Congress And Your Portfolio

Welcome to the Money Wisdom Podcast where Joel Johnson, CFP® of Johnson Brunetti, reviews retirement and investment topics weekly. Let’s get started…

Today’s Wisdom:

Join us for a jaunt to Washington. We’ll hear from CNBC tax expert Andy Friedman as he discusses how the goings-on in Washington could affect the financial services industry.

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What You’ll Learn:

[00:40] – How Will Washington Affect Your Finances?

  • Joel shares an interview with CNBC Wall Street tax expert Andy Friedman. He discusses what we can expect out of Washington from a financial and political standpoint in 2019.

[2:14] – The Impacts Of A Divided Government.  

  • Washington is divided, and the implications of this split is gridlock in Congress. Andy explains why we probably won’t see many laws passed on tax reform, fiscal change, etc…

[3:09]  – What Effects Will Democrats Have On The House?    

  • The Democrats have taken control of the House of Representatives. They’ll probably hold a series of oversight hearings that review administrative policies. The House’s committees now have subpoena power, meaning they can force members of the Trump Administration to testify. These hearings will bog down any action as it pertains to passing policy.

[5:28] – How Will The Public React To Washington Politics?

  • Many folks are upset with Congress in general, and some are even more upset by the inaction. Conversely, some Democrats were angry before and are welcoming the possibility for change.

[6:52] – What Good Comes Out Of This Congress? 

  • Many of these hearings will subject the financial services industry to scrutiny. Perhaps Congress will hold Wall Street accountable for any dubious activity.

[8:58] – How Will The Markets Respond? 

  • The markets are volatile, and they’re waiting to see what will come from the gridlock. The end of these political stories has yet to be written.

[10:22] – How Does This Affect Your Retirement?

  • Political turmoil can adversely affect your portfolio. Regardless of what happens on Wall Street, your fears alone can affect your retirement strategy. Put a financial plan in place that removes some of the volatility and emotion from your retirement equation. Find freedom from political and financial volatility.

Final Thoughts:

“Don’t let political turmoil in Washington adversely affect your portfolio. Political storylines are still developing, and they don’t have to take the joy out of your retirement. ”  – Money Wisdom

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