This Year in Money
As with every year, 2016 has been nothing short of crazy, incredible, scary and fascinating to watch unfold. We’ve had some big money hits and some big money misses this year.
To end 2016, we’ve put together a list of what happened in money in 2016 – the millennial edition. There was a lot of news about money this year and some of it will surely have an impact on you in 2017. Take a minute – breathe – soak in 2016 and then get ready for a wild 2017.
Top Money Happenings in 2016
- Interest rates were on the rise in 2016 making buying a home a tiny bit more expensive. There is nowhere for interest rates to go but up so early 2017 is going to be a good time to buy a home, buy a car, or refinance your student loans quickly.
- Trump is President Elect! Wow, shock and awe for many of us as we enter unchartered territory. He promises lower taxes for many, except those at the lowest tiers and plans to raise the standard deduction on taxes to $15,000 and get rid of the personal exemption altogether. Lots of changes for millennials to take note of.
- Finding Dory was the highest grossing movie of 2016 (Rogue One may surpass this but the numbers aren’t in yet.)
- The Dow closes out the year just shy of a historic 20,000 mark. What does this mean to you – probably not much – except you should expect talk of a 25,000 high once we hit the 20,000 mark.
- The top selling album of 2016 was Adele, 25. No shock there.
- The dollar rose against foreign currencies making travel to UK and Europe more affordable than ever. Time to listen to those Millennial Money Travel Tuesday podcast episodes and start planning your adventures in 2017.
- The cheapest small city for millennials to live in 2016 is Birmingham, Alabama.
- Get ready millennials for a crazy 2017 and beyond. Having a strategy in place for saving money for retirement (aka your lifestyle fund) is more important than ever. Expect more bear markets, higher inflation, crazy taxes and the emotions of dealing with money to play havoc on your savings in the years ahead. That just means you’ve got to put your boxing gloves on and get smart – use apps, automate your savings, save up to your company match, read books, get rid of debt, and get a good money mindset in place.
Thank you again for a great 2016. We’re looking forward to bringing you a ton of great new content in 2017. If you haven’t already, please leave us a review in iTunes if you enjoy this podcast.
Shannah Compton Game is a Money Wellness expert, host of the to-rated Millennial Money podcast, and CERTIFIED FINANCIAL PLANNER with an MBA. Millennial Money has over 15 million downloads in 164 countries. Shannah’s years of experience as a skilled Certified Financial Planner have set her on a mission to revolutionize how people think, act, and feel about their finances…and have some fun doing so.