With Donald Trump set to become the 47th President of the United States, it’s natural to wonder what this new administration could mean for your finances.
For most people under 30, a change in leadership might not significantly impact financial planning. In your 20s, you’re often not earning enough or rich enough for a president’s tax policies to have a dramatic effect. After all, no president is likely to increase taxes on middle- or lower-income earners.
That said, beyond tax policy, programs like student loan forgiveness, down payment assistance, tax breaks on tips, stimulus packages, and expanded child tax credits can make a real difference for many young Americans, often shaping financial behaviors and decisions in a direct way.
As you get older—and hopefully wealthier—you might face the question of whether to keep grinding or finally take things down a notch. Everyone has a unique level of drive when it comes to building wealth.
Ultimately, we’re each responsible for our own financial well-being. But looking back, I can see how various presidents have nudged my path in subtle, sometimes unexpected ways.
I thought it’d be interesting to revisit how past presidents from both parties have influenced my financial planning and life in my 30s and beyond. I hope you share your own stories of how different presidents’ policies have shaped your financial journey, too.
Financial Planning Under President Obama (January 20, 2009, to January 20, 2017)
Barack Obama was president from January 20, 2009 – January 20, 2017, stepping in just six months before I launched Financial Samurai. I was between 31 and 39 years old during his time in office.
In mid-2009, he felt almost like a savior—the economy was reeling, and I’d lost 35% – 40% of my net worth in six months during the global financial crisis. Many friends