Money

Nobody knows what the next four years will bring, but they'll probably be just as bumpy as the last. Money experts put together this financial roadmap to help you not just survive, but thrive in this new Trump economy.

On Tuesday, a 10% tariff went into effect on all goods imported from China. A 25% tariff on goods from Mexico and Canada is expected to go into effect in March (except Canadian energy imports, which will be taxed at 10%). Experts are warning that tariffs could drastically increase the price of everyday products for Americans as businesses pass their higher costs onto shoppers. An analysis from the Budget Lab, a nonpartisan research center at Yale University, found that consumers are set to lose $1,170 to $1,245 in disposable income per household each year to the Trump tariffs. @Adam Hardy has a list of everyday items we expect to increase in price: from cars and electronics, to maple syrup, leather and more. https://bit.ly/40LgnF3

In recent months, retailers like Wegmans Food Markets, Schnucks Supermarkets, ShopRite and Kroger have begun testing out "smart" carts in stores alongside traditional analog ones. There are several different brands, including Shopic and Amazon's Dash Cart, but perhaps the most popular is the Instacart-owned Caper Cart, which is available in more than 60 U.S. cities, per a spokesperson. Regardless of manufacturer, these smart grocery carts have the potential to totally change the way you shop. Smart carts are able to sense, scan and weigh items as you put them in the cart, displaying a running total on a small screen. Some also provide maps of the store, digital coupons and the ability to pay using the cart itself as a point of service terminal. Would you opt in to use a smart cart? 🛒 https://bit.ly/4hliaYE

Principal Financial Group found that 56% of respondents believe they need at least 30 years’ worth of income saved before they can retire comfortably. This is about three times higher than what experts generally recommend. People who think they need 30 years’ worth of income probably believe that they need to have enough saved up to cover every year’s worth of living expenses after they retire, he says. In reality, if people save 10 times their annual salary, that plus Social Security will bring them to between 75% and 80% of their pre-retirement income — provided they know how much they can safely withdraw every year to balance the need for immediate cash with the need to continue saving for years to come. https://bit.ly/4aFpMm4

Wealthy U.S. boomers say they would rather use their money on themselves than share it with their kids now or leave behind an inheritance when they die, a Charles Schwab study finds. When asked about preferences of handing down their wealth with the next generation, a disproportionate share of boomers — 45% — selected “I want to enjoy my money for myself while I am still alive.” By contrast, only 11% of Gen Xers (born between 1965 and 1980) and 15% of millennials (born 1981 to 1996) said the same. Adam Hardy explores the "Great Wealth Transfer" and how it may or may not benefit younger generations as much as they had hoped. https://lnkd.in/ggdAXnSS

Still have holiday gifts you haven't gotten around to returning? It's time to stop slacking: Many major return deadlines are coming up fast. Here’s a quick breakdown of 10 major retailers’ holiday return deadlines, including Walmart, Abercrombie & Fitch Co., SEPHORA and more: https://bit.ly/4jyvA4W

The Trump administration panicked consumers and sent shockwaves through government agencies when it sent a memo Monday night calling for a funding freeze to go into effect at 5 p.m. Tuesday, potentially pausing a broad range of grant, loan and aid programs that may conflict with the new president's priorities. The situation is changing rapidly, but speaking broadly, the memo's focus on DEI (diversity, equity and inclusion), foreign aid and other concerns of the new administration provided some hints about what could be paused. Here's what we do and don't know right now: https://bit.ly/4hdz631

Money has again released its rankings of the nation's best hospitals. This year, we enhanced our methods, analyzing more than 30,000 data points on over 1,000 general hospitals. Safe, high-quality care and a satisfactory patient experience are paramount. We know that a hospital visit is also a financial undertaking in the U.S. So we also graded each hospital's billing and pricing practices to highlight facilities that are transparent with their cost of care. Congratulations to all the hospitals that made the list, especially these top 10: 1. Cedars-Sinai Medical Center 2. Massachusetts General Hospital 3. The University of Kansas Health System 4. Inova Health Fairfax Hospital 5. Mayo Clinic Rochester 6. Duke University Hospital 7. Cleveland Clinic 8. NYU Langone Health 9. Atlantic Health System' s Morristown Medical Center 10. Riverside Methodist Hospital Be sure to check out the full searchable list of all 75 here: https://lnkd.in/e7bMjx7n

President Donald Trump is signaling broad tariffs are coming soon, especially on goods coming from Canada, China and Mexico. As of Tuesday, Trump threatened tariffs between 10% and 100% on Chinese goods and 25% on Canadian and Mexican goods. During a press conference at the White House, he suggested they could be implemented as soon as Feb. 1. In addition to generating federal revenue, Trump says his tariffs will incentivize manufacturing here at home and retaliate against countries he sees as taking advantage of the U.S. Meanwhile, experts are warning that tariffs — which in this case are trade taxes that will need to be paid by U.S. businesses — could drastically increase the price of everyday products for Americans. There are some major purchases you may want to consider making sooner than later, including big-ticket items that aren’t purchased frequently — think: washer, dryer, refrigerator, car or laptop. They tend to be costly items for which people usually plan in advance. Given that price hikes are on the horizon, if you’ve been in the market for one of these splurges and are “ready, willing and able” to make that purchase before Trump enacts new tariffs, you may want to start looking @Adam Hardy reports: https://bit.ly/4awWPbX

Is anyone actually reading the page-long cover letter you sweat over? As the use of artificial intelligence spreads, job seekers are eager to use the technology to make filling out applications less of a chore. A number of startups have already been courting users with new #AI resume-building tools, and there are hundreds of blog posts and videos about how to perfect a resume with #ChatGPT. But learning how to quickly draft relevant and compelling cover letters with AI could be even more valuable. Mastering the skill could help you apply for more jobs in a short period — or simply claw back some of your precious time. Like with most applications of AI tools, wherever there's the potential to increase efficiency, there also lie inherent risks. As job seekers turn to AI as a shortcut for writing cover letters, here's what you need to know to use the technology effectively. @Pete Grieve explores how AI can help you land your next job. https://bit.ly/42pO3e2