Political decisions often move markets and President Donald Trump’s leadership has brought a new level of unpredictability. For millions of Americans, that uncertainty can spark worry about how secure their money really is.
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GOBankingRates spoke to Thomas Jarecki, financial planner and national director of wealth planning at KeyBank, to share how his clients are protecting their wealth in Trump’s economy — here’s what he said.
No one can predict the economy, so having a plan tied to your personal finance goals will help you focus on what matters most. This helps ensure you’re managing everyday expenses in a way that aligns with your long-term vision.
“It’s much easier to navigate uncertainty when our clients have a goals-based plan in place. A well-built plan not only steers long-term objectives but also covers day-to-day cash flow, too. It delivers peace of mind and provides a roadmap through external ‘noise’ that can prompt emotional or irrational financial decisions,” Jarecki said.
“[Financial advisors] keep emotions in check and your strategy on course, no matter what shows up in the headlines,” Jarecki added.
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Trump’s tax reform has created various breaks and deductions that can benefit different groups of people. However, many of these provisions like the One Big Beautiful Bill Act (OBBBA) are set to expire, so you need to act now to take advantage of the benefits while they’re still available.
“The Trump administration’s signature tax legislation offers potential breaks for business owners, seniors and families with children. But many of these provisions will expire in the next few years,” Jarecki said. “We encourage a comprehensive review with a CPA to identify what opportunities you can take advantage of before those tax breaks expire.”
The Fed recently cut interest rates, which could mean the start of an easing cycle. However, inflation remains unpredictable, especially with tariff policies and policy changes that could push consumer prices higher even as borrowing costs drop.
“Inflation expectations have cooled in recent months, but tariff pressures and OBBBA tax policy changes may lead to increased costs for goods and services once again. The Fed’s recent rate cuts and the potential beginning of a cutting cycle, signal a shift, but inflation remains a key factor in future decisions,” Jarecki noted. “This is an especially important area to follow. Staying informed and adjusting your financial strategy accordingly is essential.”