Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
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 off Produce a Terror Financial Specialists LLC, Member fin
the SIPC reservices of Producer Terara Investment Advisors LLC SOTERA
firms are under separate ownership from any other named entity.
(01:05):
Four five to one sixth Street, Troy, New York one
two one eight zero.
Speaker 2 (01:36):
Welcome back to Your Money Matters. I'm Drew Prescott, Chartered
retirement Planning counselor, Accredited wealth management advisor and President of
Prescott private wealth located in Troy, New York, and we're
kicking things off today with a little sweet of emotion
from Aerosmith because this markets. This week's market, I should say,
really served up plenty of both from a red hot
(01:58):
rally to signs of a correc And we have a
lot to unpack here today, so let's dive in. Hopefully
you're having a great week. We had a lot of
events going on over the past week here at the
Prescott Household, and we celebrated Stacy's tenth anniversary of her
(02:19):
thirty fifth birthday. Happy belated birthday to Stacy. So anyways,
she enjoys the age of thirty five, so we like
to hold time still for her in that area. And Natalie,
I want to take a second. I'm so proud of this,
(02:42):
this little girl. She's doing so good in school and
she's got wonderful grades in the high nineties. Good for her,
nice job, Natalie. And another area though that I just
want to proud dad moment I can do this, can I?
You guys won't feel like I'm a a bragger or anything,
I hope, but this is something I'm really proud of.
Speaker 3 (03:05):
You know.
Speaker 2 (03:05):
She started off playing lacrosse a few years ago, a
Catholic Kai and she's tiny. If you don't know her,
I mean, if you ever go to a Las L
girls lacrosse game, you'll see she's the smallest one on
the field. Okay, she's tiny, but she's got a lot
of heart. And she was always afraid to shoot, take
(03:26):
the shots, and she was always passing it off, passing
it off. And so I really encouraged her. I said, nah,
just you know, believe in yourself. Start to take a
couple of shots here. I think that you'll be shocked.
And they played a really amazing Guilderlin team and they
just got their fannies handed to them by them. But
(03:47):
she took a couple of shots, and I think that
it started to build her confidence. Well, doesn't the girl
catch fire? She played a game against Holy Names the
other day she got five goals there, than the following
day she picked up another two. And so now anyways,
like Alicia Keys would say.
Speaker 3 (04:09):
She's just a girl and she's on fire.
Speaker 2 (04:14):
So congratulations Natalie. That's all I just wanted to share that,
give her a little encouragement on the air here and
just been great to see, isn't it just it's really
great to see somebody's potential get revealed to them. And
you know, I believe in you. I believe in the
(04:36):
potential that you have as well to really become great financially,
to really become educated, and to make the changes that
you need to make to show to yourself that you
have the potential to be great financially. And that's what
(04:58):
I want to help you with today. Okay, Like I said,
we've seen a lot going on in this market and
we got a lot to unfold. You know what I
always say. I always tell people markets don't wait for
your feelings. They just follow the money. And lately they've
been following it awfully fast.
Speaker 3 (05:18):
And if you've been.
Speaker 2 (05:19):
Watching your four h one K or your brokerage account
over the last week, you might have done a double take,
because the stock market has put together quite the impressive rally,
one that we really haven't seen the likes of since
post COVID rebound here back in twenty twenty. But alongside
the surge, we're seeing signs of a market correction settling in.
(05:42):
So that's a reminder that volatility is never far away.
So I want to dive into what's been happening this week,
break down the major indices, check on the bond market,
and then set the stage for today's show. So let's
get started with looking at what the year to do
eight returns are. If we look at the Dow Jones
Industrial average, the total return including dividends is negative four
(06:07):
point four percent. Then we've got the S and P
five hundred, which again total return including dividends, it's down
five point three percent. The Nasdaq is down nine point
eight percent, The bond markets year to date are up
two percent, and the treasury bond is down approximately about
(06:35):
eight percent. Okay, now, if we look at the one
year returns here, the Dow Jones is still positive over
the last one year here at eight point two percent
total return. SMP four and a half percent total return,
Nasdaq five point one percent total return. But here's something interesting.
The bond market is actually up five and a half
(06:57):
percent total return and the treasuries are at four percent
for a one year return. So we are definitely in
some volatile waters here. Nonetheless, Nonetheless, let's talk about what's
going on here, and let's talk about what the opportunities are.
(07:24):
And let's start off here by looking at this last
week's rally, and it was really sparked by a trifecta
of positive signals. First, what we talked about before, which
was the April jobs report, which had added one hundred
and seventy seven thousand jobs, which would beat the expectations,
(07:48):
and with unemployment steady at three point nine and a
softer wage growth, started easing some inflation fears, which really
is a goldilock scenario here. Second, and we had President
Trump's ninety day poison reciprocal tariffs for most countries excluding China,
which calmed the markets and it reduced fears of a
(08:11):
global trade war, so that was good. The third area
was we had strong earnings from Microsoft seventeen percent azure growth,
Meta with robust ad revenue as well, and then JP
Morgan with record trading revenue. That all fueled optimism. But
(08:35):
the correction signs here are clear. The sm P five
hundred's three point four six percent drop on April tenth,
the Nasdaq's bear market status, and the Dows five and
a half percent plunge on four on April fourth, which
signaled investors on ease right. But Trump's one hundred and
(08:59):
forty five percent terrify on China, which was clarified after
the pause that started to reignite some of these trade
war fears, which is we covered last week and the
weeks before. You know, that's five trillion dollars off the
S and P five hundred in the two days there.
But now we're seeing that some economists are warning of
(09:26):
recession risks at about sixty percent if the tariffs persist,
with inflation possibly hitting five percent. So first quarter GDP
shrank abouzero point three percent and core PCE inflation still
remains a little bit sticky, which kind of limits our
fed's flexibility. So at this point, what does this mean
(09:51):
for you? Well, the market's rally, thankfully, is there and
it's exciting, but these correction signals, they it really remind
us to stay grounded because volatility is back and with
it opportunity actually if your strategic. So today we're going
to dive deep into how to position your portfolio for
(10:13):
this environment, Unpacking President Trump's bold proposal to eliminate federal
income tax for those earning under one hundred and fifty
thousand dollars and sharing some actionable steps to protect and
grow your wealth. And here's what's coming up. We're going
to analyze the risks and opportunities that are in the market,
(10:34):
from tech to financials to healthcare. And then we're going
to break down Trump's tax plan and how it could
reshape your finances and why it faces hurdles, and also
what you can do to prepare.
Speaker 3 (10:50):
So finally we'll.
Speaker 2 (10:51):
Wrap up with a checklist to ensure that your financial
strategy is built for the long haul. And for those
of you who are just tuning in, you're listening to
your money. I'm your host, Drew Prescott, chartered retirement Planning
counselor and accredited wealth management advisor at Prescott Private Wealth.
Call me here five one eight two zero three nineteen
eighty three five one eight two zero three one nine
(11:13):
eight three, or visit PRESCOTTPW dot com for a complementary consultation.
So let's look forward with confidence, okay, not fear. Remember
markets are forward looking, but your strategy has to be
grounded in reality. Do not get swept up in headlines.
(11:34):
You want to stick with your principles. And this reminds
me of h I took a I take a weekly
golf lesson. Some would say when you play with me.
You wouldn't believe me, but I do, and Austin gives
me this encouraging line. So I got some new clubs.
(11:58):
They're beautiful, by the way they're they're hand forged from Japan.
My friend turned me onto them. You've never hit anything
like these unless you have them, which are me yours.
Really love these things. Now, what we were working on
the other day was I said, you know, I said,
(12:18):
I hate when I get bound up in you know,
some thick grass over on off the fairway here with
a weird lie. And so we spent all this time
working on, you know, having my these just the strangest angles,
and it was awfully frustrating. And every single time that
I hit a bad shot, I'd say, you see, that
(12:39):
drives me absolutely crazy. And then it gets into my
head and he says, you know something, Drew, He goes,
you are so results focused. You need to become process focused.
And he said, every single time before you hit the ball,
you need your preshot routine. And what this does is
it just kind of recenters you so that you know, hey,
(13:02):
I've done everything that I can on my side to
prepare to hit a nice shot. Sometimes I don't and
you know what, I did everything in my power and
I can't focus on the results.
Speaker 3 (13:13):
And it clicked with.
Speaker 2 (13:14):
Me, and I said, you know, Austin, I said, that
makes perfect sense to me because this is exactly what
I tell my clients. And so what I want to
share with you is stick to your principles, right, Know
what you can control, know what you cannot control. And
what I like to do with clients is identify what
(13:36):
their goal is, Identify the risk that they're willing to take,
and then make sure that what we're shopping for is
quality investments. And if we have the proper risk, the
proper goal, and we vet these investments based upon alpha
(13:59):
and beta, well then we just let it do it.
Speaker 3 (14:03):
Let it do its thing. Okay.
Speaker 2 (14:06):
Now, sometimes we end up in markets like we're in.
Does that mean that we screwed up? No? Right, And
so I want to encourage you don't be like me
out on the golf course and be so results focused,
be process focused. And I want to pivot into one
of the boldest economic proposals that we've really seen in
(14:28):
recent history, one that if it gains traction, it could
fundamentally reshape how millions of Americans pay taxes, and I'm
talking about President Trump's proposal to eliminate federal income tax
for individuals earning less than one hundred and fifty thousand
dollars per year. That's right, zero federal income tax if
(14:51):
you make under one hundred and fifty thousand dollars. Well,
it's not just campaign rhetoric. It's now an official policy
that it's a talking point. And while the details are
still developing here, the implications of.
Speaker 3 (15:06):
This are massive.
Speaker 2 (15:07):
So in this segment, I want to unpack for you
one what exactly is being proposed, Two why passing it
will be a serious challenge, and three what higher earners,
especially those who are making over one hundred and fifty
thousand mark, can do right now to potentially benefit and
(15:29):
how this proposal could rewrite parts of the existing Trump
error tax reform called the Tax Cuts and Jobs Act
the TCJA. As I've talked about for months here, this
is just going to be something that you're going to
want to be aware of and watch it unfold. And this,
(15:50):
if it goes this way that's being proposed, it will
be beneficial to some, not beneficial to all. As nothing
ever is right, and even as stocks climb it's not
time to put on your blinders. So be vigilant, be
like a shortstop beyond your toes here, because there's a
(16:13):
few major risks that are lurking below the surface, and
I want you to keep an eye on these, and
one of them is the tariff uncertainty. So you know,
we have Trump with this bold proposal to fund the
massive tax cuts through tariffs, and it's starting to create
a new buzz right. Thankfully, we're never short of drama
(16:37):
and rhetoric with this administration, so it makes having a
show a lot easier.
Speaker 3 (16:47):
There's always material, but now may not.
Speaker 2 (16:51):
Always go the way that you and I would like,
But nonetheless we have to be aware of it.
Speaker 3 (16:57):
What's going on?
Speaker 2 (16:58):
Right? Always ask that question, what's going on? And I
would encourage you to dig deep. And here's here's one
of the uh things I want to point out to
you here is that you know, if you look at
some of the economists across the political spectrum and they're
pointing out that tariffs are essentially they're saying, well, they're
(17:20):
not just a tax on the other countries. These could
be taxes on consumers and businesses as well. And while
they might generate some revenue, they're unlikely to fully replace
over six hundred billion in lost tax receipts. Well, it
seems that Trump is of the persuasion that that's not true.
(17:44):
So what does this mean for you and I? In
practical terms, Well, prices on imported goods they could rise,
fueling inflation again, and higher inflation would force the Fed
to delay or even reverse any expected interest rate cuts.
Speaker 3 (18:00):
H Oh.
Speaker 2 (18:00):
Tariffs may help fund a political promise, but they could
also come with some painful, unintended consequences for households and
investors alike. Okay, now we did see that while jobs
are growing, the broader economy actually contracted in quarter one,
we saw a zero point three percent drop in the GDP.
(18:24):
Now that's a little bit of a cautionary signal. Now,
that could prove to be an anomaly driven by temporary
inventory issues or trade imbalances, but it's something that we
need to watch closely, especially because of inflation, particularly the
core PCE index that the Fed uses. It's still running hot,
(18:45):
and that means that the Fed in these situations has
less wiggle room than the markets would like. Additionally, we're
seeing something here that's a little bit of a concern. Look,
I love technology, I use it on my business, I
invest in it for my clients, and I talk about
it on the show. But there's a difference between buying
(19:07):
great companies and overpaying for them. And right now, some
of these tech names are priced for perfection. You see,
Apple dropped three point seven percent after its earnings call
failed to wow Wall Street, and Amazon missed on cloud
revenue growth. So these are warning signs. Tech now makes
(19:28):
up over thirty percent of the S and P five
hundred by market cap, and if the sector sneezes, your
portfolio may catch a cold. And that's why diversification isn't
just a buzzword, but it really is your defense mechanism.
So I want to shift here and see where are
(19:49):
the opportunities. Let's shift from defense to offense, and where
does the smart money go from here? So technology, we
just talked about it, but be selective, because yes, technology
has been a leader, but now it's time to be discerning,
not desperate. Microsoft and Video and Palenteer are the heavyweights,
(20:14):
but the supporting players, the ones building the infrastructure behind AI,
those are the ones that are starting to shine. So
companies in the semiconductor design, advance memory, data center cooling, cybersecurity.
They're all starting to carve out critical roles here. And
(20:35):
these are firms that of that often have lower PE ratios,
stronger balance sheets, and they fly under the radar, and
that's where we can find some value in a frothy sector.
And also financials they're quietly leading, So don't sleep on financials.
(20:56):
We saw JP Morgan Morgan Stanley, and Bank of America.
They all posted strong capital markets revenue. And what's even
more encouraging is that these results came without a rate
cut in sight. So that tells us something. It tells
us that the demand for credit is still healthy and
trading activity is robust. So if the FED pulls off
(21:18):
a soft landing, financials could have a lot of room
to run, especially and I've been saying this for a while.
If you remember the interview.
Speaker 3 (21:27):
That I had.
Speaker 2 (21:30):
With the market Outlook for the year with the CIO
from Satara Financial back in January, I had made mention
of this to him. I said, I really think that
these regional banks they have an opportunity here because they
were kind of left for dead after last year's liquidity concerns.
(21:52):
But there's an opportunity here, so don't sleep on them. Additionally,
healthcare for some stability and growth, because if you want
ballast in your portfolio, healthcare is where you want to look.
United Healthcare, Eli, Lilly, and even CBS are some names
that are offering some stability, innovation, and income because healthcare
(22:15):
spending remains consistent across economic cycles, and with the aging
baby baby boomer population, this sector has a demographic tailwind
as well. So let's not forget that the biotech boom
that's been overshadowed by AI because we're entering an age
(22:36):
where precision medicine and gene therapy could reshape how we
treat everything from cancer to Alzheimer's and you know, think
even a little bit broader too, because listen to this,
don't miss out on the world stage.
Speaker 3 (22:55):
Now, one of the.
Speaker 2 (22:56):
Most overlooked stories of the month is what happened to
across the Atlantic, which was the UK's FTSE one hundred.
It just posted fifteen consecutive days of gains. Now that's
a record that hasn't been seen in over three decades.
Why because European inflation is cooling, their central banks are
(23:20):
pivoting dubbish and frankly, valuations overseas are far more attractive
than in the US, and American investors they often have
this home country bias. Now it did pay off because
a lot of my portfolios are based around the US.
(23:40):
But right now, developed international markets offered diversification, income, and
some upside and I'm talking about European dividend ETFs like
the international infrastructure and even emerging markets that are tied
to AI manufacturing supply chains. Now, right now, this isn't
(24:06):
the time to start swinging for the fences or chasing returns.
The market has moved fast, and if you miss the
run up, don't panic. There's still time to build a
smart portfolio. But here's what I recommend. You want to
rebalance your portfolio. If tech has.
Speaker 3 (24:25):
Grown to dominate your.
Speaker 2 (24:28):
Holdings, it's time to pair them back a little bit.
Speaker 3 (24:31):
Okay.
Speaker 2 (24:33):
Also seek value in financials and healthcare because these sectors
they offer a mix of growth, income and resilience. And
like I just said, a moment ago, expand globally. If
you're not at least fifteen percent allocated to international development
markets here, you may be missing a key piece of
(24:54):
the puzzle. Now, if you're near or in retirement, focus
on income ja generation. Consider structored notes, some dividend payers
or fixed income some maybe some annuities that offer principal
protection and upside participation. But remember markets are forward looking,
(25:15):
but your strategy must be grounded in reality. Do not
get swept up in these headlines. You've got to stick
to your principles. Like I said a moment ago, become
process oriented, not results oriented. Okay, And for those of
you who are just tuning in, you're listening to your
money matters. I'm your host, Drew Prescott, chartered retirement planning
(25:37):
counselor and a credited wealth management advisor at Prescott Private Wealth.
The phone number here is five point eight two zero
three nineteen eighty three or PRESCOTTPW dot com to schedule
your complementary consultation. So work your way over to PRESCOTTPW
dot com. And let's uh, let me encourage you to
(25:58):
test your own investment knowledge. When you first get on
our website, it's going to pop up and it'll say
test your investment knowledge. I'll challenge you to try that.
See how you make out. But let's get together as well,
let's stress test your holdings. Let's review your tax exposure
and put together a plan that fits today's market environment. Okay,
(26:21):
did I tell you about this? I must have told
you about this.
Speaker 3 (26:25):
I think I remember how.
Speaker 2 (26:26):
I told you that I use this software, and the
software is an independent software. It has nothing to gain.
I call it the car and driver of portfolio analysis.
And what I did with one of our listeners is
(26:51):
she called we met. We reviewed her portfolio, and her
portfolio was just I take no joy in saying this,
but it was actually it scored out to be the
lowest portfolio that I've ever seen, and it was full
(27:12):
of mutual funds, and it was being managed for a fee,
and the advisor actually was using a third party to
manage the account. They weren't even doing it themselves. And
the fees they had to pay the advisor a fee,
(27:35):
the mutual fund had expenses inside of it. They're also
paying a fee to the subadvisor, and then they were
also paying a platform fee. There were four levels of
fees there, and they were actually losing money. And I
know you're listening, you're saying, well, I'm not losing money. Well,
(27:55):
you know what, she didn't think she was losing money either.
She just thought because she was taking money out of
her account for RMDS that she was doing just okay,
But she had no idea that she was actually losing
money annually. And the best score you can get with
this portfolio analysis that I use is a grade point
average of four point three. She scored out at a
(28:18):
one point eight. Now, I'll tell you, the lowest I've
ever seen prior to her was a two point eight,
So I couldn't believe it was true. We actually had
to call in and make sure that everything was input
properly and make sure that the scoring system was accurate.
(28:39):
And yeah, it was accurate. But nonetheless, don't be one
of those people. You know, you may have a fantastic
relationship with your advisor and you love them, and maybe
you go to the bomb Mitzvah's, maybe you attended weddings
and whatever, and that's wonderful. Relationships are fantastic, but at
the end of the day, don't let it cost your money.
So if you would like to have a confidential, complimentary
(29:05):
review of your portfolio, reach out to me Drew at
PRESCOTTPW dot com or schedule a time on PRESCOTTPW dot com.
Speaker 3 (29:14):
Feel free to call the office.
Speaker 2 (29:16):
Jessica can get you on my calendar here five one
eight two zero three, nineteen eighty three. So anyways, I
digressed a little bit there, but I wanted.
Speaker 3 (29:25):
To share that with you.
Speaker 2 (29:28):
So what we alluded to a little while ago was
President Trump's proposal of elimination of federal income taxes for
individuals earning less than one hundred and fifty thousand dollars
per year. That's right, zero federal income tax if you
(29:48):
make under one hundred and fifty thousand dollars. So, earlier
this year, Trump's campaign floated a plan that would eliminate
federal income taxes on anyone earning one hundred and fifty
thousand dollars or less. So Commerce Secretary Howard Lutnek confirmed
(30:10):
this publicly, stating that the Trump administration's goal is no
tax for anyone who makes less than one hundred and
fifty thousand dollars a year. Now, for context, that would
cover nearly ninety percent of US households, and the average
American household income as of twoenty twenty three was about
(30:34):
seventy five thousand dollars, so this proposal isn't targeting just
the working poor or the low income tax brackets. It's
really a full blown tax revolution and it's aimed at
the middle class. And here's the kicker. Trump proposed to
fund this with massive tax this massive tax cut through
(30:57):
increased tariffs on imports instead of taxing your paycheck, and
the government would take foreign goods and services at the border.
And that's really the model. They would tax the foreign
goods and services right at the border. So why will
this be so hard to pass? Well, let's be clear,
(31:19):
this will be an uphill battle. Make you know, make
no mistake about it. This is going to be awfully challenging.
And here's why. Currently, the Congressional Budget Office says that
this math doesn't add up at least at this point,
because the federal government collects more than six hundred billion
(31:42):
with a B annually from taxpayers making under one hundred
and fifty thousand dollars.
Speaker 3 (31:48):
That's a huge.
Speaker 2 (31:49):
Chunk of revenue here, not residue. Sometimes I talk a
little bit too fast, I apologize, but that's a huge
chunk of revenue. So to replace that with tariffs, we
would need to more than triple our current tariff revenue,
(32:09):
which totaled around eighty billion in twenty twenty three. So
even with aggressive new levies, we're talking a revenue shortfall
of hundreds of billions unless spending is slash dramatically, which
brings its own political firestorm. We've seen that. And also
(32:33):
tariffs are inflationary. So tariffs function as basically as indirect taxes.
Now they're paid by importers who often pass the cost
along to the consumers. So while you might pay less
an income tax, you could pay more at the store,
so for example, with your clothing, cars, electronics, and even groceries.
(32:57):
And that's a tradeoff that may not sit well with
work working families already fighting inflation. Now there's a challenge
even inside of his own party here because fiscal conservatives
they don't love revenue shortfalls, business aligned lawmakers oppose tariffs
that disrupt global trade, and Democrats, well, they're unlikely to
(33:20):
support a tax reform that doesn't include progressive taxation on
the ultra wealthy. So yes, across the board, it's bold,
and it's far from a done deal. So I wouldn't
in your mind, I wouldn't bank on it at this point.
So what about those that are making over one hundred
(33:41):
and fifty thousand. If this has passed well, you see,
this is where this gets interesting. Let's say that you
earn one hundred and fifty five thousand.
Speaker 3 (33:51):
Do you get left out entirely? Possibly?
Speaker 2 (33:55):
But there may be some ways to legally reduce your
taxable income low that one hundred and fifty thousand threshold
if you plan ahead. So let me give you a
couple of options here. So if you maximize your retirement contributions,
this could be incredibly beneficial for you. So in twenty
(34:15):
and twenty five, your four toh one K limit is
twenty three thousand dollars for those of you under fifty
years old and thirty thousand, five hundred for those of
you who are over fifty years old. And contributing to
a traditional four oh one K reduces your taxable income
not just your adjusted gross income, but what the IRS
(34:39):
uses to calculate your taxes, So that's key. Additionally, maybe
you have a sepira if you're self employed or you
own a small business. Will a septira allows you to
contribute up to twenty five thousand of compensation or sixty
nine thousand dollars, whichever is less. Now, if if you
(35:00):
are relying on a traditional IRA, you can contribute up
to seven thousand in twenty and twenty five eight thousand
if you're over fifty, assuming that you qualify for the
deduction based on income. Now, if you're at one hundred
and fifty five thousand and you max your four to
one K and a deductible IRA, you could potentially knock
(35:24):
your taxable income below the one fifty mark. Now use
your HSA contributions. If you're enrolled in a high deductible
health plan, you can contribute up to forty three hundred
dollars as an individual or eight thousand, five hundred and
fifty as a family to a health savings account, all
of which is completely tax deductible. Additionally, if you're a
(35:49):
business owner, small business owners and sole proprietors could explore
strategies like Section one seventy nine depreciation. You could also
have deductible business expenses home office equipment, travel, You could
hire your children under certain conditions. And Additionally, some income
timing strategies could be beneficial, So if you're close to
(36:11):
the threshold, deferring income to the following year, such as
a year end bonus invoice or commission that may help
you qualify under a new tax regime here, depending upon
its effective date. So what happens if you're over the
(36:31):
limit no matter what you do here? Well, let's say
that your taxable income is above one hundred and fifty
thousand dollars after all deductions, Well, what happens then? So
the details here are scarce. Okay, So I'm taking a
little bit of liberty here, but I'm just trying to
paint a picture to get you familiar with what we
could be looking at.
Speaker 3 (36:52):
And we have some clues.
Speaker 2 (36:54):
To kind of a multi bracket system. And what it
looks like is that if you're between a one hundred
and fifty thousand and one dollar and three hundred thousand,
it could be a flat ten to fifteen percent proposed rate.
If you're at three hundred thousand and one dollars to
one million, a twenty to twenty five percent range. Over
(37:16):
a million twenty five percent plus possibly a special surcharge. Now,
this structure could echo parts of the two than and
seventeen Tax Cuts and Jobs Act framework, but with more
aggressive cuts at the lower bracket, which leads us to this,
(37:37):
what parts of this Tax Cuts and Jobs Act stay
or go well. Trump had stated that he intends to
extend and expand much of the Tax Cuts and Jobs
Act here, and let's look at I want to look
at what may likely stay here with me here, I'm
(38:00):
just kind of coming through my notes. Okay, So what
could stay is these lower marginal rates for all brackets.
What also could stay is the standard deduction increases. Currently
it's at thirteen eight hundred and fifty for individuals, twenty
seven seven hundred for married couples filing jointly, that section
(38:23):
one ninety nine A for pass through business income, and
the child tax credit increases possibly expanded a little bit further.
So what may be revealed or I'm sorry, repealed, i
should say, or modified would be the salt deduction cap,
that state and local tax deduction cap that may be
(38:44):
increased or it could be eliminated. Additionally, the estate and
gift tax exemption that may be maintained at higher levels permanently.
And the corporate tax rate is likely to stay at
about twenty one percent, but it could face some pressure
here from populist wings of both parties. And the bottom
line here is expect the twenty twenty five tax debate
(39:08):
to start to say excuse me, and work its way
right up to the front here and become a major
campaign issue for the elections that will follow here and
really become a major market mover. So again, like I
said earlier, be a shortstop beyond your toes. Be prepared
(39:31):
and know what could potentially be happening here. So what
can you, as a listener of the show do now, Well,
here's what you can do today to prepare. So, whether
you're making one hundred thousand or two hundred and fifty thousand.
Speaker 3 (39:46):
Make sure that you get a tax projection done.
Speaker 2 (39:49):
You want to know where you stand now so that
you can explore how to reposition income or contributions by
year end. Also, maximize your tax advantage savings that we
just talked about. If you haven't reviewed your four one K,
your IRA or HSA, your step strategy this year, do
it now. Don't wait till the end of the year,
(40:11):
because every dollar contributed could not only grow tax deferred,
but it could also help you qualify for zero income
tax in a future move here by the Trump administration.
Also talk to a tax advisor or a financial planner.
This isn't the year to wing it, okay, you could
(40:32):
be standing on the outside looking in and saying would it,
could have should a while. I'm telling you right now
this is your opportunity. Don't bypass this, don't overlook it.
This is a warning from your friend Drew. You need
to meet with somebody now, not at the end of
the year, because you need the rest of this year
to plan properly for this. So, whether you're trying to
(40:55):
qualify for the exemption or you're wondering how these proposed
changes might impact your business, now is the time to
build a game plan. Additionally, stay politically and financially aware.
This is incredibly important right now because these policy shifts
and these proposals they evolve, and smart investors are going
(41:15):
to stay informed and adjust.
Speaker 3 (41:16):
They're not going to just react.
Speaker 2 (41:18):
And if you personally are not sure how these potential
tax laws could affect you, well, I would like to
encourage you to reach out and set a time to meet.
You're listening to your money matters. I'm your host, Drew Prescott,
chartered retirement planning counselor and accredited wealth management advisor here
(41:39):
at Prescott Private Wealth, located in Troy, New York. Call
me at five Poet eight two zero three, nineteen eighty three,
five one eight two zero three one nine eighty three,
or visit PRESCOTTPW dot com to schedule a time to
meet with me. Now, this could be the most important
tax planning window that you personally have had in the
(42:00):
last decade.
Speaker 3 (42:01):
And I mean it.
Speaker 2 (42:03):
Don't just sit there and do nothing about this.
Speaker 3 (42:08):
You need to prepare.
Speaker 2 (42:10):
And I'm gonna come into the home stretch here of
this show and cover some things for you today and
give you some action steps. I want to talk about
some resilience and how to make sure that your money
is aligned with your life and what it means to
(42:33):
have a financial strategy that works not just today but ten, twenty,
even thirty years down the road. So start where you are,
whether you're managing your own investments or you're working with
an advisor. Clarity is key. Here's what I want you
to ask yourself. What's my real after tax return? And
(42:56):
is my portfolio balance for growth and protection? And are
my investment accounts properly located for tax efficiency? And the
last thing you want to ask yourself is am I
confident that I'm not missing some tax planning opportunities? So
if you're not sure how to answer these, that's not
(43:17):
a failure, that's just a sign that it's time to
talk to someone that can help you. And at Prescott
Private Wealth, we begin every client relationship by taking inventory.
No pressure, no assumptions, just a clear look at where
things stand, so that we can help you map out
(43:38):
where you're going. It's easy to forget, but money is
just a tool. So the real question for you is
what is your money for. Do you want to retire early,
do you want to travel more with your spouse, do
you want to help your kids graduate debt free? Or
(44:01):
maybe it's leaving a legacy for your grandchildren. You see,
we often meet with clients who are financially successful, but
directionally they're unclear. And that's where goal based planning comes in.
Whether your investments reflect your deepest priorities, everything feels more
focused and less stressful. I want you to learn how
(44:25):
to test your strategy because markets rise and the markets fall,
as you know, but your plan should be able to
withstand both. And this week's market bounce was a welcome shift,
but it shouldn't be the reason that you change your strategies. Similarly,
next month's headlines should not derail you either, And that's
(44:48):
why we stress test our client's portfolios. We ask what
happens if the market drops twenty percent, what happens if
inflation stays sticky, and what if in interest rates spike
or they fall further. Knowing the answers ahead of time
really helps create that peace of mind, and that's resilience.
(45:10):
And one of the most overlooked parts of financial planning
is family communication. Engage your family. Do your children understand
your estate plan? Does your spouse know where your documents are?
Have you had a conversation about wealth values not just
wealth assets? Because if you've done the hard work to
(45:32):
grow your financial life, don't leave your loved ones in
the dark. Involve them, educate them, empower them. And we
offer family financial planning sessions for this exact reason, to
ensure that your legacy isn't just financial, but educational and emotional.
Speaker 3 (45:52):
And know what you don't know? You know, I always
say to.
Speaker 2 (46:01):
Younger guys in this business, and frankly, in any business,
I think it's important to know that you don't get
smart until you get stupid. And that sounds weird because
you're like, well, gosh, you know, as a financial guy.
Shouldn't you have the answers? Yes, but you never want
to be so welded to a mindset that you can't
(46:27):
learn something new. And this is perhaps the most powerful
mind set shifts that any investor can make. And it's
really it's embracing humility because markets are complex, tax laws evolve,
and economy shift. And the smartest investors aren't the ones
who know everything. They're the ones who know what they
(46:52):
don't know, and they partner with the right experts. And
at Prescott Private Wealth, we're no different than you. I
have partnered with a group of certified financial analysts as
well as certified financial planners and accountants and attorneys, and
(47:15):
through my network of specialists, we work together for your benefit.
We're not here to sell products. We're here to solve
problems and to ask better questions because the right question
often leads to a better future for you. So let
me give you a final checklist for smart investors. It's
(47:38):
going to be a rapid fire list of action steps
based on today's conversation. Okay, so get a pen, get
a piece of paper, run quick, let's get these out
there for you. I want you to think about these
one Go to Prescott PW dot com and take the
quiz to benchmark your investment knowledge. Two evaluate your tax
(47:59):
strategy and life of the upcoming TCJA expiration. Three maximize
your current estate planning options before the exemption exemption drops.
For review your income location, tax bracket projections for twenty
twenty five in twenty twenty six. Five stress tester investment
(48:21):
portfolio under multiple scenarios.
Speaker 3 (48:25):
Six.
Speaker 2 (48:26):
Talk to your family about your plan and create a
shared understanding.
Speaker 3 (48:31):
Seven.
Speaker 2 (48:32):
Work with a fiduciary who puts your interest first always.
And I'm thankful that you slow down to listen to
this show. I started this show. Oh, my friend Alan
(48:52):
Green at iHeartRadio would be able to help me out here. Well,
my show officially started years ago, back in I think
twenty and seventeen, so twenty seventeen. What I was doing
was I had a YouTube channel that I was posting
(49:13):
the shows to and also had a great opportunity to
do Facebook lives, which were they were great. They've become
a little bit more challenging for compliance, so I can't
do those currently. I look forward to the day that
I can do them again. Because I was able to
get real information out really timely information that was really wonderful.
(49:35):
But what I do is I do this every week
and I try to identify what concerns you could be
challenged with, and I try to look at what the
market headlines are showing us, and then I also look at,
(49:55):
you know, what clients are saying and what I personally
am feeling for a conviction, and I want to share
that with you. And so I'm hoping that this is
bringing you a lot of value and that you're able
to implement some of this. Now you don't have to
implement it with me, but you know, just implement it
(50:16):
for you and your family, and you know you not
only does our relationship health matter, our physical health, our
financial health is something that's pretty challenging to slow down
(50:38):
for a majority of people. Now, there's some of you
listeners out there that are incredible at this, and as
a matter of fact, some of you, it consumes you.
And that's okay. But I want to speak directly to
that person that does not slow down to review with
(50:59):
somebody twice a year. Here's what I want to say
to you. I heard this story the other day on
an Instagram rail and it really kind of rang.
Speaker 3 (51:14):
True to me.
Speaker 2 (51:15):
Now, I've allowed myself to get out of shape here
a little bit. I'm working through that and getting stronger
every day. But these are day to day decisions that
we have to make, and not only do we have
to make them physically, but we have to make them financially.
And let me see if I can bring this home
with this reel that I was telling you about that
(51:37):
I watched. So this fella said, I think it was
a college professor, and he had said, you know, if
I brought you up here right now, and it starts
off sounding really dark, it's.
Speaker 3 (51:51):
Not that dark.
Speaker 2 (51:51):
But he basically said, if somebody were to choke you,
you would find out very quickly that you need ox
to survive. He said, if someone took you and locked
you up and didn't give you any food or water,
(52:12):
you know, you'd find out within a few days that
you need water to survive. Then he said, if you
had no food, you would find out within several days
that you need food to survive. And then he goes
(52:32):
on to say that if you live long enough, you'll
realize that your body starts to break down and that
you needed exercise. Now, that's not something that you can
just fix. Overnight, and it made me think about finances.
(52:52):
Finances are the same way. You cannot fix finances overnight. Specifically,
if like what we're just talking about with the tax
law changes here, if they come to be, if you
don't sit down with somebody now you I can tell
(53:13):
you with one hundred percent certainty that if you do
not do the proper planning, there's nothing you're going to
be able to do in the last hour to save
you from this tax bullet. But if you plan now,
you can also same thing with your financial plan.
Speaker 3 (53:38):
Is that.
Speaker 2 (53:40):
Don't wait for the last two years of retirement to meet.
Speaker 3 (53:45):
Uh.
Speaker 2 (53:46):
The biggest mistake that I see is people with pensions
waiting until the last couple of months to meet with
somebody you know, and they've already got their mind made up.
And I'll tell you most of the time it's wrong,
and there's nothing I can say or do that gets
them to change their mind because they've already went on
thinking that they have the answer for quite a while.
(54:08):
So get here early, meet with me sooner and again
you're listening to your money matters. It can be heard
here every Sunday at eleven am WGY. Thank you so much.
Again for listening. My name is Drew Prescott, President of
Prescott Private Wealth five one eight two zero three, nineteen
eighty three, Prescott PW dot com. Thank you again for listening,
(54:30):
and I look forward to catching up with you next week.
And uh hopefully we've got a boring uh week ahead
and there's nothing too crazy. Maybe we just get a
nice soft upward trajectory. I would really enjoy that, and
so would you. So until then, God bless you and
God bless your family. We'll talk to you next week
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 off Produce a Terror Financial Specialists LLC, Member fin
the SIPC reservices of Producer Terara Investment Advisors LLC SOTERA
firms are under separate ownership from any other named entity.
(01:05):
Four five to one sixth Street, Troy, New York one
two one eight zero.
Speaker 2 (01:36):
Welcome back to Your Money Matters. I'm Drew Prescott, Chartered
retirement Planning counselor, Accredited wealth management advisor and President of
Prescott private wealth located in Troy, New York, and we're
kicking things off today with a little sweet of emotion
from Aerosmith because this markets. This week's market, I should say,
really served up plenty of both from a red hot
(01:58):
rally to signs of a correc And we have a
lot to unpack here today, so let's dive in. Hopefully
you're having a great week. We had a lot of
events going on over the past week here at the
Prescott Household, and we celebrated Stacy's tenth anniversary of her
(02:19):
thirty fifth birthday. Happy belated birthday to Stacy. So anyways,
she enjoys the age of thirty five, so we like
to hold time still for her in that area. And Natalie,
I want to take a second. I'm so proud of this,
(02:42):
this little girl. She's doing so good in school and
she's got wonderful grades in the high nineties. Good for her,
nice job, Natalie. And another area though that I just
want to proud dad moment I can do this, can I?
You guys won't feel like I'm a a bragger or anything,
I hope, but this is something I'm really proud of.
Speaker 3 (03:05):
You know.
Speaker 2 (03:05):
She started off playing lacrosse a few years ago, a
Catholic Kai and she's tiny. If you don't know her,
I mean, if you ever go to a Las L
girls lacrosse game, you'll see she's the smallest one on
the field. Okay, she's tiny, but she's got a lot
of heart. And she was always afraid to shoot, take
(03:26):
the shots, and she was always passing it off, passing
it off. And so I really encouraged her. I said, nah,
just you know, believe in yourself. Start to take a
couple of shots here. I think that you'll be shocked.
And they played a really amazing Guilderlin team and they
just got their fannies handed to them by them. But
(03:47):
she took a couple of shots, and I think that
it started to build her confidence. Well, doesn't the girl
catch fire? She played a game against Holy Names the
other day she got five goals there, than the following
day she picked up another two. And so now anyways,
like Alicia Keys would say.
Speaker 3 (04:09):
She's just a girl and she's on fire.
Speaker 2 (04:14):
So congratulations Natalie. That's all I just wanted to share that,
give her a little encouragement on the air here and
just been great to see, isn't it just it's really
great to see somebody's potential get revealed to them. And
you know, I believe in you. I believe in the
(04:36):
potential that you have as well to really become great financially,
to really become educated, and to make the changes that
you need to make to show to yourself that you
have the potential to be great financially. And that's what
(04:58):
I want to help you with today. Okay, Like I said,
we've seen a lot going on in this market and
we got a lot to unfold. You know what I
always say. I always tell people markets don't wait for
your feelings. They just follow the money. And lately they've
been following it awfully fast.
Speaker 3 (05:18):
And if you've been.
Speaker 2 (05:19):
Watching your four h one K or your brokerage account
over the last week, you might have done a double take,
because the stock market has put together quite the impressive rally,
one that we really haven't seen the likes of since
post COVID rebound here back in twenty twenty. But alongside
the surge, we're seeing signs of a market correction settling in.
(05:42):
So that's a reminder that volatility is never far away.
So I want to dive into what's been happening this week,
break down the major indices, check on the bond market,
and then set the stage for today's show. So let's
get started with looking at what the year to do
eight returns are. If we look at the Dow Jones
Industrial average, the total return including dividends is negative four
(06:07):
point four percent. Then we've got the S and P
five hundred, which again total return including dividends, it's down
five point three percent. The Nasdaq is down nine point
eight percent, The bond markets year to date are up
two percent, and the treasury bond is down approximately about
(06:35):
eight percent. Okay, now, if we look at the one
year returns here, the Dow Jones is still positive over
the last one year here at eight point two percent
total return. SMP four and a half percent total return,
Nasdaq five point one percent total return. But here's something interesting.
The bond market is actually up five and a half
(06:57):
percent total return and the treasuries are at four percent
for a one year return. So we are definitely in
some volatile waters here. Nonetheless, Nonetheless, let's talk about what's
going on here, and let's talk about what the opportunities are.
(07:24):
And let's start off here by looking at this last
week's rally, and it was really sparked by a trifecta
of positive signals. First, what we talked about before, which
was the April jobs report, which had added one hundred
and seventy seven thousand jobs, which would beat the expectations,
(07:48):
and with unemployment steady at three point nine and a
softer wage growth, started easing some inflation fears, which really
is a goldilock scenario here. Second, and we had President
Trump's ninety day poison reciprocal tariffs for most countries excluding China,
which calmed the markets and it reduced fears of a
(08:11):
global trade war, so that was good. The third area
was we had strong earnings from Microsoft seventeen percent azure growth,
Meta with robust ad revenue as well, and then JP
Morgan with record trading revenue. That all fueled optimism. But
(08:35):
the correction signs here are clear. The sm P five
hundred's three point four six percent drop on April tenth,
the Nasdaq's bear market status, and the Dows five and
a half percent plunge on four on April fourth, which
signaled investors on ease right. But Trump's one hundred and
(08:59):
forty five percent terrify on China, which was clarified after
the pause that started to reignite some of these trade
war fears, which is we covered last week and the
weeks before. You know, that's five trillion dollars off the
S and P five hundred in the two days there.
But now we're seeing that some economists are warning of
(09:26):
recession risks at about sixty percent if the tariffs persist,
with inflation possibly hitting five percent. So first quarter GDP
shrank abouzero point three percent and core PCE inflation still
remains a little bit sticky, which kind of limits our
fed's flexibility. So at this point, what does this mean
(09:51):
for you? Well, the market's rally, thankfully, is there and
it's exciting, but these correction signals, they it really remind
us to stay grounded because volatility is back and with
it opportunity actually if your strategic. So today we're going
to dive deep into how to position your portfolio for
(10:13):
this environment, Unpacking President Trump's bold proposal to eliminate federal
income tax for those earning under one hundred and fifty
thousand dollars and sharing some actionable steps to protect and
grow your wealth. And here's what's coming up. We're going
to analyze the risks and opportunities that are in the market,
(10:34):
from tech to financials to healthcare. And then we're going
to break down Trump's tax plan and how it could
reshape your finances and why it faces hurdles, and also
what you can do to prepare.
Speaker 3 (10:50):
So finally we'll.
Speaker 2 (10:51):
Wrap up with a checklist to ensure that your financial
strategy is built for the long haul. And for those
of you who are just tuning in, you're listening to
your money. I'm your host, Drew Prescott, chartered retirement Planning
counselor and accredited wealth management advisor at Prescott Private Wealth.
Call me here five one eight two zero three nineteen
eighty three five one eight two zero three one nine
(11:13):
eight three, or visit PRESCOTTPW dot com for a complementary consultation.
So let's look forward with confidence, okay, not fear. Remember
markets are forward looking, but your strategy has to be
grounded in reality. Do not get swept up in headlines.
(11:34):
You want to stick with your principles. And this reminds
me of h I took a I take a weekly
golf lesson. Some would say when you play with me.
You wouldn't believe me, but I do, and Austin gives
me this encouraging line. So I got some new clubs.
(11:58):
They're beautiful, by the way they're they're hand forged from Japan.
My friend turned me onto them. You've never hit anything
like these unless you have them, which are me yours.
Really love these things. Now, what we were working on
the other day was I said, you know, I said,
(12:18):
I hate when I get bound up in you know,
some thick grass over on off the fairway here with
a weird lie. And so we spent all this time
working on, you know, having my these just the strangest angles,
and it was awfully frustrating. And every single time that
I hit a bad shot, I'd say, you see, that
(12:39):
drives me absolutely crazy. And then it gets into my
head and he says, you know something, Drew, He goes,
you are so results focused. You need to become process focused.
And he said, every single time before you hit the ball,
you need your preshot routine. And what this does is
it just kind of recenters you so that you know, hey,
(13:02):
I've done everything that I can on my side to
prepare to hit a nice shot. Sometimes I don't and
you know what, I did everything in my power and
I can't focus on the results.
Speaker 3 (13:13):
And it clicked with.
Speaker 2 (13:14):
Me, and I said, you know, Austin, I said, that
makes perfect sense to me because this is exactly what
I tell my clients. And so what I want to
share with you is stick to your principles, right, Know
what you can control, know what you cannot control. And
what I like to do with clients is identify what
(13:36):
their goal is, Identify the risk that they're willing to take,
and then make sure that what we're shopping for is
quality investments. And if we have the proper risk, the
proper goal, and we vet these investments based upon alpha
(13:59):
and beta, well then we just let it do it.
Speaker 3 (14:03):
Let it do its thing. Okay.
Speaker 2 (14:06):
Now, sometimes we end up in markets like we're in.
Does that mean that we screwed up? No? Right, And
so I want to encourage you don't be like me
out on the golf course and be so results focused,
be process focused. And I want to pivot into one
of the boldest economic proposals that we've really seen in
(14:28):
recent history, one that if it gains traction, it could
fundamentally reshape how millions of Americans pay taxes, and I'm
talking about President Trump's proposal to eliminate federal income tax
for individuals earning less than one hundred and fifty thousand
dollars per year. That's right, zero federal income tax if
(14:51):
you make under one hundred and fifty thousand dollars. Well,
it's not just campaign rhetoric. It's now an official policy
that it's a talking point. And while the details are
still developing here, the implications of.
Speaker 3 (15:06):
This are massive.
Speaker 2 (15:07):
So in this segment, I want to unpack for you
one what exactly is being proposed, Two why passing it
will be a serious challenge, and three what higher earners,
especially those who are making over one hundred and fifty
thousand mark, can do right now to potentially benefit and
(15:29):
how this proposal could rewrite parts of the existing Trump
error tax reform called the Tax Cuts and Jobs Act
the TCJA. As I've talked about for months here, this
is just going to be something that you're going to
want to be aware of and watch it unfold. And this,
(15:50):
if it goes this way that's being proposed, it will
be beneficial to some, not beneficial to all. As nothing
ever is right, and even as stocks climb it's not
time to put on your blinders. So be vigilant, be
like a shortstop beyond your toes here, because there's a
(16:13):
few major risks that are lurking below the surface, and
I want you to keep an eye on these, and
one of them is the tariff uncertainty. So you know,
we have Trump with this bold proposal to fund the
massive tax cuts through tariffs, and it's starting to create
a new buzz right. Thankfully, we're never short of drama
(16:37):
and rhetoric with this administration, so it makes having a
show a lot easier.
Speaker 3 (16:47):
There's always material, but now may not.
Speaker 2 (16:51):
Always go the way that you and I would like,
But nonetheless we have to be aware of it.
Speaker 3 (16:57):
What's going on?
Speaker 2 (16:58):
Right? Always ask that question, what's going on? And I
would encourage you to dig deep. And here's here's one
of the uh things I want to point out to
you here is that you know, if you look at
some of the economists across the political spectrum and they're
pointing out that tariffs are essentially they're saying, well, they're
(17:20):
not just a tax on the other countries. These could
be taxes on consumers and businesses as well. And while
they might generate some revenue, they're unlikely to fully replace
over six hundred billion in lost tax receipts. Well, it
seems that Trump is of the persuasion that that's not true.
(17:44):
So what does this mean for you and I? In
practical terms, Well, prices on imported goods they could rise,
fueling inflation again, and higher inflation would force the Fed
to delay or even reverse any expected interest rate cuts.
Speaker 3 (18:00):
H Oh.
Speaker 2 (18:00):
Tariffs may help fund a political promise, but they could
also come with some painful, unintended consequences for households and
investors alike. Okay, now we did see that while jobs
are growing, the broader economy actually contracted in quarter one,
we saw a zero point three percent drop in the GDP.
(18:24):
Now that's a little bit of a cautionary signal. Now,
that could prove to be an anomaly driven by temporary
inventory issues or trade imbalances, but it's something that we
need to watch closely, especially because of inflation, particularly the
core PCE index that the Fed uses. It's still running hot,
(18:45):
and that means that the Fed in these situations has
less wiggle room than the markets would like. Additionally, we're
seeing something here that's a little bit of a concern. Look,
I love technology, I use it on my business, I
invest in it for my clients, and I talk about
it on the show. But there's a difference between buying
(19:07):
great companies and overpaying for them. And right now, some
of these tech names are priced for perfection. You see,
Apple dropped three point seven percent after its earnings call
failed to wow Wall Street, and Amazon missed on cloud
revenue growth. So these are warning signs. Tech now makes
(19:28):
up over thirty percent of the S and P five
hundred by market cap, and if the sector sneezes, your
portfolio may catch a cold. And that's why diversification isn't
just a buzzword, but it really is your defense mechanism.
So I want to shift here and see where are
(19:49):
the opportunities. Let's shift from defense to offense, and where
does the smart money go from here? So technology, we
just talked about it, but be selective, because yes, technology
has been a leader, but now it's time to be discerning,
not desperate. Microsoft and Video and Palenteer are the heavyweights,
(20:14):
but the supporting players, the ones building the infrastructure behind AI,
those are the ones that are starting to shine. So
companies in the semiconductor design, advance memory, data center cooling, cybersecurity.
They're all starting to carve out critical roles here. And
(20:35):
these are firms that of that often have lower PE ratios,
stronger balance sheets, and they fly under the radar, and
that's where we can find some value in a frothy sector.
And also financials they're quietly leading, So don't sleep on financials.
(20:56):
We saw JP Morgan Morgan Stanley, and Bank of America.
They all posted strong capital markets revenue. And what's even
more encouraging is that these results came without a rate
cut in sight. So that tells us something. It tells
us that the demand for credit is still healthy and
trading activity is robust. So if the FED pulls off
(21:18):
a soft landing, financials could have a lot of room
to run, especially and I've been saying this for a while.
If you remember the interview.
Speaker 3 (21:27):
That I had.
Speaker 2 (21:30):
With the market Outlook for the year with the CIO
from Satara Financial back in January, I had made mention
of this to him. I said, I really think that
these regional banks they have an opportunity here because they
were kind of left for dead after last year's liquidity concerns.
(21:52):
But there's an opportunity here, so don't sleep on them. Additionally,
healthcare for some stability and growth, because if you want
ballast in your portfolio, healthcare is where you want to look.
United Healthcare, Eli, Lilly, and even CBS are some names
that are offering some stability, innovation, and income because healthcare
(22:15):
spending remains consistent across economic cycles, and with the aging
baby baby boomer population, this sector has a demographic tailwind
as well. So let's not forget that the biotech boom
that's been overshadowed by AI because we're entering an age
(22:36):
where precision medicine and gene therapy could reshape how we
treat everything from cancer to Alzheimer's and you know, think
even a little bit broader too, because listen to this,
don't miss out on the world stage.
Speaker 3 (22:55):
Now, one of the.
Speaker 2 (22:56):
Most overlooked stories of the month is what happened to
across the Atlantic, which was the UK's FTSE one hundred.
It just posted fifteen consecutive days of gains. Now that's
a record that hasn't been seen in over three decades.
Why because European inflation is cooling, their central banks are
(23:20):
pivoting dubbish and frankly, valuations overseas are far more attractive
than in the US, and American investors they often have
this home country bias. Now it did pay off because
a lot of my portfolios are based around the US.
(23:40):
But right now, developed international markets offered diversification, income, and
some upside and I'm talking about European dividend ETFs like
the international infrastructure and even emerging markets that are tied
to AI manufacturing supply chains. Now, right now, this isn't
(24:06):
the time to start swinging for the fences or chasing returns.
The market has moved fast, and if you miss the
run up, don't panic. There's still time to build a
smart portfolio. But here's what I recommend. You want to
rebalance your portfolio. If tech has.
Speaker 3 (24:25):
Grown to dominate your.
Speaker 2 (24:28):
Holdings, it's time to pair them back a little bit.
Speaker 3 (24:31):
Okay.
Speaker 2 (24:33):
Also seek value in financials and healthcare because these sectors
they offer a mix of growth, income and resilience. And
like I just said, a moment ago, expand globally. If
you're not at least fifteen percent allocated to international development
markets here, you may be missing a key piece of
(24:54):
the puzzle. Now, if you're near or in retirement, focus
on income ja generation. Consider structored notes, some dividend payers
or fixed income some maybe some annuities that offer principal
protection and upside participation. But remember markets are forward looking,
(25:15):
but your strategy must be grounded in reality. Do not
get swept up in these headlines. You've got to stick
to your principles. Like I said a moment ago, become
process oriented, not results oriented. Okay, And for those of
you who are just tuning in, you're listening to your
money matters. I'm your host, Drew Prescott, chartered retirement planning
(25:37):
counselor and a credited wealth management advisor at Prescott Private Wealth.
The phone number here is five point eight two zero
three nineteen eighty three or PRESCOTTPW dot com to schedule
your complementary consultation. So work your way over to PRESCOTTPW
dot com. And let's uh, let me encourage you to
(25:58):
test your own investment knowledge. When you first get on
our website, it's going to pop up and it'll say
test your investment knowledge. I'll challenge you to try that.
See how you make out. But let's get together as well,
let's stress test your holdings. Let's review your tax exposure
and put together a plan that fits today's market environment. Okay,
(26:21):
did I tell you about this? I must have told
you about this.
Speaker 3 (26:25):
I think I remember how.
Speaker 2 (26:26):
I told you that I use this software, and the
software is an independent software. It has nothing to gain.
I call it the car and driver of portfolio analysis.
And what I did with one of our listeners is
(26:51):
she called we met. We reviewed her portfolio, and her
portfolio was just I take no joy in saying this,
but it was actually it scored out to be the
lowest portfolio that I've ever seen, and it was full
(27:12):
of mutual funds, and it was being managed for a fee,
and the advisor actually was using a third party to
manage the account. They weren't even doing it themselves. And
the fees they had to pay the advisor a fee,
(27:35):
the mutual fund had expenses inside of it. They're also
paying a fee to the subadvisor, and then they were
also paying a platform fee. There were four levels of
fees there, and they were actually losing money. And I
know you're listening, you're saying, well, I'm not losing money. Well,
(27:55):
you know what, she didn't think she was losing money either.
She just thought because she was taking money out of
her account for RMDS that she was doing just okay,
But she had no idea that she was actually losing
money annually. And the best score you can get with
this portfolio analysis that I use is a grade point
average of four point three. She scored out at a
(28:18):
one point eight. Now, I'll tell you, the lowest I've
ever seen prior to her was a two point eight,
So I couldn't believe it was true. We actually had
to call in and make sure that everything was input
properly and make sure that the scoring system was accurate.
(28:39):
And yeah, it was accurate. But nonetheless, don't be one
of those people. You know, you may have a fantastic
relationship with your advisor and you love them, and maybe
you go to the bomb Mitzvah's, maybe you attended weddings
and whatever, and that's wonderful. Relationships are fantastic, but at
the end of the day, don't let it cost your money.
So if you would like to have a confidential, complimentary
(29:05):
review of your portfolio, reach out to me Drew at
PRESCOTTPW dot com or schedule a time on PRESCOTTPW dot com.
Speaker 3 (29:14):
Feel free to call the office.
Speaker 2 (29:16):
Jessica can get you on my calendar here five one
eight two zero three, nineteen eighty three. So anyways, I
digressed a little bit there, but I wanted.
Speaker 3 (29:25):
To share that with you.
Speaker 2 (29:28):
So what we alluded to a little while ago was
President Trump's proposal of elimination of federal income taxes for
individuals earning less than one hundred and fifty thousand dollars
per year. That's right, zero federal income tax if you
(29:48):
make under one hundred and fifty thousand dollars. So, earlier
this year, Trump's campaign floated a plan that would eliminate
federal income taxes on anyone earning one hundred and fifty
thousand dollars or less. So Commerce Secretary Howard Lutnek confirmed
(30:10):
this publicly, stating that the Trump administration's goal is no
tax for anyone who makes less than one hundred and
fifty thousand dollars a year. Now, for context, that would
cover nearly ninety percent of US households, and the average
American household income as of twoenty twenty three was about
(30:34):
seventy five thousand dollars, so this proposal isn't targeting just
the working poor or the low income tax brackets. It's
really a full blown tax revolution and it's aimed at
the middle class. And here's the kicker. Trump proposed to
fund this with massive tax this massive tax cut through
(30:57):
increased tariffs on imports instead of taxing your paycheck, and
the government would take foreign goods and services at the border.
And that's really the model. They would tax the foreign
goods and services right at the border. So why will
this be so hard to pass? Well, let's be clear,
(31:19):
this will be an uphill battle. Make you know, make
no mistake about it. This is going to be awfully challenging.
And here's why. Currently, the Congressional Budget Office says that
this math doesn't add up at least at this point,
because the federal government collects more than six hundred billion
(31:42):
with a B annually from taxpayers making under one hundred
and fifty thousand dollars.
Speaker 3 (31:48):
That's a huge.
Speaker 2 (31:49):
Chunk of revenue here, not residue. Sometimes I talk a
little bit too fast, I apologize, but that's a huge
chunk of revenue. So to replace that with tariffs, we
would need to more than triple our current tariff revenue,
(32:09):
which totaled around eighty billion in twenty twenty three. So
even with aggressive new levies, we're talking a revenue shortfall
of hundreds of billions unless spending is slash dramatically, which
brings its own political firestorm. We've seen that. And also
(32:33):
tariffs are inflationary. So tariffs function as basically as indirect taxes.
Now they're paid by importers who often pass the cost
along to the consumers. So while you might pay less
an income tax, you could pay more at the store,
so for example, with your clothing, cars, electronics, and even groceries.
(32:57):
And that's a tradeoff that may not sit well with
work working families already fighting inflation. Now there's a challenge
even inside of his own party here because fiscal conservatives
they don't love revenue shortfalls, business aligned lawmakers oppose tariffs
that disrupt global trade, and Democrats, well, they're unlikely to
(33:20):
support a tax reform that doesn't include progressive taxation on
the ultra wealthy. So yes, across the board, it's bold,
and it's far from a done deal. So I wouldn't
in your mind, I wouldn't bank on it at this point.
So what about those that are making over one hundred
(33:41):
and fifty thousand. If this has passed well, you see,
this is where this gets interesting. Let's say that you
earn one hundred and fifty five thousand.
Speaker 3 (33:51):
Do you get left out entirely? Possibly?
Speaker 2 (33:55):
But there may be some ways to legally reduce your
taxable income low that one hundred and fifty thousand threshold
if you plan ahead. So let me give you a
couple of options here. So if you maximize your retirement contributions,
this could be incredibly beneficial for you. So in twenty
(34:15):
and twenty five, your four toh one K limit is
twenty three thousand dollars for those of you under fifty
years old and thirty thousand, five hundred for those of
you who are over fifty years old. And contributing to
a traditional four oh one K reduces your taxable income
not just your adjusted gross income, but what the IRS
(34:39):
uses to calculate your taxes, So that's key. Additionally, maybe
you have a sepira if you're self employed or you
own a small business. Will a septira allows you to
contribute up to twenty five thousand of compensation or sixty
nine thousand dollars, whichever is less. Now, if if you
(35:00):
are relying on a traditional IRA, you can contribute up
to seven thousand in twenty and twenty five eight thousand
if you're over fifty, assuming that you qualify for the
deduction based on income. Now, if you're at one hundred
and fifty five thousand and you max your four to
one K and a deductible IRA, you could potentially knock
(35:24):
your taxable income below the one fifty mark. Now use
your HSA contributions. If you're enrolled in a high deductible
health plan, you can contribute up to forty three hundred
dollars as an individual or eight thousand, five hundred and
fifty as a family to a health savings account, all
of which is completely tax deductible. Additionally, if you're a
(35:49):
business owner, small business owners and sole proprietors could explore
strategies like Section one seventy nine depreciation. You could also
have deductible business expenses home office equipment, travel, You could
hire your children under certain conditions. And Additionally, some income
timing strategies could be beneficial, So if you're close to
(36:11):
the threshold, deferring income to the following year, such as
a year end bonus invoice or commission that may help
you qualify under a new tax regime here, depending upon
its effective date. So what happens if you're over the
(36:31):
limit no matter what you do here? Well, let's say
that your taxable income is above one hundred and fifty
thousand dollars after all deductions, Well, what happens then? So
the details here are scarce. Okay, So I'm taking a
little bit of liberty here, but I'm just trying to
paint a picture to get you familiar with what we
could be looking at.
Speaker 3 (36:52):
And we have some clues.
Speaker 2 (36:54):
To kind of a multi bracket system. And what it
looks like is that if you're between a one hundred
and fifty thousand and one dollar and three hundred thousand,
it could be a flat ten to fifteen percent proposed rate.
If you're at three hundred thousand and one dollars to
one million, a twenty to twenty five percent range. Over
(37:16):
a million twenty five percent plus possibly a special surcharge. Now,
this structure could echo parts of the two than and
seventeen Tax Cuts and Jobs Act framework, but with more
aggressive cuts at the lower bracket, which leads us to this,
(37:37):
what parts of this Tax Cuts and Jobs Act stay
or go well. Trump had stated that he intends to
extend and expand much of the Tax Cuts and Jobs
Act here, and let's look at I want to look
at what may likely stay here with me here, I'm
(38:00):
just kind of coming through my notes. Okay, So what
could stay is these lower marginal rates for all brackets.
What also could stay is the standard deduction increases. Currently
it's at thirteen eight hundred and fifty for individuals, twenty
seven seven hundred for married couples filing jointly, that section
(38:23):
one ninety nine A for pass through business income, and
the child tax credit increases possibly expanded a little bit further.
So what may be revealed or I'm sorry, repealed, i
should say, or modified would be the salt deduction cap,
that state and local tax deduction cap that may be
(38:44):
increased or it could be eliminated. Additionally, the estate and
gift tax exemption that may be maintained at higher levels permanently.
And the corporate tax rate is likely to stay at
about twenty one percent, but it could face some pressure
here from populist wings of both parties. And the bottom
line here is expect the twenty twenty five tax debate
(39:08):
to start to say excuse me, and work its way
right up to the front here and become a major
campaign issue for the elections that will follow here and
really become a major market mover. So again, like I
said earlier, be a shortstop beyond your toes. Be prepared
(39:31):
and know what could potentially be happening here. So what
can you, as a listener of the show do now, Well,
here's what you can do today to prepare. So, whether
you're making one hundred thousand or two hundred and fifty thousand.
Speaker 3 (39:46):
Make sure that you get a tax projection done.
Speaker 2 (39:49):
You want to know where you stand now so that
you can explore how to reposition income or contributions by
year end. Also, maximize your tax advantage savings that we
just talked about. If you haven't reviewed your four one K,
your IRA or HSA, your step strategy this year, do
it now. Don't wait till the end of the year,
(40:11):
because every dollar contributed could not only grow tax deferred,
but it could also help you qualify for zero income
tax in a future move here by the Trump administration.
Also talk to a tax advisor or a financial planner.
This isn't the year to wing it, okay, you could
(40:32):
be standing on the outside looking in and saying would it,
could have should a while. I'm telling you right now
this is your opportunity. Don't bypass this, don't overlook it.
This is a warning from your friend Drew. You need
to meet with somebody now, not at the end of
the year, because you need the rest of this year
to plan properly for this. So, whether you're trying to
(40:55):
qualify for the exemption or you're wondering how these proposed
changes might impact your business, now is the time to
build a game plan. Additionally, stay politically and financially aware.
This is incredibly important right now because these policy shifts
and these proposals they evolve, and smart investors are going
(41:15):
to stay informed and adjust.
Speaker 3 (41:16):
They're not going to just react.
Speaker 2 (41:18):
And if you personally are not sure how these potential
tax laws could affect you, well, I would like to
encourage you to reach out and set a time to meet.
You're listening to your money matters. I'm your host, Drew Prescott,
chartered retirement planning counselor and accredited wealth management advisor here
(41:39):
at Prescott Private Wealth, located in Troy, New York. Call
me at five Poet eight two zero three, nineteen eighty three,
five one eight two zero three one nine eighty three,
or visit PRESCOTTPW dot com to schedule a time to
meet with me. Now, this could be the most important
tax planning window that you personally have had in the
(42:00):
last decade.
Speaker 3 (42:01):
And I mean it.
Speaker 2 (42:03):
Don't just sit there and do nothing about this.
Speaker 3 (42:08):
You need to prepare.
Speaker 2 (42:10):
And I'm gonna come into the home stretch here of
this show and cover some things for you today and
give you some action steps. I want to talk about
some resilience and how to make sure that your money
is aligned with your life and what it means to
(42:33):
have a financial strategy that works not just today but ten, twenty,
even thirty years down the road. So start where you are,
whether you're managing your own investments or you're working with
an advisor. Clarity is key. Here's what I want you
to ask yourself. What's my real after tax return? And
(42:56):
is my portfolio balance for growth and protection? And are
my investment accounts properly located for tax efficiency? And the
last thing you want to ask yourself is am I
confident that I'm not missing some tax planning opportunities? So
if you're not sure how to answer these, that's not
(43:17):
a failure, that's just a sign that it's time to
talk to someone that can help you. And at Prescott
Private Wealth, we begin every client relationship by taking inventory.
No pressure, no assumptions, just a clear look at where
things stand, so that we can help you map out
(43:38):
where you're going. It's easy to forget, but money is
just a tool. So the real question for you is
what is your money for. Do you want to retire early,
do you want to travel more with your spouse, do
you want to help your kids graduate debt free? Or
(44:01):
maybe it's leaving a legacy for your grandchildren. You see,
we often meet with clients who are financially successful, but
directionally they're unclear. And that's where goal based planning comes in.
Whether your investments reflect your deepest priorities, everything feels more
focused and less stressful. I want you to learn how
(44:25):
to test your strategy because markets rise and the markets fall,
as you know, but your plan should be able to
withstand both. And this week's market bounce was a welcome shift,
but it shouldn't be the reason that you change your strategies. Similarly,
next month's headlines should not derail you either, And that's
(44:48):
why we stress test our client's portfolios. We ask what
happens if the market drops twenty percent, what happens if
inflation stays sticky, and what if in interest rates spike
or they fall further. Knowing the answers ahead of time
really helps create that peace of mind, and that's resilience.
(45:10):
And one of the most overlooked parts of financial planning
is family communication. Engage your family. Do your children understand
your estate plan? Does your spouse know where your documents are?
Have you had a conversation about wealth values not just
wealth assets? Because if you've done the hard work to
(45:32):
grow your financial life, don't leave your loved ones in
the dark. Involve them, educate them, empower them. And we
offer family financial planning sessions for this exact reason, to
ensure that your legacy isn't just financial, but educational and emotional.
Speaker 3 (45:52):
And know what you don't know? You know, I always
say to.
Speaker 2 (46:01):
Younger guys in this business, and frankly, in any business,
I think it's important to know that you don't get
smart until you get stupid. And that sounds weird because
you're like, well, gosh, you know, as a financial guy.
Shouldn't you have the answers? Yes, but you never want
to be so welded to a mindset that you can't
(46:27):
learn something new. And this is perhaps the most powerful
mind set shifts that any investor can make. And it's
really it's embracing humility because markets are complex, tax laws evolve,
and economy shift. And the smartest investors aren't the ones
who know everything. They're the ones who know what they
(46:52):
don't know, and they partner with the right experts. And
at Prescott Private Wealth, we're no different than you. I
have partnered with a group of certified financial analysts as
well as certified financial planners and accountants and attorneys, and
(47:15):
through my network of specialists, we work together for your benefit.
We're not here to sell products. We're here to solve
problems and to ask better questions because the right question
often leads to a better future for you. So let
me give you a final checklist for smart investors. It's
(47:38):
going to be a rapid fire list of action steps
based on today's conversation. Okay, so get a pen, get
a piece of paper, run quick, let's get these out
there for you. I want you to think about these
one Go to Prescott PW dot com and take the
quiz to benchmark your investment knowledge. Two evaluate your tax
(47:59):
strategy and life of the upcoming TCJA expiration. Three maximize
your current estate planning options before the exemption exemption drops.
For review your income location, tax bracket projections for twenty
twenty five in twenty twenty six. Five stress tester investment
(48:21):
portfolio under multiple scenarios.
Speaker 3 (48:25):
Six.
Speaker 2 (48:26):
Talk to your family about your plan and create a
shared understanding.
Speaker 3 (48:31):
Seven.
Speaker 2 (48:32):
Work with a fiduciary who puts your interest first always.
And I'm thankful that you slow down to listen to
this show. I started this show. Oh, my friend Alan
(48:52):
Green at iHeartRadio would be able to help me out here. Well,
my show officially started years ago, back in I think
twenty and seventeen, so twenty seventeen. What I was doing
was I had a YouTube channel that I was posting
(49:13):
the shows to and also had a great opportunity to
do Facebook lives, which were they were great. They've become
a little bit more challenging for compliance, so I can't
do those currently. I look forward to the day that
I can do them again. Because I was able to
get real information out really timely information that was really wonderful.
(49:35):
But what I do is I do this every week
and I try to identify what concerns you could be
challenged with, and I try to look at what the
market headlines are showing us, and then I also look at,
(49:55):
you know, what clients are saying and what I personally
am feeling for a conviction, and I want to share
that with you. And so I'm hoping that this is
bringing you a lot of value and that you're able
to implement some of this. Now you don't have to
implement it with me, but you know, just implement it
(50:16):
for you and your family, and you know you not
only does our relationship health matter, our physical health, our
financial health is something that's pretty challenging to slow down
(50:38):
for a majority of people. Now, there's some of you
listeners out there that are incredible at this, and as
a matter of fact, some of you, it consumes you.
And that's okay. But I want to speak directly to
that person that does not slow down to review with
(50:59):
somebody twice a year. Here's what I want to say
to you. I heard this story the other day on
an Instagram rail and it really kind of rang.
Speaker 3 (51:14):
True to me.
Speaker 2 (51:15):
Now, I've allowed myself to get out of shape here
a little bit. I'm working through that and getting stronger
every day. But these are day to day decisions that
we have to make, and not only do we have
to make them physically, but we have to make them financially.
And let me see if I can bring this home
with this reel that I was telling you about that
(51:37):
I watched. So this fella said, I think it was
a college professor, and he had said, you know, if
I brought you up here right now, and it starts
off sounding really dark, it's.
Speaker 3 (51:51):
Not that dark.
Speaker 2 (51:51):
But he basically said, if somebody were to choke you,
you would find out very quickly that you need ox
to survive. He said, if someone took you and locked
you up and didn't give you any food or water,
(52:12):
you know, you'd find out within a few days that
you need water to survive. Then he said, if you
had no food, you would find out within several days
that you need food to survive. And then he goes
(52:32):
on to say that if you live long enough, you'll
realize that your body starts to break down and that
you needed exercise. Now, that's not something that you can
just fix. Overnight, and it made me think about finances.
(52:52):
Finances are the same way. You cannot fix finances overnight. Specifically,
if like what we're just talking about with the tax
law changes here, if they come to be, if you
don't sit down with somebody now you I can tell
(53:13):
you with one hundred percent certainty that if you do
not do the proper planning, there's nothing you're going to
be able to do in the last hour to save
you from this tax bullet. But if you plan now,
you can also same thing with your financial plan.
Speaker 3 (53:38):
Is that.
Speaker 2 (53:40):
Don't wait for the last two years of retirement to meet.
Speaker 3 (53:45):
Uh.
Speaker 2 (53:46):
The biggest mistake that I see is people with pensions
waiting until the last couple of months to meet with
somebody you know, and they've already got their mind made up.
And I'll tell you most of the time it's wrong,
and there's nothing I can say or do that gets
them to change their mind because they've already went on
thinking that they have the answer for quite a while.
(54:08):
So get here early, meet with me sooner and again
you're listening to your money matters. It can be heard
here every Sunday at eleven am WGY. Thank you so much.
Again for listening. My name is Drew Prescott, President of
Prescott Private Wealth five one eight two zero three, nineteen
eighty three, Prescott PW dot com. Thank you again for listening,
(54:30):
and I look forward to catching up with you next week.
And uh hopefully we've got a boring uh week ahead
and there's nothing too crazy. Maybe we just get a
nice soft upward trajectory. I would really enjoy that, and
so would you. So until then, God bless you and
God bless your family. We'll talk to you next week
Popular Podcasts
Bookmarked by Reese's Book Club
Welcome to Bookmarked by Reese’s Book Club — the podcast where great stories, bold women, and irresistible conversations collide! Hosted by award-winning journalist Danielle Robay, each week new episodes balance thoughtful literary insight with the fervor of buzzy book trends, pop culture and more. Bookmarked brings together celebrities, tastemakers, influencers and authors from Reese's Book Club and beyond to share stories that transcend the page. Pull up a chair. You’re not just listening — you’re part of the conversation.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
On Purpose with Jay Shetty
I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!