I’m a Self-Made Millionaire: Here’s Why I Think Trump is the Wrong Choice for Our Wallets

Joshua Lott / Getty Images
Joshua Lott / Getty Images

Americans across all income levels are struggling with financial problems. Key findings from a recent Gallup study revealed the most important financial problem facing Americans today is inflation, or the high cost of living. It’s a finding made all the more interesting considering this is the third year in a row Americans have said inflation is their biggest financial problem.

With the 2024 U.S. Presidential Election coming up in November, Americans can vote for the candidate they believe will provide the best break for their personal finances. The current frontrunner nominees, President Joe Biden and former President Donald Trump, are both running for reelection, but not everyone is sold on the latter’s platform benefitting Americans’ bank accounts.

Here’s what one self-made millionaire had to say about Trump and his potential impact on American wallets.

Find Out: How Rich Is Former President Donald Trump?

Read Next: Owe Money to the IRS? Most People Don’t Realize They Should Do This One Thing

The Short- and Long-Term Impacts of Trump’s Economic Policies

Self-made millionaire Lisa Rehurek is the founder and CEO of The RFP Success Company. Rehurek told GOBankingRates she sees opportunities and risks in a potential Trump reelection. In particular, certain policies tied to Trump may impact the finances of Americans in the short and long term.

One short-term risk Rehurek cited are trade disputes, which would personally impact Rehurek’s financial picture. She said trade disputes, which are meant to protect American industries, could cause supply chains and international marketplaces to splinter and hurt some of the companies she owns.

Learn More: How To Eliminate $100,000 of Debt

“Increasing the deficit could devalue cash holdings by causing inflation or currency devaluation,” Rehurek said. “The unpredictable nature of policies may cause market volatility, which could affect the performance of investments in the short run.”

In terms of long-term issues Americans could face, Rehurek referred to the Tax Cuts and Jobs Act of 2017. This law was recognized for its 35% to 21% permanent cut in the corporate tax rate. However, as the Center on Budget and Policy Priorities noted, the 2017 law not only failed to deliver its promised economic benefits, it was also expensive and costly to the U.S. revenue base.

While it is possible a course correction could be made by policymakers, Rehurek said these tax cuts might increase the national deficit. A result of this would be inflation and increased interest rates, which Rehurek said would reduce the typical American’s purchasing power.

Short- and long-term risks aside, Rehurek said the impact on her wealth depends on her specific investment portfolio and how she positions herself to adapt to policy changes.

“Regardless of who’s in office, it’s crucial to remain adaptable and diversified to protect and grow wealth in any political climate.”

More From GOBankingRates

This article originally appeared on GOBankingRates.com: I’m a Self-Made Millionaire: Here’s Why I Think Trump is the Wrong Choice for Our Wallets