Both of us DINKS have been glued to our computer screens keeping an eye on the elections. In case you haven’t been paying attention, it looks like the Dems have taken control of the house of representatives and are probably going to take the senate as well. This is a significant event, any way one looks at it.

Like many other financially minded people, the impact of the election does make me wonder how this situation will affect the our pocketbook. While most of this is speculation, it looks like the Dems might push the following:

1) An increase in the federal minimum wage

2) Removal of the presidents most recent tax cut

While both of these will have an impact on the nation’s financial health, they probably wouldn’t effect on the average Joe or Jane. For example, if the minimum wage is increased it might impact inflation, but a mechanism such as linking the wage to the consumer price index may somewhat limit this impact. Removal of the presidents tax cuts will also likely be targeted towards the rich, which suggests that it won’t impact the middle class a great deal.

My take: the elections won’t greatly impact the average persons financial situation.

Best,

James

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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