About the Guest(s):

Kerrie Beene is a knowledgeable financial advisor with a focus on assisting clients in understanding complex economic matters and their real-world effects. With a strong background in finance and investment management, Kerrie has established herself as an invaluable resource for individuals seeking to make informed decisions regarding their personal and familial financial strategies. She emphasizes the importance of balancing long-term financial goals with short-term economic considerations.

Episode Summary:

In this insightful episode of Money Roots, hosts Amy Irvine and her guest Kerrie Beene delve deep into the pressing topic of tariffs and their potential impact on both personal finance and the global economy. This discussion is timely, as the new administration under President-elect Trump considers increasing tariffs on goods from Canada, Mexico, and China. The conversation aims to provide listeners with clarity on how these proposed changes could influence household expenses and investment portfolios.

As Kerrie Beene helps unpack the implications of potential tariffs, she explains how these policies could affect core goods and the broader market landscape. The conversation touches on key issues like increased consumer costs, political strategies behind tariffs, and how past tariff implementations provide valuable lessons. Kerrie highlights the delicate balance required in managing both personal finances and investments in light of shifting economic policies. The episode offers valuable insights into understanding risk tolerance, diversifying investments, and keeping a long-term perspective amidst political change.

Key Takeaways:

• Tariffs on goods from countries like Canada, Mexico, and China can significantly influence consumer costs for core goods and have varying impacts on personal finances.
• Understanding the political motivations and negotiating tactics behind tariffs is crucial for assessing their potential economic impact.
• Diversification in investments, including a mix of domestic and international stocks, is essential for mitigating risks associated with trade policy changes.
• Risk tolerance should be reassessed in light of changing economic policies, maintaining a focus on long-term goals amidst short-term market fluctuations.
• Decision-makers must navigate a complex landscape that involves managing interest rates and balancing economic growth with trade negotiations.

Notable Quotes:

• "One thing that I do think it's interesting is how some of the very specific tariffs that have came up in the recent years... you get to the other side of them and then, okay, well, this is on negotiation, washing machines and solar panels." – Kerrie Beene
• "I think moving forward, again, back on my balance word, I think really understanding how you're invested and is it in alignment with your long-term goals." – Kerrie Beene
• "It's not one thing ever that does anything to the economy. Right. It's all these moving parts that does something." – B
• "As far as like when people ask me what do you think this will go do to the economy, it's not one thing ever that does anything to the economy." – B
• "But I would say keeping a long-term perspective with maybe some short-term thoughts and education around how you're going into 2025." – Kerrie Beene

Resources:

• Learn more about Rooted Planning Group by visiting their website.

For a deeper understanding and additional insights into managing your personal finances in light of current and future economic policies, be sure to listen to the full episode. Stay tuned for more engaging discussions on Money Roots to continue growing your financial acumen.