The 2020 election is one of the most contentious elections in recent history. President Donald Trump is running for reelection against former Vice President Joe Biden and it’s been a whirlwind. Both candidates are promising to make life better for the American people in various ways. The COVID-19 pandemic is at the forefront of many minds, especially because of all the financial uncertainty surrounding it.
It’s hard to know what is going to happen after the presidential election, but for many people, it doesn’t matter much. Safe Path Advisors is helping Americans get their debt under control so they can weather whatever the storm may come.
Every four years, America elects (or reelects) a president. The drama of the races is entertaining, but it can also cause a lot of uncertainty in the economy. The fiscal policies of the candidates weigh heavily on investors. We are seeing some of that now.
On October 3, Reuters reported Joe Biden’s proposed capital gains tax hike could be a “counterweight to this year’s powerful rally in stocks.” According to experts, his win could cause some investors to lock in gains. Eaton Vance Chief Equity Investment Officer Eddie Perkin explained that could “have an impact on the stocks that have led the market.”
However, CNN Business reported a situation where there’s no clear winner, which would be the ultimate nightmare scenario because there’s nothing Wall Street hates more than uncertainty.
Of course, this presidential election also has COVID-19 to contend with. When President Trump announced he’d contracted the deadly virus, it caused markets to dip, as well. Investors are also concerned about increased unemployment resulting from Congress’ inability to pass a stimulus package that would help the American people weather the pandemic. The commander-in-chief recently called off negotiations, but a couple of days later said they were back on. That uncertainty could potentially hurt the economy in the short term.
While all of that is taking place, Americans are getting their own personal finances in order.
Financial Stability in an Unstable World
The presidential election and COVID-19 will undoubtedly have an impact on financial markets one way or another. The key to weathering any potential storm is preparation. Fortunately, that’s not too hard to do, especially when they have some help.
The first thing anyone wants to do to get their finances in order is to take stock of their debt. High-interest credit card debt can make climbing out from under it and onto the path of financial freedom. It’s also a pain to juggle all of the different payments.
One way to knock that debt out is to consolidate it.
Get Rid of That Debt
Safe Path Advisors and companies like it help people get rid of their high-interest debt. What they do is combine all of the debt under one payment. Often that payment has a lower interest rate than all of the individual loans. They do it by taking out a consolidation loan.
That’s a lot less overwhelming than trying to keep track of all of the other payments on different due dates. Potentially having a lower interest rate means people are able to get rid of that debt quicker too, especially if they pay more than the minimum payment. Honestly, everyone should pay more than that.
Moving Toward a Prosperous Future
After a person gets their debt under control, handling the rest of their finances will be a lot less stressful. Especially if they follow a budget to stay on track and prevent the accumulation of more debt. Saving for retirement, vacations, college, and other big expenses will be much easier. Safe Path Advisors is definitely the starting point, though.
The goal is to insulate their personal finances from the uncertainty of the rest of the world as much as possible. Then when another presidential election rolls around in four years, life will seem a little less uncertain. It won’t matter as much if Wall Street reacts poorly to the candidates, or if health concerns cause investors to shudder. Nobody wants to live on pins and needles, always stressed out about the worst, and they don’t have to do that.