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Yahoo
4 days ago
- Business
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Grant Cardone Says ‘Good Times' Are Ahead for US Families — 2 Experts Weigh In
Recent stock market volatility has many Americans worried for their retirement funds. Entrepreneur and millionaire real estate investor Grant Cardone, on the other hand, said not to worry. Cardone was on Fox's 'The Ingraham Angle' recently and said 'Donald Trump has Plan A, one plan: Make America Great Again. There might be a contraction temporarily, but it's good times ahead for the American families.' Trending Now: Check Out: Not all financial experts agree with Cardone's sentiment. GOBankingRates reached out to two authorities on finance who had differing thoughts when it came to the future of American prosperity — below is what they said. Cardone insisted that Trump's current negotiations with other countries and decisions around tariffs will lead to a more fruitful fiscal future for Americans. Joseph Camberato, CEO of agreed with Cardone. He said Trump knows what he's doing and the country will eventually be better off. 'The economy has weathered many swings due to tariffs, but if the trade deals get finalized and there are no signs of meltdowns on the horizon, we will get back to a high-growth economy,' he added. 'If things keep trending the way they are, I think we'll see a real bounce-back in the second half of the year.' Read Next: But what about now, as Americans are struggling to pay for goods because of the tariffs or losing money in the stock market? Aaron Razon, personal finance expert at Couponsnake, said the financial uncertainty Americans are experiencing right now is going to have consequences before it levels out. 'Frankly speaking, it's hard to agree with Cardone's sentiment about the American economy, especially not with the way things are looking right now. The way I see it, if good times are truly ahead for American families, then it's way far ahead,' he said. 'They should expect inflation to remain stubbornly high because it's only realistic with tariffs and other economic factors at play and as the economy potentially starts to grow at a moderate pace as predicted, families can also expect a resilient job market and interest rate adjustment.' For American families that are worried right now, Razon said the best thing they can do is stay vigilant. Don't make any sudden moves and wait before making any big financial decisions. 'By balancing hope with caution in their financial decisions, Americans would be able to guarantee that they don't go off celebrating prematurely or make rash decisions that would give them reasons to regret,' he explained. Camberato was more optimistic — he said the news shouldn't sway anyone from making investments. 'Bet on America. Keep investing, keep building and don't get distracted by short-term headlines. The best is yet to come,' he added. Editor's note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on More From GOBankingRates 6 Big Shakeups Coming to Social Security in 2025 This article originally appeared on Grant Cardone Says 'Good Times' Are Ahead for US Families — 2 Experts Weigh In Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
27-05-2025
- Business
- Yahoo
More Americans Track Their Budgets Than Their Diets — Here's Why It Still Feels So Stressful
According to a recent study from Secure Data Recovery, 56% of Americans spend an hour or more weekly tracking and analyzing their personal data. The average amount an American spends on data tracking tools is $108.36. With 59% of respondents monitoring spending and 49% tracking savings, the research also found that more respondents tracked their budgets than their diets. Regarding personal nutrition, 33% tracked sugar and 31% watched their calories. Read Next: Discover More: With 70% of Americans admitting to feeling anxious about tracking spending and 64% worried about their savings, it's worth pointing out that despite tracking budgets more than diets, many are still stressed out about their finances. Why are people still stressed about their budgets and finances despite such extensive tracking? 'Numbers alone don't solve money anxiety,' said Melissa Murphy Pavone, a certified financial planner (CFP) and founder of Mindful Financial Partners. 'I often see that tracking your finances is just the surface layer. The real work is peeling back the onion and understanding the emotions, habits and beliefs that drive your financial decisions.' She stressed that money is deeply personal, and we may carry unconscious money scripts around us. The harsh reality is that tracking your finances can sometimes feel like a spotlight on your shame instead of a tool for empowerment. When you closely monitor how much you're spending, you may discover uncomfortable realities about your relationship with money, which may feel daunting to tackle since you likely already have enough on your plate. Murphy Pavone emphasized that tracking your finances isn't just about control; it's about clarity. However, clarity will require courage, and you may have to face spending patterns that you've been avoiding for various reasons. Check Out: Aaron Razon, a personal finance expert at Couponsnake, believes that many people could be stressed out about tracking their budgets because of feelings of guilt over their spending. 'Tracking your finances is like using a scale to weigh your spending against your savings, and more often than not, the scale tips in favor of spending, and the difference can be very overwhelming, leading to feelings of guilt, frustration and anxiety,' he said. It's easy to be hard on yourself when you analyze your spending data and discover that you have many flaws. Similar to dieting, one may have the best intentions for how they're going to behave, but life can get in the way. Doing the right thing when managing finances isn't always about information, and you may find your spending patterns challenging to manage. Another reason tracking finances might feel stressful is that it can be overwhelming when you're constantly worrying about your spending, since you have to think about multiple accounts, bills and investments that could be dropping. 'The information overload, fear of missing payments or making an error, and the difficulty in staying organized combined, create a sense of financial unease, making it challenging to manage finances effectively,' Razon elaborated. When you get overwhelmed with all of your various financial accounts, the stress can creep in since you're worried about making the best decisions for your future. When you're constantly checking your retirement accounts, various credit card statements and spending, you could start to feel anxious about all of the information that you're trying to process. While you can automate certain aspects of tracking your spending and savings, paying attention to your personal data requires energy and focus. Michael Rodriguez, a CFP and owner of Equanimity Wealth, pointed out that tracking your spending isn't passive and could take up a decent amount of your attention. 'For someone already dealing with stress or burnout, it can feel like one more task you don't have the capacity for,' he added. For example, after a busy workday, the last thing you may want to do is input your spending for the day or review your savings because you have many other tasks to think about. If you're currently feeling stressed about your finances despite tracking everything, it could be a sign that the energy required is weighing heavily on you. If you're constantly comparing how much progress you're making in your financial journey with others, you may eventually feel like you're falling behind. Razon noted that tracking finances also becomes more stressful because individuals create an unfair and unrealistic benchmark for themselves when they compare their financial struggles and setbacks to others' seemingly perfect financial situations. 'When you look at a number that feels bigger than you expected — or that doesn't line up with your goals — it can trigger shame, not action,' remarked Rodriguez. 'Instead of feeling empowered, you feel stuck.' The dark side of tracking the numbers is that you may not like what you see, and it could feel like you're falling behind. With tangible proof of your financial struggles, you could feel like you're not keeping up, leading to feelings of stress and tension. When tracking personal data, it's important that you try to remember to do your best to use the numbers to make decisions about your daily actions instead of worrying about minor mistakes. It's foolish to aim for perfection when the goal should be progress. More From GOBankingRates 7 Things You'll Be Happy You Downsized in Retirement 4 Affordable Car Brands You Won't Regret Buying in 2025 This article originally appeared on More Americans Track Their Budgets Than Their Diets — Here's Why It Still Feels So Stressful
Yahoo
22-05-2025
- Business
- Yahoo
5 Things the Middle Class Should Do To Prepare for Trump's Income Tax Plan
President Donald Trump has floated a dramatic change to the U.S. tax system: eliminating federal income taxes and relying more heavily on tariffs. Learn More: Try This: The idea has some appeal. According to the U.S. Treasury Department, the federal government collected $16.3 billion in customs duties in April alone, an 86% increase from March. While the proposal faces hurdles, even the possibility of such a shift raises key financial questions for middle-class households. How would their budget change if taxes disappeared, but everyday items cost more? Here are the five things financial experts said the middle class can do now to prepare for Trump's income tax plan. Tariffs act like a hidden tax on imported goods, raising prices on essentials like groceries, electronics, clothing and cars. This could hit middle-income households hard. 'Replacing income taxes with tariffs would mean potentially higher prices for everyday goods and increased cost of living,' said Aaron Razon, a personal finance expert at Couponsnake. 'It could even mean a step backward for many middle-class households.' Razon explained that, because the middle class spends a significant amount of their income on essentials, tariffs would make budgeting more difficult due to their reduced purchasing power. 'Replacing income taxes with tariffs doesn't exactly make affordability or financial management easier for the middle class.' Find Out: If tariffs spark inflation or job uncertainty, families may need to prioritize their spending and be prepared to make tough decisions in some cases. 'Start saving now and delay items you do not need to purchase now,' said Robert Lee, an associate accounting professor at Pepperdine Graziadio Business School. 'Evaluate your current spending habits and identify areas where reductions can be made, such as fewer vacations and less frequent dining out.' Lee recommended building a budget to track your expenses and making 'a conscious effort to prioritize essential needs over immediate wants to safeguard your financial resources.' Shopping local or secondhand is one way to offset rising prices while supporting one's budget and reducing reliance on global supply chains. 'In the short-term, most of us will likely feel the pinch that comes not only from imports on things like lemons and limes, but from manufacturers, such as automobile assembly plants, whose parts are sourced overseas,' said Eric Steffy, CEO of Federal Solutions Support, which advises individuals on their federal benefits like Social Security and Medicare. 'Before you buy, imagine paying 25 cents more on every dollar, and ask yourself whether there's a way to buy local, first. Consider shopping at local farmers' markets and buying a used car or secondhand phone,' he explained. 'You might be amazed by the ways you can actually save money during this season of higher tariffs.' Inflation is a constant, and while tariffs may accelerate it, flexibility and creativity can help buffer the impact. 'Inflation could go up if tariff negotiations create a supply chain disruption, driving prices higher on limited resources,' Steffy said. 'It's wise to plan for the cost of goods and services to rise. However, to keep anxiety at bay, it's helpful to understand that inflation has been constant in America.' He explained, 'To manage the moments when it peaks requires you to know what things you could live without for a short time. Instead of buying up all the toilet paper, see how clever you can be at coming up with creative substitutes for hoarded, unusually costly or artificially inflated products.' Eliminating income tax would fundamentally shift how people save for retirement, especially in traditional tax-deferred accounts like 401(k) plans and IRAs. 'Maintaining a diversified investment portfolio with ties to domestic industries can help offset risks tied to international market fluctuations,' said Javier Palomarez, CEO of the United States Hispanic Business Council. 'Additionally, increasing contributions to tax-advantaged accounts like IRAs, 401(k) [plans] or Health Savings Accounts (HSAs) can reduce taxable income and build long-term savings.' Editor's note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on More From GOBankingRates These 10 Used Cars Will Last Longer Than an Average New Vehicle These Cars May Seem Expensive, but They Rarely Need Repairs Sources U.S. Department of the Treasury, 'Monthly Treasury Statement.' Aaron Razon, Couponsnake Robert Lee, Pepperdine Graziadio Business School Eric Steffy, Federal Solutions Support Javier Palomarez, United States Hispanic Business Council This article originally appeared on 5 Things the Middle Class Should Do To Prepare for Trump's Income Tax Plan
Yahoo
26-04-2025
- Business
- Yahoo
What If Your Groceries Doubled in Price?
There is no easy way around the fact that everything is getting more expensive these days, especially groceries. With the global economy fluctuating up and down and no ease in sight, consumers are left to foot the bill, which has often become twice as much money for them, if not more. Consider This: Read More: If you are seeing your groceries prices double, here are some tips from experts on what to do. 'One of the shopping mistakes many make that ends up doubling their grocery bills is they ignore generic brands and opt for name brands instead,' highlighted Aaron Razon, a personal finance expert at Couponsnake. It was noted that this is usually because generic brands are deemed to be inferior in quality, which is why they have lower prices. 'However, many generic and store-brand products often offer similar quality, but at a lower price point, and this makes them a cost-effective alternative that can significantly slash your grocery bills without compromising taste or nutrition,' Razon shared. By considering generic or store brand products, Razon pointed out how the average consumer would be able to make their grocery shopping more budget-friendly, and have a couple of extra dollars to allocate toward other essential items. Be Aware: Look at your weekly grocery haul and see what 'splurges' you can cut back on. Instead, focus only on what you need, said Laurie Sepulveda, a personal finance expert at MarketWatch Guides. Sepulveda cited data in a new MarketWatch Guides survey that found 43% of Americans are avoiding splurging on treats and prestige-priced goods, making this the most popular strategy. 'Fancy prepared foods can eat away a big chunk of your grocery budget,' Sepulveda described. 'Many times, you can recreate splurges at home for a lot less.' According to Razon, another thing consumers can do if they find that their grocery bill doubling is to avoid processed and pre-prepared foods because they are more expensive than whole ingredients. In fact, by choosing whole foods like vegetables, fruits and grains, consumers would be saving money and benefitting from the superior nutritional value these foods provide. This might add some extra stops and the hassle of going multiple places to get your full grocery list, but Chris Motola, the National Business Capital Special Projects Editor and Financial Analyst, explained it could help lower your bill. 'Supermarkets and many other types of businesses will have a loss leader at any given time,' Motola went on to say. 'That is, a product that's being sold cheaper than cost. The idea here is that the product attracts customers to the store who will then also spend money on more profitable products. Strategically buying loss leaders and limiting spending on other products during your shopping run can help keep your grocery bill down.' Motola suggested consumers should be willing to shop at multiple stores. 'Different stores will have different sales and loss leaders at any given time,' it was noted. 'It takes some planning and a little more time, but if you live in an area with a healthy amount of supermarket competition, you can save money by strategically buying items on sale at each,' added Motola. More From GOBankingRates 5 Types of Vehicles Retirees Should Stay Away From Buying 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth 4 Things You Should Do if You Want To Retire Early How Much Money Is Needed To Be Considered Middle Class in Every State? This article originally appeared on What If Your Groceries Doubled in Price? Sign in to access your portfolio
Yahoo
05-04-2025
- Business
- Yahoo
Trump's White House Plans To Appoint an ‘Affordability Czar': What That Could Mean for Your Wallet
The Trump Administration could appoint someone whose sole job is to tackle rising daily costs. See Now: Find Out: That's the idea behind the emerging concept of an 'Affordability Czar' that administration officials recently proposed. While the role doesn't officially exist yet, financial experts are imagining what it could look like and whether it could offer real relief to struggling Americans. Here's a look at what Trump's White House plans for an 'Affordability Czar' could mean for your wallet. While there isn't an official job description for an 'Affordability Czar,' it would most likely be high-level. U.S. Treasury Secretary Scott Bessent introduced the idea during an interview with CBS News. 'Someone who picks five or eight areas where this (Trump) administration can make a big difference for working class Americans,' Bessent said. Aaron Razon, a personal finance expert at Couponsnake, said an Affordability Czar could focus on everyday financial issues such as housing affordability, encouraging homeownership, improving access to affordable credit, reducing transportation costs, addressing student loan debt, and improving access to affordable food options. 'Basically, I believe an Affordability Czar would be focused on helping Americans improve their finances and improve their quality of life by targeting the major causes of unaffordability, especially when it comes to everyday essentials and general expenses,' Razon said. Discover More: The idea is gaining traction amid mounting frustration. According to a recent CBS News poll, the price of food, services, and gas is the main driver of Americans' views of the economy. In addition, 76% of survey participants said their income isn't keeping up with inflation. Appointing an Affordability Czar could signal to the nation that the government takes cost-of-living concerns seriously. 'The role [Affordability Czar] might also advocate for higher minimum wages and encourage employers to offer livable wages,' Razon said. 'This way, struggling Americans would have access to more financial resources to improve and make financial progress.' Czars aren't new in American politics. 'One of the historical precedents that set the stage for this kind of government role in economic police is President Roosevelt's 'New Deal' era when he appointed several czars and made them overseers of economic policies, labor, agriculture, et cetera,' Razon said. 'There is also President Nixon's Pay Board Price Commission, and the Office of Price Administration during the Second World War amongst others.' While few details have been announced about the roles and responsibilities of an Affordability Czar, here are some possible ideas based on President Trump's executive orders, Secretary Bessent's announcement, and general functions associated with similar, previous roles: Focus on deregulation as a cost-cutting strategy, including reducing rules around housing, food production, and labor to lower prices. Promote domestic production to reduce reliance on foreign goods, especially through 'Buy American' campaigns. Favor market-based solutions to affordability issues to avoid price caps or direct subsidies. Highlight immigration and trade policy as tools to reduce pressure on housing, jobs, and public services. Emphasize cultural and economic narratives to foster personal responsibility, free markets, and national self-sufficiency. If implemented effectively, Americans could see tangible results from the appointment of an Affordability Czar. For example, renters might see stabilization in swelling prices, and grocery shoppers could gain relief if the government uses its levers to make food more affordable. 'This experimental role could potentially impact housing, wages, or inflation policies in several ways,' Razon said. 'For instance, the Czar could implement a rent control policy and create incentives for affordable housing. Also, by monitoring and addressing price gouging and developing policies to minimize the impact of inflation on low-income earners, this role could potentially improve affordability.' Nevertheless, there are limits to an Affordability Czar's scope because their role could be symbolic, not administrative or enforcement. 'The Czar would have to be an efficient collaborator and advocate because the fact is that it is not exactly within their power to make the changes that Americans want to see,' Razon said. 'Therefore, they would have to be able to collaborate effectively with business leaders, lawmakers, and other stakeholders.' More From GOBankingRates Trump Tells Sean Hannity Why He Took Away One of America's Favorite Tax Cuts 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth Salary Needed To Achieve the American Dream in the 50 Largest Cities How Much Money Is Needed To Be Considered Middle Class in Every State? This article originally appeared on Trump's White House Plans To Appoint an 'Affordability Czar': What That Could Mean for Your Wallet Sign in to access your portfolio
