(WJAR) — Amid new tariffs and stock market volatility, many people are wondering what to do with their money.
NBC 10 recently caught up with local financial advisor Jeff Massey of Massey & Associates to find out how a 25% tariff on aluminum and steel imports is going to impact consumers.
“Think about the cost of a pickup truck today,” said Massey. “It’s not like it was 20 or 30 years ago.”
He continued, “You can pay 50, 60, 80 grand for a pickup truck – now add 25% to that.”
Massey said if you’re in the market for a product made of aluminum or steal – like a pickup truck – it’s probably a smart idea to make that purchase as soon as possible.
“It’s really time to do some shopping if you have to buy something that’s a pretty significant price like an appliance or a vehicle,” said Massey. “You would want to look for a source that may have had that inventory prior to the tariffs being implemented because you might get a better deal.”
Massey said all of this tariff talk has also sent the stock market on a pretty wild ride.
The NASDAQ had its worst day since 2022 on Monday.
So what should you do if you’ve got retirement money tied up in the markets right now?
If you’re approaching retirement age, Massey said it’s time to focus on safety.
“Typically, we tell our clients we want half of your money in safety, half in the market,” he said. “So simple example, if the market goes down 10%, your total portfolio is only down 5%.”
He continued, “I just looked at a report today where, worst case scenario, if that financial crisis happened again, they could lose 47% of their money – you don’t want to be that high risk if you’re very close to retirement.”
However, if you’re younger – 20s, 30s or 40s – Massey said leave your money in your 401K and try to ignore the ups and downs.
“Not just leave it there, but keep adding,” said Massey. “That is the key point – the younger you are, the more aggressive you can be.”
At what age should you start being more judicious with your investments?
Massey said start making some adjustments 10 years before your retirement.
At the five-year mark, he says it’s time to get serious about keeping that money safe.
