The improbable happened last night, we now have President-Elect Donald Trump.
The financial news media is buzzing about the election results and the potential impact on your pocketbook. There has been much speculation about taxes, healthcare and certainly which stocks and stock sectors might benefit from the Trump victory and the Republic majority in both houses of Congress.
What should you do financially in the wake of the election?
There is a lot of speculation and uncertainty. Those of you who read this blog or follow me on social media know that I advocate the use of a financial plan as the basis of most financial decisions. Reacting to the election or any other major event usually is not a good idea. For example, many investors who panicked and sold off investments during the market drop of 2008-09 are generally behind those investors who stuck with their investment plan, at least based upon my experience.
In all likelihood there will be changes in the coming months politically and economically. Some of these changes might create the need to adjust strategies for some investors and retirement savers down the road.
For now my suggestion is to monitor the news and to stick with your financial plan. As always your financial plan should be reviewed on a periodic basis and adjusted when appropriate.
My advice is to plan and not react.
Please contact me with any thoughts or suggestions about anything you’ve read here at The Chicago Financial Planner. Don’t miss any future posts, please subscribe via email. Please check out our resources page as well.