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6Month CheckIn: 6 Ways Trump's Presidency Has Impacted Our Wallets G. Brian DavisAugust 5, 2025 at 8:21 PM SplashNews.com / Shutterstock.com Financial news has certainly started firing more rapidly since President Donald Trump took office in January.

- - 6-Month Check-In: 6 Ways Trump's Presidency Has Impacted Our Wallets

G. Brian DavisAugust 5, 2025 at 8:21 PM

SplashNews.com / Shutterstock.com

Financial news has certainly started firing more rapidly since President Donald Trump took office in January. From tariffs and trade wars to tax bills and stock market crashes and surges, it's been a wild six months.

Read Next: 5 Ways Trump's 'Big, Beautiful Bill' Could Impact Your Wallet

Find Out: How Middle-Class Earners Are Quietly Becoming Millionaires — and How You Can, Too

Here's an early snapshot of how the Trump administration's policies have impacted Americans' wallets in their first six or so months.

Also see three ways a Trump-Powell faceoff could affect your wallet this summer.

Trending Now: Suze Orman's Secret to a Wealthy Retirement--Have You Made This Money Move?

Rushed Consumer Shopping Sprees

In the initial few months of tariff threats, Americans rushed to buy goods before they rose in price.

"The whipsaw tariff announcements left many Americans feeling the need to stockpile and rush purchases that they may or may not need down the line," said Aaron Razon, a consumer finance expert with Couponsnake. "In their anxiety and uncertainty, many consumers rushed into making purchases."

Indeed, TransUnion reported that consumer credit card balances rose to $1.07 trillion in the first quarter (the most recent available data), up from $769 billion in 2022.

Check Out: I Asked ChatGPT What the Point of Trump's Tariffs Are: Here's What It Said

Sustained Inflation Uncertainty

It remains unclear just how much the Trump administration's tariffs will drive up inflation. While it remained muted in the early months of the year, the Bureau of Labor Statistics reported a jump in inflation last month.

Economics professor Brandon Parsons, Ph.D., of Pepperdine University explained that the impact of tariffs is just now starting to hit retail shelves. "Importer inventory stockpiles and tariff agreement delays have kept the numbers quiet. But apparel prices jumped 8% from the April 2 tariffs alone and are up 17% overall from all tariff actions this year. While motor vehicles were unaffected by the April tariffs, the cumulative 2025 actions have driven car prices up 8.4%, adding roughly $4,000 to the cost of a typical 2024 vehicle," he said.

Higher Metal Prices

Tariffs specifically targeting steel, aluminum and copper could drive up the cost of everything from cars and consumer goods to new homes and house renovations.

"Higher costs for metal lead to less supply and higher prices," Parsons said. He pointed to a report by the Washington Center for Equitable Growth, indicating a 2% to 4.5% increase in manufacturing costs. "That could decrease sales and lead to greater unemployment, as well as less disposable income for Americans buying these products."

Businesses Cautious on Hiring and Expansion

It's hard for businesses to make long-term plans when the regulatory environment changes so rapidly. That has left many businesses slowing down hiring and other long-term investments.

As CBS News reported, the July employment report showed disappointing numbers, "with the data suggesting the job market is wobbling from the uncertainty of on-again, off-again tariffs."

Stock Market Frothiness

Retail investors don't share businesses' caution, however, and drove major U.S. stock indexes to record highs in late July.

Investment platform GuruFocus reported a price-to-earnings ratio of 28.79 as of August 1, compared with a median ratio of 17.97. It also reported that the Buffett Indicator shows total U.S. stock valuations at 208.3% of GDP, compared with more normal ratios in the 100% to 150% range.

And then there's the resurgence of meme stock mania to show off the full frothiness of U.S. stocks.

Lower Taxes for Most Americans — for Now

The One Big Beautiful Bill Act lowered the effective tax rates for most Americans. The majority (56%) of economists surveyed in July by Wolters Kluwer see the new tax law as stimulative to the economy.

Yet many economists also worry about rising U.S. debt levels. The Bipartisan Policy Center calculated that the bill will cost the government $3.4 trillion over the next 10 years.

That could cause future administrations and lawmakers to push for higher taxes to contain soaring debt. For now, however, taxpayers can enjoy lower effective tax rates and some higher deductions and credits.

Editor's note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.

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6-Month Check-In: 6 Ways Trump’s Presidency Has Impacted Our Wallets

6Month CheckIn: 6 Ways Trump 's Presidency Has Impacted Our Wallets G. Brian DavisAugust 5, 2025 at 8:21 PM Sp...

US trade deficit hits nearly 2year low in June; China gap plunges Dan BurnsAugust 5, 2025 at 9:49 PM By Dan Burns (Reuters) The U.S.

- - US trade deficit hits nearly 2-year low in June; China gap plunges

Dan BurnsAugust 5, 2025 at 9:49 PM

By Dan Burns

(Reuters) -The U.S. trade deficit narrowed in June on a sharp drop in consumer goods imports, and the trade gap with China shrank to its lowest in more than 21 years, the latest evidence of the imprint on global commerce President Donald Trump is making with sweeping tariffs on imported goods.

The overall trade gap narrowed 16.0% in June to $60.2 billion, the Commerce Department's Bureau of Economic Analysis said on Tuesday. Days after reporting that the goods trade deficit tumbled 10.8% to its lowest since September 2023, the government said the full deficit including services also was its narrowest since then.

Exports of goods and services totaled $277.3 billion, down from more than $278 billion in May, while total imports were $337.5 billion, down from $350.3 billion.

The diminished trade deficit contributed heavily to the rebound in U.S. gross domestic product during the second quarter, reported last week, reversing a drag in the first quarter when imports had surged as consumers and businesses front-loaded purchases to beat the imposition of Trump's tariffs. The economy in the second quarter expanded at a 3.0% annualized rate after contracting at a 0.5% rate in the first three months of the year, but the headline figure masked underlying indications that activity was weakening.

Last week Trump, ahead of a self-imposed deadline of August 1, issued a barrage of notices informing scores of trading partners of higher import taxes set to be imposed on their goods exports to the U.S.

With tariff rates ranging from 10% to 41% on imports to the U.S. set to kick in on August 7, the Budget Lab at Yale now estimates the average overall U.S. tariff rate has shot up to 18.3%, the highest since 1934, from between 2% and 3% before Trump returned to the White House in January.

A centerpiece of Tuesday's report was the latest steep drop in the U.S. trade deficit with China, which tumbled by roughly a third to $9.5 billion in June to its narrowest since February 2004. Over five consecutive months of declines, it has narrowed by $22.2 billion - a 70% reduction.

U.S. and China trade negotiators met last week in Sweden in the latest round of engagement over the trade war that has intensified since Trump's return. The U.S. currently imposes a 30% tariff on most Chinese imports, which has fueled a steep drop off in inbound goods traffic from China. Imports from China dropped to $18.9 billion, the lowest since 2009.

The trade negotiators have recommended that Trump extend an August 12 deadline for the current tariff rate to expire and snap back to more than 100%, where it had briefly been earlier this year after a round of tit-for-tat increases by both sides.

"We're getting very close to a deal," Trump said Tuesday in an interview on CNBC. "We're getting along with China very well."

(Reporting by Dan Burns; Editing by Andrea Ricci)

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US trade deficit hits nearly 2-year low in June; China gap plunges

US trade deficit hits nearly 2year low in June; China gap plunges Dan BurnsAugust 5, 2025 at 9:49 PM By Dan Burns ...

Israel's Netanyahu expected to push for plan to 'occupy' Gaza Chantal Da SilvaAugust 5, 2025 at 8:11 PM Israeli Prime Minister Benjamin Netanyahu is expected to push to "occupy all of the Gaza Strip" as ceasefire talks with Hamas founder and the hunger crisis in the besieged Palestinian enclave spir...

- - Israel's Netanyahu expected to push for plan to 'occupy' Gaza

Chantal Da SilvaAugust 5, 2025 at 8:11 PM

Israeli Prime Minister Benjamin Netanyahu is expected to push to "occupy all of the Gaza Strip" as ceasefire talks with Hamas founder and the hunger crisis in the besieged Palestinian enclave spirals.

A bid by Netanyahu to occupy all of Gaza would follow similar calls from members of his far-right government upon whom his fragile coalition relies, and could mark a significant shift in policy since Israel withdrew from the territory in 2005.

Officials from Netanyahu's office said in a statement shared with NBC News on Monday night that the Israeli leader had decided to "occupy all of the Gaza Strip, including areas where hostages may be held."

The statement was shared in Hebrew and the term used can be translated to mean both "occupy" and "conquer." Netanyahu's office did not immediately respond to a request for clarification on the intended definition, but Israeli media, including The Times of Israel, reported that Netanyahu intended to "fully occupy" the enclave.

A family living in a makeshift tent in Yarmouk camp, where they pick out food scraps among waste material, on Wednesday. (Dawoud Abo Alkas / Anadolu via Getty Images)

Israeli media reported that Netanyahu would hold a limited security meeting Tuesday to discuss the future of Israel's campaign in Gaza.

Netanyahu had said Monday he planned to convene the security Cabinet this week to "instruct" the Israeli military on how to achieve the three war objectives laid out at the start of Israel's offensive in Gaza: defeating Hamas, seeing the release of hostages who remain held in the enclave and removing the threat of possible future attacks. Asked to confirm if the meeting would take place Tuesday, his office did not respond directly and referred NBC News to his comments Monday.

While the Hamas-led attacks of Oct. 7, 2023, that left 1,200 dead and saw 250 taken hostages garnered worldwide sympathy for Israel, the country's actions in the territory have since sparked widespread international outrage.

The United States remains the biggest supplier of arms to Israel, with American spending on Israel's military operations reaching more than $17.9 billion from Oct. 7 last year to Sept. 30, according to Brown University's Costs of War Project.

There has been growing global alarm over Israel's actions in the enclave amid a hunger crisis caused by the offensive and strict restrictions on the entry of aid, marked by mounting deaths from starvation.

The "worst-case scenario of famine" is unfolding in the Gaza Strip under Israel's assault, the world's leading body on hunger said last week. Meanwhile, most of its residents have been driven from their homes and more than 60,900 killed, including thousands of children, according to local health officials.

A girl stands over a person who was killed while seeking food at a Gaza Humanitarian Foundation distribution point. (AFP via Getty Images)

Nearly 190 people in Gaza, including at least 94 children, have died from malnutrition since the war began, according to the Palestinian Health Ministry in Gaza.

There is mounting opposition to the war among Israelis. Many have long despaired over the fate of of the estimated 20 living hostages remaining in Gaza, and recent protests have expressed outrage over the children dying from malnutrition.

Fears for the hostages were also fueled after Hamas and the Palestinian Islamic Jihad released imagery in recent days showing visibly gaunt Israeli hostages Evyatar David and Rom Braslavski.

Earlier this month, a group representing hundreds of retired Israeli security officials that calls itself the Commanders for Israel's Security's leadership addressed a letter to President Donald Trump calling on him to pressure Israel to end the war.

In the letter, which was confirmed to NBC News, the group said it was its professional judgment that Hamas no longer posed a strategic threat — and that it was time to "end the war, return the hostages" and "stop the suffering."

While the reoccupation of Gaza is largely unpopular with the Israeli public, it is supported on the far right.

Over the weekend, National Security Minister Itamar Ben-Gvir called for Israel to "conquer" Gaza to and to encourage Palestinians to leave the enclave.

A boy searches for food scraps or materials to sell in the garbage dumps around the Firas market in Gaza City. (Dawoud Abo Alkas / Anadolu via Getty Images)

Ben-Gvir drew condemnation not only for his comments, but also for leading a group of worshippers in prayer at the Al-Aqsa Mosque compound, known to Jews as Temple Mount, violating a decades-old agreement allowing Jews to visit to Jerusalem's most sensitive holy site but not to worship there.

Ben-Gvir has repeatedly called for Israel to "conquer" Gaza, and called for rebuilding of Israeli settlements there alongside other right-wing ministers, including Finance Minister Bezalel Smotrich.

Israel captured the Gaza Strip, then occupied by Egypt, after the 1967 war, but withdrew settlers — some of them forcefully — in 2005. In 2006, residents elected the Islamist militant and political group Hamas in legislative elections, precipitating clashes with the more secular Palestinian faction of Fatah. Hamas seized full control of the enclave in 2007.

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Israel's Netanyahu expected to push for plan to 'occupy' Gaza

Israel's Netanyahu expected to push for plan to 'occupy' Gaza Chantal Da SilvaAugust 5, 2025 at 8:11 P...

He needed a graveyard shift at UPS to pay for training. Now he's a U.S. champion sprinter. Andrew GreifAugust 5, 2025 at 8:00 PM Jacory Patterson wins the gold medal in the Prevagen Men's 400m final during the 2025 USATF Outdoor Championships in Eugene, Ore., on Saturday.

- - He needed a graveyard shift at UPS to pay for training. Now he's a U.S. champion sprinter.

Andrew GreifAugust 5, 2025 at 8:00 PM

Jacory Patterson wins the gold medal in the Prevagen Men's 400m final during the 2025 USATF Outdoor Championships in Eugene, Ore., on Saturday. (Christian Petersen / Getty Images)

After winning the 400-meter title at the U.S. track and field championships Saturday in Eugene, Oregon, Jacory Patterson returned to find his phone filled with congratulatory messages.

Among the well-wishers were some of Patterson's former co-workers. They had seen him operate under pressure at a fast pace before — at a UPS distribution center in South Carolina.

As Patterson, 25, showed in Oregon after cruising one lap in 44.16 seconds to win his first individual national title, his speed is unique. Yet his decision to fund his training via a graveyard shift packing boxes into the back of UPS delivery trucks is rooted in a reality that is common throughout his sport.

It's hard to make a living in track and field.

"I can definitely say it's a little tougher being unsponsored for sure, because you have no money," Patterson said in an interview Sunday. "Everything is coming out of your pockets. And then, having to balance that with getting into meets, paying for gear, paying for spikes and all the things that go into track? And then having to pay your own bills, too; you know, rent, car bills, gas, groceries, like the whole nine yards."

In many major North American professional sports, a single entity such as the NBA, NFL or MLB collects revenue from media rights, merchandising and other licensing and pays out a share to its athletes under the terms of an agreement that has been collectively bargained with their union. Track and field, however, has no single, premier league, and their athletes also have no union. The combination makes established and aspiring pro runners alike the world's fastest freelancers, whose income is dependent on a piecemeal combination that can include endorsements, appearance fees, prize money and money earned from social media and grants.

As Patterson can attest, not all of those revenue streams are guaranteed.

At last week's U.S. championships, it was not uncommon to see some of the sport's highest-paid and most-decorated athletes, including champion sprinter Noah Lyles, competing alongside peers scratching out a living. On Sunday, Dylan Beard made the U.S. team that will compete in September's world championships in Tokyo in the 110-meter hurdles. To go to the meet, however, the unsponsored hurdler will need to ask for time off from his day job in the deli of a North Carolina Walmart.

Patterson left the University of Florida powerhouse campus in 2023 with a pair of NCAA relay championships but his times were not fast enough to earn an all-important sponsorship contract with a shoe company. Shoe companies provide the bulk of money for track athletes though some, but not all, companies utilize so-called "reduction clauses" to cut an athlete's earnings if certain performance marks are not met.

These contracts are almost never made public. The most lucrative, such as the one Adidas holds with Lyles, and a five-year, $11 million deal signed by former Olympic champion Andre de Grasse with Puma, are the exception, not the rule, and even then would make them firmly middle class by NBA, MLB and NFL standards.

Jacory Patterson wins the gold medal in the Men's 400m final during the 2025 USATF Outdoor Championships in Eugene, Ore., on Saturday. (Patrick Smith / Getty Images)

The 2024 Olympic Trials presented a breakout opportunity for Patterson to make the case for himself to brands, but he didn't advance out of the first round. It didn't shake his confidence in his potential, but he did question how much it would cost him out of pocket to realize it.

So, as the world watched the Paris Olympics, Patterson moved to his hometown of Columbia, South Carolina, and last August began a job at UPS. From 10:45 p.m. until nearly 5 a.m., Patterson stood alongside a conveyer belt, picking up boxes containing everything from couches to refrigerators and loading them into delivery trucks. He could pack up to four trucks in a shift, he said.

Patterson did not find the work discouraging, instead persuading himself that while his peers literally slept, he was getting stronger. His mother joked to Patterson that his night shift was like his second workout of the day. That was because, hours earlier, he'd already had a first.

After sleeping for three hours following his shift with UPS, Patterson would wake and start training from around 8:30 a.m. until just after lunch. Then, he would fall asleep until the evening, and start the process over.

"I would be on the trucks, late night, loading the boxes and not one time did I think, 'I want to stop this, this is too much,'" Patterson said. "Not once did I ever let that thought cross my mind. I always knew I was gonna keep going with this, because this, it's in my heart."

"You've got to just have faith the size of a mustard seed, and just keep the ball rolling," he added.

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August 05, 2025

He needed a graveyard shift at UPS to pay for training. Now he's a U.S. champion sprinter.

He needed a graveyard shift at UPS to pay for training. Now he's a U.S. champion sprinter. Andrew GreifAugust ...

Joanna Carson, Model and Johnny Carson's Third Wife, Dies Ingrid VasquezAugust 5, 2025 at 10:49 AM Frank Edwards/Fotos International/Getty Johnny Carson and Joanna Carson Joanna Carson was Johnny Carson's third wife The model has died, according to Extra, citing social media posts from friends She w...

- - Joanna Carson, Model and Johnny Carson's Third Wife, Dies

Ingrid VasquezAugust 5, 2025 at 10:49 AM

Frank Edwards/Fotos International/Getty

Johnny Carson and Joanna Carson

Joanna Carson was Johnny Carson's third wife

The model has died, according to Extra, citing social media posts from friends

She was married to Johnny from 1972 to 1985

Joanna Carson, the model and third wife of Johnny Carson, has died.

According to Extra, citing social media posts from friends, Joanna's death was announced privately in July, and her funeral was last week.

The Elizabeth Taylor AIDS Foundation acknowledged Joanna's death online on Wednesday, July 30.

"Remembering ETAF's dear friends and supporters, Joanna Carson and Wallis Annenberg, who embodied our Founder, Elizabeth Taylor's spirit of love and support," the post said.

PEOPLE has reached out to the Elizabeth Taylor AIDS Foundation for comment.

Amanda Edwards/Getty

Joanna Carson at a cocktail reception on November 07, 2019

Johnny met Joanna in 1971 at the 21 Club in New York, where he later recalled to PEOPLE he was "flirting like a sophomore." Joanna was previously married to Tim Holland from 1960 to 1966 and shared a son.

At the time, Joanna was one of Manhattan's highest-paid fashion models, and the two spent their first date celebrating Johnny's 46th birthday. Afterward, he called her every day at 4:30 p.m. for a year.

The two would go on to marry a year later in 1972, the same year that Johnny divorced his second wife, Joanne Copeland. According to a 1978 New Yorker story, Johnny surprised everyone by announcing his marriage to Joanna while celebrating his 10th anniversary at the Tonight Show on Sept. 30, 1972.

Copeland was portrayed by Molly Ringwald in FX's 2024 series Feud: Capote vs. The Swans. She died in 2015. Johny married his first wife, Joan "Jody" Morrill Wolcott, on Oct. 3, 1949, and the two divorced in 1963, after 14 years of marriage.

Michael Ochs Archives/Getty

Joanna Carson and Johnny Carson on September 30 1972 in Los Angeles, California

Speaking to how Joanna influenced Johnny, actress-turned-L.A. socialite Ruta Lee told PEOPLE in 1983 that "Joanna's very accomplished at being a woman. I admire her femininity—her accommodation to men."

— sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from celebrity news to compelling human interest stories.

"It's as if she made a study of how Josephine handled Napoleon. I don't mean she's manipulative. She just has a wonderfully sensitive approach to men," she continued. Joanna and Johnny divorced in 1985.

Carson later married Alexis Maas in 1987. They remained together until his death in 2005. He was 79. Carson was also survived by his three children, whom he shared with Wolcott.

Joanna was preceded in death by her son, who died in 1994.

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Joanna Carson, Model and Johnny Carson’s Third Wife, Dies

Joanna Carson, Model and Johnny Carson's Third Wife, Dies Ingrid VasquezAugust 5, 2025 at 10:49 AM Frank Edwar...

US stocks open up on rate cut bet and earnings. Trump hints at new tariffs Medora Lee, USA TODAY August 5, 2025 at 8:13 PM U.S. stocks opened higher as investors digested a new batch of earnings and continued to bet on a rate cut next month when the Federal Reserve meets again on policy.

- - US stocks open up on rate cut bet and earnings. Trump hints at new tariffs

Medora Lee, USA TODAY August 5, 2025 at 8:13 PM

U.S. stocks opened higher as investors digested a new batch of earnings and continued to bet on a rate cut next month when the Federal Reserve meets again on policy.

The CME FedWatch tool, which tracks the odds the market gives for a rate move at each Fed meeting, shows a more than 90% chance for a cut at the September 16-17 meeting. Last week, the odds were only in the 60%-range.

Meanwhile, software analytics firm Palantir reported better-than-expected quarterly results, but restaurant chain Denny's and Hims & Hers Health posted disappointing results. Before the opening bell, Pfizer and DuPont reported strong results; Caterpillar's quarter was mixed and Yum Brands' second-quarter results were disappointing.

At 9:42 a.m. ET, the blue-chip Dow added 0.25%, or 108.59 points, to 44,282.23; the broad S&P 500 rose 0.18%, or 11.17 points, to 6,341.11; and the tech-heavy Nasdaq gained 0.23%, or 47.59 points, to 21,101.17. The benchmark 10-year Treasury yield rose to 4.22%.

The stock market's moves come after posting its largest daily percentage gain since May 27 on hopes for a Federal Reserve rate cut soon and easing trade relations.

Tariff news

President Donald Trump said in a CNBC interview he would announce tariffs on pharmaceuticals and semiconductors "within the next week or so."

"We'll be putting an initially small tariff on pharma, but in one year, one-and-a-half years maximum, it's going to go to 150% and then it's going to go to 250%," he said. "We want pharmaceuticals made in our country."

He also said he plans to raise the 25% tariff on India because the country continues to buy Russian oil. "I think I'm going to raise that very substantially over the next 24 hours because they are buying Russian oil, they are fueling the war machine," he said.

Separately, Switzerland's President Karin Keller-Sutter and Economy Minister Guy Parmelin will come to the United States for trade talks, hoping to lower President Donald Trump's 39% tariff.

Traders work on the floor of the New York Stock Exchange during morning trading on January 22, 2025 in New York City. (Photo by Michael M. Santiago/Getty Images)Who will be the new Fed chair?

Trump said in his CNBC interview he has narrowed the field to four people, and none are Treasury Secretary Scott Bessent. Some investors had speculated Bessent could take the helm at the Fed when Fed Chair Jerome Powell's term ends in May, but Trump said Bessent took himself out of the running.

Former Governor Kevin Warsh and National Economic Council director Kevin Hassett are among the contenders. Both have, like Trump, advocated to cut rates.

He did not say whom he was considering to replace Fed Governor Adriana Kugler, who abruptly announced her resignation last week before her term ends.

Corporate news -

Palantir's fiscal third-quarter results beat analysts' forecasts, with revenue surpassing $1 billion for the first time. The software analytics provider also lifted its full-year sales outlook. Shares jumped 8.49%.

Pfizer reported stronger-than-expected second-quarter results and lifted its full-year adjusted earnings per share outlook. Shares rose 4.08%.

Caterpillar missed second-quarter profit estimates as tariffs took a big bite out of its margins. It now sees its full-year adjusted operating profit margin at the bottom of its target range. The machinery maker's stock rose 1.23%.

Hims & Hers Health missed second-quarter estimates and guided for below-forecast third-quarter results. Shares slid 10.5%.

Inspire Medical reported second-quarter results that topped Wall Street forecasts but slashed is full-year outlook. Shares tumbled more than 38%.

DuPont's second-quarter results beat forecasts. The chemicals giant also raised its full-year guidance. Shares added 3.51%.

Eaton topped second-quarter forecasts but cut its current quarter guidance below Street views. Shares of the power management firm lost 6.88%.

Yum Brands, owner of Taco Bell and KFC, missed second-quarter forecasts. Shares were fractionally lower.

Vertex Pharmaceuticals topped second-quarter estimates but warned it won't progress its next-generation pain treatment, VX-993 after the painkiller failed to meet its primary endpoint in Phase 2. Shares tumbled more than 15%.

Denny's earnings fell below Wall Street's expectations and same-store sales dropped in the second-quarter amid continued worries about U.S. consumer spending. Shares fell 6.32%.

Cryptocurrency

David Bailey, Bitcoin adviser to Trump, wants to raise $200 million for a political action committee to advance Bitcoin's interests in the United States. He said he wants to use the PAC to send Bitcoin to $10 million.

Bitcoin was last down 0.72% at $114,298.

(This story was with new information.)

Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at [email protected] and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday morning.

This article originally appeared on USA TODAY: US stocks open up, fueled by rate cut bets. Trump hints at new tariffs

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US stocks open up on rate cut bet and earnings. Trump hints at new tariffs

US stocks open up on rate cut bet and earnings. Trump hints at new tariffs Medora Lee, USA TODAY August 5, 2025 a...

New Photo - 'You call that an emergency fund?' 5 money basics most adults are failing right now

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'You call that an emergency fund?' 5 money basics most adults are failing right now

Anna Serio-AliAugust 5, 2025 at 10:58 PM

'You call that an emergency fund?' 5 money basics most adults are failing right now (Westend61 via Getty Images)

The last time anyone tried to teach me money skills was my last semester of high school. Suffering a serious case of senioritis, I remember only that my teacher had a habit of buying makeup she didn't need on a nearly maxed-out credit card!

I'm lucky to know a lot more about managing money in my personal finance career. But here's the sobering reality: Only half of all Americans are financially literate, according to the World Economic Forum. And the kicker? Most think they are financially savvy. Make that math add up.

But no need to panic: By nailing down a few of these financial fundamentals — and teaming up with the right financial pros — you can join the half who have their money figured out.

1. Building a disaster-proof emergency fund

A healthy emergency cushion can mean the difference between "this sucks" and "this ruins everything." But what's healthy supposed to look like in your bank account? A lot of it comes down to your living situation, including your monthly costs, spending habits and people in your household.

Start by calculating your monthly expenses — not what you think you spend, but what you actually shell out on your mortgage or rent, groceries, insurance, credit cards or loans or anything else you can't cut from your budget.

If it's just you and your salary, shoot for enough to cover at least three to six months of expenses. If you live in a two-income household, shoot for at least three to six months of expenses. If you're flying solo, put away a little more — say, six to nine months of expenses — to sleep all the more soundly when life gets tight.

Automatic deposits and transfers to your emergency fund keep savings on autopilot with the magic of compounding.

🔍 Learn more: Life-proof your savings: How to build an emergency fund on any budget

2. Making debt work for (not against) you

Debt is a scary word, yet here's the plot twist: You need at least some debt for healthy finances and to grow your wealth. No debt, no credit history. And without a credit history, good luck buying a house, getting an affordable loan, scoring the lowest insurance rates or even landing a job, in some cases.

You build credit each time you pay down a student loan or credit card on time. But real wealth building means using debt to your advantage. After all, for most Americans, their most valuable asset — their home — exists only because they borrowed to buy it.

The secret lies in running the numbers: If you'll reasonably earn more than you'll pay in interest and fees, the debt could be worth it. If it's an investment with a significant chance of losing your shirt, potential high returns could backfire.

That's why financial pros encourage, say, taking on a mortgage to buy a house but not borrowing money to invest in crypto — one helps build financial stability while the other is expensive gambling.

🔍 Learn more: Can you use a home equity loan to buy a rental or investment property?

3. Getting the retirement math right

Only half of Americans think their retirement savings are on track. If you're wondering whether that's you, use these rules of thumb as a reality check:

The 15% rule — Earmark 15% of your income before taxes each working year for your golden years, including matching what your employer kicks in.

The 25x rule — You'll need 25 times your expected annual retirement spending saved up — and don't skip factoring in inevitable inflation.

The 4% rule — Aim to withdraw no more than 4% of your total savings in your first year of retirement, and adjust that amount each year to keep up with inflation.

If these rules make you want to run for the hills, relax: It doesn't mean you'll need to work into your 80s. But it might be time to meet with a financial advisor. A pro can help you find creative and practical ways to catch up and meet your retirement goals.

🔍 Learn more: The 4% rule for retirement: Is it time to rethink this popular withdrawal guideline?

4. Beating back inflation for the long game

Speaking of inflation, we've heard a lot about the price of groceries recently — especially eggs. But it's easy to forget that inflation can nip away at your money in "safe" savings or checking accounts to the tune of 3% or more a year.

Simply upgrading where you park your cash can help you earn higher rates and outpace inflation, making sure your cash actually grows:

High-yield savings accounts and money market accounts are still paying out interest that's higher than the inflation rate — and up to 10 times more than your traditional savings account. It won't make you rich, but your money's just as accessible and insured up to $250,000, thanks to the FDIC, making them ideal for stashing your emergency fund.

Certificates of deposit (CDs) pay out higher rates than traditional accounts with a guaranteed return, but there's a tradeoff: Your money's locked up through your term's maturity — anywhere from a few months to a few years. Touch it early, and you'll pay a penalty.

Investments in stocks, mutual funds, bonds and similar assets can crush your bank's returns over time. Yes, they're riskier than your everyday accounts, but they grow over years, rather than months, making them best for long-term goals like retirement.

🔍 Learn more: How much should you keep in a high-yield savings account?

5. Knowing when to call in the experts

Financial goals turn abstract money into an actual game plan, sharpening your money skills along the way. Want to be mortgage-free in 10 years rather than 30? Budget like a pro to make extra payments on time, and think twice about swiping credit cards or taking on other debt that can set you back.

You'll need to break down your goals by different timelines — a vacation fund this year, saving for college in the next few and eventually retiring from the 9-to-5 grind.

This is where the help of a trusted financial advisor is money well spent. Your first few sessions will be talking through your financial priorities before building a roadmap together to make sure you've got the steps to get there.

With the right professional in your corner, it doesn't matter how skilled you are at balancing a checkbook or spreadsheet. They can handle the strategy while you live your best life.

🔍 Learn more: 5 red flags to watch out for before choosing a financial advisor

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