And good evening.

You've got more than money.

You've got Gene Dickerson, your host, your personal financial advisor, Megan, our financial correspondent, bringing you the questions that you have sent to us.

And, goodness, a half an hour is going to go very, very quickly.

So if you're just joining us for the very first time, welcome.

You may not be aware how fast this show will go.

We cover a lot of ground in a short order, so you really can't drift off very much.

If you're smart, you'll grab a pad, a pen.

I'm one of the few folks who still use pencils, but pad and pen?

Maybe take some notes here and there.

And one of the first notes you might want to take is the email address Jean at ask mtm.com that allows you to send us your questions.

And again you're the very this is your very first more than money show.

It does make me wonder where you've been after.

This is our seventh season, but welcome anyway.

People come to us when they come to us.

If this is your first show, you may be surprised to find that we lay claim boldly lay claim to being the most relevant financial show on television today, no matter what station, no matter what locale.

Geography, from coast to coast, from border to border, we claim to be the most relevant.

Not because of my immense, immense wisdom and knowledge, but because of you.

You make this the most relevant show because you ask the most interesting questions.

They are the questions that are most top of mind for you.

The highest priority, the most relevant.

And gosh, that makes it so interesting.

I can assure you that if I spent the next 24.5 minutes just lecturing you on the the pros and cons of various investments, you would, you'd likely fall asleep or maybe tune over to, I don't know what Wheel of Fortune or whatever else is competitive with us, but that's not what we do.

And I think, well, I know now, after all these years that we have, we've struck a chord.

We have folks who are responsive because they say, hey, that sounds like us.

Or hey, that's a question I had or hey, that's not at all what I'm interested in.

So here's my question to you.

So when they send us their questions Jean at ask mtm.com, they are very, very interesting indeed.

We answer every single question.

We have a tremendous team.

They send those questions, those answers to those questions back to you.

And then we pick a few that we explore on air and share with everyone and hopefully make everyone just a little better informed, make their decisions or financial decisions a bit more confidently.

And after all, that's the whole idea.

We're starting a new year.

It's exciting, kind of a fresh start to lots of things.

This might be might be your day where you start down a bold new path for yourself financially.

So let's, let's turn the microphone over to mags.

Let's find out where do we start this evening, young lady?

Hi, Jean.

Our first email, for tonight.

I think we just want your thoughts on it.

This one says heard you mentioned on a show the other day about how much the government took in due to tariffs.

I would like to make a few points.

First, I believe any present tariff revenue is on the old tariff schedule.

Taco.

Trump's new rates until later this year.

You're seeing, you're seeing is companies front loading to avoid the new tariffs.

A second point, a point that all tariff proponents conveniently overlook is who pays the tariff.

Sure, the importer may absorb some or all initially, but eventually the entire cost will be passed along to the consumer.

If they aren't, then company profits take a hit, which decreases any dividends to shareholders, which depresses price of the stock, which affects retirement accounts.

My third point expanding upon the point that tariffs are essentially taxes and products from foreign countries, are what is being taxed.

If the products are being taxed worse.

If the products being taxed were solely discretionary items, no problem.

Issue is that now the necessities of life, food and clothing, things we don't can't produce here like bananas, cocoa and shoes are being taxed, which any normal person, should consider unfair.

Why?

Because it disproportionately affects Joe Average, as any tax on food or clothing takes a bigger percentage bite of his income than Donald rich guy.

What are your thoughts on this?

Jean is the narco meter, coming alive here with this one?

So why why snark a meter?

I have I have no idea what you're referencing.

Hey, I'm always even keeled, even soft spoken.

Some have said, but those are usually the folks who have never actually met me or seen our show.

This is fascinating.

This, email actually came to us, some weeks back.

So, I have the advantage.

I have the clear advantage of of knowing what has unfolded versus, this email was a disadvantage of, trying to be psychic, trying to, read the tea leaves and project into the future these dreadful things, these draconian impacts that, he suggests, is driven by, Donald rich guy.

Fascinating.

One of the, I'm very, very blessed.

I've had exposure to lots of great, professors, lots of great, mentors, lots of great instructors over the years.

And one of the very first things that I was taught a thousand years ago, in terms of arguing, a point is, if you decide that, your basis for your argument includes attacking the other person, it's probably the weakest argument that that exists, and it generally relegates you to the, to the dung heap of, of good ideas.

So when we reference Donald Rich guy, we talk about taco don, taco Trump.

It weakens your argument to the point of almost dismissal.

Now, the reason it didn't get dismissed is because you made a number of points that a fair portion, not a majority, but a fair portion of the country.

At some point, I would say five, 10%, maybe, which in our country is millions of people, had similar feelings.

Hey, isn't this just generally a really, really bad idea?

Because anything that needs to be made outside the country and brought into the country, will be, more expensive?

Well, as it has turned out and again, I have the the benefit of hindsight, we have raised hundreds of billions of dollars as a country by imposing tariffs versus, for example, armed conflict.

Turning to individuals, countries that we have, trading relationships with and say, hey, either do it our way or we're going to invade you.

That has been kind of the negotiating strategy of many past administrations.

This strategy is, hey, we're not going to hurt your people.

We're going to hurt your pocketbook.

And as a result, hundreds of, hundreds of companies, for sure.

But dozens and dozens of countries have come to the bargaining table, worked out tariffs, scenarios that are really quite advantageous to them as well as to us.

While many folks, this gentleman included, predicted that these tariffs would increase, prices dramatically, the predictions were anywhere from 25 to 75% on certain items.

Hasn't been the case.

And it's an interesting process where, this is maybe coincidental, maybe good timing, but many of the tariffs, have been negotiated to a much lower level.

The average right now, as is being reported by by the administration, 9%, not 25, not 59, 75, 9%, still a significant number.

If the consumer has to eat all of that, we understand that that can be, really a struggle, but it's coming at a time where there are other, goodness, moving parts.

There are other issues afoot.

Some of which include artificial intelligence, some of which include the application of new technologies.

But they're making companies more effective, more efficient.

So they have not had to raise prices to cover the tariffs to any significant degree.

And yet they have not suffered lower, profits because they have, again, perhaps coincidentally, perhaps just good timing, perhaps good fortune, they're able to cut their cost while absorbing those, tariffs and still remain, very, very profitable.

Another point that has to be looked at very, very carefully if you are to be fair and balanced.

This is not a fair and balanced question, obviously, but if we are to be fair and balanced, we have to look at very, very carefully is the fact that these incentives, these requirements that countries, companies outside our country, if they're going to bring these products in, are going to pay to bring those products and have motivated a tremendous number of companies to say, wait a second, does that mean if we build plants in the United States, if we employ American citizens as our employees, if we do all of that operation inside the borders of the United States, will that, will we escape the tariffs?

The answer is yes.

And as a result, the current number, the current estimated number, $18 trillion, now with a B with a T, $18 trillion of outside investment companies coming into the United States.

The one that I heard most recently was Toyota building a battery plant in North Carolina.

Estimated investment between 2 and $4 billion.

And that's before they start hiring employees.

More jobs for Americans.

No tariffs on the products produced here.

Tremendous number of dollars being invested in infrastructure, manufacturing and production.

All private money, none, being generated by taxpayer investment.

We have heard horror stories in the past of governments, our government, the American government spending money in just ridiculous ways.

Hey, we're going to spend $1 trillion or we're going to spend $1 billion, and we're going to end up with four charging stations or some other silly reference.

Bottom line is that the, taxpayer ends up footing the bill for foolish decisions, as opposed to these are all private dollars coming into the United States and creating, goodness, high paying jobs, well-paying jobs for sure.

And, and benefits for American citizens.

Tremendous.

The last point that he makes interesting enough is, is, is, in my opinion, one of the least, intellectually sound points about tariffs.

And, he goes on to say, if there are folks always it's always the poor folks who can't afford to buy food that's not imported, can't afford to buy clothes that that are not imported, can't afford to buy shoes that are not imported, avocados that are not imported.

This is one of the least, thoughtful, arguments that you'll come up against.

I'll give you a simple example.

Simple example.

Now we're seeing coast to coast and border to border.

That's fantastic.

We appreciate all of you from throughout the country that are watching.

And I'm guessing but I'll bet I'll be right.

I'm, I'm, I'm 99 plus percent sure I'm correct.

And the area there that we live in and eastern Pennsylvania, we have I I've lost track dozens of farmers markets, dozens of them, some magnificently large, others modest and and fantastic.

All of these, food products produce locally produced by our, our friends and neighbors, part of our community, not subject to tariffs in any way shape or form.

So, the argument that, we have to buy food from someplace else is, really weak.

Almost, almost ridiculous.

All right, let's be clear.

It's ridiculous.

Because if you wish, you can eat farm to table.

Some of the best of all, that that the, God's creation, produces and support your neighbors and support your friends.

And by the way, if you've been to the farmers market, so many of you have.

I know you enjoy it.

It's a great experience.

These are great people.

You're you're interacting and and you're you're getting the best of the best at really wonderful prices.

So there's so much here, that, as we look back again, I had the advantage of of a little extra time, we look back, it just doesn't make sense.

So, maybe, just maybe this gentleman hopefully, hears my response and goes, now that he's expressed it that way, I think he's right.

I'm not actually holding my breath, man, because where do we go next?

Our next question, is actually more of a conversation that you can maybe finish for us.

It says from a golfer at a charity tournament.

They asked, should I be adding crypto?

I asked why, and they said, FOMO, but I don't want to lose my money.

What's your response to this?

Jean?

Well, first of all, I had to look up FOMO.

No, I'm kidding, I'm kidding.

FOMO.

Fear of missing out.

Lots of folks have that.

Lots of folks have that.

Hey, there's going to be a party.

I got to go.

What does they have?

Fun.

And and I don't get to have fun.

I wanted to include this question for a couple of reasons.

Number one, charity tournaments, many of you have the opportunity.

Many of you enjoy the game of golf and forget golf.

It can be golf, it can be pickleball, I can be gosh, there are so many opportunities for you to enjoy whatever you do as a sport and help out worthy organizations in this area.

Oh my goodness, we are so blessed.

There are so many wonderful opportunities for myself, my team, the folks that we care about to jump into golf tournaments, basically, six, seven, eight months a year, help raise lots of money for great organizations and, and enjoy the sport that we really, we really appreciate.

This particular situation was a gentleman.

I've known him for a number of years, very, very smart and asks very simply, should I add crypto?

And before I got into any long winded answer, like I'm going to hear, because we're at a golf tournament is so sure it's not that's that's not why we're there.

I'm not we don't we don't, set up the desk and start answering questions and and charge them a buck.

We don't do that.

Oh, maybe we should.

That could be a great idea.

And a fundraiser, at any rate.

Why?

Fear of missing out.

What?

What if something happens?

It.

It's explosive.

And and this person doesn't have crypto.

But I don't want to lose my money.

Well, in recent weeks.

Now, again, you folks have the advantage on me now because you're seeing the show a couple weeks after I've recorded it.

But in recent weeks, Bitcoin, for example, topped out at about 120 125 $125,000 a coin.

And as of yesterday, close at about 81,000.

That's, that's a drop of over 40,000 bucks.

So when this gentleman said you're missing out, I'm certain he did not mean fear of missing out on all those losses.

Now, do I expect that it's going to stay that low?

I don't know, I expect it will go up.

Yes.

Do I expect it will come back down?

Yes, it's going to.

It's a very volatile asset.

The question the real question would be particularly if we're sitting, not at a tournament, we're sitting at a desk and we're discussing the specifics of someone's investment approach.

What do you expect crypto would add to your investment?

What goal that you have financially do you think would be, made?

More possible?

Would, increase the probabilitie If you're simply trying to make a lot of money, I would say, added this gentleman happens to be retired.

That was not his issue.

And he already said, I'm I don't want to lose money.

Crypto, gets kind of crossed out of that list of options when you start with, I don't want to lose money because it is so volatile.

Gold falls into that category.

In some cases, real estate falls into that category.

There are a tremendous, universe of investment options that provide very, very good rates of return with lots of, reliability, lots of predictability, with a much reduced cycle of ups and downs instead of wild swings, very modest swings instead of the roller coaster.

It's the children's roller coaster, the the one that's really gentle and the one that I prefer.

But bottom line is it really doesn't.

An individual investment tool cryptocurrency stocks, bonds, money markets, structured notes, buffet ETFs, all of those are simply tools.

The question about whether you should add a particular tool to your tool chest.

Does it really help?

Does it help you get closer to your financial goals?

As, this gentleman pointed out right away, it doesn't.

So for him, he's going to have to live with FOMO.

Makes excellent questions.

Do we have an excellent question to, to lead us next?

We do.

This one involves the alphabet.

Just gif.

This one says I've been watching your show for about a year now, and I really enjoy it.

My wife and I have been converting our traditional IRAs into our Roth accounts for the past five years.

Currently, all my wife's retirement, $347,000, is in her Roth account, and I'll have 1 million in my Roth and 310,000 in my traditional IRA.

At the end of this year, instead of converting all my IRA to Roth.

What do you think about keeping some money in my traditional IRA to pay for possible future long term care costs?

We'll be able to deduct a high percentage of nursing home expenses on schedule A, which will greatly reduce our federal income taxes compared to converting the remainder of my IRA into my Roth account.

If we never need long term care, we'll just donate the IRA to charity when we pass.

Since we have no children, I would rather give the money to a good charity than to the government.

I also don't like the idea of paying for long term care insurance that we may never need.

Do I have to do anything to change the designation of my traditional IRA to a long term care IRA?

And how much money would you suggest that I should leave in my traditional IRA?

I'll turn 69 later this year, so I still have a few years before I'll have to take RMDs for my IRA.

Thank you.

Excellent.

This is an excellent question.

This this individual, this gentleman, I believe.

Yes.

Has has thought through this very, very carefully.

I'm very impressed.

It's an interesting idea.

It's an interesting approach, an interesting strategy that that addresses a very serious concern, a very real concern.

So, let's examine this, long term care for those of you who are not aware, perhaps you younger perhaps it hasn't affected you or your family at this point.

But for folks who need care, what, costs years ago were relatively, modest have exploded into numbers that for some folks are staggering, staggering, not unusual for standard, retirement kind of care community baseline to be 8 to $10,000 a month.

Not unusual at all for the care to accelerate where there is is more hands on care, more nursing care, to be 1214, 15,000 and not unusual at all for memory care, dementia, Alzheimer's, cognitive care to be 15, 18, 20,000.

And those are numbers that I'm aware of in our area.

I'm sure there are areas where those numbers are much higher.

So it is a significant concern.

This gentleman is young.

If he's part of our triple H club, happy, healthy 100.

He's got 31 years to go.

Likely.

His wife is a bit younger, so she is in that club as well.

So as a result, if you start to look at, the challenge, the challenge being if I lose my health today, I might need care for a very long time.

Now, to be blunt and not to be cold blooded or harsh about it, but the reality is that the average stay for someone who's receiving advanced care from a nursing home facility or in-home for the same reasons, is between two and a half and three years, it is not dreadfully long where we run into that incredibly, a difficult challenge is the cognitive issues, the, the the dementia, the Alzheimer's issues.

There's folks, patients that suffer from those challenges often, often live eight, ten, 12 and longer that many years and longer.

So the cost can be staggering, absolutely staggering.

Is there a a, valid reason to do exactly what he's suggesting?

Leave this 300 plus thousand dollars in his IRA with the idea that if he should need that care and let's say the care costs are $100,000 a year, they could pull that $100,000 out of the IRA taxable, declare the $100,000 that he's paying out.

They're paying out in care as medical expenses and one basically offsetting the other.

The answer is yes.

As a very interesting and very wise idea.

Will it be enough?

There's no one in the world that can tell that in advance.

No one is psychic psychotic, of course, but not psychic.

So you simply don't know one of the items, one of the financial tools that you should certainly look at if you're considering this approach, is, is an annuity that has a long term care rider.

These are, relatively new last five, six, seven years, maybe just a bit longer.

Lots of folks not terribly familiar with them.

The idea is that you invest in this case, we're use the 300 into an annuity that is specifically designed to provide long term care, coverage, long term care, reimbursement.

In the event that someone needs it.

And typically, depending on the age and the health of the person involved, for every dollar they put in, they'll get 2 or $3, out for long term care, expenses.

So if he puts in 310,000, he will get somewhere between 620 and 950,000 hours of coverage.

Obviously, that leverages dramatically important should he need that kind of care.

That can be done inside the IRA, that can be done under that umbrella.

Absolutely correct.

We pray.

Pray they never need it.

You actually never need that kind of care.

Never need to lay out those expenses.

Your IRA is what your IRA is supposed to be.

Just that.

That that, retirement vehicle.

You'll take out your RMDs as you live a long and healthy life.

And that your passing.

If you should leave your IRA to a charity or multiple charities, there's no, restriction.

It only be one.

You could just slice and dice and set it up so that goes directly to those charities.

No tax, no income tax to the charities.

Of course they're nonprofits.

No tax on the estate side either.

Fascinating and very beneficial.

He references.

I'd rather give it to a good charity than the government.

That's a lovely idea.

One that I heartily endorse.

Despite whatever, improvements are happening within the government system to make it more efficient, it's still not.

It simply isn't.

And bottom line is, you, this gentleman, you in particular.

If you're going to follow this lead, having the control, the choice to pick and choose where you want that money to go, that's really ideal.

That's really the direction that you should go.

I'm very impressed and very impressed with the idea.

I'm very impressed that they have weathered the storm of doing Roth.

Conversions are on.

Gosh, what, $1.3 million?

They've already paid substantial amounts of income taxes.

And of course, all that money still available to them in the future should they need long term care, one or both of them.

But the reality is that this idea could work very well.

And if we add the annuity idea to it, it might leverage that up to a very substantial dollar amount should they need it.

Excellent questions.

Oh my goodness.

Observations.

Questions are fantastic.

Again, far more interesting than anything I would have come up with on my own.

So if you are so inclined and you are interested in having your question, the things that are of high priority to you addressed by financial advisors that really do care.

There's no cost, there's no obligation, there's no pressure.

You simply send off your email to Jean at ask mtm.com.

One of our, our team, one of our financial advisors will answer the question back to you.

In many cases there's given take.

Hey, I have a question for you.

And it goes back and forth until we get you the answer that you absolutely need.

So fantastic.

And maybe, just maybe, you'll be able to brag one day that your question appeared on a future episode of more of the money.

As speaking of future episodes, we'll be back next week, right here behind this podium to answer more of your questions.

And we hope that you'll be there, too, when we come back for another edition of More Than Money tonight.