Let’s take a look at some of Biden’s executive orders so far in his first few weeks. How could they alter your financial plan?
(Click the featured times below to jump forward in the episode)
President Biden has made a number of executive orders in his time in office. What do they have to do with your financial plans? How might they affect you economically?
If you have student loans, the interest is currently on hold through September. This executive order can help significantly, but don’t let your loan get forgotten. If you can keep paying it off diligently, do so during this time.
Will gas prices increase? With the Keystone pipeline permit revoked, what kind of impact will that have on the industry? We’ll still need oil, but now it will have to get to us in a different way. What are the political ramifications of this executive order?
Finally, what happens if the minimum wage is increased? Should it be? What if many of those jobs were automated instead? From grocery checkout to McDonald’s ordering, automation is increasing. Would an increase in minimum wage lead to inflation or would it be beneficial overall?
Listen to the entire episode or click on the timestamps below to skip ahead to a particular executive order.
[0:47] – Biden has made several new executive orders. How will these impact us?
[1:16] – Moratoriums extended on evictions, foreclosures, and federally guaranteed mortgages.
[2:58] – Student loan interest payments on pause.
[3:50] – The Keystone pipeline permit was revoked.
[7:21] – Regulations are being reinstated.
[8:44] – Minimum wage could be raised.
“If you have money saved in a 401(k), in an IRA, a pension, if you have all that stuff–when you reach retirement, all they have to do is ratchet up the tax rates a little bit and you’re paying more and more to cover these things.“
Check out some other recent episodes
You may have heard of at least one if not all of these financial rules, but should you follow them? What do they really mean? On today’s episode of the podcast, we talk through four common rules of thumb when it comes to financial planning and what Eric advises about them.Read More
Which of these statements is worth paying attention to and which ones should you take with a grain of salt? Eric shares whether he agrees or disagrees with five retirement planning statements.Read More
Ever consider a retirement plan that seems a little unorthodox? There’s no one-size-fits-all when it comes to financial planning, so Eric answers three questions in the mailbag from people considering a less traditional decision to make their plan work for them.Read More
Have you been procrastinating putting together a financial plan or do you have a sense of urgency? What events may prompt you to act quickly?Read More