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If one of the Democratic Candidates becomes President, what to do with your money?
Posted on 6/29/19 at 4:57 am
Posted on 6/29/19 at 4:57 am
I know many on this forum are Democrats but the Democratic candidates truly have me worried. One of the things that was made painfully obvious during the Democratic debates the last few nights was how much the Democratic candidates hate capitalism and wealth. They truly despise the idea of winners and losers and they want to equal the playing field.
Whether it's reparations, medicare for all, free college, it's obvious the general idea is wealth confiscation and evening out the playing field. Heck they even admitted they will raise taxes on the middle class.
I consider myself lower middle class, I make around 50k a year right now. I automatically have 10% of my paycheck sent to my Roth 401k. My company matches 3/4 up to 8%. My contributions go towards my Roth 401k whereas my company contributions go towards my Traditional 401k. In terms of liquid wealth I probably have around 125k.
Obviously I don't have a lot of money by any means, definitely not enough to look at setting up an offshore account. But I do have enough to get screwed over with higher taxes while not getting any benefits by the government. With that said, what should those of us look at doing in case a Democrat does somehow get in office? I'm really worried that one of the first things they'll go after are 401k's and other retirement accounts, but being 35 I don't think anything is off the table long term for the Democratic candidates.
Whether it's reparations, medicare for all, free college, it's obvious the general idea is wealth confiscation and evening out the playing field. Heck they even admitted they will raise taxes on the middle class.
I consider myself lower middle class, I make around 50k a year right now. I automatically have 10% of my paycheck sent to my Roth 401k. My company matches 3/4 up to 8%. My contributions go towards my Roth 401k whereas my company contributions go towards my Traditional 401k. In terms of liquid wealth I probably have around 125k.
Obviously I don't have a lot of money by any means, definitely not enough to look at setting up an offshore account. But I do have enough to get screwed over with higher taxes while not getting any benefits by the government. With that said, what should those of us look at doing in case a Democrat does somehow get in office? I'm really worried that one of the first things they'll go after are 401k's and other retirement accounts, but being 35 I don't think anything is off the table long term for the Democratic candidates.
This post was edited on 6/29/19 at 5:12 am
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Posted on 6/29/19 at 6:01 am to naturegator83
quote:
If one of the Democratic Candidates becomes President, what to do with your money?
Absolutely nothing different than I do now. Stay the course.
I'm still 30+ years from retirement so even if a D wins next election and the economy tanks over the next 8 years, my return in the long run will be huge.
Posted on 6/29/19 at 6:27 am to naturegator83
I'm gonna pull a Mikey P and take everything out of the market.
Posted on 6/29/19 at 6:39 am to naturegator83
The markets usually find a way to succeed. There’s s lot of smart people running these big companies, and they will find every loophole available to extend their profits. That is what matters.
Unless we become socialist then we’re screwed
Unless we become socialist then we’re screwed
Posted on 6/29/19 at 7:10 am to naturegator83
Stay the course. Worst case scenario, you're screwed anyway.
Less than the worst case and we'll bounce back.
Less than the worst case and we'll bounce back.
Posted on 6/29/19 at 7:19 am to naturegator83
I know people who missed out on millions of dollars in gains because they liquidated and then stayed on the sidelines, certain the market would crater under Obama.
Stay calm and carry on.
Stay calm and carry on.
Posted on 6/29/19 at 7:51 am to naturegator83
quote:
one of the first things they'll go after are 401k'
I think that is exactly what they want to do. The Clintons floated the idea.
Posted on 6/29/19 at 8:20 am to weagle99
understand that taxes may go up, but don't markets traditionally do better when dems are in office? Does it make up for the garbage social policies - 
Posted on 6/29/19 at 9:10 am to naturegator83
How does this post have some many upvotes 
Posted on 6/29/19 at 9:22 am to naturegator83
Ya know the house which is littered with democrats recently passed legislation to increase holding time and lower fees for employers for multi employer retirement plans. But if you want to liquidate, based on political rhetoric, that’s your right I guess.
Posted on 6/29/19 at 9:24 am to weagle99
quote:
one of the first things they'll go after are 401k' I think that is exactly what they want to do. The Clintons floated the idea.
Exactly this. To quote Jesse James, “that’s where the money is.”
Once MMT runs its course and we are forced to stop printing money, what happens next? Will we never be required to pay our debts? Debts to who? All the 401ks and already underfunded pensions will own the debt and it will not be paid. Implosion.
But the bad news is there is no place to hide. The US is the 800 pound gorilla. How much of your portfolio are you willing to put into China today? Rich people problems will get serious if the dems get a chance to run their socialist programs Like there is no tomorrow.
Posted on 6/29/19 at 9:38 am to naturegator83
Just ... wow. There is so much facepalm for this thread, but i will try to actually be helpful. No one is coming for your 401k. You are so far into your political tribe that you cant separate the hyperbole of the conservative media who are selling tons of advertisements off of stirring up peoples emotions, like yours. America is so much more than the presidents political affiliation. The business cycle drives markets, period. Sure politicians can tinker a little with it, but its largely if not completely out of their control. If there is probably one thing to be concerned about regarding politicians, its their inability to stop spending more than we take in. No one politician has done it, but rather decades of presidents and congrsses of democrats and republicans, including the current president. Cumulatively it can put the economy in a precarious situation. But you shouldnt be making investment decisions based upon the platitudes of a democratic cadidate in the beginning of primary season. That kind of rubbish should stay on the irrelevant poli board where it belongs.
Posted on 6/29/19 at 9:48 am to rotrain
The OP doesn’t make enough to have these kinds of concerns top of mind. Relax and stay the course. Those making $200K+ are the ones who would feel tax change policies.
Posted on 6/29/19 at 9:49 am to Stateguy
quote:
understand that taxes may go up, but don't markets traditionally do better when dems are in office? Does it make up for the garbage social policies
This isn’t our parents flock of democrat.
And I’m not a republican. I didn’t vote for trump or Clinton. I’m libertarian to my core. But the wealth confiscation plans that will surely follow from these programs they want to institute is scary.
Posted on 6/29/19 at 10:13 am to naturegator83
Move a good bit out of stock market and into gold
Posted on 6/29/19 at 10:39 am to Skeezer
Wealth confiscation is going to lead to a civil war if they ever try to reach that far.
Posted on 6/29/19 at 10:41 am to naturegator83
Nothing. It is just how our social market corrects itself.
Posted on 6/29/19 at 11:16 am to AUCE05
Lot of other factors to consider. First which one actually wins and what are their specific goals. Second what does congress look like and does it appear possible the candidate can even get their stuff pushed through.
I doubt I’m pulling all to cash, but my allocations and how I invest may change. As an example, if they were to pass a law putting a tax on stock transactions then maybe instead of doing more active investing i go towards full ETFs and Indexes. I wouldn’t worry about it right now though. So much can (and will) change from now to Election Day.
I doubt I’m pulling all to cash, but my allocations and how I invest may change. As an example, if they were to pass a law putting a tax on stock transactions then maybe instead of doing more active investing i go towards full ETFs and Indexes. I wouldn’t worry about it right now though. So much can (and will) change from now to Election Day.
Posted on 6/29/19 at 11:45 am to rotrain
quote:or the Q thread
. That kind of rubbish should stay on the irrelevant poli board where it belongs.
Posted on 6/29/19 at 12:29 pm to Stateguy
quote:
but don't markets traditionally do better when dems are in office?
clinton tech boom anomaly? obama printing money? Trump's actual better economic policies? less over tax over regulate?
you understand the differences i would hope. any POTUS does not deserve all the credit or blame for the markets. you do understand cycles also right?
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