Since this is our last blog post prior to the national election on November 8th, we thought it would be helpful to detail what we believe to be the most important things you can do before and after the election results are posted.
This article follows last month’s post where we detailed what we are watching for in the election (you can reference that blog here).
Now it is certainly important to know how the winning candidates will attempt to implement their policies, but we think it is even more important to execute on what we can actually do to positively impact our lives and the lives of our families within the context of the election results.
In short, our recommended actions have almost nothing to do with who will sit in the Oval Office or on Capitol Hill. No- the most important person impacting you and your family is the one staring back from the mirror each morning.
Said differently, we feel strongly that grinding our teeth about whether or not “our candidate” won is an exercise in futility. Why? Because unless you are directly and substantially involved in the political campaign, your impact on the result is negligible. (Side note: We are still strong believers in voting in every election as we think this is our fundamental duty as citizens of a republic. A lot of people died for this right and we think everyone should take it seriously.)
So with all this in mind, we believe everyone should cast their vote then walk out of the voting booth and intently focus on the following:
- Work hard and work smart to add value to your employer or your customers so as to maximize your earning power
- Monitor and manage your living expenses
- Ensure your portfolio has balanced risk vs. return profile that projects toward achieving your goals
- Minimize your investment costs through a diversified, low-cost & tax efficient investment portfolio
- Rebalance your portfolio at least once per year
- Reduce your tax liability (current and future) by all means legally available
- Ensure you are properly insured on your life, your health, your earning power and your personal property
- Organize and optimize your estate plan
Now we know most of the aforementioned list is a bit self-serving as we are in the business of executing on these strategies with our fee-only model. But even if you don’t use a financial advisor, the concepts still apply whether you partner with a firm like ours or not.
Bottom line: we can lose a lot of sleep worrying about whether or not Clinton / Trump, etc. will destroy the country. But what is directly impactful for each and every one of us is to focus on and address those factors that we can actually control!