Palm Beach County financial advisor talks stock market and tariffs

ALL RIGHT. SO THOSE ARE THE OPENING NUMBERS HERE. I’M JOINED RIGHT NOW BY FINANCIAL ADVISOR RICK ROSE. WE TALKED TO YOU SEVERAL TIMES HERE ON THE SHOW. THANK YOU SO MUCH FOR COMING IN THIS MORNING. THE AVERAGE PERSON THIS IS THIS IS A LOT OF UNCERTAINTY WHEN YOU SEE THOSE OPENING NUMBERS. IS THIS WHAT YOU EXPECTED AND WHAT DO YOU THINK IS GOING TO HAPPEN WITH THE STOCK MARKET TODAY. WELL IT IS WHAT’S EXPECTED BECAUSE THE MARKETS DON’T LIKE UNCERTAINTY, BUT THEY ALSO DON’T LIKE TARIFFS. SO WE HAVE THIS THIS DOUBLE WHAMMY RIGHT NOW THAT’S HAPPENING FOR PEOPLE TO TAKE THIS INFORMATION IN. AND WITH ALL THE UNCERTAINTY NO ONE KNOWS THE QUITE TE RIGHT DIRECTION TO TO LOOK FOR. AND SO LIKE YOU SAID, UNCERTAINTY. I FEEL LIKE THAT’S KIND OF THE KEY WORD OF THE DAY. 4:00 THE ROSE GARDEN. THE PRESIDENT IS SUPPOSED TO BE ANNOUNCING THESE MAJOR TARIFFS. SO WHAT DO YOU THINK THAT MEANS FOR US? YOU KNOW, THE AVERAGE AMERICAN JUST TRYING TO GET BY PAYCHECK TO PAYCHECK, IF YOU WILL, GO INTO THE GROCERY STORE AND SO FORTH. WELL, THE LIKELY OUTCOME OF TARIFFS IS A LITTLE BIT HIGHER. PRICES AT THE STORE. SURE. SO SOME OF THE BIGGER STORES CAN ACTUALLY PASS THAT ON TO THE SUPPLIERS. LIKELY. SOME ARE GOING TO PASS IT ON TO THE CONSUMER. AND WE JUST DON’T KNOW THE BALANCE AT THIS POINT. OKAY. SO THE PRESIDENT IS SAYING, LISTEN, IF WE CAN GET THROUGH THIS SHORT TERM PRICE HIKE WITH THESE TARIFFS, IT’S GOING TO BE BETTER FOR US IN THE LONG RUN. TALK ABOUT OUR INVESTMENTS IN THE LONG RUN. DO YOU BELIEVE THAT? DO YOU THINK THIS IS A GOOD IDEA FROM YOUR FINANCIAL YOUR EXPERT OPINION. WHAT DO YOU SEE. ANY FINANCIAL PLANNER IS GOING TO SUGGEST THAT SOMEONE HAS AN INVESTMENT TIME HORIZON THAT’S LONGER THAN THE SHELF LIFE OF AN AVOCADO. IF THAT’S TRUE FOR MOST PEOPLE, THEN THIS IS SIMPLY GOING TO BE A TIME PERIOD TO GET THROUGH. MAKE SURE YOU HAVE LONG TERM GOALS IN MIND. MAKE SURE THAT YOU’RE MEETING THOSE LONG TERM GOALS, AND MAYBE TUNE OUT A LITTLE BIT OF THE NEWS TODAY TO SEE WHERE IT’S ACTUALLY GOING TO PAN OUT IN THE LONG RUN. SO YOU SEE TODAY LIKELY FINISHING IN THE RED, WE JUST DON’T KNOW. AND WHAT’S GOING TO HAPPEN IS WHEN THE PRESIDENT MAKES THE ANNOUNCEMENT TODAY, HE MAY HAVE SOME MORE TARGETED TARIFFS AS OPPOSED TO THE BROAD TERRORISTS THAT WE’RE ALL FEARFUL OF. SO WITH A MORE TARGETED APPROACH, THERE’S MORE CERTAINTY PEOPLE CAN MAKE PLANS AND MAYBE LESS IMPACT ON THE ECONOMY AS A WHOLE. YOU AND I HAVE TALKED WE’VE SEEN MARKETS UP AND DOWN OVER THE YEARS THAT WE’VE TALKED A LOT. AND ONE OF YOUR THINGS YOU ALWAYS SAY IS KIND OF STAY YOUR COURSE. YOU NEED TO HAVE A GAME PLAN. YOU NEED TO STICK WITH YOUR GAME PLAN. TODAY’S NEWS SHOULD NOT BE IMPACTING YOUR NEXT FIVE YEARS. SHOULD WE MAKE ANY RASH DECISIONS? DON’T MAKE RASH DECISIONS TODAY JUST BASED ON THE NEWS AT 4:00. IT’S JUST A NEWS CYCLE THAT WE NEED TO GET THROUGH AND HAVE LONG TERM PLANS. YOU KNOW, STEVE AND I WERE TALKING ABOUT US AS AVERAGE AMERICANS. WHAT DOES IT MEAN FOR US? YOU KNOW, I MIGHT WANT TO BUY A NEW CAR OR I MIGHT BE WORRIED. I NEED SOME PARTS FOR MY CARS. THOSE ARE THE KIND OF THINGS THAT US AS NORMAL AMERICNS ARE GOING TO SEE. SOME OF THOSE PRICES GO UP ON, WE’RE GOING TO SEE IN THE ADMINISTRATION HAS SAID THERE’S GOING TO BE SOME SHORT TERM IMPACTS. SURE. THE REALITY IS THAT OVER TIME, THINGS LEVEL OUT. TARIFFS HAVE BEEN USED IN THE PAST AND WE’VE ADAPTED. SO THE AMERICAN ECONOMY IS THE STRONGEST IN THE WORLD. WE WILL ADAPT. AND WHATEVER THE POLICY PLANS ARE GOING FORWARD, WE’LL START TO BE REFINED AND WE’LL SEE WHAT THE END RESULTS ARE. AND HOPEFULLY IT’S A RESULT THAT DOES EXACTLY AS THE PRESIDENT HAS PROMISED AND BRING MANUFACTURING JOBS BACK HERE TO THE UNITED STATES. SO YOU’RE NOT SEEING AGAIN, THESE ARE ONLY PREDICTIONS. ANY KIND OF GREAT DEPRESSION TYPE OF FUTURE ON OUR END. DO YOU THINK THIS IS GOING TO BE KIND OF A SHORT TERM IDEALLY. AND THEN WE GET BACK ON TRACK. WE WOULD THINK THAT THESE POLICY DECISIONS ARE GOING TO BE THINGS THAT MAKE AN IMMEDIATE IMPACT, BUT A LONG TERM, BETTER OUTCOME. ALL RIGHT. ANYTHING ELSE YOU’D LIKE TO SAY TO THE PEOPLE WATCHING RIGHT HERE WHO MIGHT BE A LITTLE NERVOUS TODAY AND ANXIOUS FOR THAT, THAT ANNOUNCEMENT AT 4:00. WE’VE SAID IT BEFORE, PANIC IS NOT A STRATEGY. SO WE WANT TO MAKE SURE WE HAVE THAT LONG TERM GOAL IN MIND. SPEAK TO YOUR ADVISOR, MAKE SURE THAT YOU’RE COMFORTABLE WITH THE PLAN, AND MAYBE TUNE OUT A LITTLE BIT OF THE NOISE TODAY. YEAH, ABSOLUTELY. ALL RIGHT. THANK YOU SO MUCH FOR COMING IN. WEIGHING IN. NICE TO HEAR AN EXPERT’S OPINION ON WHAT TO DO. AND HOPEFULLY IT EASES SOME CONCERNS. AND PLEASURE TO BE WITH YOU. YEAH. THANK YOU SO MUCH. IF YOU’D LIKE MORE INFORMATION ABOUT THE TARIFFS, ALL THE COVERAGE THAT WE’LL HAVE FOR YOU TODAY. AND OF COURSE, WE’LL BE WATCHING WALL STREET ALL DAY LONG AS MANY INVESTORS WILL BE. WE’LL HAVE THE VERY LATEST ON WPBF 25 NEWS AT NOON. OF COURSE, AT 4:00 THE PRESIDENT AGAIN