The year 2020 has thrown a lot of challenges our way. As we enter the half-way point of the year, the Presidential election will begin to heat up even more (if that’s even possible). We often receive questions about the effects a Presidential election may or may not have on a portfolio. There are a lot of ways to answer that question but here are a couple of things to think about.
One of the most foundational items, especially for young families, that we look at here is the insurmountable cost of planning for college. When planning for college, there are many factors that play a part in the decision-making process. Do you have more than one child; will you pay for some or all of their college expenses; what will the cost of college be in the future; the list goes on.
The last couple months have been extremely dynamic with nationwide closings due to the COVID-19 pandemic. We are now beginning to see states re-open from an economic standpoint. So, what does that mean? Admittedly it is hard to figure that out at this point.
There have been several different dynamics we have observed, and of which we have lived, over the last 20 years since North Main Financial Group has been in business. We had the Internet boom, and then bubble, and then the bursting of the bubble at the end of the 1990s and into the early 2000s. We then had what some would describe as a real estate bubble happening from 2005 to about 2007.
A lot has changed in the financial world over the last 25 years. Each era is very distinct when it comes to fashion trends, music, food choices, etc. That leads us to the topic of this blog: politics, and finance. Yes, these are two of the three taboo topics, but as we enter into the throes of a Presidential election season, many questions arise.
As we come to the end of the calendar year, we get busy baking, wrapping gifts, hanging lights, and celebrating with family and friends. However, this also provides a natural time to review your financial plans and give yourself a financial checkup if you will. While it may not be the kind of thing that tops your “to do” list, it is important.
I’ve been in this business for over 20 years and while there have been some good times, there have also been some rough patches. If you lived through the turmoil of 2008 – 2009 you know what I’m talking about. One thing that has been true is that there are no guarantees. In life or in the financial services industry.