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Money Guy Show

How to Election-Proof Your Finances (By Age)

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Investing, Business

4.73.1K Ratings

🗓️ 18 September 2020

⏱️ 48 minutes

🧾️ Download transcript

Summary

"Is the next recession around the corner?" Every four years, we get this question without fail - and this year is no exception! No matter your candidate or preferred party, it's easy to fall into worrying about the election's impact on our economy and your personal portfolio. Let's debunk some lies, examine history, and make sure your finances can weather the political storm! For more information, visit: https://www.moneyguy.com/2020/09/how-to-election-proof-your-finances-by-age/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Hot topic how to election prove your finances.

0:05.0

It's Brian Preston, the money guy, restoring order to your financial chaos, retirement, investing, taxing.

0:14.0

You've got financial questions, he's got financial answers.

0:17.0

It's Brian Preston, the money guy.

0:21.0

Brian, I think it's no surprise that when people find out what we do for a living, specifically when it's in an election year,

0:28.0

and specifically when it's in like a highly contested election year, which is, I don't know, every single election year that we have these days,

0:35.0

they're also going to say, hey, if this person does what's going to happen, right?

0:40.0

What should I be doing to get ready?

0:42.0

Or I think this person's going to win, is it should I go to cash or should I double down?

0:46.0

I feel like I get those kind of questions all the time, especially when it's coming up to an election.

0:53.0

Well, election years are always unique.

0:55.0

And I think it goes even deeper, think about our clients.

0:58.0

We have clients in 42 states.

1:00.0

You can imagine we have great cross-section of all types, and we get a lot of calls on, and by the way, we've been doing this long enough.

1:09.0

This is not our first election cycle.

1:12.0

And I can tell you some of the biggest teachable moments I have experienced with clients is when they have called to make that emotional decision on doing something with their portfolio because of an election.

1:25.0

And then the educational opportunity that comes up later after they realize maybe they landed on the wrong side of thinking about how to handle your finances with elections.

1:35.0

So here's what we can't avoid.

1:37.0

We can't avoid living in a world where there are elections, and we can't avoid living in a world where there is uncertainty around those elections.

1:46.0

So what we want to talk about is as we go into this election, and every election in the future, how can you prepare?

1:52.0

What are the things you ought to be doing specifically to your portfolio to make sure that you are election proof?

1:59.0

So here's the first question that people ask us.

...

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