Ep 14 | What Tariffs Really Mean for Your Money

In this episode of The F Word, Priya Malani tackles the financial anxiety surrounding tariffs and market volatility—without the jargon. She draws a powerful parallel between lane-switching in traffic and panic-driven investing, reminding listeners that reaction isn’t always strategy.

Through real examples from 2008, COVID, and previous tariff scares, Priya breaks down why staying invested—especially during uncertain times—is the smartest long-term move. This isn’t about ignoring bad news. It’s about having a plan that’s built for it. If headlines are making you question your portfolio, this episode will help you pause, zoom out, and move forward with clarity.

Tune Into This Episode to Hear:

• Why reacting to market dips usually leaves you worse off

• The surprising story of who actually outperforms in the market (hint: it’s not the pros)

• What history teaches us about staying calm through crashes, tariffs, and chaos

• Three steps to take when headlines make you want to pull your money out

Follow Priya Malani:

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THE STUFF OUR LAWYERS WANT US TO SAY: Stash Wealth is a Registered Investment Advisor. Content presented is for informational and educational purposes only and is not intended to make an offer or solicitation for any specific securities product, service, or strategy. Consult with a qualified investment adviser (that's us) before implementing any strategy. Investing involves risk, including the loss of principal. Past performance does not guarantee future results. There…we said it.

Transcription

In the last few decades, we’ve seen some serious—serious—market shakeups, right? The dot-com bubble, 9/11, the 2008 financial crisis, Brexit, COVID-19, inflation spikes, even bank failures. Oh, and multiple rounds of tariff wars. Each time, the market dropped. And each time, it recovered. Not overnight—but always.

Enough foreplay.

Welcome to The F Word.

Hey guys, welcome back to The F Word. Today, we’re talking tariffs. Now, I’m not here to break down how they’re going to impact your grocery bill or your Amazon cart, but I do want to talk about how they can impact your portfolio.

But first, let me paint a picture.

You’re in traffic. The car next to you starts moving forward, so you switch lanes. For a second, you’re a genius. Then, your old lane takes off, and now you’re the one stuck behind a minivan with a student driver sticker. This exact phenomenon has been studied. Researchers found that switching lanes might feel like action, might feel like you’re getting ahead—but it rarely gets you there any faster. And often, it leaves you worse off.

Same goes for investing. Jumping in and out of the market based on headlines feels productive, but history shows it usually backfires. The people who stay the course—they’re the ones who actually get where they’re going.

I want to look at this through a historical lens. So let’s rewind to 2008.

The markets crashed nearly 60%. People panicked—rightfully so. It felt like the end of the world. A lot of people sold their investments. Or, at the very least, they weren’t buying into the market.

Had they stayed calm, had they stayed invested—here’s what would have happened: four years later, their portfolio would’ve gained 100%. And if they’d held on through today—April 2025—get this: they’d be up over 800%.

Now let’s look at COVID. March 2020—U.S. markets dropped about 35%. But if you didn’t panic (which was hard to do) and stayed invested, four years later you’d be up more than 100%.

I want to be clear. Those aren’t cherry-picked success stories. They’re just recent examples that underscore one of the most important truths in investing: markets are resilient. Long-term thinking pays off.

Alright, on to today’s topic.

If you’ve turned on the news—or just opened your phone—you’ve seen the headlines about U.S. tariffs. The markets didn’t love it. Global markets responded fast. It’s been a bit of a roller coaster.

Today, I’m here to say something you probably don’t want to hear—but absolutely need to: when the headlines are begging you to panic, the smartest thing you can do is nothing.

Let’s break down why.

First off—what are tariffs?

Tariffs are essentially taxes on imported goods. When they go up—or even if people just talk about them going up—it messes with trade. And anything that messes with trade is a mistake. Trade affects businesses. And when businesses take a hit, the ripple effect usually shows up in the stock market. So, if you’re invested, your portfolio is going to feel it too.

Now listen, I get that this stuff can feel heavy. The other day, I shared a post on Instagram highlighting past market crashes: 1929, 1974, 1987, 2002, 2008, 2020. My point was simple—every single one of them felt like the end. And yet—none of them were. After every crash, there was a new all-time high.

Someone messaged me and said, “You know, this just feels grossly self-inflicted. There’s no one to blame, no one to attack, nothing to stimulate. Just sort of a ‘grin and bear it’ kind of moment.”

And honestly? He’s not wrong. This isn’t 9/11. It’s not COVID. There’s no clear villain. No quick fix. This one feels like the kind of thing we just have to sit with.

So no, I’m not downplaying what’s going on. It sucks. It’s frustrating. It feels murky—directionless. But here’s the thing: when that’s the mood in the market, the worst thing you can do is join the chaos. You don’t win by reacting faster. You win by holding steady when it feels hardest.

The market doesn’t reward emotion. It rewards endurance.

Yes, tariffs spook investors. Yes, the market responds—sometimes dramatically. But the market always reacts to uncertainty. And uncertainty? It just isn’t new.

Back in 2018 and 2019, during the last round of tariff escalations, the market did what it always does when uncertainty shows up—it freaked out. Stocks dipped. Headlines got loud. People wondered if it was time to pull out. But eventually, the noise subsided. The long-term implications of tariffs became clearer. And what did the market do? It recovered. And then it actually grew.

So here’s what’s important to remember: this is exactly what markets do. They react in the short term, but they adjust in the long term. Volatility is normal. Your panic is optional.

Let me say this clearly: market volatility is not a reason to abandon your long-term plan. In fact, volatility is baked into the process of building wealth. If you’re invested for the long term, yes—you will experience temporary losses. But they’re just that: temporary.

So going back to what I was saying earlier—trying to jump in and out of the market based on the news is like trying to change lanes every time traffic in your lane slows down. You might feel like you’re doing something smart, but research shows you’re more likely to end up further behind.

In fact, some of the biggest investing mistakes come from trying to time the market. People pull out during a dip and miss the recovery. Or they wait for a “better” entry point and miss the run-up.

One of my favorite anecdotes comes from a review of accounts at Fidelity. They found the best-performing accounts weren’t the actively managed ones. In fact, they weren’t managed at all. The best-performing accounts were held by people who either forgot they had an account—or were dead.

Why? Because they weren’t around to tinker, panic, or try to time the market. They just stayed the course.

So let’s zoom out for a second.

Over the last few decades, we’ve seen some serious market shakeups. Dot-com bubble. 9/11. 2008 crisis. Brexit. COVID. Inflation. Bank failures. Multiple tariff wars. Each time, the market dropped. And each time, it recovered—not overnight, but always.

If you had pulled your money out during any of those events, you might have missed the best days of recovery. And those days often happen right after the worst ones.

So how do you stay calm when the market dips?

It’s not just about your mindset. It’s your strategy.

You need a financial plan that’s built to weather storms. One that accounts for market downturns. Good plans are stress-tested. They take into account booms, busts, and everything in between. They ask: If the market drops tomorrow, are we still on track?

If the answer is yes, you stay the course. That’s the power of planning ahead. You’re not guessing. You’re not reacting. You’re just moving forward with clarity.

And if the answer is no—if something actually threatens your long-term goals—then you make a change. But not because the headlines told you to. Because the numbers did.

So I’ll say it this way: your emotions are valid. But they’re not usually helpful when it comes to investing decisions.

Here’s a question worth asking: If the market were quiet right now—no big headlines—would you be tempted to change your portfolio? If the answer is no, then don’t let noise override your strategy.

So what should you do when the market drops? Here are three simple steps:

1. Revisit your plan.
   Is it built for volatility? Are you just invested in a bunch of single stocks? Has it accounted for downturns? If it’s a solid plan, trust it.

2. Check your cash reserves.
   Do you have an emergency fund? Are your short-term goals covered? If yes, cool. Your long-term money is where it should be—invested.

3. Consider investing more.
   When the markets are down, it’s like going to J.Crew when everything’s on sale. It’s an opportunity. Your money goes further. Think of it like buying great investments on sale. Not required—but potentially powerful.

Headlines will come and go. Markets will rise and fall. But a well-built plan anchored in long-term thinking can carry you through the long run. Through all of it.

You don’t need to respond to every tweet, every chart drop, every breaking news segment. Sometimes—in fact, usually—the smartest financial move is the one that feels hardest in the moment: absolutely nothing.

Thanks for listening to The F Word. If this episode helped you take a deep breath and chill the hell out, share it with someone who needs that reminder too. And remember: you’re not in this alone. You’ve got a plan. You’ve got time.

Alright. See you next time.

Thanks for listening to The F Word with Priya Malani. If you like what you heard, hit subscribe wherever you’re listening—and leave us a review while you’re at it. We’re approval junkies.

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