💸 A Note Regarding the Election 💸

Hi Friends,

Last Tuesday, the nation chose its next Commander-in-Chief. Throughout most of our lifetimes, the leaders of the United States and how they’ve led have had a significant impact on those of us here in the U.S. and the world. No matter who you voted for on November 5, I think we can all agree that this election cycle has been a contentious and anxiety-filled one for many. I wanted to take this time to remind our community of what Ed. Opal stands for and how we’ll show up for you in the months and years to come.

What We Stand For

At Ed. Opal, we’re here to build a more equitable world. For us, that starts by supporting an often overlooked and consistently marginalized group in this country - Black women. We know and believe in the positive impact that results from supporting Black women and allowing us to participate fully in our economy and society. As we’ve seen, Black women still face incredible obstacles when it comes to economic mobility and financial stability in this country. Regardless of what’s to come, our focus is closing these gaps and making these obstacles more surmountable in whatever ways we can.

How We’ll Show Up

Knowledge can often lead to power. Throughout next year, we’ll bring experts from across Academia, Politics, Economics, and other fields who can help you digest what the changes in our administration and policies mean for you individually and as a community. We’ll consistently monitor the environment for new economic policies and bills put forth by the incoming administration to be sure you get clarity on what these measures mean for you, your money, and your long-term financial stability. We’re a financial literacy company, but money isn’t fully understood without context. We’ll be here to help you paint your financial picture holistically.

What You Can Do Now

We know this time may feel confusing, and you likely have many questions about how to best prepare for what’s to come. Here are some of our thoughts and suggestions.

1. Get Your Support Systems In Place Part of the anxiety regarding the outcome of this election is that, while we know who President Trump has shown himself to be and have some ideas on what he plans to do during his presidency, we still don’t have a good idea of what to expect or how this new administration will impact ourselves and our society will be. Once you’ve felt your feelings, it’s time to get your support systems in place. Reconnect with your community, find your therapists, and get your self-care rituals in place to help you through whatever comes over the next several months and years. These support systems include your non-Black allies. If you’re an ally on this newsletter, be sure you understand how to strategically support at this time.
    

2. Bulk Up on Emergency Savings No matter who’s in office, having a cash reserve is always good. How much emergency savings you need is dependent on your situation. There are a few different rules of thumb out there that suggest three to six months of savings. How much is three to six months of savings for you? A straightforward calculation for that is take-home pay. For example, if your take-home pay is $5,000 monthly, your three-month savings benchmark would be $15,000. This is a lot to save at once, so consider using next year’s tax return (if you’re getting one) or bonus to supplement monthly savings. Be sure your savings are in an easily accessible location like a high-yield savings account.

3. Pay Down Credit Card and Other High-Interest Debts We’re not clear on what will happen regarding interest rates with a new administration. Whether the administration shifts Democrat or Republican, interest rates are always an unknown. If possible, pay off high-interest balances to guard against unforeseen rising interest rates.

4. Pay Down Student Loan Debt. Student Loan Forgiveness programming has historically been a Democratic initiative, with Republicans voting against it. We don’t know what will happen to these programs, but there’s a chance they could disappear. If you’re able to, try to pay down these loans. However, do not compromise your emergency savings to do so.

5. Get All Your Doctor’s Visits In Another Democratic policy that went into play during the Democratic administration was the Affordable Care Act (ACA). Cutting the ACA would mean higher healthcare costs for all Americans. Get your doctor visits and procedures in sooner rather than later.

6. Connect with Your Tax Advisor With the incoming administration, you may have an opportunity to cut some of your tax liability. This will depend on what this administration pushes through regarding policies and bills over the next several years. Your tax advisors should always be up-to-date on policy changes and how they impact tax bills and liabilities. The new administration won’t take office until January, so your tax advisor may not have anything to report yet. However, this research should be a key priority on their radar for you next year.

7. Build Your Financial Literacy, Especially as it Pertains to Economic Policy. We’ll help you with this. In addition to our newsletter, you can expect a series of speaker sessions next year focused on helping you understand new policies and continuing to outline a holistic approach to personal finance education. Be sure to keep learning independently and share your knowledge with others. Black women have always found success through community. Sharing and supporting each other will be imperative over the next four years.

Our Final Thoughts

As things begin to sink in, we hope you’re taking care of yourselves as much as possible. We’re sending each of you lots of love. We’ll get through this together.

Warmly,

Khayla - Founder, Ed. Opal