TAMPA, Fla. (WFLA) – No matter who wins the election, Americans worry about how the winner could impact their financial portfolio – or their jobs.
Across Tampa Bay, voters say they worry about which candidate will be best for their finances and what will happen if the election results drag on for days, weeks or longer.
There could be short-term pain, financial experts say, but things should be fine long-term, said Financial Advisor Steve Overton.
“The stock market is telling us that it really is not concerned about who wins the election,” he said. “The stock market knows that if Trump wins he’s pro growth, but if Joe Biden wins, he’s predictable. The market loves predictability and it loves growth.
“Now down the road, I’m really concerned,” he added. “The market has been going strong for years and years and years. Trees don’t grow to the moon. It can’t continue like this.”
Everyone has an opinion, and concerns abound about how a Joe Biden presidency or another four years under Donald Trump would impact the stock market, and ultimately, your wallet.
Here are few key differences in the two candidates, according to personal finance website wallet hub.
Under Trump, the minimum wage and primary COVID-19 responses will be left up to states.
current individual and corporate tax breaks will remain.
Under Biden, minimum wage increases to $15 an hour, the federal government would take the lead on COVID-19 response, and those making more than $400,000 a year would see their tax rate jump to 39.6 percent.
Political uncertainly could slow the nation’s economic recovery, but Overton recommends patience.
Keep cash on hand, but don’t make drastic financial decisions.
“Whenever there’s a big thing coming, whether it’s a health issue an election or a major whether incident or the threat of war, you don’t start moving in and out of the stock market,” he said. It almost never works correction for you.”
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