Today’s Question:
How do these new executive orders impact you? How should your financial plan or mindset adjust accordingly? Let’s talk about the new administration and how it could impact your finances.
Click on the timestamps below to jump to specific topics.
Confidence Corner
With a new president in the new year making some changes, what do you need to keep in mind for your financial plan? Biden has only been in office for a few weeks but has made over 30 executive orders so far. On today’s episode of the podcast, we have an economical discussion about several that might impact your finances.
One of the executive orders includes student loan interests being put on hold until September. Even if interest isn’t accruing, should you still make payments? How much should you pay? What if they later do forgive student loan debt?
What does it mean that the Keystone pipeline permit was revoked? How will more regulations on oil, gas, and auto industry change prices? What about the jobs of the people employed by those industries?
Between a stimulus package for COVID or potentially raising the minimum wage, how will this impact our finances long-term? What about automation in the workforce?
How do we make the right decisions with our financial decisions and investments when things are changing or yet to be seen? Be sure to work with your financial advisor to make a plan that addresses whatever concerns you may have. But also remember, that all presidents make major changes like this, so it’s important to not let short-term fears get in the way of a long-term plan.
1:43 – Biden has passed over 30 executive orders so far.
4:40 – Student loan interest is paused until September.
7:01 – The Keystone pipeline permit was revoked.
10:03 – How do we make the right decisions?
12:08 – What would happen if the minimum wage is raised?
13:50 – Automation has changed some of the job market.
17:59 – What’s going to happen to the economy moving forward?
A Point Of Wisdom:
“Don’t jump in and out because of short-term fears. Every president does major changes like this. Just because they’re not what you like, doesn’t mean that it’s not going to work out for the economy.“
-Nathan O’Bryant
Related Content:
PODCAST: Understanding Values-Based Planning
PODCAST: A 2020 Election Conversation
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