Will New Tariffs and Tax Rules Cost You? (Plus: Travel Rewards & Roth IRA Tips)

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2 • 665 Ratings

🗓️ 6 February 2025

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Get the latest on tariffs, federal spending and the CFPB shake-up — plus answers to your travel credit card and Roth IRA questions. What tariffs has President Trump implemented? What’s the best travel credit card for earning rewards and perks? How do you open a Roth IRA and choose investments? Hosts Sean Pyles and Elizabeth Ayoola discuss the latest financial news, including new tariffs, federal spending changes, and what’s happening with the CFPB under the Trump administration. Senior news writer Anna Helhoski joins them to discuss of how tariffs may raise prices for consumers, how government funding uncertainties could affect personal finances, and what to know about potential changes to financial protections. Then, host Sara Rathner joins Sean to answer a “lightning round” of listener questions, including questions about travel credit cards and Roth IRAs. They cover top travel credit cards and their perks, how to decide if a travel rewards card is right for you, and what to consider when opening a Roth IRA. NerdWallet’s roundup of the best brokers for beginner investors: https://www.nerdwallet.com/best/investing/online-brokers-for-beginners In their conversation, the Nerds discuss: best travel credit cards, how to open a Roth IRA, travel rewards cards, Roth IRA step-by-step, tariffs impact on prices, federal spending freeze, CFPB changes, financial protections, Chase Sapphire Reserve review, American Express Gold Card benefits, best credit card for travel perks, how to choose a credit card, travel credit card comparison, investment accounts for kids, best brokerage accounts, best 529 college savings plan, credit freeze explained, credit card points vs. cash back, pros and cons of travel credit cards, Roth IRA tax benefits, how to pick a Roth IRA provider, best robo-advisors for retirement, what is a custodial account, UTMA vs. 529 plan, how to invest for grandkids, personal finance news, money tips, financial literacy, best tax-advantaged accounts, step-by-step Roth IRA guide, best credit card welcome bonuses, tax implications of travel rewards, how tariffs affect your wallet, how to budget for travel, how to avoid credit card debt, and how to maximize credit card rewards. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:30.3	Well, Elizabeth, would you say it's been a slow news week? I would not say that, Sean,
0:36.1	not even remotely. In fact, it's dizzying trying to keep up
0:39.5	with everything that's happening right now with the new administration. And some of it could
0:43.2	affect all of our finances. So let's try to summarize and then get to the fun part, a lightning
0:48.9	round of listener questions. Welcome to NerdWallet's Smart Money Podcast, where you send us your money questions and we answer them with the help of our genius nerds.
1:03.0	I'm Sean Piles.
1:04.0	And I'm Elizabeth Ayola.
1:06.0	This episode, we're featuring a speed round of your questions, including favorite travel credit cards,
1:11.5	and how exactly to open a Roth IRA, a question for which we turn to fairy tales.
1:17.1	But first, our weekly Money News Roundup, where we break down the latest in the world of finance
1:21.2	to help you be smarter with your money.
1:22.6	So, Sean, as we just mentioned, the news in the last couple of weeks has been a lot.
1:28.5	Yeah, Elizabeth, I'd describe it as unprecedented, to say the least, but also chaotic and confusing.
1:35.8	So let's try to clear up as much as we can.
1:38.3	Today, we're breaking down some of the key recent actions by the Trump administration that could affect your finances and the economy.
1:45.4	Our news colleague, Anna Helhouski, is here to help with that. Anna, thanks for stopping by.
1:50.9	Yeah, you got it. All right, so let's start with tariffs. A topic we've talked about on the podcast
	...

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