Money Matters: What does a new administration mean for you?

Updated: Jan. 19, 2021 at 12:31 PM EST
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COLUMBIA, S.C. (WIS) - What does a new administration mean for you? What will the impact be on the economy?

Josh Bradley of Capital City Financial Partners says even though Democrats now hold the Presidency, House, and Senate the margins are slim and drastic measures and changes are not expected.

However, Bradley says a moderate stimulus package is expected to be passed pretty quickly. While increased spending will be good for the economy, Bradley says that does drive up inflation concerns, and taxes will creep up over the next few years.

If you’re in a position where you don’t really need the stimulus checks, what are some smart financial ways to use that money?

Bradley says use it to invest in your future. With interest rates potentially rising, focus first on any variable debt you may have like paying down a home equity line of credit or a credit card. Also, if you didn’t have an emergency fund before you likely now understand the need to have one. Start an emergency fund or add to an existing one. Bradley recommends, if you have money left over, focus on things like a Roth IRA or IRA contributions which still can be done for 2020.

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