Poll: With a New Administration Taking Over, How Do You See Your Finances Changing This Year?

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?

[poll=49]

Author: Jeremy Vohwinkle

My name is Jeremy Vohwinkle, and I’ve spent a number of years working in the finance industry providing financial advice to regular investors and those participating in employer-sponsored retirement plans.

7 comments
Business blog
Business blog

I hope this is not too cheeky to ask - I am trying to put a poll on my website and cannot seem to get it included on the page like you have with this one - can I ask you how you did this, did you have to play around with templates or php coding, as I have downloaded the wp-poll plugin and it does not seem to allow this, as you have. Thank you in advance for your help.

tom
tom

Ok Ian, let me analyze something for you.

If the stimulus package works then how come:
AIG got billions and the executives spent half a million on a retreat, yet people still lost their jobs

To me, it gives a bump for the executives, no one else.

If the company can't handle their finances, don't give them more. They are doing something wrong, and throwing money at them will not solve it.

Do you wonder why 4/5 lottery winners go bankrupt within 5 years?

Ian
Ian

A stimulus will probably give a needed bump. However once the mortgage meltdown is complete, we still need to deal with the consumer credit mess that is on the horizon. I don't see that coming to light until the middle of 2009, and being resolved until 2010.

the weakonomist
the weakonomist

We're going to see an immediate stimulus that might prop up the economy for a few months like last year. But in a few years we're all going to be paying for these loans, with taxes. High taxes will cause another recession.

Jeremy
Jeremy

You should stop by where I work, Syd. It seems most people feel that today was like flipping a light switch. On one side, you have people who think their bank accounts will suddenly be full of money, those who are unemployed will have a job tomorrow, and their 401k's will be up 20%.

On the other side, people are mumbling about how they are suddenly going to start getting taxed more, their investments go down even more, and their guns taken away tomorrow.

Maybe everyone around me is just impatient, I don't know. But that's all I've been hearing the past couple weeks, with people on both sides acting like starting Jan 21 we'll wake up to a whole new world.

Retired Syd
Retired Syd

There's a very select group of people that believe that change for the better won't happen over night. It's called EVERYONE. No one thinks things are going to get better overnight. But I'll bet I'm not alone in believing that 8 years from now, we will all be better off than we are today. Heck, I'll go out on a limb and say that 4 years from now we will all better off than we are today.

It's not just about how fast we can get things done, it first starts with ARE WE HEADED IN THE RIGHT DIRECTION? It took 8 years to screw things up so badly, it will take time to repair all the damage. But at least now, many of us have hope that we can AT LEAST start heading in the right direction.

Travis @ CMM
Travis @ CMM

Looks like I'm one of the few people who selected its gonna get better. I'm not fooled into thinking it will get better right away, but I think our current crisis opens up a ton of opportunities.

More and more people will start to look at their finances a whole lot closer than ever before. They'll also be looking at new ways to make money. I think only good can come from this.

I also believe in this administration. I think the country is dying for change, and hopefully Obama will be the one to bring it. We may not see it in the next year or so, but how about within the next eight.