So although we can anticipate this possible outcome, the GOP and the Dems have a surprising amount in common when it comes to personal finance. “Both parties favor expensive government spending, principally on health care and infrastructure spending,” said Paul Christopher, head of global market strategy for Wells Fargo Investment Institute, as quoted by ThinkAdvisor. Additionally, both parties are focused on the pandemic and the havoc it has wrought on the economy, as well as on reprising U.S. manufacturing and toughening up with China.
Christopher advises to hold off on major moves until at least March as new presidential terms take a few months to stabilize, and to make sure your investment plans are focused on trends beyond the political scope such as economic recovery, increased adoption of digital technology, and heightened challenges for global trade.
The most important thing? Cash is crucial both in one’s portfolio and as an emergency reserve. You can “put it on the sidelines,” Christopher said — and then gradually move the cash back into appealing investments once you feel comfortable.
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