How may the election affect your finances?
David Hicks, a financial planner at Oakmont Advisory Group and our local financial expert, breaks down how the election may affect your finances.
ALBUQUERQUE, N.M. — Election Day is coming fast and our local financial expert weighed in on how the election may affect your finances.
David Hicks, from Oakmont Advisory Group, says, in general, the stock market and the economy will continue to grow no matter the president. He gave these figures for the last two presidents:
Under Joe Biden (2021-):
- S&P 500 annualized return: 11.8%
- $10,000 invested would grow to $15,500
- Economy grew 32%
Under Donald Trump (2017-21):
- S&P 500 annualized return: 16.3%
- $10,000 invested would grow to $18,300
- Economy grew 16%
Factors like the COVID-19 pandemic and the recovery also played a big role in the economy each president oversaw.
Hicks says it’s better to cut through the news, understand the facts and do what you can to make sure you don’t make bad decisions based on heightened emotions.
See our full interview with him in the video above.