It’s been a difficult week with all of us suffering from the continued racial discord in our country. Amidst it all, the stock market marches onward, and it was a rocky week with the Fed’s commentary on the potential future upward trajectory of interest rates.
So much is going on, right?
If you’re like me, you are getting fired up for the debates tonight. If we’re lucky, we will witness a sparring between Hillary and Donald on the issues. Unfortunately, most debates (and the associated gains or losses for the candidates) are based on how candidates look saying stuff, rather than what they say, as outlined extensively in The Atlantic’s recent “Who Will Win” article. I hope that we do not fall into this trap, especially because the significance of image in this is election seems even greater than in the past.
That said, I want to share several money issues I think you should be focused on during this election season.
Money Issues for Election 2016
According to a July Pew Study, voters cite that the 5 top issues of this are:
- The economy
- Foreign policy
- Health care
- Gun policy (Lord knows that we in Chicago need that last one)
Yes, what happens in the economy will affect your money, but I also want to see a discussion on pressing issues that will influence your pocketbook - child care and maternity/paternity leave, student loan debt, and social security.
On the child care front, I am even more sensitive to this issue after listening to Dr. Anne-Marie Slaughter give a talk at the Chicago Foundation for Women. Regardless of whether you have your own kid or not, this issue touches us all. You remember Dr. Slaughter, right? She wrote the article “Why Women Still Can’t Have It All,” four years ago. Last week, she said something that shocked me:
“Child care costs more than rent in each of the 50 states.”
I fact checked it and found a few studies, one in particular showing that daycare fees for two children (an infant and a 4-year-old) exceeded annual median rent payments in every state in the U.S. last year. This is crazy, especially since this study doesn’t even account for the quality of child care, which will surely impact the price.
Regardless of who becomes the next President of the U.S., nothing that he or she will do will take shape for some time. In the meanwhile, we all still must grapple with what can each of us do to improve our situation today. So…..
Here’s Some Money Advice
With three months to go in this year, I want to challenge you to continue to make smart money decisions. I asked some of you to share successes of failures. Thank you for all the responses! Continue to send these my way.
I want to give a shout-out to Lynda M., who shared that she is working on an entrepreneurial venture and taking steps to build her product. If you remember nothing else, remember that wealth creation through entrepreneurship is a viable option. Congrats, Lynda for taking the big leap of faith to invest in you.
Have a wonderful week and I hope you continue to find joy in all our craziness.