It’s inauguration day, and that means we’re out with the old and in with the new. Regardless of which side of the political fence you stand on, there is no escaping the fact that a lot of changes are taking place. For better or for worse, the new administration is faced with some tough decisions and will likely make some policy changes.
How do you think these changes will affect you? Will it improve your financial situation, or make it worse? Or will nothing really change either way? Personally, I’m a bit of a realist and know that nothing is going to happen overnight. There is nothing you can do to immediately reverse the damage that’s been done in the equity markets, the real estate market, and the credit markets. The damage has been done, and just as it took years to build up to their ultimate collapse, it will take years to rebuild them.
So, I’m not looking for much change one way or the other. Another stimulus check isn’t going to change my financial outlook, and a tax increase will likely only negatively impact us slightly in the grand scheme of things. Changes may eventually trickle down in the coming years as various policies begin to take effect, but in the near term, I don’t think our financial situation will change.
What do you think?
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About the Author: Jeremy Vohwinkle is a Chartered Retirement Planning Counselor® and spent a few years working as a financial planner. Today, he helps people make the most of their money by writing about personal finance here and elsewhere on the web. Jeremy is also Coach at Adaptu and a regular contributor for other publications such as Intuit, and American Express. Be sure to follow Jeremy on Twitter or Google+.