← The Candy Valentino Show
The Candy Valentino Show
How Trump Tariffs Will Impact Your Small Business -- And Your Wallet
00:21:10
Loading summary
Transcript11 lines
- [00:01]
Candy Valentino
This episode is brought to you by Progressive Insurance. You chose to hit play on this podcast today. Smart Choice. Progressive loves to help people make smart choices. That's why they offer a tool called Auto Quote Explorer that allows you to compare your Progressive car insurance quote with rates from other companies so you save time on the research and can enjoy savings when you choose the best rate for you. Give it a try after this episode@progressive.com Progressive Casualty Insurance Company and affiliates not available in all states or situations. Prices vary based on how you buy. Welcome to the Candy Valentino show, the podcast for founders, investors and entrepreneurs where we have honest conversations about what it takes to grow your business, build more wealth and create financial freedom.
- [01:15]
Rob
Hey guys, welcome back to another episode of the show. I'm Candy Valentino. Thanks for tuning in with me today. We've got a great show for you planned and if you've been listening the last couple weeks, I've been kind of hinting around that we've got some changes coming to the show. So they're going to kind of start here this week, maybe next week and then really starting in May, June, July, and on June going to start to see a little shift. So we may shift days, we may shift topics and of course we would love to hear from you. That's also something that we really want to include in this next season of the show is answering your direct questions because my goodness, there has been a ton of things happening in the market, in the news, in politics. I swear we all have whiplash with how much is coming at us so quickly. So I want to be able to answer your questions in the moment. So we put up this really cool page. Candy valentino.com askcand candy super simple. You can go there and just ask your direct questions. So many people reach out via DM or email me. And so this is one place that you can record a question and we will answer it on the show in our Q and A Ask Candy series. So super excited about that. But if you don't follow me on Social, you should. And you'll probably have a little behind the scenes of what's been going on in my own life, which is crazy. Right before we hit record, I was talking to Rob and our producer just about like what exactly is going on because I fell about three weeks ago and broke my foot. So long story, I'll give you the short of it, literally at tpc, which is a beautiful golf course for all of my golfers that tune in and listen to the show and was out there at A charity event. And, you know, Tim Tebow and his beautiful wife and all my friends, the Gordons were all dressed up. Cocktail hour, right? And I think I'm still getting used to real grass again. You know, being from Arizona, everything's turf and I was not aware that I was standing on real gr. So as I get up to leave the event in the middle of the live auction, as everyone's raising their paddles and bidding on things, I try to slide out the back with my friends and use the restroom. And the back of my favorite heel sunk in the grass as I was still propelling forward and I fell. Black cocktail dress, Louis Vuitton, the Christian Louis Boutine Hills, red bottoms flipped up, you name it. Like, that's the visual. And my pride was hurt because Chip and Joanna Gaines was like an earshot away as I'm trying to slide out to the restroom. But lo and behold, I broke my foot. Fractured it, two bones, the cuneiform, which, fun fact, didn't even know we had one of those in our foot. The foot behind the cuneiform, my fourth toe. And so I've been stuck in this dang boot for the last three weeks. I've got three weeks to go. And it feels like it's just been one thing after another. I don't know about you guys. If you're ever in like a season of that in your life where you're really good for a while, then all of a sudden it seems like things start, happen. A very different place for me to be, I have to be honest. But I'm in one right now. So I'm hoping that the gray cloud is shifting and we're not just talking about the market. Right. Hopefully a lot of that stuff's changing too, but I hope my health is on the mend. So that's a little bit of what's kind of going on in Candyland, if you will. So if you see me hobbling around in my Instagram stories, you know why I have a boot on. And hopefully I won't have it the next time that you guys see me at another event. But I wanted to cover a lot of what's going on in the market right now because there is a lot of stories, you know, our new administration. Wow. They are coming in and trying to rapid fire change everything all at once altogether. So of course there's going to be some pain and that's what a lot of people are experiencing right now. So I want to talk about the tariffs. I want to talk about a Forbes article that came out about this market volatility for you to understand the impact of it. Some things that companies are doing in order to just kind of wade these choppy waters. Because like all markets, nothing is forever. So we get a really good season, a really bullish market. We always know on the other side there's a reset. Same thing happens in real estate. And when we have these resets or recession or any of these scary words that the news throws out, there's always another side of that. And when we look back historically, every single time we have one of these resets, what happens? The stock market surges to all new highs. We saw that in 2008, we saw that in 2000, in 2020 through Covid. And so there's lot of this that's going on. So I want to calm the nerves for anyone who is seeing their 401k or their brokerage account shrinking, going down and thinking when is the bottom? Especially if you're holding Tesla like I am and so many friends. So let's jump into this. So I want to actually look at the Small Business association did a poll of small business owners in the US and this is what I want to start this segment off with, because 53% of small business owners are worried about the tariff strategy. And I would guess that if we started polling Americans, it's probably more than half of the country, because even those people that voted for this current administration are feeling the pinch. They're a little concerned about what's going on. And so I think that's totally normal. So what exactly is happening? I talked about it on another episode, and we're going to break this down even further next week. But I really want to share how this tariff piece is just one part of the overall puzzle of what the current administration is doing to get back our economy, to really get money back in the American pocket and to get our industries booming again so that we are not relying on other governments, other countries, other continents in order to survive as a country. So that's really what we're seeing in rapid time. And if you followed even just yesterday, we know that Trump came out with an announcement. It actually really helped surge the markets because he said, hey, things aren't as bad as they seem. We're actually talking to China a lot, and these 145% tariffs are probably not going to take effect. But a lot of businesses are concerned. I'll give you an example. Land Rover is pausing the deliveries of their vehicles until October because they're hoping that a lot of this is going to be worked out before they have to deal with any tariffs on the delivery of their vehicles to those in the United States. I actually have a friend who's waiting on her autobiography and so she's like, hey, all these tariffs are screwing up the delivery of my car. What do I need to know? So I thought this will be fun to put into the show. So what's going on? Everybody is anticipating that these choppy waters are going to start to subside before the fall, probably towards summer, end of summer maybe at the ultimate latest. That's what economists are really projecting because it's going to be very difficult for Trump and the Republicans in order to run in the fall with the economy and the stock market the way that it currently is right now. Now we see prices coming down, but there is all of this, like, pause this bottleneck, if you will, where people are like, well, our prices really coming down? Is inflation really coming down? Is, are the job is as good as they say the answers are? Yes. But a lot of this uncertainty that's happening is what's still being negatively reflected in the market. So what does that mean? When there is uncertainty, there is opportunity for those who can, who keep their investor mindset. So like I always say, it's what you do when the market is down. I don't think you should chase it the whole way down. But if you stay diligent, you stay invested, you keep your money in, you haven't lost anything unless you sell the stock, unless you sell the mutual fund, unless you sell the crypto coin or the etf, you haven't lost anything. So remember, wealth investing is a long term strategy. What happens in the short term really doesn't matter unless you sell and you get out of the market. Now, I want to speak specifically to Tesla because I know a lot of people were riding on Tesla. We saw it surge just up to the resistance point of just under $500 a share. And now it's about half of that where it was. What's going on? Well, they actually have an earnings report today. So I'm super interested to see what happens and we'll actually report on that next week on the show. So tune back in as I break all of that down after their earnings call. But I want to share a thing about Tesla. The reason that you will see people split, a lot of people that are invested in Tesla still think that it is a car company, right? They think that Tesla Motors is really what Tesla is all about. But those of us who believe that the long term Strategy of Tesla is far bigger than that is really robotics and AI. And here's what we don't know will happen. We don't know all of the backlash that happened around Elon Musk and his involvement in this current administration. We don't know if the company is ever going to get on the other side of that fully. But here's what we do know. If they are able to pull off what they have always said that they're really wanting to pull off, which is autonomy, self driving vehicles, Robo taxi. Not only will that stock pop, but it will be almost instantaneous if they are able to pull that off, if they are able to shift all of the market and all of the eyeballs away from the declining revenue and the declining number of car units that have been sold and they're able to turn it to, this is what we really want to do. Robotics, autonomy, self driving, Robo taxis, optima, all of the things like that. If they're able to do that, we will be talking about the opportunity of a lifetime. So what do you do when something is volatile? You never invest more than you can afford to lose, but you make sure that that diversification within your portfolio is something that you really just look at as a long term play. So if you bought it at 450 and it's currently, I think, 255 when we hit, you're not worried about that. Because if you truly believe they're going to do what they set out to do, which is to really be the leader in a, in physical and physical AI robotics, then you know that that stock has the potential to be over a thousand dollars a share. So that's a little bit of depending on where you fall on what side. That's the behind the scenes of what's going on with Tesla. And I am super eager to see what's going on in the earnings call as soon as we're done recording this episode. Do you know what's sitting in my garage right now? A Range Rover. It is the only vehicle that I have had over and over again throughout my lifetime. And that's because the Range Rover Sport blends power, poise and performance. And it's free from unnecessary details. It has this raw power and agility that can take on roads anywhere. And when you drive one, you won't want to drive anything else. Just like you, it was designed to make impact. The Range Rover Sport combines dynamic sporting personality, elegance and agility to deliver a truly instinctive drive. It has defined true modern luxury and it's a Force inside and out. The Range Rover Sport was built with you and I in mind. Build your Range rover sport@rangerover.com us.
- [12:41]
Candy Valentino
This episode is brought to you by Progressive Insurance. You chose to hit play on this podcast today. Smart Choice. Progressive loves to help people make smart choices. That's why they offer a tool called Auto Quote Explorer that allows you to compare your Progressive car Insurance quote with rates from other companies so you save time on the research and can enjoy savings when you choose the best rate for you. Give it a try after this episode@progressive.com Progressive Casualty Insurance Company and affiliates not available in all states or situations. Prices vary based on how you buy.
- [13:23]
Rob
So let's look at the tariffs on the other side of the coin, right? We're talking about it as it relates to the world and to our global impact. But how does it relate to your pocketbook now? Because I don't know about you, but I have sure seen the ads that says beat the tariffs, come in and buy now. It's not really a sale, right? But they're trying to incentivize you to buy now to increase their buying frequency. Right? Which we talk about on the show all the time. How do you get someone to buy more frequently from you? Because attracting a new customer will always cost more money. So this is their incentive of taking something that's very topical, taking something that's in the news that everybody's paying attention to, and wrapping it into a marketing moment to get you to buy before you may have even thought that you were going to buy. And I saw this back in my small town on Facebook, Herb Stout, if you're listening, my favorite little carpet and flooring place back in Pittsburgh, Pennsylvania, where I'm originally from, I saw Herb post something like this on Facebook that says we are not increasing our prices with the stock that we have in now. However, as the tariffs come into play, if they do, we will obviously have to increase cost. So he was pushing everyone into one specific time period in order to boost sales and it's working. It works for a lot of them. Rooms To Go was another one that just did this initiative. So if you're a small business owner, you can leverage this too. If you are concerned about costs increasing down the road. If you are a product based business specifically, this is something that you can leverage now. And if you're a consumer and you're wanting to purchase things, you may want to take advantage of this. Here's the thing, we don't know what's going to happen the 145% tariffs that have been thrown around have already been retracted, which is why we saw the market surge just a day ago or two days ago, depending on when you're listening to this recording. But we can play it the other way if we don't know for sure what's going to happen. Why not create an initiative now where customers can buy from us? And as a consumer, why not take advantage of it now just in case it increases in the next several months? I feel like this is a win win for business owners and consumers to take advantage of something now to create some urgency and potentially lock in prices before they may or may not go up. Now here's the other thing. Here's the little like asterisks, little kind of negative part to this. People may raise their prices anyways. It's a really great reason. Kind of like Covid and all the staffing costs. People use that as a reason to raise prices. We may see people raise prices across the board potentially because of tariffs, and then the tariffs never take place. I highly doubt most of those businesses are going to then reduce their prices. So make sure that you shop smart, make sure that you really pay attention to your budget and make sure that you can stock up when you can with the retailers and the distributors that you do business with. And whether you're a business owner, a consumer, if you are looking to make a purchase right now and you're not 100% sure whether it's real estate or something for your business equipment, an investment of some way, head over to candyvalentino.com AskCandy Put your question in there and I'll be answering these every single week on the show. And regardless where you live right about now, spring is here and so many people I know are cleaning out their closets and getting ready. They're landscaping all of the things. And because I've dealt with a little bit of those health issues, like I told you about in the beginning with my foot, I was thinking about some things that we often forget about until we have an issue. Because over time, life investments, your portfolio can get pretty messy. We can sometimes have overlapping funds. We could have lagging stocks or allocations that maybe don't reflect where you're going now in your life. Maybe they did at one point, but they don't now. And with all the market volatility that we're experiencing, I think now springtime is always like this button that I drop in my mind to think about stepping back, taking out the closet, if you will, looking at everything, editing and rebalancing so there's a few things I want to share that I do this time of year that I want to encourage you to do as well. Three quick things. Number one, check your beneficiaries on any of your life insurance policies. Life moves so fast, and I swear once you hit that 4o number, it just tends to move a little faster. Between marriage and divorce and loss and kids. Like, make sure that what you have on paper, whether that is a will, a trust, your health insurance, your life insurance, all of those beneficiary policies that you have, make sure that they reflect where you are in your life. Now, number two would be to make sure you review your tax setup. I can't tell you how many times when I work with entrepreneurs, they don't have the right tax structure for their business, and that also applies to their life. So if your income changed last year, if your withholdings could potentially have changed in the last year, maybe if you made more money last year, you need to adjust the payments that you estimate when you send in. Those small little moves can really prevent big tax bills and surprises next year. So this is a time to reflect on that. And the third is cut those extras. I don't know about you, but so many times these expenses creep in to my P and L and they creep in because they're on my credit cards, streaming channels, apps, memberships, things that I don't even use anymore. So make sure, even if you don't have a business, that you're not doing the State of the Union meeting that I talk about all the time on the show. If you're a business owner, also do that State of the Union business in your personal finances. Scan that credit card statement. See if other things creeped in that you're not using or that you can consolidate so that you can ditch. You want to make sure that the money that you're making isn't just going out the door for frivolous things because it's not just what you spend now. It's what that money will compound over time and how much it could actually take away from your future. So, look, this isn't like some big overhaul. Just take one hour intentional effort, set it up. Take a look at what you're spending. Take a look at that tax setup. Check those beneficiaries so that while you're working so hard to build your wealth, you're also making sure that you keep it. All right, guys, that's all for today's show. Thanks so much for tuning in. And if you love this episode and find value in it. Please subscribe to the show over on Apple, Spotify or YouTube or send the episode to someone you love. Thanks again for spending this time with me today. We'll see you next time. Hey guys, thanks for tuning in to this episode and if there was something that you loved or you had a specific takeaway, share it and tag me at Candy Valentino. And if you haven't already, grab a copy of my latest book, the 9% Edge Life Changing Secrets to create more revenue for your business and more freedom for yourself. You can pick it up anywhere books are sold, Amazon, Barnes and Noble, or your local independent store. And once you do, head over to 9% edge.com and claim $1500 in pre order bonuses, including a chance to join me on this very show. Thanks so much for tuning in and spending this time with me today guys. We'll see you next time. This is Woman's Work with Nicole Khalil.
- [20:53]
Candy Valentino
I would rather have the temporary pain.
- [20:55]
Rob
Of discomfort than the avoidable pain of urge regret.
- [20:57]
Candy Valentino
There are too many of us there. We're waiting for someday and the clock.
- [21:02]
Rob
Is ticking, redefining what it means to.
- [21:06]
Candy Valentino
Be doing women's work.
- [21:08]
Rob
Make sense of this wild, chaotic and beautiful world and your place in it. That is Woman's Work.
- [21:15]
Candy Valentino
This is Woman's Work from Believe, Follow and listen on your favorite platform.