The Intersection of Trump & Finance
THE BIG THING I WANT YOU TO KNOW:
I’m never going to be down a singular political party line, and you should never trust your gut feelings as an authority.
before you rely on your gut to shape your your future, we’ll help you understand the implications.
President Trump Had A “Gut Feeling”
President Trump has what you could characterize as an adversarial relationship with The Washington Post, but he was gracious to enough answer a reporter’s question regarding his opinions of the Federal Reserve — the country’s central bank — during an interview last week.
While Trump voiced his displeasure about the Fed, the freewheeling 45th president bestowed this sound bite upon the world: “I go with my gut. My gut tells me more sometimes than anybody else’s brain can ever tell me.”
Personally, I think the Fed is doing a good job amid rising interest rates, but no one could possibly care about my opinion on the matter, right? OR SO I THOUGHT…
The dynamic money update that brought the backlash!
During my minute long read of our daily email (SIGN UP HERE! Spam-free, we promise!) I wrote about my concern regarding the president’s comment for leading with his gut.
As an American, taxpaying, Disney-loving father of three and husband of one, I was disheartened to hear that the most gifted minds are counseling our president with research-backed data, but he discards all of it for his instincts.
In an attempt to illustrate that defaulting to your gut instinct isn’t always the best course of action, I cited the example that we meet with SO. MANY. CLIENTS. who show us their battle scars (metaphorical, of course) as a result of poor financial and investment decisions driven purely by their gut; I find it reckless and frankly, a little lazy.
Turns out, some of Trump’s most ardent supporters took me to task for voicing my opinions about the commander in chief’s decision making process and getting political.
In an attempt to illustrate that defaulting to your gut instinct isn’t always the best course of action, I cited the example that we meet with SO. MANY. CLIENTS. who show us their battle scars (metaphorical, of course) as a result of poor financial and investment decisions.
I was on the receiving end of a number of messages from those telling me to stick to finance because I was poorly using my platform and that my credibility with some of you took a bit of a hit. (However, I was able to engage in some meaningful conversations some people who wrote to me, so there’s the silver lining.)
The heart of Dynamic Money is not political punditry but financial security
We’ll never pretend to be something that we’re not, but to those who wrote to tell me that politics and finance do not intersect, I respectfully and wholly disagree.
When an elected official, independent of political affiliation, says something that I think will impact you, i’m going to tell you because that’s my role as your advisor.
Politicians wield SO. MUCH. POWER. over the shaping of tax policy and trade policy. All of that policy is what trickles down to you, me, your neighbor, your kids and loved ones. Dutifully basing your financial decisions on what’s working for a family member who’s recently experienced a bit of stock market good fortune or following a friend’s lead who is seeing returns from a start up is downright reckless. Pulling out investments at the first whispers of an economic downturn, taking on a mortgage well beyond your means, buying a popular stock at the height of its price are all decisions that can leave you financial ruins.
Following your instincts is a fantastic and empowering, but try to silence your gut when it comes to matter of money because the choices we make are what destroy our investment returns.
If it sounds familiar, I am not shaming you — I’m offering guidance.
Navigating this isn’t easy and we all need a sounding board to bounce ideas off of.
In some families, taking about money and politics are taboo, off-limits subjects.
With the holidays upon us and family gatherings at every turn, does your family broach “unspeakable” topics or avoid uncomfortable discourse?