For the last ~20 days, we’ve been subjected to headlines and articles about how a Trump Presidency will affect our lives. I’ve seen everything from “What will a Trump Presidency mean for Mexico” to “What will a Trump Presidency mean for Sales People?” I sh*t you not.
Perhaps the most common, at least on the sites I frequently visit, ask “What does a Trump Presidency mean for your money?”
Most of these articles point to one of the following themes:
- Taxes: Will your taxes decrease or increase?
- Healthcare: Will Trump repeal the Affordable Care Act?
- Regulation: Which industries’ stocks will benefit from less regulation?
All reasonable questions, but they’re filled with assumptions and speculation. The truth is that no one knows what a Trump Presidency means for anything. Rather than joining in on the guessing-game, I offer you this perspective:
The control our President has on your money pales in comparison to the control you have, so your decisions will always have a much greater impact than any of their decisions.
In other words, stop worrying about what the President (or anyone else) is doing and focus on what you’re doing. You trump them (terrible attempt at a joke, I know).
To start, are you following these very basic principles of personal finance?
- Work hard and make money
- Spend less than you make
- Invest the difference
- Choose an appropriate asset allocation
- Save for things you want rather than relying on credit
If the answer is “yes,” then you’re building wealth and will continue to do so – regardless of who the President is.
If the answer is “no,” then I recommend you redirect your browser from CNN or FoxNews to something like Personal Capital. It’s a free tool that allows you to track your net worth, manage your cash flow and analyze your portfolio. I guess you could say they’ll Make Your Finances Great Again (seriously? two terrible jokes? I know).