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Tariffs - The What, Why, and Potential Impacts

Tariffs - The What, Why, and Potential Impacts

What are Tariffs?

Tariffs are taxes or duties imposed on imported goods by a government.

Why are they Used?

Their intent is to protect domestic industries, encourage local production, generate government revenue, reduce reliance on foreign goods or respond to trade policies of other nations.

What is Their Potential Impact?

Tariffs raise prices for consumers, affect trade relationships with other countries, and influence economic growth.

For more details and information check out the Client Resource Kit on Tariffs from First Trust Portfolios.

Status Quo Bias: The Cost of Being Too Comfortable

Status Quo Bias: The Cost of Being Too Comfortable

Many of us are naturally inclined to resist change, especially when it comes to our finances. This tendency is known as status quo bias, where we prefer things to stay the same, even if changing our approach might lead to better outcomes. Whether it’s holding onto underperforming investments, sticking with outdated financial strategies, or avoiding necessary adjustments to retirement plans, this bias can negatively impact your financial well-being.

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Focus on the Big Picture

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Focus on the Big Picture

Market volatility can make anyone nervous, especially in our always-on, 24/7 news cycle.

When some of our more experienced team members were first starting out in finance, average investors typically checked in on their accounts once or twice a quarter when their custodians sent paper statements. As for the Dow Jones and S&P 500, you'd usually see two numbers every day: one on the morning news and another in the evening. Today, watching your nest egg fluctuate in real time while social media and cable news shout a steady stream of panic can make it feel like your financial plan is living and dying moment by moment.

Our Life-Centered Planning process always considers all the available data that could impact you and your money. But we also take in a much wider view of the markets, your plan, and your goals for the future. You can see that same big picture if you unplug, step back, and focus on three important investing principles.