Today’s Prep:
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)
Equipping Points:
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3:50 – The Keystone pipeline permit was revoked.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.
Today’s Takeaway:
“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.“
-Eric Peterson
Related Resources:
Mailbag: How Do I Plan for Possible Long-Term Care Expenses?
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