Lately, I have received a lot of questions from clients regarding the presidential election and how it will affect their portfolios. No one can accurately answer this question, but what I can say is that if good government was required for people to be financially successful, we would all be broke. I feel for clients that get stressed worrying about what the stock market is going to do next, what will be the impact of Brexit, what will happen with China, and who will be the next U.S. President.
My job is NOT to guess what’s going to happen in the future, advise you to make short-term adjustments, and hope our guesses are correct. My job is two-fold: First, to work with you to design a plan for you and your family’s personal economy so that you have the highest probability of achieving your goals, regardless of what happens in the market, the economy or the presidential elections. And second, to hold you accountable to implement and stick with the plan, no matter what’s happening that’s out of our control.
Financial success has never been about who’s the President, short-term swings in the market, or world chaos. Financial success is about focusing on the stuff you do have control of such as: having adequate cash reserves, proactively managing taxes, reducing debt, making sure you have adequate insurance to protect your loved ones, having a properly diversified investment portfolio, and making sure you have basic estate documents in place. My job is to make sure that you are covered in all of these areas so that you can go live your life.
IMPORTANT NOTE: The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Due to industry regulations, comments are not permitted on this blog. If you would like to contact the author, please email us at firstname.lastname@example.org.