The U.S. presidential election is barreling towards us. Many are eager and nervous to find out who will be the next commander-in-chief in a race between former President Donald Trump and Vice President Kamala Harris.
Even more are biting their nails with worry or anticipation for what could happen to the domestic and global markets around the world.
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GOBankingRates reached out to a few financial experts to see what the average investor should consider doing ahead of the results. Here are four money moves to make the week before the election, according to experts.
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“If you’re looking to protect yourself and maybe even make some money before the election, here’s what I’d tell you. First, raise some cash,” said financial expert David Materazzi, CEO of Galileo FX, an automated trading platform.
“If you’ve got stocks that have run up, take some profits. Cash gives you flexibility. If the market dips after the election, you’ll be ready to jump on some bargains,” he advised.
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“Think about companies that sell things people need no matter what: Groceries, electricity, healthcare,” Materazzi said. “These stocks might not make you rich overnight, but they’ll hold up if the market gets… shaky.”
Materazzi also suggested investors stick with dividend-paying stocks.
“When the market’s uncertain dividends provide a steady cash flow,” he said. “You get paid even if the stock price bounces around. Look for companies with a strong history of paying dividends.”
Investors should establish what is called an investment policy statement (IPS) and follow it, according to Robert R. Johnson, PhD, CFA, CAIA, and professor of finance at Heider College of Business at Creighton University.
“All investors should avail themselves of the services of a credentialed financial advisor who operates as a fiduciary,” said Johnson, noting how investing without a plan is like driving without a roadmap or GPS.
“Investors should not concern themselves with broad market moves or the crisis du jour,” he explained. “An IPS is a written document that clearly sets out a client’s return objectives and risk tolerance over that client’s relevant time horizon, along with applicable constraints such as liquidity needs and tax circumstances. In essence, an IPS sets out the ground rules of the investment process — it is the document that guides the investment plan.