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Here's what could happen to your money when Trump is president

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Here's what could happen to your money when Trump is president

Stocks were sharply higher on Wall Street Wednesday after Donald Trump's upset victory. The Dow Jones industrial average rose 256 points to 18,589. That's within 50 points of the all-time high set in August.

So what does this mean for your money?

As the next couple months go on we're going to have a lot of uncertainty clarified for us.
Brian Sullivan - Regions Investment Management

Brian Sullivan with Regions Investment Management says the markets rebounded quicker than normal after a Presidential election. He calls it a "relief rally," knowing who the President is. Sullivan says the markets hate uncertainty. "We'll find out who the secretary of everything is... we'll find out what things are going to be done first." 

You could see coal companies, natural gas companies, oil companies doing well with a whole lot less regulation.
Brian Sullivan

Because of Trump's proposed policies Sullivan says there are some industries that could be good long term investments. Some of those include infrastructure, pharmaceuticals, and energy companies. 

But there's more than just the stock market to consider.

He said he's going to cut taxes personal taxes and corporate taxes.
Brian Sullivan with Regions Investment Management

Experts from Forbes, CNN Money, and Wallet Hub have all crunched the numbers and say that the Trump Presidency will also affect your taxes. 

Federal income taxes will come down for most people. Trump is proposing just three tax brackets. But experts caution, there's still uncertainty how the plan will be paid for.

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President Barack Obama speaks about the Affordable Care Act, Thursday, Oct. 20, 2016, at Miami Dade College in Miami. Obama is in Miami to encourage people to sign up for health care coverage under the Affordable Care Act during an upcoming enrollment period. (AP Photo/Susan Walsh)

When it comes to healthcare you may be able to save money or you may end up paying more. Trump wants to repeal the Affordable Care Act and replace it with other reforms. Financial experts say your costs may depend on your age and health.

Trump has also proposed a deduction of up to $5,000 for childcare costs.

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A man holds up a baby dressed as Republican presidential candidate Donald Trump before a rally with Trump, Wednesday, Oct. 5, 2016, in Las Vegas. (AP Photo/John Locher)

He also wants to introduce a childcare rebate for families making less than $62,400 a year.

Trump has also promised to hold colleges accountable if they don't lower tuition. 

Donald Trump dropping the Truth Bomb on the Rigged College System and Student Loan Debt

Experts say he wants to pressure schools to spend more endowment money on students rather than on putting donors names on buildings.

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Sullivan says Trump's policies will likely grow the economy but then you have to worry about inflation. He says for the first time in a number of years we may see some real inflation.

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