Obama’s 2nd Term and What That Means For Your Personal Finances

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With Obama's reelection it's unsettling to see how divided the country really is. Barack Obama received only 50% of the country's vote. His closest opponent, Mitt Romney, received 57,005,600 votes which amounts to 48%. This election was literally divided down the middle. The question is, what does that mean for you personally. How does this election change your personal or financial life.

Regardless of who you wanted to win, you need to stick to your principles. There is a great scripture verse that encourages me when the world is not going as I wish. It's Romans 12:2. Memorize it.

Do not be conformed to this world, but be transformed by the renewal of your mind, that by testing you may discern what is the will of God, what is good and acceptable and perfect. (ESV)

Get Out of Debt and Stay Out

I, personally, have not been a fan of the last 4 presidential years for 1 reason; too much debt. Our country has increased its deficit by over 6 trillion dollars (see this website). That's a lot of zeros!

Right now is the time for you to take charge of your finances and get out of debt. If our economy continues in its current state our personal finances will be taxed more and more by the strain. You need a reserve (freedom fund) for emergencies. Start today.

Remove Debt by Starting Small

Pick the debt with the lowest balance and knock it out. Forget about paying down your mortgage for now if you have one. Concentrate on your consumer debt.. credit cards, line of credit, home equity, and store credit cards. See my post on Which Debt to Pay Off First.

Do It Now

Now is the time to get started. Even if it's just buying a financial book to read more about how to safeguard your finances. Read, learn and start an action plan.

Question: What concerns do you have about the country now that Obama has been re-elected? You can leave a comment by clicking here.

Craig Kelley

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Craig is the author of How to Get Out of Debt and an avid blogger. He strives to help people maximize their time and succeed financially as well as personally. He has been a leader in several start-up companies including Mokumax Virtual Domains & Servers, Inc. and currently HealthcareSupplyChain. Read more...

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