NerdWallet's Smart Money Podcast
Will New Tariffs and Tax Rules Cost You? (Plus: Travel Rewards & Roth IRA Tips)
Thu, 06 Feb 2025
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
Chapter 1: What are the new tariffs implemented by President Trump?
And with that said, until next time, turn to the nerds.
Chapter 6: How to open a Roth IRA and what to consider?
Do they have to start with a minimum investment of $3,000? Or is there a way they can start with smaller amounts?
Cheryl should certainly be able to start with smaller amounts, depending on what type of account they want. Cheryl should have no problem finding an investment account with a zero dollar minimum.
Yeah, and this is where we put our NerdWallet hats on, not that we ever take them off, and remind folks to shop around for financial products. We have loads of roundups about investing accounts on NerdWallet, so check those out. You can find a link in this episode's show notes or online by searching NerdWallet investing account.
And moving on, let's get to our final question of the episode, which comes from a listener's text message. Here it is. Step by step, like I'm a five-year-old, exactly how do you open a Roth IRA? And then what do you do once you open it? I'm college educated, but I need finances for dummies. All right, Sarah, you are a parent.
I get that your kid is not yet five, but how would you explain to them how to open a Roth IRA?
Honestly, ask me that question in a few years when he no longer refers to our dog as mama. I'm also mama, but the dog is... Double mama. Whenever I say the dog's name to him, he goes, mama.
So cute.
So opening Roth IRA is pretty simple. You can do it in just a few steps, which we laid out in an article that we will link to in the show notes, but I will also walk you through them.
Give them to us. And Sarah, you got to make this fun because I was that five-year-old who preferred to doodle with my crayons in class rather than pay attention.
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