As you might imagine, we’ve been getting a lot of questions about the election. Most often, the question is simply –
“What do you think will happen to the stock market if Biden gets in office?”
“What do you think will happen if Trump gets re-elected?”
I don’t know what will happen in November, but we should revisit two items in particular to prepare for whatever the outcome may be.
First, let’s get a good idea of what expenses are coming up in the next 12-18 months and set aside the cash to pay for those, sooner rather than later. Of course, there are going to be unforeseen circumstances. If there’s one thing we learned this year, it’s that we can’t plan for everything.
However, by making sure we have as much of our short-term expenses covered as possible, we have a better chance of being able to choose when we want to sell investments instead of being forced to.
The other item is all about expectations.
We want to make sure you know what to expect when it comes to the fluctuations in your accounts. While there has been no shortage of fluctuations so far this year, it never hurts to get a quick check up on what your accounts look like now and what you can expect going forward.
We’ve learned that clients have a much easier time riding out turbulent times in the market when they know what to expect in relation to their risk tolerance.
One of the biggest surprises new clients share with us is how different they thought their money was invested before speaking with us. If you would like to get a check up on your account, please reach out to us today and schedule a time to do so.
Also, if you know someone who would appreciate getting a risk check up on their account, that is not a client of Biondo Investment Advisors, LLC, we’d be happy to extend this service to them as well. Please have them reach out and schedule a risk check up with myself, Karl Wagner or Joe Daly.
While it can be difficult to stay focused on the long term, we have to remember that one year and one election does not define us as investors. We, at Biondo, are committed to guiding you and your family to your financial goals now and many years (and presidents) into the future.
Casey Pisano, CFP®