maybe they're an innovator, but
they face some really fierce competition and economic sensitivity that
can make your stock more volatile. So just know exactly
(28:25):
what you're investing in and I would always caution you
to try to avoid chasing momentum. Don't buy stocks after
they had a four hundred percent run without assessing if
it even fits in your goal, because you don't want
to overpay for the hype because that can lead to losses. Also,
rebalance your portfolio. So if you see one of your
(28:48):
stocks is absolutely dominating, sell some of the shares and
reinvest into other things and diversifyfy a little bit more.
You want to reduce some of that risk. And also
consider some dividends stock like the S and P five
hundred dividend aristocrats, aristocrats aristocrats. Boy oh boy, I'm having
a tongue tied here this morning. But you know, the
(29:11):
dividend aristocrats, they provide a steady income and they can
act as a financial anchor during volatility. So we talk
about that from time to time. Big believer in making
sure that you have that in place. And also something
else that you're going to want to really start to
consider at this point. We talked about this last week
(29:33):
as well, is you want to start to broaden your
view here outside of China now that some of these
deals are being struck and you know, there's there's new
there's new countries in play, and with China kind of
getting disciplined here through this process, it has really opened
(29:56):
up some new opportunities for you as an investor, because
the globe economy, if you think about it, it's really
it's more like a giant web, and if you tug
one thread, then the whole thing will start to shake.
Here now, this week's events have absolutely proved that our
world is interconnected because we saw a China central bank
(30:18):
slashed interest rates to counter the US tariffs and that
sent the Asian markets soaring. Now lower rates it encourages
borrowing and spending and mirroring our fed debate here. So
the UK they scored a win by securing a US
trade deal to help them ease tariffs on goods like
(30:40):
whiskeys and cars and benefiting exporters and consumers. Now Germany, well,
they're facing a political gridlock here and it's stolling its
economic recovery and it's really raising concerns about Europe's largest
economy here. So let's take a peek here. There's a
(31:03):
nice little clip from BBC here, let's listen to what
they have to say about UK's trade win.
Speaker 8 (31:12):
Not only protect jobs but create jobs, opening market access.
And as you say, Donald, the timing couldn't be more
apt because not only was it eighty years ago today,
verts victory came for Europe after and at the end
(31:33):
of the Second World War. But of course on that
day the UK and the US stood together as the
closest of allies.
Speaker 2 (31:41):
So what's interesting is what follows that is that the
Prime Minister goes on to say that it was nearly
to the hour of when Winston Churchill delivered his speech
that there was victory in World War Two. That's pretty wild.
Obviously the two were not intertwined in any way, but nonetheless,
(32:05):
can you believe it's been eighty years since Winston Churchill
gave that speech? I mean, obviously I wasn't alive, but
you know, it always felt like growing up with my
grandfather and everything, that we were not that far removed
from World War Two and now here we are eighty
years later. Wow, it's amazing. You know, a decade goes
(32:28):
by like that, especially as you get older. It's really
remarkable how time truly flies. And so we were just
talking about this UK trade win, and the question is
why should you even care about this. That's the question
that you should ask yourself. Well, you see these global shifts,
(32:50):
they do impact your money because a stronger Chinese economy
could lift US tech stocks, you know, like AMD which
relies on global semiconductor demand, and Germany struggles might weigh
in on the US exports like Ford and Disney could
benefit from some international markets. A global diversification via ETFs
(33:16):
and some multinationals that requires managing currency risk. So a
strong dollar can reduce foreign investment returns even if the
asset performs well. So let's explore some diversification a little bit. Well,
I had a client who was a business owner and
(33:37):
they had a very US heavy portfolio, and what we
did was we added a little global equity and boosted
the returns when international markets started to outperform. So safe
haven assets like gold, which we have in our portfolios
and treasuries, that provides some stability during global unrest. And
(33:59):
some you can use some hedge dtfs, like some maybe
some currency hedging or something like. You know, it all
depends on your situation here, but that could help minimize
some currency fluctuations as well. So some practical tips for you.
Number one, safe haven assets, so add some gold or
treasuries just for stability. Okay, number two, look into possibly
(34:24):
utilizing some hedge dtfs and that could help reduce some
currency risk as well. And at Prescott Private Wealth we
balance global opportunities and risk. So visit PRESCOTTPW dot com
or Quali five one eight two zero three nineteen eighty
three five one eight two zero three one nine eight
three for a free consultation. We'd be happy to help
(34:47):
you build a retirement plan for yourself and a world
ready plan. So for those of you who are just
joining us, it's important that you plan for tomorrow, and
at Prescott Private Wealth we have you covered.
Speaker 7 (35:09):
Life's toughest financial decisions don't have to be faced alone.
Drew Prescott at Prescott Private Wealth is here to guide you,
whether it's settling in a state, planning for retirement, or
making your final walk from your career into a well
earned rest. Don't let uncertainty weigh you down. Ask yourself,
did I do this right? Am I missing anything? With
Prescott Private Wealth? The answer is clear, You're on the
(35:29):
right path. Visit us at four or five to one,
Who's six Street in Troy, New York or online at
PRESCOTTPW dot com Prescott Private Wealth. You're partner in navigating
life's financial journeys.
Speaker 2 (35:39):
So for those of you who just joined us, you're
listening to your money matters. I'm your host, Drew Prescott,
chartered retirement Planning counselor and accredited Wealth management advisor at
Prescott Private Wealth and just wanted to give you some
practical tips throughout the show today. Also want to discuss
(36:00):
Let me give you six practical tips here. Okay, you
guys are penhandy. Let's start off with the first one.
First one would be make sure that you have diversification.
I can't say this enough. Mix your stocks, bonds, real estate,
and you know you want to have everything in there
(36:22):
but properly balanced. If you don't know how to do that,
feel free to call us. Also, quality matters. I can't
stress that enough. I always tell people the only thing
that I can control is helping you invest according to
the risk that you're comfortable with and choosing quality investments
for you. We can't control what the market does, but
(36:44):
we can control those two things. Now, why am I
talking about debt because I'm going to give you another
bullet point here. Why am I talking about debt? Well,
I'll tell you what debt seems to be the common
theme lately. And you know, I work with families that
have one income, two incomes, and some that are phenomenal savers,
(37:10):
some that spend far more than they make, and some
that just spend more than they want to. But debt,
pay down your debt, pay down this twenty percent credit
card debt that you might have. You know, I don't
care how you got to do it. You know, you
(37:31):
do have the option of leveraging for one k for loans.
We can talk about that on another show. We can
talk about over the phone. But there are options for you.
Maybe you consider some type of a consolidation loan if
it makes sense. Okay, that's the key two letters here.
(37:52):
If if it makes sense? How do you know if
it makes sense? Well, I can help you determine if
it makes sense. Okay. Number four, save smart. You know
we were talking earlier about that money. That's just cash.
It's going to be a short term solve, right. That's
not stuff that you want to invest. That's stuff that
you want to have in a savings account. You want
(38:13):
to use a CD, you want to use treasury something
like that. And right now they've got some very competitive
rates out there, so take advantage of that. Also make
sure that you're looking for tax efficiency, explore some wroth
conversions or some tax loss harvesting, and then also focus
(38:35):
long term. You want to align your plan with your goals,
your retirement goals, your home, your education, and a financial
plan is your roadmap. You see, we listen to your
dreams here. Retirement travel, travel is very important to us
as a family, as you know, if you're a listener
(38:55):
your legacy and build some adaptable strategies. Now, a Troy
business owner recently was in and he rebalanced his portfolios
and he started adding some bonds and started to cut
some tariff sensitive stock as well. And he's now planning
(39:20):
a trip to go to Italy. And he's more confident
because he was so concerned that while he was away,
if the market had if the market gets some odjita
or burps, he just doesn't want to be that concerned
about it while he's away, and we can help you.
We can help you trim that and get you to
(39:41):
a place that feels less risky for you, because you
know the reality is markets can be overwhelming and you
don't have to do this alone. And I have a
team of professionals that we lean into here. So as
part of our SATA at work here, I have an
(40:02):
advanced planning team that works specifically with estates and businesses,
and we do business planning and estate planning with a
very high level team that we have here, and then
for personal financial planning, we have a totally separate team.
(40:24):
And it is just such a joy and really an honor,
is what I should say, to work through a financial
plan with someone and for them to see how it
all makes sense now for people that have done a
great job saving and they want to see what retirement
(40:46):
looks like for them. That is one of the most
enjoyable parts of my career is to see a family
come in or an individual come in and look at
their what they've built for themselves and how it all
works and where we can make some tweaks to make
(41:08):
their goals come to reality here. So we just had
three more clients just retire in the last two months
here and they're going into a new chapter of life.
It's very exciting. It's very exciting, especially for me. I
love to see when someone goes into retirement because all
the hard work that we've done over the years is
(41:30):
now starting to play out, and it's just such an
incredible thing. And for those of you listening, you know
what it's like to be a parent, and it's challenging
to be a parent at times because you see what
your children don't see. You see that things will be
okay in certain situations, and you also see threats that exist. Well,
(41:55):
my job is similar to that because when a client
gets really concerned about something, we vet it. We find
out is this something that you really need to be
as concerned as you are. Sometimes it is and sometimes
it's not, but we tell you yes, and here's what
this is a problem, and this is what we can
(42:16):
do to reduce this. Or we show them their financial
plan and we hold their hand and tell them again,
it's okay. We've accounted for all of this. You're going
to be in absolutely fine shape. So I love financial planning.
It's such a it's really a blessing to be able
to use that as someone's true north to make sure
(42:41):
that they don't lose sleep when we've put in the
hard work and we know exactly what the outcome should
look like. So if you do not have a financial plan.
I want to offer you the opportunity to call in
five point eight two zero three one nine eighty three
and we are are offering a financial plan for you.
(43:04):
We deliver it in both print and we'll give you
access to a website to view it. And this can
be reviewed one more time through the year. If you're
investing with us, then you know it's reviewed throughout the year.
But if you're just looking for a financial plan and
(43:26):
you want to do your own investments, we are going
to make the offer again. We're going to do a
financial plan for one thousand dollars and we will design
for you this plan based around what you tell us
you want your financial picture to look like in retirement.
Maybe you're saving for something special in the next couple
(43:49):
of years, or you want to have a baseline look
at your state plan. You know, if you're looking to
do a business plan or a state plan, those are
those are separate fees for a personal plan. We will
do that for one thousand dollars. We're only going to
roll this for two weeks, so as you're listening to
(44:12):
the show here it is the eleventh, so we are
going to We're going to roll this until well the
twenty sixth. We'll say, okay, so this is going to
be available until May twenty sixth, So one thousand dollars
for a financial plan and we will keep this open
(44:36):
for two weeks. If you're interested, feel free to call
five one eight two zero three one nine eight three
five one eight two zero three nineteen eighty three email
us at Drew at PRESCOTTPW dot com and we'll be
excited to get you started along the pathway here to
seeing exactly what you have, exactly how it works, and
(45:00):
we're going to look for some see if you have
any inefficiencies that we can help improve in your financial picture. Now,
coming towards the end of the show here, I want
to share a couple of pieces with you that I
think are going to be incredibly valuable for you. So
hang in there, let me get you squared away, and
we'll end the show with some very valuable information. So
(45:26):
let me get started. As I tell you all the time,
whenever I work on a plan that's exciting, I always
like to share it. So let's see. And by the way,
I forgive my voice. I know I don't sound like
I've got a lot of energy today. But you know something, well,
I'll tell you what. While I'm recording this, the rain
here is just it's so gloomy. I don't know about
(45:47):
you guys, but just kind of get you down. So
hopefully on Sundays you're listening to this, it's going to
be beautiful weather. And by the way, Happy Mother's to
all of you moms out there. Happy Mother's Day, Stacy
and my mom Sue and my mother in law Barb.
(46:09):
Happy Mother's Day everybody. So let me share this with you.
This has been a very fun and interesting topic that
I'm working on here and we're diving into this just
fascinating topic called dynasty trusts now. So if you've ever
wondered how to preserve wealth for generations, then this is
(46:32):
for you because by the end you're going to understand
what a dynasty trust is and how it works and
how it could be an absolute game changer for your
family's legacy. So what exactly is a dynasty's trust, Well,
it's core at its core here, it really a dynasty
trust is a long term estate planning tool, and it's
(46:53):
designed to pass wealth down through multiple generations while maximizing
taxes and protecting appe. So it's unlike a typical trust,
which might last for one or two generations, while a
dynasty trust can theoretically last for centuries, depending upon state laws.
So it's like planting a financial tree that just continues
(47:14):
to bear fruit for your descendants long after you're gone.
And here's really the basic idea. So put yourself in
these shoes. You are the granter, and you place assets
like cash, stock or real estate into an irrevocable trust,
and once it's set up, you can't take those assets back.
(47:37):
But that's part of the magic, okay, because by giving
up control, you unlock powerful tax and protection benefits. And
the trust is managed by a trustee who distributes income
or principle to your beneficiaries like your children, your grandchildren
and beyond according to the rules that you set. So
let's talk about the biggest draw to doing this, which
(48:01):
is a tax savings because dynasty trusts are often used
to sidestep of state and gift tax. So in twenty
twenty five, the federal estate tax exemption is around thirteen
point six million per person, but anything above that gets
taxed at up to forty percent. So when you die,
(48:24):
your state might owe a hefty sum. But assets that
are in a dynasty trust, they're generally shielded from a
state taxes for each generation. So that means that wealth
can grow and pass to your great great grandchildren without
Uncle Sam taking a cut every time. Now, there's also
(48:45):
the generation skipping tax transfer or a GST tax, which
applies when you pass wealth to someone two or more
generations below you, like a grandchild. Now, the generational skipping
for tax exemption that matches the estate tax exemption and
a dynasty trust. What it does is that lets you
(49:07):
allocate this exemption to protect the trust's assets from that
tax as well, so over decades, this can save millions
of dollars. Now, beyond taxes, dynasty trusts offer incredible asset protection.
So let's say that your air isn't great with money,
or they face a lawsuit, divorce, or bankruptcy. Well, assets
(49:31):
in a dynasty trust are typically out of reach from creditors,
from their expouses, or legal judgments. And that's because the trust,
not the beneficiaries. The trust legally owns the assets. So
you can structure this trust so beneficiaries get income or
they get distributions without ever having full control keeping the
(49:55):
wealth safe. So imagine this for an example, imagine that
your grandson starts a business that fails and the creditors
come knocking at his door. Well, if his inheritance is
in a dynasty trust, those creditors cannot touch it. Or
if your granddaughter goes through a messy divorce, her ex
(50:17):
can't claim the trust's assets. So it's like a financial
fortress for your family. And working on this has just
been it's so rewarding to see this work get put
in to effect here. So how do you set one up? Well,
first you need a very skilled the state planning attorney,
(50:39):
someone that specializes in these because dynasty trucks trusts, they're
very complex and their state specific. So some states like Delaware, Nevada,
or South Dakota they're popular for dynasty trusts because they've
abolished or they've extended the rule against perpetuities. So that's
(51:00):
a legal principle that limits how long a trust can last.
But in these states your trust can endure for centuries.
Now you'll decide what assets to fund the trust with,
maybe it's cash investments or even a family business. And
you'll also name a trustee, often a professional or an
institution to manage the trust impartially. Then you set the terms.
(51:26):
So maybe your kids get some income during their lifetimes
and the principle goes to your grand kids later on.
Or perhaps the trustee has discretion to distribute funds for education,
health or other needs. But flexibility is key. But the terms,
they must be clear to avoid disputes. So let's address
(51:51):
the drawbacks here. Now, dynasty trusts are not for everybody. Okay,
there for very wealthy people. But first, they're your avocal
so once you fund the trust, you cannot change your mind,
and that can feel daunting if your financial situation changes. Second,
they're expensive to set up and maintain because you've got
(52:12):
legal fees, you've got trustee fees, and administrative costs. They
all add up. So dynasty trusts make the most sense
for high network families. You want to think people that have,
you know, more than fifteen million dollars available to them.
So there's also the question of control. Some people worry
(52:32):
about spoiling future generations or creating a sense of entitlement. Well,
you can mitigate this by settling it by really setting
some guidelines here, like tying distributions to milestones, say graduation
from college or starting a business, but you'll need to
trust your trustee to carry out your vision. So you know,
(52:55):
if you think of a family like the Rockefellers, their
wealth has endured for generations and partly through trust like these,
you see a dynasty trust. The trust that they set
up back in nineteen thirty still provides for descendants today
and it's shielded from taxes and lawsuits. And that's the
(53:16):
power of planning ahead. And if this is something that
you personally need to address or you're intrigued by this,
start talking to a financial advisor or an estate planning
attorney and they'll help you weigh whether a dynasty trust
fits your goals, because you see, it's not just about money,
it's about creating a legacy that reflects your values, and
(53:39):
it supports your family for generations, because not everybody is
able to do what you have done. So, while we
wrap up here, thank you again for joining me today
on your money matters. If today's insights sparked a question
or a move that you've been meaning to make, let's talk.
Head over to Prescott peede w dot com. Feel free
(54:01):
to take our quiz and take the next smart step
my name is Drew Prescott. I'm a chartered retirement planning
counselor and accredited wealth management advisor here at Prescott Private Wealth,
located on Who's Ex Street in Troy, New York. The
phone number here is five one eight two zero three
nineteen eighty three five one eight two zero three one
nine eight three, And I'm here to help you live
(54:23):
more confidently, one decision at a time. And until next week,
stay informed, stay focused, and remember that your money matters
because your lifestyle matters. And until next week, may God
bless you and your family,
Welcome to the hidden world of wealth, where secrets of
the affluent become accessible to you. You are listening to
Your Money Matters, the most provocative financial radio show on
the airwaves. You are about to start your educational journey
here on Your Money Matters with your host, Drew Prescott,
(00:22):
President of Prescott Private Wealth and Chartered Retirement Planning Counselor.
Drew will unlock the complexities of the financial landscape with straightforward,
powerful insights. Whether you're planning for retirement, managing in a state,
or looking to grow your wealth. Consider this your exclusive invitation.
Turn up the volume, lean in closer. Let's navigate the
(00:45):
hidden paths of prosperity together. Your financial enlightenment begins now.
Securities all produce a terror Financial Specialists LLC member fen
The SIPC reservices offered through Setara Investment Advisors LLC. SATA
firms are under separate ownership from any other named entity.
(01:06):
Four five to one through sixth Street, Troy, New York,
one two one eight zero.
Speaker 2 (01:21):
Welcome back, everybody. You're listening to Your Money Matters and
I'm your host, Drew Prescott, Chartered Retirement Planning Counselor and
accredited wealth management advisor Here at Prescott Private Wealth. You're
listening to your money matters and we are here every
Sunday at eleven am. And for those of you who
tune in each and every week, I just want to
say thank you so much. For those who are new listeners,
(01:42):
thank you so much. And the idea here is to
provide you with a show that is your trusted companion
for navigating this financial world. And I want to help
empower you with strategies to secure your future. And that's
whether you're planning for retirement or growing your wealth, or
even tackling today's complex markets. And we have a blockbuster
(02:06):
episode for you today. We're going to be diving into
some economic stories that shape the markets this week, from
US trade tariffs which are sending shockwaves through the global commerce,
to the federal reserves, decisions about hitting your wallet, and
corporate earning surprises, as well as global economic shifts. So
(02:26):
we're gonna break it all down here and plain English
and show you what it really means for your money.
And if market volatility lately has you rethinking your strategy
or you're just ready to take control of your financial plan,
my team here at Prescott Private Wealth is here to
help you. Visit PRESCOTTPW dot com or call into us
(02:50):
at five one eight two zero three nineteen eighty three
five one eight two zero three nine eight three. It'll
set up your complementary console tation and let's build a
future that reflects your ambitions. So let's let's dive right
in here. I want to share with you a couple
of interesting bits and want to figure out, uh, tell
(03:17):
you a little bit about some top stories here. So,
the US trade policies and tariffs were kicking off this
story which is absolutely just still dominating headlines. It's like
when COVID was going on. I felt like a broken record.
I kept on talking about that. Well, here we are
(03:38):
in another news cycle talking about US trade policies and tariffs.
So the present President Trump's administration had rolled out some
bold measures. So now imposing a ten percent baseline tariff
on all imports and with higher rates on specific countries.
So one part that's turning heads here is a one
(04:04):
hundred percent tariff on foreign made films, and that's hitting
Hollywood hard. Now, Disney's stock price is here. They dropped
earlier in the week, but they were covered by May ninth,
up from their monthly low on April sixteenth. And then Netflix,
(04:26):
though not in our real time data, they kind of
faced similar volatility due to its resilience and international content production.
So let me share a quick news clip for you
with the CEO of Disney.
Speaker 3 (04:42):
I wanted to ask you about tariffs. One hundred percent
tariffs on films made outside the US. That's what the
President posted about this week. They haven't the White House
walked it back the little so they haven't made a decision.
They're exploring that option. What would that do to your
business and to the industry and would it indeed make
great again?
Speaker 4 (05:03):
Well, I think it's a little early to try to
do the math on one hundred percent tariffs or anything
like that. What I was actually most encouraged by was
the President talked about the fact that he wants to
help the industry and he wants to make the industry stronger.
So we certainly are more than happy to help in
terms of designing things that would make sense to make
(05:23):
the industry stronger, and we look forward to doing that.
Speaker 2 (05:28):
So that's a little clip from Hugh Johnson, the CEO
of Disney, that was on CNBC.
Speaker 1 (05:35):
The other day.
Speaker 2 (05:35):
But so why does that matter to you as the listener. Well,
as we've talked about, you can view tariffs as taxes
on imported goods, and they can sneak into your budget
in unexpected ways. Now, if foreign films become pricier due
to that one hundred percent tariff, we're probably going to
(05:57):
see some streaming platforms like Disney Plus and Netflix. They
might raise subscription fees to cover the cost, so that
fifteen dollars monthly fee could creep up to eighteen twenty.
And beyond entertainment, we're also seeing tariffs on everyday goods
as you know, clothing, electronics, food, and that could drive
up prices at the stores like Walmart, Target. So a
(06:20):
fifty dollars imported jacket may now cost US fifty five dollars,
or a two hundred dollars smartphone could jump to two
hundred and twenty dollars now. But these are all small increments,
but they can add up, especially for families who are
managing a tight budget. But more broadly, these protectionist policies
sparked some significant market volatility, and some analysts warn't of
(06:45):
recession if trade tensions start to escalate, So that's something
that we want to keep an eye on. And as
higher costs could slow down some consumer spending, which accounts
for about seventy percent of the US economy per the
Bureau of e Analysis. So if the business the businesses
pass on the tariff cost to consumers, then we could
(07:07):
possibly see some inflation spikes here which could make groceries, gasoline,
and utilities more expensive, as you know. But if they
absorb the cost, then the profits could shrink, which drags
down stock prices and impacts your investment portfolio. So we
want to be considerate of the other side here, okay,
because tariffs aim to protect these American businesses by making
(07:31):
domestic products more competitive. And it's like given US manufacturers
and farmers and filmmakers a home field advantage, which is
a good thing if American studios gain market share, and
if they do, it could create jobs and it could
boost the economic growth right here in the States. So
(07:52):
for example, domestic film studio, they might thrive if foreign
films are priced out, benefiting the local economies and works.
And the big question is whether the short term pain
and the higher prices is create some market jitters and
will that lead to some long term gains in the
(08:13):
US economy. So for investors, this is the critical moment
to reassess your strategy. So sectors like entertainment, retail, and manufacturing,
and particularly these sectors they're vulnerable. So if we look
at Disney, for instance, they rely on global supply chains
for merchandise for Mickey Mouse toys to Marvel apparel, and
(08:35):
the international markets for streaming revenue. And you know you
want a diversified portfolio. Why because that can help cushion
the blow if one sector takes a hit, and diversification
means really spreading these investments across different industries like technology, healthcare, utilities,
(08:55):
and asset classes like stocks, bonds, real estate, and commodities.
Because if tear Purff's hammer the entertainment stocks, your healthcare
or your bond holdings can stabilize your portfolio. So we
always want to have things that you know as your
portfolio here ebbs and flows. We want to have things
(09:17):
that complement one another. So let's talk about what this
means for your financial plan. So if you're holding stocks
that are in terrif exposed companies, and it's really it's
worth checking the waiting in your portfolio and are you
(09:39):
overexposed to one sector? Is your risk level still aligned
with your goals? And these are the kind of questions
that we tackle here at Prescott Private Wealth because we
build customized portfolios designed to protect and grow your wealth
no matter what's happening in Washington or on Wall Street,
and we always sit down and review with you the
(10:04):
analysis and the analysis is fantastic. It will go through
the countries that you're exposed to, the different sectors, the
risks that you're taking. And I want to give you
some practical tips as well. Right now, consider this, if
you look at your portfolio, do you have some defensive
(10:25):
assets in there? Do you have have you incorporated bonds,
some dividend paying stocks or gold in your portfolio. That's
what I want you to ask yourself. Look into your
portfolio and see because defensive assets like utilities or consumer staples,
you know, you want to think of like the proctors
and gambles, the Coca Cola's of the world. You know,
(10:46):
they often hold steady during market turbulence. So take a
look at your portfolio consider things like that. Also explore
some domestic ETFs, the ones that are focused on US
based companies. Maybe you look at something that reflects the
Russell two thousand that could benefit from some tariff policies
(11:11):
favoring domestic production and reducing some reliance on global supply change.
And if you're wondering how these tariffs might affect your
investment or how to capitalize on these changes, feel free
to reach out. We can talk about that. But I
want to also I'm going to cover with you what
(11:33):
has happened over at the Federal Reserve. Here here we
are inside of the Federal Reserve, and the Feds took
the center stage this week, really and it's decisions are
hitting your wallet directly. And here's what I mean when
(11:54):
I say that. See, the Fed opted to increase or
I shouldn't say increase, I apologize. They opted to keep
the interest rates steady at four point two five to
four and a half percent, and that move really sparked
some heated debate across the country because interest rates, they're
like the heartbeat of the economy. They really affect everything
(12:15):
from your mortgage payments, to your car loans, and to
the interest that you even earn on your money in
the savings accounts. And let's see if we can check
in here. Bloomberg had a clip here. I'll see if
I can play this for you. So here we go.
Let's take a listen.
Speaker 1 (12:34):
Here, you'll listen.
Speaker 5 (12:36):
The tariff increases and outs so far have been significantly
larger than anticipated. All these policies are still evolving, however,
and their effects on the economy remain highly uncertain. As
economic conditions evolve, we will continue to determine the appropriate
stance of monetary policy based on the incoming data, the outlook,
and the balance of risks. If the large increases in
(13:00):
care that have been announced or sustained, they're likely to
generate a rise in inflation, a slow down in economic growth,
and an increase in unemployment. The effects on inflation could
be short lived, reflecting a one time shift in the
price level. It is also possible that the inflationary effects
could instead be more persistent.
Speaker 2 (13:20):
So there you have it. There's Jerome Powell giving his
thoughts here. And here's what's interesting. Of course, at the
end of that, President Trump and Vice President JD. Vance
came out swinging urgent for the Fed to cut the
rates to start to stimulate economic growth. So their argument
is simple, it's lower rates make borrowing cheaper, and it
(13:42):
encourages businesses to expand and hire workers and invest in
new project projects. Wow. And for consumers it could mean
lower mortgage or auto payments here with the loans with
lower rates here starting to free up some ca for
some other expenses. So if you think of it like this,
(14:03):
imagine refinances refinancing your home. Maybe you have three hundred
thousand dollars loan at five percent instead of seven percent, Well,
that could save you about three hundred dollars a month.
And for the average family, that's enough for a family
vacation or a little extra to go into your retirement
(14:23):
savings each month. But the Fed's playing it cautious because
they're worried about inflation making a comeback here, and inflation
can erode your purchasing power, as you know, and that
would make everyday expenses like the groceries, the gas, and
utilities even more expensive. So investors here now are kind
(14:45):
of glued to the Fed statements because they're trying to
read the tea leaves here and trying to predict what's next.
Will the rates stay steady for the month, could have
cut come later on in twenty twenty five and those
are the questions that really row of market swings. As
the uncertainty here really starts to it's starting to settle in,
(15:07):
I guess a little bit with Wall Street nerves and
the S and P five hundred, though, has showed some
resilience with a nine day winning streak by May ninth here.
So the volatility, though, this is the vix that's still
lingering around beneath the surface, and it's reflecting this delicate
(15:28):
balance between growth and inflation fears. So I want to
unpack what that means for you. So let's say, if
you're a borrower, and steady rates me no relief on
loan payments yet. So for example, let's go back to
that mortgage. You got a thirty year mortgage with rates
hovering around seven percent, keeping monthly payments very high for
(15:51):
home buyers. So a three hundred thousand dollars mortgage at
seven percent costs about nineteen hundred and ninety six dollars
a month. Compare that to sixteen one hundred and sixty
three a month if they had a five percent loan rate. Well,
that's a significant difference to your budget. So if you're
a saver, there's the silver lining a high yield savings
(16:16):
account and possibly a certificate of deposit. They're offering rates
above four percent. Now, it's a far cry from the
near zero rate that we had a few years ago.
Because a one year CD at about four and a
half percent, well, that could earn you about four hundred
and fifty dollars on a ten thousand dollars deposit now
(16:38):
or forty five hundred dollars if you're on one hundred
thousand dollars deposit, and that's that provides some safety and
just a steady way to kind of grow that cash
that you want to have readily available. And for investors, well,
the FED stance has some big implications because higher interest
(17:00):
rates really start to pressure growth stocks like the technology companies,
and specifically because the borrowing costs they rise and future
earnings are discounted more heavily. So if you look at
a company like an AMD, which closed around one hundred
and two dollars on May ninth, which was down from
its year high of one hundred and eighty seven, these
(17:23):
higher rates make it tougher for tech firms to fund
their innovation. And now on the flip side, sectors like
financials and so you want to think banks and insurance
companies with financials here. Those guys thrive in these high
rate environments as they earn more on their loans. So
this dynamic here, this really creates some opportunity to balance
(17:48):
your portfolio and capitalize on shifting these market trends here. Okay,
so let me give you a couple of practical tips.
Let's start off with this. How about for those of
you who are carrying debt, if you're carrying a credit
card balance with a twenty percent APR, you want to
(18:09):
prioritize paying those down in this market because those rates
are silent wealth killer. Consider consolidating debts into maybe a
lower rate personal loan or transferring balances over to your
zero percent introductory credit card to save on interest. Also,
invest in rate friendly sectors. So if you want to
look at sectors that are benefiting from higher rates, like financials,
(18:32):
like I just said, you know, look at some ETFs
in that financial select sector. Offer some they'll offer some
broad exposure to banks and insurers and that'll help often
perform well in an environment like this. And also look
into high savings rates, so take advantage of some of
these high yield savings accounts or CDs while they're available,
(18:55):
you know, like a two year Treasury note yielding about
four and a half percent, or a high yield safe
account that can keep you on pace to grow that
cash safely, and it's perfect for that emergency funder your
short term goals. So I want to go into something
here that I thought was important to share with you,
(19:18):
so you know you can do a lot with what
you currently have available to you. So if you're just
if you're a good earner and you feel like you're
a little overwhelmed with debt, or you don't you don't
(19:38):
know where to start, well, let me just share with
you something here. As as seasons start to change with
these interest rates, you could be in a very good situation.
I'll share a story with you here.
Speaker 6 (19:53):
Everybody sit down, listen carefully, everybody, boy sid downcing down,
please sit Storty time, story time.
Speaker 2 (20:10):
Let me share a story about a couple that came
in to the office here a few years back, and
well it was more than a few years back now
because interest rates were much lower. But the reason I
tell you this is because when rates do go down,
maybe there's someone here listening that could benefit from something
like this. But I had a couple that came in
(20:31):
and they were just feeling completely overwhelmed with their mortgage.
They had like a seven percent mortgage on their house,
and they had a really tech heavy investment portfolio. Well,
that high mortgage payment was really straining their budget and
they were basically leaving little room for savings. So what
(20:53):
we did was we went through their budget, we worked
with them to refinance their mortgage at a slightly lower rate.
It saved them a few hundred dollars a month I
should say several one hundred dollars a month, and even
rebalance their portfolio to help them reduce some of the
volatility because what we did was we trimmed the exposure
(21:14):
to the growth stocks and we added some bonds and
financial in there, which helped perform well in the higher
rate environment. So you see today that same couple, they're
saving more and they have the ability to fund their
daughter's college, and they're feeling more confident about their financial future. Now,
(21:37):
these were great earners, but they took on a lot
of debt and they were always trying to provide for
their children. And when they came to the place of
where they had to prepare for college. They just could
not see how they were going to be able to
afford this, So we worked on that for them. We
were able to put some money aside help them save
(21:58):
for the wedding of their daughter as well. And they
have been able to just pay off all of their
debt and put away some great money for themselves. And now,
you know, that's just a story in their past at
this point. Now they're living a very free lifestyle and
(22:22):
they have a wonderful financial plan where they're coming into
the strong last quarter of their working career and we're
putting together just a dynamic retirement plan for them, and
they're putting in tremendously hard work and we're reviewing once
a year on that, and we review their portfolio twice
(22:44):
a year, and they're just they're doing the deal. They're
doing a fantastic job. And if you find yourself losing
sleep about your portfolio, you're just you and your spouse
or you alone. You make great income and you just
can't see the forest through the trees, or you've developed
some bad habits, but you have the ability to earn
(23:11):
I can help you, okay, and we can put together
a financial plan to work around this. Now, if these
market swings here are keeping you up, well, that's another
story because you've already amassed wealth. And if that's a
concern for you, I would like to invite you to
(23:32):
meet with me and our team here can help guide
you from retirement planning to investment strategies. What we do
is we create personalized plans to secure your future. So
feel free to visit PRESCOTTPW dot com, take our financial quiz,
and book a complementary consultation. Call us at five one
(23:53):
eight two zero three one nine eighty three five one
eight two zero three nineteen eighty three. Feel free to
email as well well Drew at PRESCOTTPW dot com. And
for those of you who are just joining us, you're
listening to your money matters with me, Drew Prescott, Wealth
Advisor at Prescott Private Wealth in Troy, New York, and
we're breaking down this week's biggest financial stories and we're
(24:15):
giving you the tools to make smart money moves. Coming
up next, we're going to talk about corporate earning. So
stay with us.
Speaker 7 (24:22):
At Prescott Private Wealth. We understand your financial picture is unique.
Don't get lost in the noise of mixed advice. Visit
us at four or five to one who Sixth Street
in Troy, New York, or online at PRESCOTTPW dot com.
Led by Drew Prescott, our team offers comprehensive solutions from
investments and retirement plans to risk management around insurance and
estate planning. At Prescott, we're fully licensed to safeguard and
(24:45):
grow your wealth Prescott Private Wealth, where your financial future
is secure. Visit PRESCOTTPW dot com today.
Speaker 2 (24:57):
Welcome back to your money matters. I'm Drew Prescott, and
we're diving in to the corporate earnings and the report
card that really tells us how America's biggest companies are performing.
And this week the earnings reports they were an absolute
roller coaster, driving stock prices up and down and revealing
what this economy's health really looks like. Well, you know,
(25:17):
we were talking about Disney earlier. They actually they absolutely
crushed the earnings expectation and sending the stock up, which
was a good thing for those of you who hold that. Now.
In contrast, we saw Uber they really hit a rough
patch and they closed out at about eighty two UH
with weaker than expected revenue. And then also Palenteer we
(25:40):
saw a palenteer sword to a stunning climb for its
A I should say from it's from its year low
of twenty dollars, it went up to one seventeen. That
was really fueled by that booming demand for the AI
and the data analytics here and AM held steady, so
(26:02):
Ford edged up a little bit.
Speaker 6 (26:05):
And then.
Speaker 2 (26:07):
As we were talking earlier about Disney and these companies, actually,
what do we talk about this? We talked about this
last week, I think right, we were talking about earnings, Yeah,
about the forward looking and everything, and really what do
the earnings tell us? Well, see, there's there's a pulse
check on consumer behavior and corporate strength. And what we
(26:31):
look at here is the corporate success signals and that
people are starting to prioritize a couple of things like vacations, movies,
and streaming subscriptions. And that's really a sign of confidence
in discretionary spending. So that's a good thing. Now, according
to the Bureau of Economic Analysis, here we saw a
(26:53):
consumer spending group by two point eight percent in quarter
one of twenty twenty five. Now that's supporting this trend
and ubers miss that might suggest some consumers are cutting
back on non essential services like ride sharing, especially if
inflation or tarif driven prices start to squeeze the budgets here. Now,
(27:16):
one thing that we want to look for as an
investor is that earning season here is both an opportunity
for you and it's also a challenge. So strong reports
they lift the stock prices and it really creates wealth
for the shareholders. But when a company misses, that can
(27:36):
start to trigger some sell offs and really kind of
testing your resolve. So the key is to focus on
fundamentals because the companies that you own, you want to
ask yourself, are they financially sound, do they have strong
balance sheets? Do they have consistent earnings and competitive advantages,
because you want to have companies that have diversified business models,
(28:01):
like you know, like if we were to use let's
say a Disney for a second, and they got theme parks,
they got streaming movies, merchandise, and that all helps kind
of weather the tariff storm here. Now, if you've got
a company that you know, maybe they're an innovator, but
they face some really fierce competition and economic sensitivity that
can make your stock more volatile. So just know exactly
(28:25):
what you're investing in and I would always caution you
to try to avoid chasing momentum. Don't buy stocks after
they had a four hundred percent run without assessing if
it even fits in your goal, because you don't want
to overpay for the hype because that can lead to losses. Also,
rebalance your portfolio. So if you see one of your
(28:48):
stocks is absolutely dominating, sell some of the shares and
reinvest into other things and diversifyfy a little bit more.
You want to reduce some of that risk. And also
consider some dividends stock like the S and P five
hundred dividend aristocrats, aristocrats aristocrats. Boy oh boy, I'm having
a tongue tied here this morning. But you know, the
(29:11):
dividend aristocrats, they provide a steady income and they can
act as a financial anchor during volatility. So we talk
about that from time to time. Big believer in making
sure that you have that in place. And also something
else that you're going to want to really start to
consider at this point. We talked about this last week
(29:33):
as well, is you want to start to broaden your
view here outside of China now that some of these
deals are being struck and you know, there's there's new
there's new countries in play, and with China kind of
getting disciplined here through this process, it has really opened
(29:56):
up some new opportunities for you as an investor, because
the globe economy, if you think about it, it's really
it's more like a giant web, and if you tug
one thread, then the whole thing will start to shake.
Here now, this week's events have absolutely proved that our
world is interconnected because we saw a China central bank
(30:18):
slashed interest rates to counter the US tariffs and that
sent the Asian markets soaring. Now lower rates it encourages
borrowing and spending and mirroring our fed debate here. So
the UK they scored a win by securing a US
trade deal to help them ease tariffs on goods like
(30:40):
whiskeys and cars and benefiting exporters and consumers. Now Germany, well,
they're facing a political gridlock here and it's stolling its
economic recovery and it's really raising concerns about Europe's largest
economy here. So let's take a peek here. There's a
(31:03):
nice little clip from BBC here, let's listen to what
they have to say about UK's trade win.
Speaker 8 (31:12):
Not only protect jobs but create jobs, opening market access.
And as you say, Donald, the timing couldn't be more
apt because not only was it eighty years ago today,
verts victory came for Europe after and at the end
(31:33):
of the Second World War. But of course on that
day the UK and the US stood together as the
closest of allies.
Speaker 2 (31:41):
So what's interesting is what follows that is that the
Prime Minister goes on to say that it was nearly
to the hour of when Winston Churchill delivered his speech
that there was victory in World War Two. That's pretty wild.
Obviously the two were not intertwined in any way, but nonetheless,
(32:05):
can you believe it's been eighty years since Winston Churchill
gave that speech? I mean, obviously I wasn't alive, but
you know, it always felt like growing up with my
grandfather and everything, that we were not that far removed
from World War Two and now here we are eighty
years later. Wow, it's amazing. You know, a decade goes
(32:28):
by like that, especially as you get older. It's really
remarkable how time truly flies. And so we were just
talking about this UK trade win, and the question is
why should you even care about this. That's the question
that you should ask yourself. Well, you see these global shifts,
(32:50):
they do impact your money because a stronger Chinese economy
could lift US tech stocks, you know, like AMD which
relies on global semiconductor demand, and Germany struggles might weigh
in on the US exports like Ford and Disney could
benefit from some international markets. A global diversification via ETFs
(33:16):
and some multinationals that requires managing currency risk. So a
strong dollar can reduce foreign investment returns even if the
asset performs well. So let's explore some diversification a little bit. Well,
I had a client who was a business owner and
(33:37):
they had a very US heavy portfolio, and what we
did was we added a little global equity and boosted
the returns when international markets started to outperform. So safe
haven assets like gold, which we have in our portfolios
and treasuries, that provides some stability during global unrest. And
(33:59):
some you can use some hedge dtfs, like some maybe
some currency hedging or something like. You know, it all
depends on your situation here, but that could help minimize
some currency fluctuations as well. So some practical tips for you.
Number one, safe haven assets, so add some gold or
treasuries just for stability. Okay, number two, look into possibly
(34:24):
utilizing some hedge dtfs and that could help reduce some
currency risk as well. And at Prescott Private Wealth we
balance global opportunities and risk. So visit PRESCOTTPW dot com
or Quali five one eight two zero three nineteen eighty
three five one eight two zero three one nine eight
three for a free consultation. We'd be happy to help
(34:47):
you build a retirement plan for yourself and a world
ready plan. So for those of you who are just
joining us, it's important that you plan for tomorrow, and
at Prescott Private Wealth we have you covered.
Speaker 7 (35:09):
Life's toughest financial decisions don't have to be faced alone.
Drew Prescott at Prescott Private Wealth is here to guide you,
whether it's settling in a state, planning for retirement, or
making your final walk from your career into a well
earned rest. Don't let uncertainty weigh you down. Ask yourself,
did I do this right? Am I missing anything? With
Prescott Private Wealth? The answer is clear, You're on the
(35:29):
right path. Visit us at four or five to one,
Who's six Street in Troy, New York or online at
PRESCOTTPW dot com Prescott Private Wealth. You're partner in navigating
life's financial journeys.
Speaker 2 (35:39):
So for those of you who just joined us, you're
listening to your money matters. I'm your host, Drew Prescott,
chartered retirement Planning counselor and accredited Wealth management advisor at
Prescott Private Wealth and just wanted to give you some
practical tips throughout the show today. Also want to discuss
(36:00):
Let me give you six practical tips here. Okay, you
guys are penhandy. Let's start off with the first one.
First one would be make sure that you have diversification.
I can't say this enough. Mix your stocks, bonds, real estate,
and you know you want to have everything in there
(36:22):
but properly balanced. If you don't know how to do that,
feel free to call us. Also, quality matters. I can't
stress that enough. I always tell people the only thing
that I can control is helping you invest according to
the risk that you're comfortable with and choosing quality investments
for you. We can't control what the market does, but
(36:44):
we can control those two things. Now, why am I
talking about debt because I'm going to give you another
bullet point here. Why am I talking about debt? Well,
I'll tell you what debt seems to be the common
theme lately. And you know, I work with families that
have one income, two incomes, and some that are phenomenal savers,
(37:10):
some that spend far more than they make, and some
that just spend more than they want to. But debt,
pay down your debt, pay down this twenty percent credit
card debt that you might have. You know, I don't
care how you got to do it. You know, you
(37:31):
do have the option of leveraging for one k for loans.
We can talk about that on another show. We can
talk about over the phone. But there are options for you.
Maybe you consider some type of a consolidation loan if
it makes sense. Okay, that's the key two letters here.
(37:52):
If if it makes sense? How do you know if
it makes sense? Well, I can help you determine if
it makes sense. Okay. Number four, save smart. You know
we were talking earlier about that money. That's just cash.
It's going to be a short term solve, right. That's
not stuff that you want to invest. That's stuff that
you want to have in a savings account. You want
(38:13):
to use a CD, you want to use treasury something
like that. And right now they've got some very competitive
rates out there, so take advantage of that. Also make
sure that you're looking for tax efficiency, explore some wroth
conversions or some tax loss harvesting, and then also focus
(38:35):
long term. You want to align your plan with your goals,
your retirement goals, your home, your education, and a financial
plan is your roadmap. You see, we listen to your
dreams here. Retirement travel, travel is very important to us
as a family, as you know, if you're a listener
(38:55):
your legacy and build some adaptable strategies. Now, a Troy
business owner recently was in and he rebalanced his portfolios
and he started adding some bonds and started to cut
some tariff sensitive stock as well. And he's now planning
(39:20):
a trip to go to Italy. And he's more confident
because he was so concerned that while he was away,
if the market had if the market gets some odjita
or burps, he just doesn't want to be that concerned
about it while he's away, and we can help you.
We can help you trim that and get you to
(39:41):
a place that feels less risky for you, because you
know the reality is markets can be overwhelming and you
don't have to do this alone. And I have a
team of professionals that we lean into here. So as
part of our SATA at work here, I have an
(40:02):
advanced planning team that works specifically with estates and businesses,
and we do business planning and estate planning with a
very high level team that we have here, and then
for personal financial planning, we have a totally separate team.
(40:24):
And it is just such a joy and really an honor,
is what I should say, to work through a financial
plan with someone and for them to see how it
all makes sense now for people that have done a
great job saving and they want to see what retirement
(40:46):
looks like for them. That is one of the most
enjoyable parts of my career is to see a family
come in or an individual come in and look at
their what they've built for themselves and how it all
works and where we can make some tweaks to make
(41:08):
their goals come to reality here. So we just had
three more clients just retire in the last two months
here and they're going into a new chapter of life.
It's very exciting. It's very exciting, especially for me. I
love to see when someone goes into retirement because all
the hard work that we've done over the years is
(41:30):
now starting to play out, and it's just such an
incredible thing. And for those of you listening, you know
what it's like to be a parent, and it's challenging
to be a parent at times because you see what
your children don't see. You see that things will be
okay in certain situations, and you also see threats that exist. Well,
(41:55):
my job is similar to that because when a client
gets really concerned about something, we vet it. We find
out is this something that you really need to be
as concerned as you are. Sometimes it is and sometimes
it's not, but we tell you yes, and here's what
this is a problem, and this is what we can
(42:16):
do to reduce this. Or we show them their financial
plan and we hold their hand and tell them again,
it's okay. We've accounted for all of this. You're going
to be in absolutely fine shape. So I love financial planning.
It's such a it's really a blessing to be able
to use that as someone's true north to make sure
(42:41):
that they don't lose sleep when we've put in the
hard work and we know exactly what the outcome should
look like. So if you do not have a financial plan.
I want to offer you the opportunity to call in
five point eight two zero three one nine eighty three
and we are are offering a financial plan for you.
(43:04):
We deliver it in both print and we'll give you
access to a website to view it. And this can
be reviewed one more time through the year. If you're
investing with us, then you know it's reviewed throughout the year.
But if you're just looking for a financial plan and
(43:26):
you want to do your own investments, we are going
to make the offer again. We're going to do a
financial plan for one thousand dollars and we will design
for you this plan based around what you tell us
you want your financial picture to look like in retirement.
Maybe you're saving for something special in the next couple
(43:49):
of years, or you want to have a baseline look
at your state plan. You know, if you're looking to
do a business plan or a state plan, those are
those are separate fees for a personal plan. We will
do that for one thousand dollars. We're only going to
roll this for two weeks, so as you're listening to
(44:12):
the show here it is the eleventh, so we are
going to We're going to roll this until well the
twenty sixth. We'll say, okay, so this is going to
be available until May twenty sixth, So one thousand dollars
for a financial plan and we will keep this open
(44:36):
for two weeks. If you're interested, feel free to call
five one eight two zero three one nine eight three
five one eight two zero three nineteen eighty three email
us at Drew at PRESCOTTPW dot com and we'll be
excited to get you started along the pathway here to
seeing exactly what you have, exactly how it works, and
(45:00):
we're going to look for some see if you have
any inefficiencies that we can help improve in your financial picture. Now,
coming towards the end of the show here, I want
to share a couple of pieces with you that I
think are going to be incredibly valuable for you. So
hang in there, let me get you squared away, and
we'll end the show with some very valuable information. So
(45:26):
let me get started. As I tell you all the time,
whenever I work on a plan that's exciting, I always
like to share it. So let's see. And by the way,
I forgive my voice. I know I don't sound like
I've got a lot of energy today. But you know something, well,
I'll tell you what. While I'm recording this, the rain
here is just it's so gloomy. I don't know about
(45:47):
you guys, but just kind of get you down. So
hopefully on Sundays you're listening to this, it's going to
be beautiful weather. And by the way, Happy Mother's to
all of you moms out there. Happy Mother's Day, Stacy
and my mom Sue and my mother in law Barb.
(46:09):
Happy Mother's Day everybody. So let me share this with you.
This has been a very fun and interesting topic that
I'm working on here and we're diving into this just
fascinating topic called dynasty trusts now. So if you've ever
wondered how to preserve wealth for generations, then this is
(46:32):
for you because by the end you're going to understand
what a dynasty trust is and how it works and
how it could be an absolute game changer for your
family's legacy. So what exactly is a dynasty's trust, Well,
it's core at its core here, it really a dynasty
trust is a long term estate planning tool, and it's
(46:53):
designed to pass wealth down through multiple generations while maximizing
taxes and protecting appe. So it's unlike a typical trust,
which might last for one or two generations, while a
dynasty trust can theoretically last for centuries, depending upon state laws.
So it's like planting a financial tree that just continues
(47:14):
to bear fruit for your descendants long after you're gone.
And here's really the basic idea. So put yourself in
these shoes. You are the granter, and you place assets
like cash, stock or real estate into an irrevocable trust,
and once it's set up, you can't take those assets back.
(47:37):
But that's part of the magic, okay, because by giving
up control, you unlock powerful tax and protection benefits. And
the trust is managed by a trustee who distributes income
or principle to your beneficiaries like your children, your grandchildren
and beyond according to the rules that you set. So
let's talk about the biggest draw to doing this, which
(48:01):
is a tax savings because dynasty trusts are often used
to sidestep of state and gift tax. So in twenty
twenty five, the federal estate tax exemption is around thirteen
point six million per person, but anything above that gets
taxed at up to forty percent. So when you die,
(48:24):
your state might owe a hefty sum. But assets that
are in a dynasty trust, they're generally shielded from a
state taxes for each generation. So that means that wealth
can grow and pass to your great great grandchildren without
Uncle Sam taking a cut every time. Now, there's also
(48:45):
the generation skipping tax transfer or a GST tax, which
applies when you pass wealth to someone two or more
generations below you, like a grandchild. Now, the generational skipping
for tax exemption that matches the estate tax exemption and
a dynasty trust. What it does is that lets you
(49:07):
allocate this exemption to protect the trust's assets from that
tax as well, so over decades, this can save millions
of dollars. Now, beyond taxes, dynasty trusts offer incredible asset protection.
So let's say that your air isn't great with money,
or they face a lawsuit, divorce, or bankruptcy. Well, assets
(49:31):
in a dynasty trust are typically out of reach from creditors,
from their expouses, or legal judgments. And that's because the trust,
not the beneficiaries. The trust legally owns the assets. So
you can structure this trust so beneficiaries get income or
they get distributions without ever having full control keeping the
(49:55):
wealth safe. So imagine this for an example, imagine that
your grandson starts a business that fails and the creditors
come knocking at his door. Well, if his inheritance is
in a dynasty trust, those creditors cannot touch it. Or
if your granddaughter goes through a messy divorce, her ex
(50:17):
can't claim the trust's assets. So it's like a financial
fortress for your family. And working on this has just
been it's so rewarding to see this work get put
in to effect here. So how do you set one up? Well,
first you need a very skilled the state planning attorney,
(50:39):
someone that specializes in these because dynasty trucks trusts, they're
very complex and their state specific. So some states like Delaware, Nevada,
or South Dakota they're popular for dynasty trusts because they've
abolished or they've extended the rule against perpetuities. So that's
(51:00):
a legal principle that limits how long a trust can last.
But in these states your trust can endure for centuries.
Now you'll decide what assets to fund the trust with,
maybe it's cash investments or even a family business. And
you'll also name a trustee, often a professional or an
institution to manage the trust impartially. Then you set the terms.
(51:26):
So maybe your kids get some income during their lifetimes
and the principle goes to your grand kids later on.
Or perhaps the trustee has discretion to distribute funds for education,
health or other needs. But flexibility is key. But the terms,
they must be clear to avoid disputes. So let's address
(51:51):
the drawbacks here. Now, dynasty trusts are not for everybody. Okay,
there for very wealthy people. But first, they're your avocal
so once you fund the trust, you cannot change your mind,
and that can feel daunting if your financial situation changes. Second,
they're expensive to set up and maintain because you've got
(52:12):
legal fees, you've got trustee fees, and administrative costs. They
all add up. So dynasty trusts make the most sense
for high network families. You want to think people that have,
you know, more than fifteen million dollars available to them.
So there's also the question of control. Some people worry
(52:32):
about spoiling future generations or creating a sense of entitlement. Well,
you can mitigate this by settling it by really setting
some guidelines here, like tying distributions to milestones, say graduation
from college or starting a business, but you'll need to
trust your trustee to carry out your vision. So you know,
(52:55):
if you think of a family like the Rockefellers, their
wealth has endured for generations and partly through trust like these,
you see a dynasty trust. The trust that they set
up back in nineteen thirty still provides for descendants today
and it's shielded from taxes and lawsuits. And that's the
(53:16):
power of planning ahead. And if this is something that
you personally need to address or you're intrigued by this,
start talking to a financial advisor or an estate planning
attorney and they'll help you weigh whether a dynasty trust
fits your goals, because you see, it's not just about money,
it's about creating a legacy that reflects your values, and
(53:39):
it supports your family for generations, because not everybody is
able to do what you have done. So, while we
wrap up here, thank you again for joining me today
on your money matters. If today's insights sparked a question
or a move that you've been meaning to make, let's talk.
Head over to Prescott peede w dot com. Feel free
(54:01):
to take our quiz and take the next smart step
my name is Drew Prescott. I'm a chartered retirement planning
counselor and accredited wealth management advisor here at Prescott Private Wealth,
located on Who's Ex Street in Troy, New York. The
phone number here is five one eight two zero three
nineteen eighty three five one eight two zero three one
nine eight three, And I'm here to help you live
(54:23):
more confidently, one decision at a time. And until next week,
stay informed, stay focused, and remember that your money matters
because your lifestyle matters. And until next week, may God
bless you and your family,
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