The dust has settled, and the 2024 presidential election cycle has mercifully come to its end. No more emails, texts, or knocks on the door from someone who wants to convince you to vote for them or their chosen candidate.
For some, the election’s outcome feels like a fresh start. For others, it feels discouraging or even concerning. Whatever emotions you’re experiencing, there’s probably some truth in them. Politics touches so many aspects of our lives, from our financial stability to the future we envision for our families, that it’s natural to feel personally and directly impacted.
As a financial advisor, I’ve walked alongside clients through elections, economic upheavals, boom and bust markets, and personal challenges. Through all of these dislocations and challenges, what I’ve learned is this: no matter what is happening, there are always different perspectives that can be valid, and there are always things you can control.
Let’s focus on those things together. I have several ideas to share with you.
Your Feelings Reflect Your Personal History and Outlook
Before we talk about moving forward, let’s pause to consider that people have different takes on recent events because they have different lived experiences. The last four years have felt very different to owners of financial and real assets than they have to folks who try to make ends meet paycheck-to-paycheck. So if you’re worried now that we know who our 47th president will be, it could be about very different kinds of things. Are you concerned about taxes, inflation, tariffs, and economic growth — or a different combination of the geopolitical and social questions that were election issues? Taking time to identify what you are feeling can be both enlightening and empowering. Once we know, we can better consider options that may make sense for you.
On the other hand, many voters are feeling upbeat and empowered. You’ve already seen the market response in just the last few weeks, which is largely positive. Even in that case, taking time to understand your expectations and not allowing yourself to become overly reactive is also a good path forward.
A question I often ask clients to consider with any major external event is: What in your daily life do you think is going to change because of this? For many, the answer is, “Not much.” For others, change may be substantial. We simply don’t have all the answers yet.
Many routines of your family, your career, and your financial goals will likely remain steady, even as the political landscape evolves. Recognizing that constancy can help ground you during uncertain times.
Focus on What You Can Control
When the broader world feels uncertain, redirect your energy to the areas you can influence.
- Revisit Your Financial Plan. Times like these are an excellent opportunity to review and adjust if necessary. Our team at Griffin Black keeps a close eye on how your investments, cash flow, and risk tolerance line up, but we are always happy to talk you through your plan at any time.
- Check Your Emergency Fund. Having a safety net in place can provide peace of mind, no matter what is waiting for you. A general rule of thumb is to stow away three to six months of expenses in a readily accessible account.
- Tax Planning. It seems likely that Trump’s election will bring changes of some kind to tax rates. While it’s too early to discuss specifics, we can start preparing by reviewing strategies like Roth conversions, spousal IRAs, or maximizing your contributions to tax-advantaged accounts. By focusing on these tangible steps, you build resilience against financial uncertainty. What’s more, you also give yourself confidence in your own path forward.
Find Stability in Your Values
Politics may influence laws, but they don’t dictate your values. Reflect on what truly matters to you: family, faith, community, or perhaps using your money to make a positive impact in the world.
Right now can be a time for you to invest in your priorities. Strengthen relationships, volunteer, or contribute to causes you care about. These actions not only ground us but also remind us that our power extends far beyond the ballot box.
Take a Long-Term View
History shows us that elections are just one chapter in a much longer story. Policies may shift, and markets may react, but over time, stability tends to dominate the historical conversation. When we zoom out, the peaks and valleys smooth into a steady trajectory of progress.
Take a look at how the stock market has behaved through both Blue and Red presidents. When you look at it from this perspective, the short-term concerns and valleys that any investor will experience throughout the decades seems to pale in comparison to the overall positive trend.
Dimensional Fund Advisors. How Much Impact Does the President Have on Stocks? 2024. PDF file.
Remember, your financial plan is designed to weather financial storms. If we’ve done our job well, your investments are built to account for both the highs and the lows that may be produced. It can be easy to make rash decisions, but resist the urge to be reactive based on the latest headline or statement from a cable news pundit.
Give Yourself A Break
It’s okay to feel stressed. It’s okay to feel uncertain. These emotions are part of being human, especially in times of change. Give yourself permission to take a break from the news, to lean on friends and family, and to focus on self-care.
Sometimes, the best thing you can do is simply breathe, take it one day at a time, and remember that you don’t have to navigate any of this alone.
Moving Forward Together
No matter what your perspective on recent events, one thing remains true: we all want a secure, fulfilling life for ourselves and our loved ones. It doesn’t matter who you voted for. We can choose to focus on that shared hope as we move forward.
Let your Advisor know if you have questions, concerns, or just need someone to talk through your financial options; our team is here for you. Together, we can create a path that feels steady and purposeful, no matter the challenges ahead.
