7 money tips for surviving the Trump Administration

These next four years are about to be a doozy...

Hello to the 1,539 hotties who subscribe to this newsletter! Thank you for being here.

First, I want to thank those of you who checked in on me about the fires here in Los Angeles. My home and loved ones are safe from the fires. I caught a cold/flu/sinus infection of some sort due to the air quality. But overall, I’m physically safe.

I do have to admit: The fires plus Trump’s inauguration on Monday? Brutal combination. I’m grateful to every single reader, client, and community member here at Queer & Trans Wealth for giving me something to believe in.

At his inauguration on Monday, President Trump threatened the rights of multiple marginalized communities, including immigrants and queer and trans people. Nico Lang at Them. created a pretty robust breakdown of Trump’s executive orders, which you can read here.

So many of my clients have been asking me what they can do to financially prepare for the next four years, so I put together two lists with information and tips that I keep repeating during my 1:1 client sessions.

I hate to be the bearer of bad news, but…

1. Groceries will become more expensive

In addition to the 60% tariffs on goods from China, the President wants to impose 25% tariffs on goods from Mexico and Canada starting on February 1.

Fresh produce like avocados, tomatoes, strawberries, and cheese imported from Mexico will be affected. According to a December 2024 report from Canada’s Agriculture Department, Canada supplied 34.7% of meat in the US in 2023, so meat sourced from Canada will become more expensive, too.

These tariffs will affect your grocery bill, and I suspect that restaurants will increase their prices to account for more expensive produce, too.

2. The stock market will continue to rise

My high-net-worth clients who earn passive income through the stock market have already seen their investments skyrocket since Trump was elected in November. The Dow soared 1,500 points just one day after Trump’s election, according to CBS News.

My high-net-worth clients have had mixed feelings about this profit: On one hand, they’re so much closer to their goal of retiring early and being able to dedicate more time and energy to their activism. On the other hand, they’re profiting from Trump’s win, and, subsequently, the oppression of immigrant, queer, and trans communities. I’m working with these clients to develop wealth redistribution plans so they can feel good about their gains.

For the rest of us who don’t have a high net worth: It’s time to invest more aggressively in our retirement funds. More on that under tip #2 below.

3. Cryptocurrency will also continue to rise

Both Trump and his wife Melania have launched meme coins that are now worth billions of dollars, according to the Wall Street Journal. The price of Bitcoin has passed $100,000, a huge spike from its price the day before the election ($69,473).

Some of my clients and community members have been asking me if it’s a good time to invest in cryptocurrency. Crypto is a speculative asset, which means it’s highly unpredictable. Bottom line: To stay sane while investing in crypto, you must invest an amount that you feel comfortable losing.

Maybe don’t invest your entire inheritance from your grandmother. But invest 5-10% of it, if it’s an amount of money that you feel ok with losing when the market is down. (As always, this is education, not advice. I’m a stranger on the internet lol)

I always try to remind folx: The last time crypto crashed in 2022, it was Black investors who were disproportionately affected and lost money they couldn’t recoup. Ride the crypto wave, if you want to. But be prepared for a volatile market.

4. Anti-trans legislation will have a devastating financial impact on our communities

I feel like a broken record at this point, but it’s true. Anti-trans bills will affect trans people’s ability to move up in our careers, to save money, and build healthy retirement savings.

The best thing we can do right now is to stay financially alert and informed. I recognize that financial literacy can’t solve all of our problems. But I hope this is a tool you can keep in your belt to protect you against what’s to come in the next four years.

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7 tips to financially prepare for the next 4 years

1. Take a screenshot of your student loans

Existing loan forgiveness programs rely on records of qualifying payments to prove that you’re eligible for forgiveness.

With the Trump Administration deleting federal sites like the White House Climate Task Force and ReproductiveRights.gov, it’s in our best interest to take screenshots of our student loan balances and payment plan progress.

Follow this guide from The Debt Collective for more information.

2. Increase your retirement contributions

Because the stock market will likely continue to increase in value, it’s a good time to increase your retirement contributions. Any money you invest now — and any investment your employer will match — will make a bigger impact on your retirement savings down the line.

• If you work at a company that offers a 401(k) plan, increase your contribution by 1-3%.

• If you’re self-employed or your company doesn’t offer a 401(k) plan, I suggest maxing out your Roth IRA first. This year’s contribution limit is $7,000 for people under 50 years old.

• For self-employed folx: You can also open a SEP IRA or a SEP 401(k) to save more than $7,000 this year.

3. Prioritize building an emergency savings fund over paying down debt

I meet with a lot of clients who believe they don’t deserve to start saving until they’ve paid off all their debt completely. I’m here to tell you: That’s completely untrue, friend! I urge you to prioritize putting at least one month's expenses in your emergency savings fund, no matter how much debt you’re in.

Hopefully, things don’t get this bad… but if you suddenly have to leave the country, or evacuate from a neighborhood on fire, having cash on hand can be a lifesaver.

4. Find a local CSA

Community-supported agriculture (CSA) lets you buy food directly from a local farmer. CSAs have monthly or annual memberships so that the farm has consistent income while they’re growing vegetables or raising chickens that produce eggs. At harvest time, members receive weekly batches of fresh produce or eggs.

Supporting a CSA instead of relying on overpriced grocery stores can save you a lot of money and help you build relationships with local farmers — a very helpful connection for a world on fire.

Check out localharvest.org to find a CSA near you.

5. Plan for increased comfort spending

The unconstitutional executive orders are just the beginning, friends. LGBTQ+ youth crisis hotline The Trevor Project reported a 33% increase in calls across the country since Inauguration Day.

I want you to be safe and well. Yes, I care about you meeting your financial goals in the long run. But I care more about you making it through this moment, and any other scary announcements to come from this administration. If that means letting yourself have $100 extra per month to spend on takeout instead of putting that toward your credit card debt, then so be it.

Plan on increasing your comfort spending categories — whether it’s takeout, clothing, or entertainment.

6. Stock up on international foods

I’m grateful that I get to serve so many immigrants and people of color in my practice — at least 48% of my clients are people of color!

I find myself saying over and over again: Stock up on international foods before the new tariffs are in place. For so many of us, having kewpie mayo, miso, Hello Panda (a delicious chocolate-filled cookie snack), or Pancit Canton (an addictive Filipino instant noodle) in the pantry is such an important source of comfort.

These comfort foods might become more expensive in the coming years, so it’s time to stock up while these items are still relatively affordable.

7. Don’t hide

Take this with a grain of salt, especially if you live in an area where queer and trans people experience higher rates of harassment. But right now is not the time to hide or make yourself small.

Job-seekers, career ladder-climbers, and business owners: Our visibility matters so much right now. Our community needs us, and I genuinely believe there are enough allies and accomplices hiding in plain sight who want to help us get our careers & money in order.

Write that cover letter, girl. Send that job application you’re only 25% qualified for. Start that business. Reach out to your network. Post that video on social media. We’re all rooting for you <3