Happy New Year.
It’s going to be a challenging year for consumers and their financial lives in 2025.
Donald Trump exhibited erratic behavior in his campaign to win his second term as president. He has one idea, then another, often times contradicting himself.
As he has surrounded himself with yes-men and yes-women, we’ll have to see how he will carry out his plan to restructure the federal government, where they’ll start and how they’ll carry out their policies.
Trump’s reversal on H1-B visas is likely a clue to how his new administration will unfold – you don’t know what will happen next. It will be chaotic.
Financial advisors are recommending to their clients that they should hold steady on their investments regardless who is in the White House.
I have the same advice for consumers and their finances – keep steady. Check your financial goals and make adjustments for 2025, if needed. Review your budget and see if changes are needed there, too. Make sure you’re saving adequate amounts for retirement. And, by all means, keep following your plan to reduce debt.
If you aren’t yet following these basic steps in financial planning, Jan. 1, 2025, is a good time to begin. You can sign up for my free, weekly newsletter to get 10 financial tips. When you sign up, you’ll get a guide to how to get started organizing your finances, “Top 10 Tips for Getting What You Want From Your Money.” Here’s the newsletter link: https://tinyurl.com/makeyourmoneywork.
Also, bookmark my blog so you can keep up on the latest consumer and personal finance news to help you and your family. I’ll be reporting on the latest developments as they unfold and how they’ll affect you.
In addition to attending to your financial matters, also figure out how to get joy every day.
That’s what kept me going through the first Trump administration. Don’t let Trump and his craziness steal your joy.
Best wishes and good luck to us all in 2025.
