President Donald Trump has imposed at least a 10% tariff on most items the United States receives from other countries. Those costs are typically passed along to the consumer, which can make for leaner personal budgets nationwide.
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However, some financial experts argue that there is an opportunity for money to be made in spite of the rising costs. Here’s how.
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Move Your Money
Kevin Thompson, founder and CEO of 9i Capital Group, had one immediate piece of advice: Move your cash out of traditional bank accounts.
“If your money is sitting in a bank account yielding less than 1%, you are effectively losing money each day it sits there. A huge money move right now that I have been doing for my clients is moving money out of traditional bank accounts into shorter dated treasuries, high-yield savings and money markets,” he said.
“As rates stay higher for longer, there is an opportunity to place money out of low-yielding investments like bank accounts into money markets yielding north of 3.5% at this time.”
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Buy Gold and Silver
In times of economic volatility, Piyush Puri, the founding partner at Mercurius Media Capital, pointed out that precious metals thrive. Puri recommended purchasing gold, silver and maybe even Bitcoin.
“Dislocation fuels flight to safety. That’s why gold is nearing all-time highs, silver is approaching a 10-year peak, and even decentralized digital assets like Bitcoin are seeing surges,” Puri noted. “Wealth isn’t built by avoiding disruption; it’s built by recognizing where disruption redirects momentum, and positioning early.”
Flip Thrifted Finds
One way to beat retail prices — and even make some money — is to shop from secondhand stores. Personal finance expert Noam Korbl, co-founder and chief operating officer at PropFirms, said that you can sell your finds for a higher price, and make some extra money that way.
“When tariffs hit certain products, prices rise fast in retail stores, but people often overlook secondhand or clearance markets,” Korbl said. “You can buy before the price jump or source locally produced alternatives and resell them online at a markup.”
Invest in the Companies That Are Benefitting
Some investors might be staying away from putting money into the stock market. Korbl said you don’t have to, as long as you know where to put your money. Savvy investors stand to make a lot of money, even in the face of heightened tariffs-especially if the stocks pay dividends.
“Everyone talks about how trade wars hurt the market, but some sectors gain ground when foreign competition becomes more expensive,” Korbl added. “If someone wants to stay ahead, they can start researching less obvious sectors that gain from tighter trade policies, like packaging or domestic logistics.”
Become an Expert in Tariffs
These times are confusing, especially for business owners. Korbl said positioning yourself as an authority on the subject can generate income.
“When global pricing shifts and supply chains tighten, the demand for local expertise grows,” he explained. “You can build small info products or online services that cater to people trying to figure out how to work around import issues.”
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This article originally appeared on GOBankingRates.com: 5 Fancy Money Moves That Can Help You Get Rich During a Global Trade War
