Latest news with #PrivateVista
Euronews
14-05-2025
- Business
- Euronews
Here's how you can handle your finances during economic uncertainty
Financial markets are volatile with consumer confidence at its lowest level in five years - as economists point to a higher risk of recession. It all adds up to financial uncertainty for a lot of people. Roughly half of US adults say that President Trump's trade policies will increase prices 'a lot,' according to a recent poll by The Associated Press-NORC Center for Public Affairs Research. About half of Americans are 'extremely' or 'very' concerned about the possibility of the US economy going into a recession in the next few months. Matt Watson, CEO of Origin, a financial planning app, says it's a period of uncertainty for everyone, including experts. 'No one has a crystal ball. No one, even the people that do this professionally and have done it very successfully for many years, know what's going to happen,' he said. If you're worried about how economic uncertainty might affect you, here are some expert recommendations: The first step to preparing for uncertain financial times is knowing your starting point, Watson said. Look at your budget or your debit card expenses so you can understand how much you spend every month. 'Take stock of where you are across a number of different categories,' Watson said. Looking at the state of your savings and investments can also provide you with an idea of your overall financial health. The more nonessential expenses you can pause, the more you can save for an emergency. 'Your choice is really to cut now or cut later, so it's easier to cut now and have a cushion,' Watson said. If you're having difficulty finding where to cut back, Jim Weil, managing partner at Private Vista, a financial planning firm, recommends that you divide your expenses into three buckets: needs, wants and wishes. Wishes are larger expenses that can be postponed, such as a big vacation. For the time being, cut back expenses from the wishes section until you feel like your finances are in a good place. Between news about tariffs and job losses, you might feel your anxiety rising. So, it's important that you protect your mental health while also caring about your finances said Courtney Alev, consumer advocate at Credit Karma. Sometimes, reading too much news that can affect your finances can become overbearing and create more stress than you need. 'It's good practice to stay informed but you don't want to let the news cycle consume you,' Alev said. If you find yourself feeling high levels of stress or anxiety when it comes to your finances, it's best to contact a professional who can assist you, such as a financial therapist. If looking for regular mental health services, most health insurance covers some type of mental health assistance. If you don't have health insurance, you can look for sliding-scale therapists around the country. Rather than worrying too much about the economics of the entire country, Alev recommends that you focus on the aspects of your personal life that you can control in order to feel more confident in case there is a recession. 'Identify any changes that you might need to make to have more of a safety net in place that could give you confidence,' Alev said. Things you can control include budgeting, creating an emergency fund and cutting unnecessary expenses. Whether you are worried about your job security or the high prices of goods, it's best that you sit down and reassess your budget to create an emergency fund. An emergency fund can feel unattainable if finances are already difficult, but having even a small amount of cash saved can make the difference, Alev said. Ideally, your emergency fund should amount to three to six months of expenses. Weil recommends you start thinking about any special commitments that you might have in the next year or two, such as college tuition or moving. If you are planning for a large financial commitment in the near future, Weil recommends that you plan to build a larger emergency fund. Alev recommends regularly adjusting your budget to keep your financial goals on track. Monthly budget check-ins can help identify when you are overspending or if your needs change. 'A budget is only as good as it is to help you actually make decisions, so don't be afraid to update and adapt your budget as the months go by,' Alev said. Many people struggle with debt, whether it's credit card debt or student loan debt, which limits their ability to save. But, if you want to create an emergency fund while also tackling your debt, it will take some prioritisation. 'I would think about different kinds of debt differently,' Weil said, adding that you can place debt in three buckets: short-, medium- and long-term debt. Weil recommends that you prioritise paying off high-interest debt such as your credit card. By making extra payments or paying over the minimum payment, you will be able to pay it off quicker. Student loan debt and long-term debt such as a mortgage can be tackled with more modest payments while you focus on creating an emergency fund. If you have credit card debt and you can't make too much progress in paying it down, Alev recommends you try to eliminate or reduce the amount of credit you use. While the stock market has had some bad days, it's best that you are not reactive to the market. If you have investments, especially in retirement vehicles, it's best not to make rushed decisions, Alev said. 'You really want to try not to panic. It can be unnerving but most likely, you should have time to make that up,' she added. If you're closer to retirement, Alev recommends that you look into more conservative investments.
Los Angeles Times
03-05-2025
- Business
- Los Angeles Times
Tips for handling your finances in a time of economic uncertainty
NEW YORK — Financial markets are volatile. Consumer confidence is at its lowest level in five years. Economists say recession risks are rising. It all adds up to financial uncertainty for a lot of Americans. Roughly half of U.S. adults say that President Trump's trade policies will increase prices 'a lot,' according to a recent poll by the Associated Press-NORC Center of Public Affairs Research. And about half of Americans are 'extremely' or 'very' concerned about the possibility of the U.S. economy going into a recession in the next few months. Matt Watson, CEO of Origin, a financial planning app, says it's a period of uncertainty for everyone, including experts. 'No one has a crystal ball. No one, even the people that do this professionally and have done it very successfully for many years, know what's going to happen,' he said. If you're worried about how economic uncertainty might affect you, here are some expert recommendations: The first step to preparing for uncertain financial times is knowing your starting point, Watson said. Look at your budget or your debit card expenses so you can understand how much you spend every month. 'Take stock of where you are across a number of different categories,' Watson said. Looking at the state of your savings and investments can also provide you with an idea of your overall financial health. The more nonessential expenses you can pause, the more you can save for an emergency. 'Your choice is really to cut now or cut later, so it's easier to cut now and have a cushion,' Watson said. If you're having difficulty finding where to cut back, Jim Weil, managing partner at Private Vista, a financial planning firm, recommends that you divide your expenses into three buckets: needs, wants and wishes. Wishes are larger expenses that can be postponed, such as a vacation to Europe. For the time being, cut back expenses from the wishes section until you feel like your finances are in a good place. Between news about tariffs and job losses, you might feel your anxiety rising. So, it's important that you protect your mental health while also caring about your finances, said Courtney Alev, consumer advocate at Credit Karma. Sometimes, reading too much news about issues that could affect your finances can become overbearing and create more stress than you need. 'It's good practice to stay informed but you don't want to let the news cycle consume you,' Alev said. If you find yourself feeling high levels of stress or anxiety when it comes to your finances, it's best to contact a professional who can assist you, such as a financial therapist. If looking for regular mental health services, most health insurance covers some type of mental health assistance. If you don't have health insurance, you can look for sliding-scale therapists around the country, including through and the Anxiety and Depression Assn. of America directory. Rather than worrying too much about the economics of the entire country, Alev recommends that you focus on the aspects of your personal life that you can control in order to feel more confident in case there is a recession. 'Identify any changes that you might need to make to have more of a safety net in place that could give you confidence,' Alev said. Things you can control include budgeting, creating an emergency fund and cutting unnecessary expenses. Whether you are worried about your job security or the high prices of goods, it's best that you sit down and reassess your budget to create an emergency fund. An emergency fund can feel unattainable if finances are already difficult, but having even a small amount of cash saved can make the difference, Alev said. Ideally, your emergency fund should amount to three to six months' worth of expenses. Weil recommends that you start thinking about any special commitments that you might have in the next year or two, such as college tuition or moving. If you are planning for a large financial commitment in the near future, Weil recommends that you plan to build a larger emergency fund. Alev recommends regularly adjusting your budget to keep your financial goals on track. Monthly budget check-ins can help identify when you are overspending or if your needs change. 'A budget is only as good as it is to help you actually make decisions, so don't be afraid to update and adapt your budget as the months go by,' Alev said. Many Americans struggle with debt, whether it's credit card debt or student loan debt, which limits their ability to save. But, if you want to create an emergency fund while also tackling your debt, it will take some prioritization. 'I would think about different kinds of debt differently,' Weil said, adding that you can place debt in three buckets: short-, medium- and long-term debt. Weil recommends that you prioritize paying off high-interest debt such as your credit card. By making extra payments or paying over the minimum payment, you will be able to pay it off quicker. Student loan debt and long-term debt such as a mortgage can be tackled with more modest payments while you focus on creating an emergency fund. If you have credit card debt and you can't make too much progress in paying it down, Alev recommends you try to eliminate or reduce the amount of credit you use. While the stock market has had some bad days, it's best to stay cool. If you have investments, especially in retirement vehicles such as your 401(k), it's best not to make rushed decisions, Alev said. 'You really want to try not to panic. It can be unnerving but most likely, you should have time to make that up,' she added. If you're closer to retirement, Alev recommends that you look into more conservative investments. Morga writes for the Associated Press.
30-04-2025
- Business
Tips for handling your finances in a time of economic uncertainty
NEW YORK -- Financial markets are volatile. Consumer confidence is at its lowest level in five years. Economists say recession risks are rising. It all adds up to financial uncertainty for a lot of Americans. Roughly half of U.S. adults say that President Trump's trade policies will increase prices 'a lot," according to a recent poll by The Associated Press-NORC Center of Public Affairs Research. And about half of Americans are 'extremely' or 'very' concerned about the possibility of the U.S. economy going into a recession in the next few months. Matt Watson, CEO of Origin, a financial planning app, says it's a period of uncertainty for everyone, including experts. 'No one has a crystal ball. No one, even the people that do this professionally and have done it very successfully for many years, know what's going to happen,' he said. If you're worried about how economic uncertainty might affect you, here are some expert recommendations: The first step to preparing for uncertain financial times is knowing your starting point, Watson said. Look at your budget or your debit card expenses so you can understand how much you spend every month. 'Take stock of where you are across a number of different categories,' Watson said. Looking at the state of your savings and investments can also provide you with an idea of your overall financial health. The more nonessential expenses you can pause, the more you can save for an emergency. 'Your choice is really to cut now or cut later, so it's easier to cut now and have a cushion,' Watson said. If you're having difficulty finding where to cut back, Jim Weil, managing partner at Private Vista, a financial planning firm, recommends that you divide your expenses into three buckets: needs, wants and wishes. Wishes are larger expenses that can be postponed, such as a vacation to Europe. For the time being, cut back expenses from the wishes section until you feel like your finances are in a good place. Between news about tariffs and job losses, you might feel your anxiety rising. So, it's important that you protect your mental health while also caring about your finances, said Courtney Alev, consumer advocate at Credit Karma. Sometimes, reading too much news that can affect your finances can become overbearing and create more stress than you need. 'It's good practice to stay informed but you don't want to let the news cycle consume you,' Alev said. If you find yourself feeling high levels of stress or anxiety when it comes to your finances, it's best to contact a professional who can assist you, such as a financial therapist. If looking for regular mental health services, most health insurance covers some type of mental health assistance. If you don't have health insurance, you can look for sliding-scale therapists around the country, including through and the Anxiety and Depression Association of America directory. Rather than worrying too much on the economics of the entire country, Alev recommends that you focus on the aspects of your personal life that you can control in order to feel more confident in case there is a recession. 'Identify any changes that you might need to make to have more of a safety net in place that could give you confidence,' Alev said. Things you can control include budgeting, creating an emergency fund and cutting unnecessary expenses. Whether you are worried about your job security or the high prices of goods, it's best that you sit down and reassess your budget to create an emergency fund. An emergency fund can feel unattainable if finances are already difficult, but having even a small amount of cash saved can make the difference, Alev said. Ideally, your emergency fund should amount to three to six months of expenses. Weil recommends you start thinking about any special commitments that you might have in the next year or two, such as college tuition or moving. If you are planning for a large financial commitment in the near future, Weil recommends that you plan to build a larger emergency fund. Alev recommends regularly adjusting your budget to keep your financial goals on track. Monthly budget check-ins can help identify when you are overspending or if your needs change. 'A budget is only as good as it is to help you actually make decisions, so don't be afraid to update and adapt your budget as the months go by,' Alev said. Many Americans struggle with debt, whether it's credit card debt or student loan debt, which limits their ability to save. But, if you want to create an emergency fund while also tackling your debt, it will take some prioritization. 'I would think about different kinds of debt differently," Weil said, adding that you can place debt in three buckets: short-, medium- and long-term debt. Weil recommends that you prioritize paying off high-interest debt such as your credit card. By making extra payments or paying over the minimum payment, you will be able to pay it off quicker. Student loan debt and long-term debt such as a mortgage can be tackled with more modest payments while you focus on creating an emergency fund. If you have credit card debt and you can't make too much progress in paying it down, Alev recommends you try to eliminate or reduce the amount of credit you use. While the stock market has had some bad days, it's best that you are not reactive to the market. If you have investments, especially in retirement vehicles such as your 401(k), it's best not to make rushed decisions, Alev said. 'You really want to try not to panic. It can be unnerving but most likely, you should have time to make that up,' she added. If you're closer to retirement, Alev recommends that you look into more conservative investments. ___ The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism.
Yahoo
31-03-2025
- Business
- Yahoo
I'm a Financial Planner: 4 Moves My Upper-Class Clients Are Making Under Trump
President Donald Trump's second term is just getting started, but he's already made some sweeping changes that have affected the economy and individuals' wallets. To prepare for the next four years, many wealthy Americans are making money moves to ensure they're in a good spot for the rest of Trump's term. Find Out: Learn More: To find out the money moves upper-class Americans are making, GOBankingRates spoke with Matt Parenti, CFP and partner at Private Vista, who works with these clients firsthand. Here are the top moves he has been seeing. Parenti's upper-class clients have been moving more money from investments into cash in response to market volatility. 'As with any change in administration, uncertainty can create volatility, and in Trump 2.0, we're seeing a bit more uncertainty on where policy will land — particularly around trade,' he said. 'With markets hitting all-time highs within the last few months and ongoing volatility, we're seeing more high-net-worth clients looking to harvest gains and move a few percentage points of their portfolio to cash or money market. 'This is not a wholesale move to cash; rather, it is a way to take some gains near the top, keep enough cash for short-term needs from the portfolio — so they don't have to sell during volatile markets — and have some potential dry powder for opportunities,' he continued. 'They have the added benefit of earning a bit more on cash these days than we have seen the prior decade, particularly by parking it in high-yield savings, CDs or money markets.' Be Aware: Parenti's high-net-worth clients have been repositioning more of their portfolios toward alternative investments since Trump took office. 'Privately traded investments, or non-market correlated investments, have the benefit of diversified returns and can act as a ballast in volatile markets as we've seen,' he said. 'Additionally, with public markets having had strong returns the last two years, rebalancing toward alternative investments has been a way investors are evening out their asset allocation.' Many upper-class Americans have been revisiting their estate plans to ensure they are optimized for the current environment. 'While so far it appears the historically higher lifetime exemption — the amount of an individual's estate that is not subject to estate tax — will remain higher under extended tax cuts, estate planning has been an area high-net-worth investors have been watching very closely over the last few years as the current tax law gets close to sunsetting,' Parenti said. 'With more long-term certainty, or at least a longer time horizon on the current laws, investors are readying to refresh their plans to the new laws.' While upper-class Americans are making some changes to their financial plans, overall, they are sticking to their long-term strategy, Parenti said. 'Our high net-worth clients make some marginal changes to their portfolios year-to-year, and are always looking to stay current and take advantage of tax law; however, when it comes to their long-term financial and investment plan, they know that over the long term, these four year periods come and go very quickly and that drastic or emotional decisions — high or low — can cause pain,' he said. 'Looking back historically, no one political party has a significantly better investment record when it comes to returns during their time in office,' Parenti continued. 'Making a few percentage point changes to your portfolio can help on the margins, and taking advantage of estate tax and income tax law can save money, but drastically altering a portfolio based on who is in office, our clients know, can potentially do more harm than good. They are making some minor adjustments but keeping their eye on the long term and staying invested.' More From GOBankingRates 5 Types of Vehicles Retirees Should Stay Away From Buying 4 Housing Markets That Have Plummeted in Value Over the Past 5 Years 4 Things You Should Do if You Want To Retire Early 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth This article originally appeared on I'm a Financial Planner: 4 Moves My Upper-Class Clients Are Making Under Trump Sign in to access your portfolio
