Ginny and Seth, each two years from retirement, became worried about their finances as the first six months of the Trump administration unfolded. “Should we be concerned about our portfolio?” Ginny asked. “Stocks have been going up,” Seth said, “but is that a mirage?” Ginny asked additional questions about Medicare, the value of their home, their pensions and their tax positions.
“Slow down,” I answered. “Sound financial decisions don’t involve who’s in the White House, although that can impact you for sure. What you always need is a good long-term strategy.” I offered them 10 guidelines to help secure their finances now and through presidencies to come:
1. Never make investment or personal finance decisions based on your politics. Your financial plan should drive decisions based on your needs, objectives, risk tolerance and financial values. Very important: Avoid market timing. Long term, it just doesn’t work.
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