Eight months into the new presidency and there is still a lot of uncertainty of what’s to come. What is certain is that President Trump will cut domestic (safety net ) spending, health care will be changed again, and the tax code will change to eliminate the head of household option that single mothers tend to file under. All the changes can be overwhelming, but here are 5 things to do to survive and thrive in the new Trump Economy.
1. Start a business
You will have more control of your income and time with a business – creating your own life/work balance. You get to determine when you work, where you work and with whom you work. if you want to work while on vacation or not or even when you take a vacation is all up to you.
The bulk of taxes generated in this country comes from earned – W2 income. The tax code for businesses was meant to reward risk takers and job creators. You can write off many business expenses from business furniture, office that is maintained inside the home, food (business lunch, dinner) trips to conduct business or advance training that improves. A book by Bernard B. Kamoroff C.P.A. explains the 475 tax breaks for businesses or the self-employed.
Trump is a business man and the greatest tax cuts are going to those who have assets – A business is an asset.
You get to meet a wide variety of people in different industries and jobs as those of us who are 9 to 5ers are usually regulated to exposure to who we come in contact with our offices or work buildings.
Learn Valuable and Needed Skills
We’ve read about all the folks with degrees stuck in lower waged jobs. We see how the complete disappearance of jobs and industries have collapsed cities and city areas such as Detroit when the car industry moved out.
Listen, Listen, Listen closely There are 20 million people in college at any given year, About 3 million graduate a year, and if the economy creates 145,000 jobs (in a good month) resulting in 1.7 million a year – we fall short. We really fall short when you also take into account High School graduates who don’t attend colleges.
After taking into account that the number of jobs created isn’t keeping up with the number of college grads, then we must give thought to the type of jobs being created. The low-wage service industry is leading the pack.
Okay, enough of why you may need to think long and hard about learning NEW skills. Let’s look at some areas that can’t be outsourced: Direct patient medical personal – nursing, doctor, trades – plumbing, electrician, car repair, etc. There is a long list of possibilities.
3. Increase Income
You will need income to increase your flexibility and assist you in obtaining hard assets. Buy a home, land, and other investments to increase your wealth and also serve as Tax Breaks. Tax incentives will increase under the new administration who has already proposed eliminating the capital gains tax. The Book Cash Flow Quadrant by Robert Kiyosaki explains this in detail.
4. Nurture and Extend your network
It’s very easy to retreat to our quiet place and isolate ourselves when we’re busy working, taking care of home and kids. As change happens (good or bad) or even in a more complicated society in which we live, daily life circumstances can become overwhelming which can lead to anxiety and depression. Take the time to nurture relationships by having more intimate touch points – phone and in person. Don’t just rely on just texting – it’s impersonal and doesn’t foster connections. Meet folks online and then take those new friendships off- line. MEETUP, Facebook – other social networks can be of great help to find like-minded people to form a connection.
5. Birth Control
Listen and read closely – If you are still of childbearing age – Get an IUD. An IUD, the loving name for an intrauterine device, is a reliable birth control method that can last for 10 years. An IUD can save your life or at least make sure one doesn’t fall off an economic cliff by not getting pregnant during uncertain times.Look, we know the statistics about poverty and single parenthood! Many of us are living within it. We know that the new administration may cut social services and further the undermining of the safety net that began in the 1990s. Besides, you can do all of the above much more efficiently and effectually without the worry of having to take care of another child during precarious times. The reason the time is now is that with the incoming President and legislatures it is believed that access to reproductive health will be limited.
Bonus: Stay flexible with your living environment and composition. You may not be in the ideal city, county, state, or country. Get a passport and stay mobile. Also, stay open to those who may need to share resources and living accommodations.