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Farnoosh Tarabi
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Sharon Epperson
So.
Farnoosh Tarabi
Money Episode 1859 CNBC's Sharon Epperson on immigration, money and planning for the worst.
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You're listening to so Money with award winning money guru Farnoosh Tarabi. Each day get a 30 minute dose of financial inspiration from the world's top business minds, authors, influencers, and from Farnoosh yourself. Looking for ways to save on gas or double your double coupons. Sorry, you're in the wrong place. Seeking profound ways to live a richer, happier life. Welcome to so money.
Sharon Epperson
These are kind of scary times. I think it can be scary for people because of the uncertainty. Not that there's anything imminent for some, but for many, there is something imminent happening and it's very frightening. So I think what I've said before and you've said many times, you have to focus on what you can control because otherwise you will absolutely lose your mind. And, and you also will not be productive, you know, in terms of reaching the goals that you have for your finances. So focusing on what you can control is your superpower.
Farnoosh Tarabi
Welcome to so Money everybody. I'm Farnoosh Tarabi.
If you had to leave the country tomorrow, not by choice, would your finances be safe? What would happen to your bank account, your home, your business, if you were suddenly detained or deported? Today on the podcast, we're talking about a growing and urgent financial concern for not just a few Americans, for a very population. How to protect your assets amid immigration raids and deportation worries. Our guest is personal finance legend and CNBC senior personal finance correspondent Sharon Epperson, who recently reported on the financial steps immigrants, documented or not, can take to prepare for the unexpected. From designating a power of attorney to understanding the legal implications of asset ownership abroad, Sharon walks us through practical strategies to safeguard your financial life in turbulent times. We also discussed the emotional toll of financial uncertainty, the ripple effects on families, and why proactive planning is a form of empowerment. Sharon opens up about her own health crisis that forced her family to activate emergency plans, offering a powerful reminder of why preparing for the worst can actually make all the difference. Let's get into it.
Sharon Epperson, welcome to SO money.
Unknown
Welcome to.
Farnoosh Tarabi
We have personal finance royalty with us.
Sharon Epperson
I'm so excited to be on so money. I love being on your show.
Farnoosh Tarabi
I love that you reached out to me. I feel so honored because you are such a superstar. I admire you so much for your career and the impact that you have made and continue to make in personal finance news. You've been with CNBC for how long now?
Sharon Epperson
29 years this month. Wow.
Farnoosh Tarabi
Oh, my gosh.
Sharon Epperson
A long time. A long time.
Farnoosh Tarabi
That's fantastic.
That is so impressive. Well, before we get into the the focus of our conversation, which is protecting your finances in this administration, which among many things, we have to Fear there is the fear of deportation, the fear of losing our immigrant status here. You know, I don't think that's a small community. I think, you know, I'm the daughter of immigrants and I was lucky that I was born here. Um, but it feels like things are so fragile. I was talking to a neighbor who is from India and she said that in her kind of social chat group, parents, relatives, family, they're all like, you better carry around your passport because people are getting profiled. And anyway, not to get too scary, but, but really, we want to talk about how to protect yourself in this new administration with all of that going on. But while I have you here and it's almost your 30th anniversary, tell me a little bit about what keeps you continuing to talk about money. I feel like some days I feel like I'm a broken record. But how do you keep things fresh for yourself and for your audience?
Sharon Epperson
I think it's really important to think about who the audience is. And it's constantly changing. There's always someone that's hearing this for the first time or maybe hearing it for the fourth time, but I'm saying it or you're saying it, and they're connecting with one of us and they're hearing it differently. And I think it's really, really important to continue to share things that may seem tried and true. Also share new strategies that I learned from the many financial advisors and experts that I speak with as well. What keeps it fresh for me also is I'm the mother of a 20 year old and a 23 year old. They're coming into their financial life in a whole new way. And so they're interested in learning about their budgeting, their the best way to open a high yield savings account, how to make sure that they're contributing to their Roth ira. All the things I've talked about before, but now it's with truly fresh eyes that are right, right close to me. So it's, it's really, it's exciting.
Farnoosh Tarabi
Yes. Oh my gosh. What a time to be entering the job market. But you're right, you're right about how the audience is always shifting. And I get so excited when someone's even asking a simple question for me. A simple question maybe, which is, you know, where should I save my money or how do I invest? I just get so excited because I feel like, wow, this is going to be a moment they hopefully.
Sharon Epperson
Exactly, exactly.
Farnoosh Tarabi
I don't know if I'm going to change your life right now, but you know, it's we can get to it at some point. So then the other question I have, Sharon, is how would you characterize where we are in the financial world today? You've been and you've reported on many cycles in our economy, multiple recessions. We had, you know, a housing crash. We've had Covid. How would you describe the financial mood right now and any data to support that? We know we're like halfway towards a recession.
Are we?
Do you think we are in one? What's it going to be like in the fall?
Sharon Epperson
Well, there are a couple of different questions there. So let me ask answer this basic answer to where we are right now from the consumer investor perspective and the average everyday investor. We're in very uncertain times. There are constant changes coming out of Washington, coming out of this White House and this administration, and it's difficult to keep up sometimes as a journalist, let alone as a layperson just trying to figure out how to manage your finances. So I think when I when I think about my mother, who is in her late 80s, saying that it seems kind of scary, you know, different aspects of what she's going through right now. Having lived through the civil rights movement, having lived through all of the economic crises that you just mentioned and raising two children and watching four grandchildren grow as well, then I get a little scared. If someone who's had that life experience is saying these are kind of scary times. I think it can be scary for people because of the uncertainty. Not that there's anything imminent for some, but for many there is something imminent happening and it's very frightening. So I think what I've said before and you've said many times, you have to focus on what you can control because otherwise you will absolutely lose your mind and you also will not be productive in terms of reaching the goals that you have for your finances. So focusing on what you can control is your superpower, and you have to keep that at the forefront of your mind.
Farnoosh Tarabi
Right. Whether it's you're worried about losing your job or the focus of our talk today, which is worried about having to leave the country. Know some people are leaving willingly because they're not happy with what they're seeing in this country, and we've talked about that on the show. But for those who might unexpectedly have to leave because of deportation or immigration rates, you've written an article on CNBC about this and it's been very popular. People are interested in this. How big of a population are we talking about here? When you're writing about how to Protect your financial assets amid immigration raids. This isn't a niche population.
Sharon Epperson
Unfortunately, it's not a niche population. And with the latest, the newest Trump law expanding the funds for the Immigration and Customs Enforcement Agency, they have a great deal of power to do a lot more. And so I think with what is actually happening in terms of enforcement, coupled with the fear factor that you mentioned that so many people, largely people of color across the country are feeling because they were not born here, they may be US Citizens now, but they were not born here. And so anyone who is foreign born, and I use that in quotes, is concerned at this time about what they're seeing because it may not impact them directly, but it could very likely be impacting a family member. But again, focusing on what you can control. The reason why I wanted to do this story is one of the factors or several of the factors that you can use to combat with your finances at least, and making sure they are protected if you are detained or if you're deported are strategies that everyone should be employing in terms of protecting their finances. And that is, first of all, just knowing where all your documents are, what you have. I don't think I have ever checked, and I was born in Pittsburgh, Pennsylvania, but my husband was born in Jamaica. I have not checked passports so often ever before checking the dates. Where are they? Where do we put them? You know, don't just, you know, throw them on the shelf anymore. You want to make sure that you have them. And as you've talked about, a lot of people are carrying their passports around a lot more than they have in the past. So where are those documents? But then where are your financial documents? Where do you have that kept in terms of access codes, in terms of passwords to all of those documents? And what do you know about the financial institutions where you bank or where you have your investments or your retirement plan in terms of how someone could access those accounts if you're not able to do so? So if you're not able to do so because you're detained or you're just incapacitated in some way, you can't do it. It might be a medical case or something like that. Who can access your, your account and what documentation is needed for them to do so? Once you figure out that information, the big, the big question I think for a lot of people is I have a home, I have a small business, I have a second property, I have retirement accounts or I just have my bank savings accounts. I really don't have a lot of assets. But if you are not able to access them because you are detained or deported, what happens? Do they just sit there? How long do they sit there? Do you still have family members that need that, that those funds because you have children or you have other family members that you're taking care of? So that's when having this one piece of paper that is so critical, everyone should have having a financial power of attorney, designating someone to be able to handle your financial affairs. If you cannot do so, that is a way that you can protect that business, that you can protect your assets in your retirement account or a brokerage account or, or even just make sure that day to day bills are going to get paid out of your bank accounts. That is a really important document to have and to check with your financial institutions to make sure that they understand and have on file that you have that document. And then if there's other, any other paperwork that they would need you to fill out, fill it out ahead of time.
Farnoosh Tarabi
I just spoke with another financial writer who wrote a book about, in a different scenario, but speaking of power of attorney, being the power of attorney for her mother who went into hospice and she had like legit power of attorney and the bank was very challenging. They, they, despite her having all the right documents, she sat there for two hours while they called corporate headquarters. They were, they were very resistant and she insisted and she got through. But it reminded me of that because when you're talking about calling your bank ahead time, I think that's a really important step is to get ahead of it. So much of this is proactiveness, but to inform the bank that you are the power of attorney or you have designated this person as power of attorneys, sending them those documents ahead of time so they can make sure they're, you know, in the format that they need so that in that crisis moment you're not, you're not facing this sort of like back and forth with them.
Sharon Epperson
Exactly. There's so much emotion tied to money. I know we've talked about that before, but a situation that is unexpected, perhaps unwarranted, you know, it creates so much emotion around money. The last thing you want to do is be sitting and having to verify in that moment.
Farnoosh Tarabi
Right.
Sharon Epperson
That you are indeed the person or there is indeed someone that is legitimately and legally permitted to handle your financial affairs. So having that conversation with your bank, with your financial institutions ahead of time is very important.
Farnoosh Tarabi
Yeah, I think about that man who was deported and now he's back, but in the meantime, like his poor family. Right. Like if he was the only one that knew where to pay the rent or utilities when you're the other thing.
Sharon Epperson
Is automating everything to make sure that everything is automated. And that person that you've designated to be the financial power of attorney, that they understand and know how that's happening as well. From what accounts that the mortgage is being paid or the rent is being paid, or the utilities, or your streaming services or your children's tuition or whatever it is, you know, you want to make sure that that continues to run like clockwork. And having that piece of paper and making sure that everyone knows where it is and who it is, that includes your family members. So that includes that if you know your friend was the power of attorney for her mom and she has siblings, that those siblings also understand that they're welcome to help. But the person who's legally responsible is the person who's on that piece of paper. Because there can be a lot of, you know, miscommunication among family members in crisis times also. So having that communication, having that conversation before anything happens, and perhaps, you know, not even needing to have that a piece of paper, but knowing that you have it is key.
Farnoosh Tarabi
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Farnoosh Tarabi
Do you know if there's a risk if and when someone gets deported that their assets in the US get frozen?
Sharon Epperson
So the other thing to check is to see if you are able to because you may not have family members here in the us so could there be someone in another country that could manage and be the power of attorney and be the person that the bank is aware of is going to be manages those assets and can that be done from outside the country? I'm not certain you know what the procedure would be for them to freeze your assets on what time period they'll be looking at There are certain instances, for instance, in retirement accounts, if you have something that sits there for a certain amount of time and it's a certain amount, a smaller amount, that it could just automatically be dispersed to you. But there's no, there's no, you know, you're not managing that account anymore that they would, that they would put those funds in. So who's managing that account? So these are all things in conversations to know for the what if scenarios.
Farnoosh Tarabi
And you write in your article that there are resources for folks, in some cases free financial planners who are rolling up their sleeves right now and doing this kind of work pro bono because it's so needed.
Sharon Epperson
And estate planning attorneys as well. They are also some of them through their trade organizations doing pro bono work. A resource though that everyone can access right online that I found very helpful and very sobering that there in fact is something called this. But the nonprofit organization justice organization called the Appleseed Network has a deportation preparation manual. And in there they outline what we've just talked about about, you know, how you can get a power of attorney, the importance of doing that, the importance of having proper insurance. Term insurance is very, can be very inexpensive. Term life insurance ensures that if anything happens to you, when you are out of where you had planned to be for whatever reason, you have that insurance and you the beneficiaries that you want on those policies, same holds true for your retirement accounts and things like that. And just making sure that if you have minor children, one, you have a will that designates a guardian for them, but you may want to do something called a pre need guardian. You haven't passed away, but you're not able to care for your children. And you still want to designate the person that you care that you trust to be caring for your children. Having that documentation of preneed guardianship, having that person selected, and a legal document that says that they are able to care for your children, that's a very, very important document to have. And many people think that they have to be super wealthy to have a trust. You know, there are wills, there are trusts for when you pass away, for what happens to your assets. But a trust just again ensures that if you have a life insurance policy, for instance, it's unlikely that the life insurance company is just going to give your proceeds to a 12 year old or to a minor child. But if you put it in a trust, if there is a trust, then it's more likely that it will avoid probate and go directly to whoever you've designated the loved ones that you want. So it's worth looking into whether you can set up a trust for your assets, your home, as well as your other assets, and definitely if you have minor children, to make sure you've appointed a guardian. Hmm.
Farnoosh Tarabi
It sounds like it might be worthwhile, too, if you're really concerned about the risk, to understand the banking system in the country that you may be headed to.
Sharon Epperson
Right.
Farnoosh Tarabi
So if you have banks here that are international, are there branches there, or exactly what is the best financial system there to plug into so that you can transfer money, you can, you know, still have a. A pathway to your accounts here in the States?
Sharon Epperson
It's very important to do that ahead of time. And I. My son studied abroad for a semester, and I didn't do that ahead of time in the country that he was studying in. And it was a process to kind of try to get him banking and doing all those things in another country. So it's very, very important to do that ahead of time. And it can make it so much easier to transfer funds and make sure that people are able to take care of what they need to in terms of the financial responsibilities that they have.
Farnoosh Tarabi
You know, Sharon, there's so much uncertainty, as you mentioned, with this administration. The big, beautiful bill just became law, and we're still kind of, you know, filtering through that to understand what those implications are going to be for people's taxes, for people's social benefits, health benefits. What are your big takeaways from that? Advice for listeners in how to arm themselves, prepare, be proactive ahead of some of those laws actually going into full force.
Sharon Epperson
Yeah, so some of those provisions will be enforced this year. And so I think it's really important to focus on that first, what's going to happen in 2025? And on cnbc.com in our personal finance section, we kind of run through what some of the highlights are of the bill, and particularly what's happening right now that you need to be concerned about. But I think, once again, there is definitely cause for concern. If you don't have a plan that you've never done, a financial plan, you're not exact. You kind of know you want to retire at some point, but you're afraid. I don't know if I've saved enough. I probably will never save enough. Who knows what's going to happen with Social Security? But all of those, like, you know, woe is me things, we could go down that road. But again, that's not a superpower. The superpower is focusing on what you can control right now. You are able to contribute to a workplace retirement plan if you are gainfully employed, which would be an amazing thing if that's you. So are you contributing enough to get the matching contribution from your company? Are you contributing the max? Because who knows what may happen with your job security and will you still have that job? So maybe if you can possibly do even more, even 1% more than you did last year, you'll be in a better place in case something happens with that job. And what can you do to protect your finances as we've talked about, and making sure that you've done some estate planning, understanding that if you not really sure what to do with your money right now, continue to save like a fiend, like save like crazy but in a high yield savings account, just focusing on what you can control. And then I will. I just have to. It's not shameless. It's just where the best information is and where great information is. And that is on CNBC.com, in terms of breaking it down and helping you understand the provisions in this new law. There are so many. It is such. It is a big bill and called the big bill for a reason because there's so much in there. So it's important to continue to follow it. And a lot of the professionals that I'm talking to, the financial advisors and tax expert and world agents, they're still making their way through all of this as well and trying to figure out how it's going to impact their clients. So don't feel bad if you're not sure how this is going to work for you. But do feel empowered because by the time you talk to those experts or you read that article, you will already set out your plan for yourself. So that's what you need to worry about. We are all concerned about our communities and our country and want the best for all. I certainly feel that way. I know that you do. But the bottom line is what are you going to be doing for yourself and for your loved ones that depend on you financially? And that's really where your focus has to be.
Farnoosh Tarabi
Yes.
Oh my gosh. What I appreciate so much about your advice is that you do encourage us to worst case scenario, it which you know, I've wrote a book called A Healthy State of Panic and that's the big takeaway in the whole chapter about financial fear, which is something we all can relate to. But rather than be paralyzed, you know, actually go to the deep end. Go see how ugly things could get before they do. And that's a consider Yourself grateful, consider yourself lucky to be able to then come back and, you know, retrace your steps and put some things in place that can help you. At least if that happens, you'll feel like you can get through it because you've done the preemptive moves.
Sharon Epperson
That's exactly right. And the reason why this is, I'm so passionate about this and you asked me how I keep reporting about money every day and thinking about it all the time, keep it fresh and don't go crazy over it, is because I am so grateful because I had to go through the worst case scenario because I. I had a medical emergency where I almost lost my life. I had to put into, or my family had to put into place the powers of attorney that I, that my husband and I had. I had to have my husband and my sister making financial decisions because I was unable to do so. I was out of work for a year. Thankfully, things were on autopilot. So my kids still had their lessons in their basketball camps and all of that, and they were able to do that. But I had a plan. I was not able to execute that plan for the better part of a year, but it was still able to happen in some way with other people being in place. So when I say that it's important to focus on the worst case scenario and to prepare for the unexpected, it's not because it's just something that people say, I had to do it. And when you do it, it does work. And so I'm so eternally grateful that I'm still here and that I was able to set up something with my husband so that we were able to have our financial life continue because it could have. It could have been a much different situation and put some of these documents and legal things into place.
Farnoosh Tarabi
Yes. So happy that we got to have this conversation, Sharon, that you're healthier, that you know, you are willing to put your sort of personal story out there. And as an example, I think that's a really brave thing to do and we're all going to benefit from that. And we will certainly put those links in our show notes for all of the resources you mentioned. Thank you so much and I'm sure we'd love to have you back as things heat up.
Sharon Epperson
I'd love to come back. We're going to have so much to talk about Varnush, and I do want people to. Again, just little bits and pieces, you know, listening to this, taking the time out to listen to the two of us. Thank you. Thank you so much for doing that and taking the time to focus on your own financial well being by following Farnoosh and being a part of her community. And I would encourage people to be a part of my community. I have a Money 101 newsletter. It's free. It's easy to sign up for cnbc.com money101 and immediately you'll get newsletters, eight of them for eight weeks straight that go through some of the things that we were talking about today, from budgeting all the way to estate planning to just give you a little bit of a push to do it for yourself, but give you a few strategies that you may want to ask about and pursue on your own. So I hope people will sign up for money 101. I hope they'll follow me on social media as they do you because we're here for one another and I knew that this would be a story that would resonate with you personally and with your community. And I'm really, really grateful that you had me on today. So thank you so much.
Farnoosh Tarabi
It was our pleasure. I love money 101. I am so putting that in the show notes and I'm going to encourage everybody to sign up. That's a great crash course. You know, like people always ask me, where do I start? Where do I start? You can start with Sharon Epperson. Thank you so much.
Sharon Epperson
Thank you, Farnooch. Take care.
Farnoosh Tarabi
Thanks so much to Sharon Epperson for joining us.
Links to her article how to protect financial assets amid immigration raids and deportation worries is linked in our show notes.
As well as access to her Finance 101 course.
I'll see you back here on Friday for a fresh episode of Ask Farnoosh. And I hope your day is so money.
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Podcast Summary: So Money with Farnoosh Torabi - Episode 1859: CNBC's Sharon Epperson on Immigration, Money, and Planning for the Worst
Release Date: July 30, 2025
In Episode 1859 of So Money with Farnoosh Torabi, host Farnoosh Torabi engages in a profound and timely conversation with Sharon Epperson, CNBC's senior personal finance correspondent. The episode delves deep into the intersection of immigration concerns and personal financial planning, offering listeners actionable strategies to safeguard their financial well-being amid uncertainties.
Farnoosh opens the discussion by highlighting the prevalent fears surrounding immigration and the potential financial repercussions that undocumented immigrants or those fearing deportation might face.
Notable Quote:
"These are kind of scary times. I think it can be scary for people because of the uncertainty... focusing on what you can control is your superpower."
— Sharon Epperson [03:03]
Sharon echoes the sentiment of uncertainty, emphasizing that while not everyone may face imminent threats, the overarching fear can significantly impact mental health and financial productivity.
The conversation shifts to the tangible threats posed by recent legislative changes expanding the powers of the Immigration and Customs Enforcement (ICE) Agency. Sharon underscores that the affected population is substantial and not merely a niche group.
Notable Quote:
"It's not a niche population... anyone who is foreign-born... is concerned at this time about what they're seeing."
— Sharon Epperson [10:35]
She elaborates on how these changes heighten fears among immigrants, regardless of their current legal status, making financial preparedness crucial.
Sharon outlines several strategic steps individuals can take to protect their finances in the face of potential detainment or deportation:
Notable Quote:
"Where are your financial documents? Where do you have that kept in terms of access codes, in terms of passwords to all of those documents?"
— Sharon Epperson [13:45]
Notable Quote:
"Having that piece of paper is so critical... everyone should have a financial power of attorney."
— Sharon Epperson [14:23]
Farnoosh shares a pertinent anecdote about the challenges faced when activating a power of attorney, emphasizing the importance of proactive communication with financial institutions.
Notable Quote:
"Automating everything to make sure that everything is automated... so that they continues to run like clockwork."
— Sharon Epperson [15:49]
Notable Quote:
"If you have minor children, one, you have a will that designates a guardian for them... putting it in a trust is worth looking into."
— Sharon Epperson [22:10]
Sharon shares her personal experience with a medical emergency that necessitated activating her power of attorney, highlighting the emotional toll and the peace of mind that comes with being prepared.
Notable Quote:
"I'm so grateful that I'm still here and that I was able to set up something with my husband so that we were able to have our financial life continue."
— Sharon Epperson [28:20]
This testimony underscores the real-life implications of financial planning beyond theoretical scenarios.
With the enactment of a significant bill (referred to as "the big bill"), Sharon advises listeners to stay informed and understand its implications on taxes, social benefits, and financial planning.
Notable Quote:
"It's important to continue to follow it... focusing on what you can control is your superpower."
— Sharon Epperson [25:04]
She directs listeners to CNBC's personal finance section for detailed analyses and encourages proactive financial measures, such as maximizing retirement contributions and estate planning.
Sharon introduces valuable resources for listeners seeking guidance:
Appleseed Network's Deportation Preparation Manual: Offers comprehensive strategies for financial protection amid immigration challenges.
Money 101 Newsletter: A free, eight-week crash course covering budgeting, estate planning, and more.
Notable Quote:
"I have a Money 101 newsletter. It's free... it gives you a few strategies that you may want to ask about and pursue on your own."
— Sharon Epperson [30:10]
Farnoosh encourages the audience to utilize these resources to build a robust financial safety net.
The episode concludes with a strong emphasis on empowerment through preparation. Both Sharon and Farnoosh advocate for facing worst-case scenarios head-on to ensure resilience and stability.
Notable Quote:
"Rather than be paralyzed... retrace your steps and put some things in place that can help you."
— Farnoosh Torabi [27:41]
Sharon reinforces this by sharing her gratitude for the proactive steps she took, ensuring her family's financial stability during her absence.
Farnoosh wraps up the episode by reiterating the importance of the discussed financial strategies and provides listeners with links to Sharon's impactful article and additional resources.
Final Takeaway: Preparation and proactive financial planning are essential, especially in times of uncertainty. By focusing on controllable aspects and utilizing available resources, individuals can safeguard their financial futures against unforeseen challenges.
Resources Mentioned:
Sharon Epperson's Article: How to Protect Financial Assets Amid Immigration Raids and Deportation Worries (Link available in show notes)
Money 101 Newsletter: cnbc.com/money101
So Money Members Club: SoMoneyMembers.com
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