Welcome to another installment of Future Proof posts on Physician's Money Digest (PMD). The 2016 US presidential election was surprising to say the least. Let's talk about some ways President Trump may impact your personal finances. As usual, read the full post at PMD. An excerpt is provided below.
No matter what your political leaning, there is a good chance the outcome of the 2016 US presidential election came as a surprise. My very own mother, who professed that she would have voted for Trump (she didn’t as she was visiting in China during the election), still did not think he could ACTUALLY win the election. Much have been written about how the Trump presidency will impact the Affordable Care Act (“Obamacare”) and other facets of our economy. Now the dust has cleared a little, I want to approach it from a different perspective – how President Trump will impact your finances on a personal level.
For your income
While there is no direct impact on your salary by the election of Mr. Donald J Trump, there is a very significant potential benefit – “YUGE” tax savings. You can view President-elect Trump’s plan on taxes in more detail HERE. But suffice it to say if Mr. Trump gets his way – that’s a big IF – all of us will stand to keep a lot more of our hard-earned cash. However, as we are all aware, making changes to the tax law is a lot harder than coming up with campaign slogans. I wouldn’t hold my breath if I were you.
For your debt
Again, the election of Mr. Trump should have no direct impact on any of your outstanding debts. However, as discussed previously, if Mr. Trump carries out the promise on lowering taxes, then you would end up with quite a nice windfall of extra cash. And as socially and financially responsible professionals, I would hope one of your first priorities would be to pay down debt – credit cards, student loans, car loans, mortgage etc.
LeverageRx is an online financial marketplace for physicians, dentists and other medical professionals looking for personal financial help. The platform offers unbiased reviews and comparisons of products and services relevant to medical professionals including physician mortgage loans, physician contract review, physician disability insurance, life insurance for physicians, physician student loan refinancing, physician relocation services and medical practice loans. To ask a financial question and get qualified advice from experts across the country, visit LeverageRx.