My Money and The Transition to Trump

trump-inauguration

I love Inauguration Day.  I even took Friday off work to watch coverage of President Trump’s inauguration (still weird to say).  I won’t admit that was the reason, but that was the reason.

The Oath of Office, Hail To The Chief, the massive crowds on the National Mall, the Capital backdrop, the parade down Pennsylvania Avenue… I love all that pomp.  The circumstance is pretty good too.

It’s not that I’m such a huge, sorry, youuuge fan of Trump.  I love Inauguration Day no matter who’s entering the White House.  That may shock some people, but it’s true.

I love that we have this peaceful transition of power in the U.S. every four or eight years no matter what.  Whether the outgoing president was really good or whether they really sucked.  And make no mistake, some presidents have really sucked.  Check this guy out…

john_tyler

The point is, we get a new guy every 4 or 8 years.  And I think that’s a good thing.  There’s a constant refresh of ideas and no one can get too comfortable in the Oval Office.

All the same to me and my money

I know it makes some people nervous to switch things up.  Especially if you liked President Obama.  Especially with a wildcard like Trump coming in.  But this post isn’t a political debate on whether I like one guy over the other.  It’s how this transfer of power affects my money.  And it really doesn’t.

If I’m completely honest, I could have handled another 4 years of Obama.  I liked the guy.  After all, the last 8 years were bottom-line boom times for me and my family:

  • I went from single living in a 300 square-foot apartment to married with a kid living in a luxurious 1600 square-foot 1950s rambler “starter” home.
  • My wife and I increased our net worth by a quarter-million dollars from -$110,000 to $140,000 since we started tracking in 2011.
  • Our earning power increased by more than 50% (mostly because she’s a rock-star).
  • We went from each saving barely 10% to saving 40% of our combined income.

But, I know all that actually had very little to do with Obama.  Sure, with a different administration I know I’ll have to tweak some things around the edges, but I’m confident my family will thrive under President Trump too.

For all the campaign noise about how this candidate will drive the country over a cliff and that candidate will make our country great again, it’s not really worth my time to worry about any of that.

No matter who’s president, our financial life putters on just about how it would anyways based mostly on a mixture of our own planning, our day-to-day decisions and a little luck.  The direction our life takes has very little to do with any of the edicts that sprinkle down from the Oval Office.

So, I’m gonna take this opportunity to make a few bold predictions about how my family’s finances will look in 2020, by the end of President Trump’s first term:

  • We will probably still live in our 1950s rambler, because it’s plenty of house for us.  But the basement will finally be finished!
  • We will accelerate our savings and increase our net worth by another $250,000
  • Our earning power will increase by at least another 35%
  • That will include at least one side hustle that earns at least $1,000 per month (probably not this blog)
  • We will be saving at least 60% of our income

Basically, things will go just about according to plan.  Business as usual in our little corner of Minnesota.  We just gotta keep Trump’s finger off the big red button.

follow me on Twitter @cabbageblog

follow me on Pinterest www.pinterest.com/crispycabbage

 

 

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6 comments

    • Thanks Jay! I’m starting to think there are going to be a lot of distractions and noise with this administration. If we can just drown out the noise a little bit and focus on ourselves, it should be another great 4 years.

      Like

    • Well, we’re shooting for $250,000 in 4 years. Last time it took us almost 6. We figure with compounding, accelerated savings from less debt and (hopefully) more income, and continued good fortune, we should be able to get there.

      Thanks for saying that about the drawings. Sometimes they’re a little bit of a pain to draw, so it’s good to know you like them. And thanks for reading!

      Like

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