New year, new president, what does it all mean for your wallet?

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AMHERST, N.Y. (WIVB) – Now that 2017 is underway, many Americans are wondering what the new year, and a new president in the White House are going to mean to their personal finances. Will Donald Trump’s new economic policies send the bulls stampeding on Wall Street–where much of our 401k’s are invested–or will the bears pull the market down?

Anthony Ogorek, president of Ogorek Wealth Management, Inc., in Amherst is optimistic but cautious, “I think 2017–the beginning of the year–is an ideal time to hit the ‘reset’ button,” or reset personal financial priorities, based on what we already know about the new year.

We know, for instance, the Fed has bumped up the prime interest rate, and has assured markets they will continue the upward trend. That means it will cost us more to buy cars, to use our credit cards, and in the short term, buy homes, which is causing jitters on Wall Street.

Locally, the joint venture of Panasonic and Tesla to produce solar cells at the RiverBend Industrial Park is generating excitement, and building confidence in the Buffalo economy–all part of Governor Cuomo’s “Buffalo Billion” project.

Consumer confidence leads to spending, Ogorek says, but Western New Yorkers have learned to be confident, yet cautious, “You have to create the conditions which are going to allow prosperity to develop, and I still think we have a ways to go in New York state.”

The rally on Wall Street, since Trump was elected in November, is yet another cause of jitters. As we all know, what goes up has to come down, and with all of the major stock indexes in record territory.. a lot of the money managers are bracing for a correction.

Ogorek is predicting very modest growth in the new year.