As the U.S. is undergoing an administrative coup, if not yet an actual military coup, here are some ways you can best manage your money now.
In the U.S. we’re in the middle of a coup, or at least an administrative coup, of politicians (Donald Trump) and private citizens (Elon Musk) taking over the government for their own aims: firing people, shutting programs down, restricting free speech, and generally creating a chilling environment for democracy.
I don’t know if their plans are going to succeed (the courts may be our only hope), but we are watching people attempt to destroy our country in ways that haven’t been seen before.
It doesn’t quite seem like quite the right time to talk about interest rates, does it?
And yet, I work in the domain of personal finance; I have to say something. So if you’re wondering what to do with your money now in this time of fascist uprising, read on.
Table of Contents
Hold on
The first thing to remember is that the capitalist system will—for better or worse—hold.
Because of this, it is extremely unlikely that we will witness a massive financial catastrophe, on the order of (or larger than) the financial crises of recent years. Yes, these self-defeating trade wars that are building will make the price of eggs rise, along with everything else, but we’re talking pain here, not collapse.
So if you’re worried that the system is going to collapse and that you need to pull out your money from the banks (or worse, sell your investments), I urge you to stay your hand.
Every time in recent memory that people have believed that the system is collapsing and that they need to pull their money lest they lose it all, they have found that they pulled out their money at or near the bottom, and lost out on massive gains.
Fear is a terrible investment manager. Stay the course. Or, to use one of my favorite expressions: “Don’t just do something; stand there!”
Support democracy
If there was any time to put your money where your mouth is, it’s now. If you have any money to spare, use it to support democracy and democratic aims.
What does that mean? Well, I admit that I initially struggled with where to start.
I did watch this excellent quick video from Choose Democracy that gave me a starting point though.
As the video states, the first part of resistance is to protect vulnerable peoples. The video highlights as examples trans people, immigrants, and people seeking abortions, and I would like to do the same.
I’ve already written a post where I listed 93 different ways to support access to abortion and reproductive rights.
For trans rights, you may wish to visit Trans Lifeline or Advocates for Trans Equality to get more information.
For (documented and undocumented) immigrant rights, you may wish to visit the National Immigrant Justice Center or the Immigrant Legal Resource Center.
If you can’t donate money, then you can potentially donate your time. Your local community has resources to help vulnerable peoples, and they could really use your help.
This is not a sufficient list of organizations, or even a sufficient description of vulnerable communities, but it’s a start. However you do it, your job is to support vulnerable populations and organizations that protect those vulnerable populations if you can.
Financial security now
You might argue that a focus on financial wellness and security is not really an important issue right now.
But I would disagree. Remember, one of the main goals of financial wellness is to increase your freedom (and your options).
Someone who is financially secure can walk away from a job that supports fascism or supports punishing vulnerable communities. Someone who is financially secure can help more people and at larger scales.
And most of all, if you are financially secure, you will not be sidelined with anxiety and fear, which will give you more energy to fight for your communities and for justice.
Entrenched powers want to keep you financially insecure. They make more money off you and therefore become more powerful that way. Don’t let them.
We need all of our resources to push back against those who wish to dismantle our institutions, to concentrate more power in the hands of the wealthy and take away from everyone else.
This is a rough time for some right now, and is going to get rougher for more people as time goes on. If you’re not affected now, you will be, and someone you love is probably already affected now.
Stay strong. Be ready to fight and keep fighting. Use your money and your means for justice.
