In the unpredictable landscape of personal finance, a robust cash reserve acts as a crucial bulwark against unforeseen expenditures and economic uncertainties. Often referred to as an emergency fund, this readily accessible pool of money is not merely a financial nicety but a fundamental cornerstone of a stable and secure financial future. The importance of maintaining an adequate cash reserve cannot be overstated, as it offers peace of mind, financial flexibility, and protection against the ripple effects of life’s inevitable surprises. 

One of the primary benefits of a well-funded cash reserve is its ability to absorb the shock of unexpected expenses. Life is replete with unforeseen events: a sudden job loss, a medical emergency, a major car repair, or an urgent home renovation. Without an emergency fund, these situations can quickly spiral into financial crises, forcing individuals to resort to high-interest debt, such as credit cards or personal loans, which can trap them in a cycle of mounting interest and principal payments. A readily available cash reserve, typically held in a liquid account like a savings account or money market fund, ensures that these emergencies can be handled without derailing one’s financial progress or jeopardizing long-term goals.

Beyond mitigating immediate crises, an adequate cash reserve provides a vital sense of security and reduces financial stress. Knowing that you have a safety net to fall back on can significantly alleviate the anxiety associated with financial instability. This peace of mind allows for clearer decision-making and a more proactive approach to financial planning, rather than constantly reacting to external pressures. It empowers individuals to take calculated risks, such as pursuing a career change or investing in further education, knowing that they have a buffer to support them during transitional periods.

Furthermore, a healthy cash reserve offers financial flexibility, allowing individuals to seize opportunities or navigate economic downturns without compromising their financial health. In times of economic uncertainty, such as recessions or market corrections, those with robust cash reserves are better positioned to weather the storm, avoiding the need to sell investments at a loss or make hasty financial decisions. Conversely, having readily available funds can enable individuals to take advantage of unexpected opportunities, such as a time-sensitive investment or a significant discount on a major purchase, without incurring debt.

The conventional wisdom suggests maintaining a cash reserve equivalent to three to six months of essential living expenses. However, the ideal amount can vary based on individual circumstances, including job security, health, dependents, and risk tolerance. For those with less stable income or higher financial commitments, a larger reserve might be more appropriate. The process of building this reserve often requires discipline and consistent saving, but the long-term benefits far outweigh the initial effort.

A  robust cash reserve is not just a recommendation; it is an imperative for anyone seeking financial resilience and peace of mind. It serves as a shield against unexpected financial shocks, reduces stress, and provides the flexibility to navigate life’s challenges and opportunities with confidence. Prioritizing the establishment and maintenance of an adequate emergency fund is a proactive step towards building a secure and stable financial future, ensuring that you are prepared for whatever life throws your way.

Stephen Kyne, CFP® is a Partner at Sterling Manor Financial, LLC in Saratoga Springs. 

Sterling Manor Financial, LLC is an SEC Registered Investment Advisor and does not provide tax or legal advice, nor is it a third-party administrator. Consult your attorney or accountant prior to implementing any tax or legal strategies.

Here’s an oldie but a goodie — and maybe a little gift for you moms of little ones this Mother’s Day? I wrote this eight years ago, but this technique is still useful to me sometimes, especially with my youngest (age 6). 

One of the parenting tricks I’ve relied on heavily since my oldest was tiny is Delayed Gratification. With Delayed Gratification, the basic idea is to not, under any circumstance, give up all the secret weapons I have as soon as I’m in the situation necessitating the secret weapons. I bet you all know what I mean!

Example Number 1: Church. I know I have an hour (or occasionally more) during which I really want my kids to stay calm and quiet. My secret weapons for church have included teethers and other quiet toys, books, Cheerios, and sippy cups. Rather than dump all of that out on the pew when I first get there, though, I instead introduce the toys or books first, as needed, one at a time if possible, not moving on to the next thing until the little ones are getting antsy and distraction isn’t working. Then I pull out the Cheerios (one by one if possible), then the drink. Or whatever order seems best based on that day, as well as whether or not they’re hungry, and whichever of the kids need the most managing

Example Number 2: Sporting events. We were at the baseball field the other night for my sons’ game (which was actually the inspiration for this piece), and I brought dinner as I usually do on game nights. I brought several “courses”: chicken tenders (from frozen), green beans and strawberries (some like one, some like the other, and I’m thrilled if any of them willingly eat anything grown in the ground), Cheetos (a personal favorite, I admit), and lollipops. I introduced each food separately, and really tried to keep the lollipops until as close to the end as I could. The boys kept asking for them — they knew I had them — but I put them off until I thought it was a good time to give them out (I’m also not opposed to giving a second or even third lollipop if the particular day requires it.)

Example Number 3: Overnight trips. This one is trickier — different than the one hour of church or couple-hour-long game, overnight trips involve a whole lot more time and often more craziness to manage. But I use the same method of Delayed Gratification by packing several items and activities that are sure to capture my boys’ interest and introducing them slowly and only as needed. Paper and coloring books are great, especially if they’re new — my boys love to color and draw, so I try to save this as long as I can. A new movie (or even a beloved favorite, if it’s sure to do the trick) is a great part of the plan. We don’t play a huge amount of board- or card games, but the boys love it when we do that kind of thing with them (hangman is one of our favorites), so an overnight trip is a great time to do something like that (I usually schedule myself to have coffee during this time). At hotels, we revolve most of our activities around when we swim in the pool; when we would stay with my mother-in-law or when we’re at my parents’, the grandparents always had/have something planned that we schedule around (my mother-in-law loved to get the Slip N Slide set up, for example; my mom loves to bake with the boys; my dad will watch a ball game on TV with them or enlist them to help him with some small chore or activity).

But even though I try to have a rough idea of how to fill up the time when we’re outside the house for short periods or long (because “hanging out” just doesn’t work with small children for too long, in my experience), that doesn’t mean I have every minute scheduled, nor that I’m frantic to have the kids doing “something” every second. I really do try to hold off on introducing anything new/fun/interesting/distracting to them, especially when we first arrive somewhere, as they love to take time to get acquainted with their new surroundings. Even if it’s a spot that’s familiar and well-traveled by our family, my boys will usually be happy spending a good while scoping it out again. The other night my little boys ran right to a tree near where we sit at the baseball field and found cracked acorns underneath on one side and dandelions on the other — all new since we’d been there the week before, and all completely exciting to them. My older boys set off together on a walk around the park and were happily occupied doing that for a large chunk of the game. 

When we arrive at church, we usually have a few minutes during which the boys look around, see who’s there, find the page in the hymnal for the first song, decide whether they want to keep their coats on or take them off, and even say a few prayers. Getting to the grandparents’ house means tearing off their socks and shoes to get comfy, finding their favorite toys of the ones there, saying hi to everyone, claiming spots on the couch, etc.  

This whole idea is related to another parenting principle I live by, which is Don’t Bother a Happy Baby — but that’s a topic for another month. I hope all you moms have a wonderful Mother’s Day, especially my own mom, and I remember my dearly departed mother-in-law as well!

Kate and her husband have seven sons ages 20, 18, 16, 15, 13, 11, and 6. She can be reached at kmtowne23@gmail.com.

Pregnancy is a transformative and often challenging time for many women, both physically and emotionally. As the body undergoes significant changes to accommodate a growing baby, it can experience a range of discomforts including back pain, pelvic pain, and postural imbalances. Chiropractic care is an increasingly popular and effective option for pregnant women seeking relief from these discomforts while promoting overall wellness.

Understanding Chiropractic Care

Chiropractic care focuses on the diagnosis and treatment of musculoskeletal disorders, particularly those involving the spine. Chiropractors are trained to address misalignments in the vertebrae, which can affect the nervous system, muscles, and overall body function. During pregnancy, chiropractic care is tailored to consider the unique physiological changes that occur and is conducted with the utmost safety for both the mother and baby.

Key Benefits of Chiropractic Care During Pregnancy

1. Pain Relief

One of the most immediate benefits of chiropractic care during pregnancy is pain relief. As the pregnancy progresses, changes in weight distribution and hormone levels can lead to discomfort in the back, hips, and joints. Chiropractors use gentle, specific adjustments to realign the spine and pelvis, helping to alleviate tension and pain. Many women report substantial improvements in their pain levels after chiropractic treatments.

2. Improved Posture

Pregnancy alters a woman’s center of gravity as the belly grows, often resulting in poor posture and spinal misalignment. Chiropractic care helps pregnant women maintain better posture through spinal adjustments and exercises designed to strengthen the core and back muscles. Improved posture can lead to reduced strain on the body, enhancing comfort and mobility.

3. Enhanced Nerve Function

The spine houses the nervous system, which plays a crucial role in overall health. Misalignments can interfere with nerve function, leading to various issues. Chiropractic adjustments can promote better communication between the body and the nervous system, which may improve symptoms related to nausea, digestive discomfort, and overall well-being during pregnancy.

4. Facilitating Pelvic Alignment

Proper pelvic alignment is essential for a smoother delivery. Chiropractic care can help maintain optimal alignment of the pelvis, allowing more space for the baby to move and potentially reducing complications during labor and promoting a more comfortable delivery experience.

5. Reduced Stress and Anxiety

Pregnancy can be a time of heightened stress and anxiety for many women. Chiropractic care not only addresses physical discomfort but can also contribute to emotional wellness. The process of receiving chiropractic adjustments can promote relaxation and reduce stress levels, leading to an overall improved mental state for expectant mothers.

6. Support for Postpartum Recovery

Chiropractic care doesn’t have to stop once the baby is born; in fact, many women find it beneficial during the postpartum period. After delivery, the body undergoes further changes as it returns to its pre-pregnancy state. Chiropractic adjustments can help alleviate pain associated with breastfeeding, caring for a newborn, and adjusting to physical changes, facilitating a smoother recovery process.

7. Increased Mobility and Comfort

As pregnancy progresses, mobility can become increasingly challenging. Chiropractic care focuses on enhancing joint mobility and range of motion, which can be particularly beneficial for pregnant women experiencing limitations in movement. Improved mobility not only enhances comfort but also encourages physical activity, which is important for overall health during pregnancy.

Safety Considerations

Chiropractic care is generally considered safe for pregnant women. However, it is essential for expectant mothers to consult with their healthcare provider before beginning any new treatment. A qualified chiropractor with experience in prenatal care will utilize techniques that are safe and appropriate for each stage of pregnancy. They will also be mindful of any specific health concerns or conditions that the mother may have.

Chiropractic care offers numerous benefits for pregnant women, promoting comfort, mobility, and overall well- being. With personalized treatment plans tailored to each individual’s needs, it can provide effective relief from common pregnancy-related discomforts while supporting a healthier pregnancy and postpartum recovery. As always, expectant mothers should work closely with their healthcare providers to ensure that all aspects of their health are appropriately managed during this exciting and transformative time.

Dr Minogue enjoys treating patients of all ages and stages of life.  This includes helping athletes reach optimal performance, supporting mothers through prenatal and postpartum stages, keeping infant’s and children’s spines aligned for optimal nervous system development, and helping older patients age gracefully. Appointments can be made online at MySaratogaCiropractor.com.

Key Things to Know to Protect Your Rights

In my practice, I handle a lot of estate administration work in Surrogate’s Court.  When someone dies and their Last Will and Testament (“Will”) is submitted to probate, the beneficiaries of that Will want to ensure they receive what they are entitled to.  

I have frequently had estate beneficiaries come to me and ask how they can ensure they receive what they are due.  What follows is a set of questions and answers that addresses those issues.

Are there different types of beneficiaries?

Yes.  In general, beneficiaries of a Will can be recipients of a specific bequest, general bequest, or residuary bequest.  A specific bequest is a gift a particular item, i.e. “I give my diamond wedding ring to my daughter”.  A general bequest is a gift of a particular sum of money, i.e. “I give $5,000 to each of my grandchildren”.  A residuary bequest is a gift of what is left of the estate assets after all specific bequests and general bequests are distributed and all debts, claims, and expenses are paid.

What do the beneficiaries have to do?

For recipients of specific bequests and general bequests, their situation is hopefully relatively simple.  They just have to ensure that they receive the specific item (i.e. the wedding ring) or specific amount of money (i.e. $5,000) that they are entitled to.

What problems can relate to a specific bequest?

With a specific bequest, it’s possible that the language used to describe it is imprecise.  For example, if the decedent gives a beneficiary “all my tools and equipment”, there may be a difference of opinion as to what that exactly refers to.  It is also possible that the item that is described no longer exists.  It could have been sold, lost, or given to someone else during the lifetime of the decedent.  

What problems can relate to a general bequest?

With a general bequest, it is possible that there is insufficient money to pay all the bequests in the Will.  For example, after paying the debts of the decedent, claims against the decedent, and the costs of the estate administration (which need to be paid first), there could be $40,000 left to distribute in an estate.  If there are ten gifts of $5,000 each to the decedent’s grandchildren, then there is a deficit of $10,000 in the estate assets.  In that case, the grandchildren would each take a pro-rata reduction of $1,000 – resulting in a gift of $4,000 each, instead of the intended $5,000 each.

What problems can relate to a residuary bequest?

With a residuary bequest, the beneficiary should take steps to ensure that the amount they are receiving is appropriate.  To do that, they should request an informal accounting from the executor as to the payment of all debts, claims, expenses, specific bequests, and general bequests.  In my practice, I usually provide to the residuary beneficiaries what I call a “checkbook accounting”.

What is a checkbook accounting?

A checkbook accounting is an annotated copy of the checkbook register for the estate checking account.  It would show all money coming in and all money going out, with explanations for each entry.  The explanations can be quite simple, i.e. “proceeds of liquidating savings account” or “payment to accountant for tax return prep”.  

Is an informal accounting required?

No. Sometimes the beneficiaries are happy to receive their residuary bequest without additional explanation.  That could be the case because they trust the executor and need no further information, or perhaps because the executor has kept them thoroughly informed throughout the administration of the estate.

What if a beneficiary has concerns?

A beneficiary can certainly have concerns that they have not received what they are entitled to.  Examples can include the following:  a recipient of a specific bequest who is told the item no longer exists, a recipient of a general bequest who is told there is insufficient money to pay them the full amount, or a recipient of a residuary bequest who believes they are not being paid the correct amount.

What does a beneficiary do then?

As I noted before, the beneficiary can ask for an informal accounting, if they have not already been provided one.  If they have been provided an informal accounting, but they are not satisfied with what it says, then they can compel a formal accounting.

How do you compel a formal accounting?

To compel a formal accounting, the beneficiary would bring a proceeding in Surrogate’s Court seeking the filing of a formal accounting by the executor of the estate.  The executor will either file an accounting voluntarily after receiving notice of the proceeding, or the Court will order the executor to file one by a certain date.

What happens after the accounting is filed?

After the formal accounting is filed with the Surrogate’s Court, the beneficiary has the right to file Objections to the accounting.  For example, if they believe the executor improperly took money from the estate, they could object to the executor’s actions and ask that the Court to order the money be restored to the estate.

What if the executor denies acting improperly?

If the beneficiary files Objections and the executor denies them, then the Court will conduct a trial to determine the factual circumstances of the case.  If the matter cannot be settled, the Court will issue a Decision determining the rights of the parties.

Are formal accountings common?

No. The vast majority of estates are settled informally, with minimal controversy.  With that said, there are certainly cases where executors have acted improperly, and the beneficiaries need to take court action to ensure they receive what they are entitled to.

Making sure you receive what you are entitled to from an estate can be confusing and challenging.  In order to ensure your rights as a beneficiary are protected, it is advisable to seek counsel from an attorney, who is experienced in the field of estate administration.

Matthew J. Dorsey, Esq. is a Shareholder with O’Connell and Aronowitz, 1 Court Street, Saratoga Springs, NY. Over his twenty-eight years of practice, he has focused in the areas of elder law, estate planning, and estate administration. Mr. Dorsey can be reached at (518)584-5205, mdorsey@oalaw.com and www.oalaw.com. 

When it comes to purchasing life insurance, there are a variety of options available to consumers. Two of the most popular types of life insurance are term insurance and whole life insurance. While whole life insurance offers a combination of life insurance coverage and an investment component, term insurance can often be a better choice for most people for several reasons.

Term insurance is a type of life insurance that provides coverage for a specific period of time, typically 10, 20, or 30 years. If the insured person dies during the term of the policy, the beneficiaries receive a death benefit. Term insurance is typically more affordable than whole life insurance, making it a more attractive option for individuals who are looking for basic life insurance coverage without the added cost of an investment component.

One of the main advantages of term insurance is its affordability. Because term insurance only provides coverage for a specific period of time, the premiums are typically lower than those of whole life insurance. This can make term insurance a more cost-effective option for individuals who are on a tight budget or who want to maximize their coverage without breaking the bank.

Another advantage of term insurance is its flexibility. With term insurance, policyholders can choose the length of coverage that best fits their needs. For example, a young family with children may opt for a 20-year term policy to provide financial security until their children are grown and independent. On the other hand, a single person may choose a 10-year term policy to cover them until they reach a certain age or milestone.

Additionally, term insurance is straightforward and easy to understand. With term insurance, policyholders pay a fixed premium for the duration of the policy term and receive a death benefit if the insured person passes away during that time. There are no complicated investment components or cash value accumulations to worry about, making term insurance a simple and hassle-free option for individuals who want basic life insurance coverage without the added complexity.

While whole life insurance can offer the benefit of cash value accumulation, the returns on the investment component are often lower than what policyholders could achieve by investing in other vehicles, such as mutual funds or retirement accounts. Furthermore, the fees associated with whole life insurance can eat into the cash value accumulation over time, reducing the overall return on investment.

In conclusion, term insurance can be a better choice for most people than whole life insurance for several reasons. Term insurance is typically more affordable, flexible, and easy to understand than whole life insurance. By opting for term insurance, individuals can get the life insurance coverage they need without breaking the bank or getting bogged down by complicated investment components. Ultimately, term insurance offers a simple and cost-effective way to provide financial security for loved ones in the event of an untimely death.

As always, work closely with your Certified Financial Planner® professional to help ensure that the insurance you choose is appropriate and adequate to fit your needs.

Stephen Kyne, CFP® is a Partner at Sterling Manor Financial, LLC in Saratoga Springs.

Sterling Manor Financial, LLC is an SEC Registered Investment Advisor and does not provide tax or legal advice, nor is it a third-party administrator. This piece contains forward-looking statements which are opinion, not guaranteed, and subject to change. 

Treasury Department Issues New Rule for U.S. Companies

In his column earlier this year, Matt Dorsey wrote two articles about the Corporate Transparency Act (CTA).  Matt explained that the CTA had wide ranging application to U.S. businesses, and that failure to comply with its provisions could result in serious criminal and civil liabilities.

I have been following the developments regarding the CTA, and here is a Q&A that gives some background and an update on where we are now. 

Why did Congress enact the CTA?

Congress found that each year about two million corporate entities, i.e., corporations and limited liability companies, are formed throughout the U.S, but there are no requirements to provide information about the entities’ owners.  As a result, some people concealed their identities to engage in illegal activity under the corporate name, including financial and national security crimes, such as terrorism, money laundering, fraud and tax evasion.  

In an effort to assist investigations by law enforcement, Congress enacted the CTA, which requires a “Reporting Company” to file “Beneficial Ownership Information Reports” (“BOI Reports”).

What is a Reporting Company?

A Reporting Company is a corporation, limited liability company, or other similar corporate entity that is created by the filing of a document with the Secretary of State or similar office under the law of any State.  This is important, because it applies to many Saratoga Today readers.  If a brother and a sister created an LLC to own an investment property for an Airbnb rental, that LLC would qualify as a Reporting Company.  If you have a friend with a small business organized as a corporation, like a contracting business or retail shop, their company would also likely qualify as a Reporting Company.

What does a Reporting Company have to do?  

Under the terms of the CTA, a Reporting Company has to file a Beneficial Ownership Information Report (“BOI Report”) with the U.S Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”).  The BOI Report discloses the full name, residential address and driver’s license information of each beneficial owner of the Reporting Company.  For example, the brother and sister with their Airbnb rental would need to file a BOI Report disclosing their identities. 

What if you did not file the BOI Report? 

As Matt Dorsey noted in his earlier articles, failure to file the BOI Report could lead to serious penalties, including a civil penalty of $500 for each day the violation continues (up to $10,000) and the potential for a criminal penalty of up to two years of imprisonment.

Was the CTA challenged in court?

The constitutionality of the CTA was challenged in federal courts in Alabama and Texas, among others.  In December 2024 and January 2025, federal judges in the State of Texas issued nationwide injunctions that halted FinCEN’s enforcement of the CTA.  However, after the U.S. Supreme Court removed the nationwide injunction of one federal judge, on February 17, 2025, the other federal judge in Texas lifted the only remaining nationwide injunction.  

What did FinCEN do after the court challenges?

On February 19, 2025, FinCEN announced that the CTA would once again be effective and the new filing deadline for most entities would be March 21, 2025.  However, in their announcement FinCEN suggested that an update would be provided by March 21, 2025, that could extend that deadline and issue further guidance on the applicability of the CTA.

What is the latest development?

The latest development is good news for U.S. companies.  On March 21, 2025, FinCEN issued an interim final rule, effective as of March 26, 2025, which exempts corporate entities formed in the U.S. from the requirements of the CTA by removing U.S. corporate entities from the definition of a “Reporting Company”.  As a result, our example of the brother and sister team owning an Airbnb rental in an LLC is no longer required to file a BOI Report – or be subject to the serious penalties if they fail to do so.    

Why did FinCEN exempt U.S. companies?

The interim final rule states that FinCEN is exercising its authority under the CTA, which allows the Secretary of the Treasury, Attorney General and Secretary of Homeland Security to determine which entities should be exempt from the CTA.  Ultimately, those government officials determined that most of the corporate entities formed in the U.S were small businesses owned by hard-working American taxpayers who do not engage in illegal activity, and that the burden of compliance outweighed the benefit.

What happens next?

The public may submit written comments on FinCEN’s interim final rule until May 27, 2025.  All comments will be considered when the final rule is issued, which is expected to be sometime later this year. 

What if you already filed a BOI Report?

Many corporate entities formed in the U.S., which were previously considered Reporting Companies, have already filed BOI Reports with FinCEN.  It is unclear at this time what will happen with that data, if the final rule exempts those entities from compliance.

It is difficult for business owners to ensure they are complying with all applicable laws and regulations.  It is especially difficult when the legal landscape swiftly shifts, as was the case with the Corporate Transparency Act.  When dealing with business compliance matters, it is always useful to seek counsel from attorneys who keep track of such developments.  Failure to comply could result in otherwise avoidable fines and harsh punishments.  

James D. Wighaus is an Associate Attorney with O’Connell and Aronowitz, 54 State Street, Albany, New York.  James’ practice is focused in the areas of corporate law, and trusts and estates law, including estate planning, long-term care planning, estate tax planning and estate administration. James can be reached at (518) 694-5698, jwighaus@oalaw.com and www.oalaw.com.  

It’s far too early to know whether Trump’s tariff gambit will pay off, but the market’s initial reaction is enough to give most investors pause. While tariffs can be a useful tool, they are not the solution for all problems, so it’s useful to understand what they can and cannot do. 

The objective of tariffs have traditionally included the onshoring of manufacturing, the protection of domestic industry, the “righting” of a trade imbalance, and the collection of additional tax revenues. Some of these objectives are mutually exclusive so, when applying tariffs, it is necessary to establish the intended objective, and to communicate that objective clearly so that the various parties, including market participants and policy makers, can gauge their effectiveness, depth, and duration. 

When discussed at the macro level, tariffs can seem pretty abstract, so let’s bring them down to Earth.

I currently have a trade imbalance with the grocery store. This imbalance exists because the grocery store has more of something I want, than I have of what it wants. Let’s say that I decide that the imbalance is unacceptable so I slap a 25% tariff, which is a price increase in the form of a surtax, on everything from the grocery store. A few things may happen.

First, I may substitute away and start shopping at a different grocery store; one that doesn’t have a tariff. If the goal was to get me to support a different store, then mission accomplished. If the goal was to generate tariff revenue, or to get me to “onshore” production of what I purchase, then the tariff was self-defeating.

Second, I may choose not to change my habits, and just pay the tariff. If the goal here was to generate revenue, then great; if it was to get me to change my ways, then it was unsuccessful.

Third, I may choose to “onshore”, by growing my own food. This may take considerable investment since I will need to learn how to grow various vegetables; acquire land; raise livestock; build facilities for cultivation, processing, and harvesting; mitigate the risks of bad weather and disease; and feed myself in the meantime. 

In this instance, tariffs reduce my available capital for the investments necessary to surpass these various barriers to entry, thereby delaying the successful completion of my “onshoring”. Here, a better solution might be to provide subsidies and tax breaks, which would help me make the investments and complete the various tasks required to successfully begin production.

Tariff policies need clear, concise goals. Without them, it’s impossible to know what activity is being encouraged or discouraged, or whether goals have been achieved, and it makes it difficult for trading partners to negotiate conditions that are acceptable to both parties. 

Because many of the possible outcomes of any tariff regime are mutually exclusive, the goal cannot simply be “all of the above”.  

While we believe there are almost certainly some trading partners acting in bad faith, and a more aggressive trading policy may be laudable in those instances, it stands to reason that a more targeted approach concisely conveyed to the public might be more effective at accomplishing the various objectives while reducing market volatility. 

As always, and especially during times of heightened volatility, be sure to work closely with your Certified Financial Planner® professional to help ensure that your portfolio continues to reflect your needs. 

Stephen Kyne, CFP® is a Partner at Sterling Manor Financial, LLC in Saratoga Springs.

Sterling Manor Financial, LLC is an SEC Registered Investment Advisor and does not provide tax or legal advice, nor is it a third-party administrator. This piece contains forward-looking statements which are opinion, not guaranteed, and subject to change.