The Post-Election Economy

The 2020 election cycle stirred up intense emotions for many Americans. However, financial advisers across the board agree that when it comes to your investments, it’s best to look past your emotions and remain neutral. 

“We make unemotional decisions on where the best place for your money to be is. That has proven over time to be a very successful formula,” says Leo Daprile of Gem Young Insurance and Financial Services in Canfield.

In this episode of Your Money, Daprile explains how a Biden administration may change the nation’s economic landscape, and how to navigate those changes.

“We saw in the past week The Dow Jones Industrial Average spike and settle at +834. The NASDAQ had an inverse reaction, losing 1.5% (-181 points). This can be attributed to the Biden administration planning to regulate the larger tech firms,” says Daprile.

“In these fluctuating times, financial advisers are imperative because they help clients navigate through the dips and climbs in the stock market when the state of the economy is as volatile as it is right now.” 

One of the most divisive issues during election season has been Biden’s proposed tax plan. Is it a good idea to have a yearly tax increase? Daprile says he believes it’s true that we need to provide more tax revenue to the government. “But we also need to have more accountability to social programs such as Social Security,” he says. “If taxes increase, we need to see the breakdown of how this is going to lower our national debt.” 

Daprile also shares his expectations regarding the Pfizer vaccine, which is in its final trials, and the possibility of another coronavirus stimulus package.

To learn more, watch the video above.

Original Air Date: Nov. 6, 2020. Every Tuesday during the Dan Rivers Show on AM570 WKBN, Gem Young president Leo Daprile hosts a radio show called Your Money. Daprile brings his vast knowledge of all things “money” to discuss the topics in language everyone can understand.

About Gem Young

We’re a family business that does business with individuals and families who require comprehensive risk management for their wealth and their assets. We believe clients want professional advice at a fair value and we deliver that by leveraging our reputation of professionalism, integrity, teamwork, and a get-it-done-right-the-first-time attitude. We believe in making a difference in our clients’ lives.

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