#007 Presidential Elections, Your Money and Six Truths You Need To Know
Quote – “In America, anyone can become the President. That’s the problem.” – George Carlin
Truth #1 – Uncertainty sucks. Especially in 2020.
Regardless of who wins, both candidates have been pretty vague about how their plans will work. There’s lots of promises and the outcomes are based on government efficiency which, outside of the military, has been proven over and over again to run as smoothly as a car with square tires on a gravel road.
Truth #2 – Local elections can have a bigger impact on your money than national elections (Marketplace.org)
Local elections have to do with the things you use regularly in your daily life: schools, transit, water supply, waste and sewage, fire, police, etc.
Truth #3 – It doesn’t matter which party is in the White House, the stock market returns are basically the same when measuring 4-year terms after a presidential election. 8.6% for Republicans and 8.8% for Democrats. (Fidelity)
Truth #4 – If you are concerned about your tax bill this year, you can take steps to minimize it. (Fidelity)
- Converting a traditional 401(k) or IRA to a Roth
- Bunch several years of charitable contributions into this year
- Consider accelerating some capital gains
- Exercising stock options
- Revisit your estate plan
Truth #5 – Emotions ALWAYS get in the way of good, sound financial advice. Don’t let that happen to you.
Ever hear “buy low, sell high”? So why do so many people screw this up? Emotions. That’s all. And guess what? People are emotional right now for many reasons. Some good. Some not so good.
Truth #6 – No one is coming to save you. No one. Be your own Superhero.
I don’t care who gets elected, politicians at the federal level don’t care about you, the individual. They care about numbers. They care about re-election. They care about their agenda. Think I’m wrong? Then why didn’t they pass the second stimulus package before the election for the most vulnerable of our nations people.
We’ve been passing out food for months in record numbers in our community. And while the jobless have gone down since the early months of 2020, we are still at double digit unemployment. People NEED this. And don’t blame one party or the other. There’s more special interest stuffing in these bills than there is stuffing in your grandmother’s Thanksgiving turkey.
Here’s a few items I compiled from the LA Times and Politico that were included in the
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If working a 9-5 for 60 years so you can retire with a little money and die a few years later is what you want to do, then this is not the podcast for you.
Stephen is an executive coach that works with executives and entrepreneurs to build the life that they want, personally and professionally.
This podcast is about contrarian investment strategies around time, energy and money to build the 4 types of wealth and utilize lifestyle design to create the life we want. The interviews are with hi-earning individuals on how they make money so you can copy us and grow wealth too!
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