Four Ways to Protect Your Wealth in a Post-Election Economy

“Better safe than sorry” is the name of the game!

Salem-News.com

(SALEM, Ore.) - The long-awaited United States Presidential election is finally over, with the public on both sides keeping a keen eye on the country's economic climate moving forward.

Post-election economies are a bit of an enigma. Given the tendency of stock prices to fluctuate in response to new Presidential appointments and election years in general, it's natural to feel a bit nervous about your financial future in the face of change.

There's plenty of fear-mongering to go around, too.

Is there a recession around the corner?

Are wages going to stagnate?

Or, is everything going to turn around without a hitch?

“Better safe than sorry” is the name of the game regardless of your political affiliation. If you're feeling a bit uneasy in the face of the post-election economy or simply want to make sure your financial future is secure for the next four years and beyond, consider the following four-point checklist as a solid starting point for yourself and your family.

Invest in Your Home

Home prices are currently soaring, leading to concern as to whether or not the United States is headed toward a housing bubble similar to that of the late 2000's.

That being said, your home represents arguably the most important asset, why not investing in it now versus waiting until it's time to sell?

Consider the following as a starting point:

• Update fixtures (think: plumbing and lighting) in crucial areas of your home such as the kitchen and bathroom to give your house a more modern vibe
• Dress your home up with a rich dark wooden furniture set or something equally elegant: you can take it with you if you decide to up and go and it'll appeal to potential buyers touring your home
• Don't ignore your yard: a fresh coat of paint and some quick lawn maintenance can go a long way toward giving your home some curb appeal

Whether you're looking to sell or stick around, your home should represent your number one investment.

Diversify Your Investments

In terms of financial investments, you should never put all of your eggs in one basket; however, this is especially true during an election year. History has taught us time and time again that diversification is the name of the game for smart investors.

Always be on the look out for new opportunities for stock options but also understand when it's time to sell.

Keep Saving (or Start Now)

Most Americans have little to nothing in their savings account (less than $1,000 for nearly half of the country), which is tragic in and of itself. But what happens to those same workers when retirement rolls around?

If you aren't already planning for the future in the form of a 401k, mutual funds or a nest egg (think: ideally in a high-interest savings), you're only hurting yourself in the long-run.

When in doubt, simply follow the 80/20 principle of saving 20% of your income versus 80% spent on bills and disposable income. You may need to make some sacrifices in order to save properly, but such savings are absolutely crucial to the big picture of securing your financial freedom.

Insurance

The unthinkable can happen at a moments notice: sometimes the best insurance against financial ruin is, well, insurance. Therefore, make sure you have the following policies lined up for yourself and your family:

• Health insurance, regardless of politics you need to understand your family's policy and the future of healthcare moving forward if you're on a government plan
• Life insurance – nobody wants to ponder worst-case scenarios, but you should keep it in mind that policies are relatively cheap and will ultimately protect your family in an emergency
• Home insurance – Again, your home is your most vital investment: you need a solid insurance policy to provide your family some much-needed peace of mind.

Don't fret over the future. Instead, take a proactive approach to protecting your wealth as you head into 2020 and beyond. Think of it this way: there will be other elections, but you only have one family to protect in terms of your wealth and well-being.

Source: Salem-News.com Special Features Dept.