Finance
Millennial Entrepreneurs: 4 Financial Policies We Want Under a Trump Administration
Millennial adults represent a generation that is going through a lot of milestones and “firsts” in their live. This can be a wedding, the birth of a child, the purchase of a home or a new job. In turn, they are also facing specific financial challenges, which, combined with inflation and high rates, can be difficult to navigate.
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When it comes to millennial entrepreneurs, they have an additional set of business and financial challenges to face and said that there are certain policies that they would like to see under a Donald Trump administration. Here are some of them:
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Easing Regulations
Most millennials are in their prime earning years and have been hit doubly hard by the pandemic and inflation impacting their earning power, said Brenda Christensen, a self-made millionaire and CEO, Stellar Public Relations.
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In turn, she said that a Trump presidency would likely reduce inflation by easing regulations on business with savings passed down to consumers.
In addition, Christensen — who worked with Trump while working in PR for The Taubman Company — said that he’s a calculated risk taker and understands the business world implicitly, including entrepreneurship where millennials are in large numbers.
“For example, during his previous administration, his policies reduced burdens on businesses by eliminating taxes and other restrictions, such as loosening FINRA [Financial Industry Regulation Authority] rules which benefitted not only the tech sector and VC [venture capital] funding but overall economic growth,” she added.
Regulation That Makes it Easier to Access Financial and Investing Tools And Broader Use of Crypto
“I think we are living in too much of a top-down, centralized financial system. The cost of investing is too high for a huge percentage of the population, especially for millennials and Gen Z folks,” said Rebecca Liao, CEO of Saga, who also served on Hillary Clinton’s foreign policy team for her 2016 presidential campaign, responsible for Asia trade and economic policy.
As Liao noted, many of them are working part-time or gig jobs that don’t feature 401ks and other automated investment systems for their retirement and most don’t contribute to Roth IRAs.
In turn, she argued that one financial policy Trump could implement is regulation that makes it easier to access financial and investing tools.
“Crypto is one of the tools for decentralizing our economy and providing fairer, more readily available tools for access to novel financial products that, in turn, are likely to experience relatively greater upside, albeit with more volatility along the way,” she added, noting that making investing in the broader crypto realm more permissible and compliant would be a solid step in the right direction.
Other experts echoed the sentiment saying that this cohort needs crypto friendly policies.
“There are thousands of entrepreneurs developing ideas with world-changing potential using blockchain. They won’t stop, they will simply choose a country with the friendliest policies, where they will make a lot of money and employ a lot of people,” said Mel Gelderman, CEO and co-founder at token.com.
Regulation Helping Consumer Sector Millennial Entrepreneurs-Such as Not Tax on Tips
According to Nick Gausling, a millennial entrepreneur, consumer sector consultant, and managing director of Romy Group, many millennial entrepreneurs outside tech run consumer sector businesses, but the American consumer is “close to tapped out.”
“Trump reviving the No Tax on Tips proposal pioneered by Ron Paul is a big win for these entrepreneurs,” said Gausling.
He argued that first, ending taxation on tips would be a massive direct stimulus for many service workers, especially in lower tax brackets.
“Since every service worker is also a consumer, that stimulus would spill over and improve revenues for businesses across the consumer sector,” he said.
In addition, he noted that this policy could also bring new innovation in labor modeling and better customer service.
“Many consumers are tired of tipping culture run rampant, but if entrepreneurs combined lower base wages with lower retail prices, tax-free tipping could yield higher overall net income for service workers, better customer experience at lower cost for consumers, and more sales and customer retention for entrepreneurs,” he added.
Reducing Taxes for Small Businesses
Trump could introduce several policies benefiting millennial entrepreneurs including the focus on reducing taxes for small businesses, which is key in this case, said Adam, CEO, Ferrari Phoenix Capital Group.
“Lowering corporate tax rates, as seen during Trump’s first term, can free up capital that entrepreneurs can reinvest into their businesses, whether it’s for hiring, expanding operations, or investing in new technologies,” he added.
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This article originally appeared on GOBankingRates.com: Millennial Entrepreneurs: 4 Financial Policies We Want Under a Trump Administration
US stocks fell Thursday as trading resumed after the Christmas holiday, as Wall Street digested one of the only economic data points of the week.
The S&P 500 (^GSPC) was down 0.3% while the the tech-heavy Nasdaq (^IXIC) declined 0.3%. The Dow Jones Industrial Average (^DJI) lost 0.4%, leading the way down.
Meanwhile, bitcoin (BTC-USD) slumped, falling below the $96,000 level as volatile trading continued. Crypto-linked stocks like MicroStrategy (MSTR) tracked the declines.
Markets looked to be struggling in a bid to extend the start of the “Santa Claus rally,” which kicked off with a bang on Tuesday. All three major indexes rose around 1%. The S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) are within striking distance of their records after clawing back gains from a Fed-fueled dive last week.
As Wall Street saunters back from its holiday break, the normally routine release on weekly jobless claims took more of a spotlight than usual, as the only piece of the jobs puzzle on the docket this week.
Labor Department data released prior to the market open showed weekly jobless claims fell to 219,000 compared with expectation of 223,000. However continuing claims surged to 1.19 million in the week ending December 14 to the highest level since November 2021, in a sign the labor market may be cooling.
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Angela Marie Hanson, 52, of California, Maryland, has been indicted on charges of embezzlement and theft following allegations of financial misconduct during her tenure as Finance Manager for Historic Sotterley, Inc. According to court documents, Hanson is accused of stealing nearly $15,000 over a five-month period from October 31, 2023, to April 15, 2024.
Hanson, who oversaw financial operations at the historic property, is scheduled for her initial court appearance in the Circuit Court for St. Mary’s County on January 13, 2025. She faces a felony charge of theft scheme involving $1,500 to $25,000, a misdemeanor embezzlement charge, 50 counts of theft between $100 and $1,500, and 17 counts of theft under $100.
Authorities allege that Hanson misappropriated funds using a debit card linked to Historic Sotterley’s “Museum Shop” account. Over 50 ATM withdrawals and several unauthorized purchases were reportedly made at local businesses, including gas stations and convenience stores.
Court filings claim Hanson also transferred funds between Historic Sotterley’s accounts to conceal her activities. Investigators allege that Hanson continued these actions even after her employment ended in February 2024.
The St. Mary’s County Sheriff’s Office led the investigation, which included reviewing banking records, witness testimony, and surveillance footage. Historic Sotterley’s Executive Director identified Hanson as the only individual with access to financial systems and administrative rights during the period in question.
Investigators state that surveillance footage shows Hanson conducting ATM withdrawals using the organization’s debit card. When questioned by law enforcement, Hanson acknowledged managing Historic Sotterley’s finances but denied any intent to defraud.
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The start of a new year can bring a surge of motivation around setting new goals, including financial resolutions.
One way to help those goals become reality, financial experts say, is to make them as specific as possible. Then, track your progress, while allowing flexibility for unexpected challenges.
“It’s easier to track progress when we know where we are going,” says Sylvie Scowcroft, a certified financial planner and founder of The Financial Grove in Cambridge, Massachusetts.
That’s why she encourages her clients to set clearly defined goals, often related to paying off a specific debt, saving a certain amount per month or improving their credit score.
Here are more tips from financial experts about crafting 2025 financial goals:
Pick your top priorities
Trying to accomplish too much can feel overwhelming. Instead, pick your priorities, says Cathleen Tobin, CFP and owner of Moonbridge Financial Design in Rhinebeck, New York.
She suggests focusing on those big, often emotionally-driven goals to find motivation.
“It’s more compelling than just a number,” she says. For example, do you want to make sure you’re on track for retirement or save money for a house? “Start there.”
Be as specific as possible
Scowcroft says she sees clients get tripped up by selecting overly broad goals, such as “get better with money.” Instead, she encourages people to select specific action items, such as “sign up for a budgeting tool and set aside time each month to learn where my money is going.”
That level of specificity provides direction so you know what steps to take next, she adds. For example, if your top priority is to become debt-free, then your specific goal might be to pay off an extra $200 of your debt balance each month.
Tobin says labeling savings accounts so they correspond with goals can also help. An emergency fund could be named something like “Peace of mind in 2025,” so you remember why you’re saving every time you make a transfer.
“It’s more motivating than just ‘emergency fund,’” Tobin says.
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Monitor your credit, track your spending and see all of your finances together in a single place.
Track your progress
Measuring your progress as the year unfolds is also a critical component of successful goal setting, Tobin says.
She compares it to weight loss. If you want to lose 20 pounds by June, then you need to lose about a pound a week for the first six months of the year. Similarly, she says it helps to break savings goals into microsteps that specify what you need to do each week.
Schedule a weekly or monthly check-in with yourself to make sure you are meeting those smaller goals along the way. You might want to review your debt payoff progress or check your credit score, for example.
“Being able to break it down into steps that can be done each week or twice a month really helps,” Tobin says.
Automate where you can
If your goal is to save more money, then setting up an automatic transfer each month can help turn that goal into reality, as long as you know you have the money in your checking account to spare.
“It reduces the mental load,” says Mike Hunsberger, CFP and owner of Next Mission Financial Planning in St. Charles, Missouri, where he primarily supports veterans and current members of the military.
He recommends starting small to ease into the change.
“I wouldn’t jump to double what you’re currently saving,” he says. For example, when it comes to saving in a retirement account, if you’re starting with a 3% contribution, you might want to bump it up to 4%, then slowly increase it from there.
“My number one piece of advice is to start small, but make sure you scale over time,” Hunsberger adds. “Because it’s gradual, you probably won’t notice it impacting your lifestyle.”
Adjust as needed
“Stay flexible,” Scowcroft says. “Part of it is just being kind to yourself and not being too rigid.”
When unexpected challenges come up, such as a big unplanned expense, you might have to pause making progress on your goal and reset.
You might even need to change your goal. Scowcroft says that doesn’t mean you “failed,” just that life changed your plans. Dwelling on any negativity won’t help your forward progress.
Team up with a friend
Sharing your goals with a friend can also make it easier to reach them, Scowcroft says.
“It really helps to have an accountability buddy,” she says.
She suggests putting a regular “money date” with your friend on the calendar so you can ask each other how you’re doing, brainstorm any challenges or even budget together side-by-side.
“It’s a fun excuse to meet up with a friend.”
Get more financial clarity with NerdWallet
Monitor your credit, track your spending and see all of your finances together in a single place.
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