This transcript was generated from the episode audio and may contain minor errors.
All right. All right. Welcome to a new month. It is in fact the final month of the year, episode 2892. Here with you, we've got an interesting question today. How will a new
presidential administration impact side hustlers? That's right. This episode is going to address what the new administration could mean for small business owners and side hustlers going to consider possible tax changes, regulatory shifts and access to funding, but we'll do it all in a quick action packed episode and try to keep it as practical as possible. This question today comes from Lucas. We're going to hear from him after the quick break, Lucas's question and my answer coming right up. Hey Chris, this is Lucas from Tallahassee. With a new presidential
administration coming into power, I'm curious about what that means for small business owners and side hustlers. Are there specific policies or changes that we should be preparing for and how can we adapt to whatever is coming? I'd appreciate any insights you can share. Lucas, definitely a good thing to be thinking about. New administration brings all sorts of policy changes, especially a change in administrations that is as dramatic as this one, of course, right? Often there's a lot of rhetoric in campaigns where it's like we're going to do
everything exactly the opposite of the previous administration. Then the administration gets into power and it's obviously not just the president or the vice president. There's this enormous bureaucracy that goes with it. Sometimes it doesn't actually change all at once. It takes time to make changes and often things can just continue as they are, especially as we're focused here on the concept of side hustling and starting a small business, making extra money without quitting your job. So there may not be a huge amount of immediate impact that you see. And of course,
I mean, aside from your social media feeds, aside from any other big picture concerns you may have. But just to focus on a couple of key areas, tax policy is one thing. Most likely there will be some significant changes over the next year or two. Of course, we'll see what the administration and Congress is able to do. Most likely there could be some savings or additional deductions, perhaps a broader tax cut as well, but we shall see how it goes. This administration is going to
be pro-crypto. And interestingly enough, if Kamala Harris had won the election, she had also promised to be much more favorable to crypto than the Biden administration had been. So either way, we were looking at probably another great crypto bull run. Most likely we've had crypto winter and lots of prices were down for a while, but I suspect over the next couple of years, we're going to see a lot of opportunities in crypto and blockchain and so on. So we'll cover those from time to time without being annoying about it. What else? Well, I think the main thing
is adaptability is key because it's impossible to predict all the changes that might come with a new administration, especially one as chaotic as this one. And when I say that it's not necessarily a criticism, I feel like even the people who voted for this administration, chaos is a feature, not a bug. So I think we're all just waiting to see in some ways what this will actually look like when it comes into power in January. Last but not least, I want to mention our international listeners because of course they're like, well, we're not involved in the US election, but I think everybody knows at this point that the US election does have some impact around the world. And there are questions of tariffs. I didn't even get into that for people who are importing
products from China and stuff. That could be a real issue. So we might devote an episode of that in more detail in the new year once we see what's actually happening. So yeah, lots of change. I always encourage you to focus on what is within your control. If you're not happy about this new
administration, I understand again, focus on what is within your control. What can you do to be helpful? What can you do to make someone's life better? And how can you make your own life better at the same time? Right? That's what I've been talking about in many different ways for more than
15 years. So I do thank you listeners for being out there. I'm excited to bring you some new stories over the next few weeks of the holidays. Take care of yourself as always. New episode coming up.
My name is Chris Guillebeau. This is Side Hustle School. From the Onward Project.
