Around 65% of Americans set financial New Year’s resolutions, according to Sunny Day Fund. Combining new financial goals with a new administration can lead countless Americans to make poor money moves, many of which are based on fear and uncertainty.
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So, what should you do? Money expert Suze Orman said the best financial move you can make when a new presidency begins is to do nothing hasty with your money.
Although this is easier said than done, we’ll outline three ways you can make strong financial moves with the Trump administration.
Not Reacting to Financial Speculation
Have you seen fear-mongering social media posts claiming the market is going to crash? These posts invoke fear and uncertainty, which can lead to panic-selling investments or halting investment contributions altogether.
Although you might think you have a strong understanding of where the market is headed, no one can say with certainty what a new administration will bring. By not reacting to financial speculation, you won’t be tempted to sell investments or change your strategy.
Remember, the S&P 500 has averaged a 10.985% return over the past 30 years. Within this time period, there were years of double-digit losses but also double-digit gains.
Taking a long-term investment approach is a guaranteed way to make strong financial moves.
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Thinking Long-Term About Financial Moves
An incoming administration impacts countless factors in your daily life, from the price you pay for gas to the available healthcare options. This makes it important to think long-term about your financial moves.
What financial goals do you want to accomplish in the next five, ten or twenty years? Then, think about what you must do today to achieve those goals.
News speculation and internet gurus don’t have the details of your personal financial goals, meaning you shouldn’t rely on their advice for your financial moves. Big decisions, such as buying a house or changing jobs, must be made based on your personal goals.
Avoiding Money Regrets
Another financial move you can make when a new presidency begins is to avoid money regrets.
Money is a tool that can be used to better your life. A new administration can make you feel pressured to spend your money in a certain way. However, this can lead to expensive money regrets.
For example, if you are worried that purchasing a house will be more difficult in the coming years, you might panic-purchase a house. Maybe this house is available, but it’s not in the area you want or doesn’t have the key features you are looking for, leaving you to regret your purchase.
Before you make any financial decisions, think about your goals and wants to ensure that the decision aligns with them.
The Bottom Line
A new administration can leave you feeling uneasy or excited. Regardless of how you feel about a new presidency, it’s important to avoid making hasty financial decisions. Not reacting to financial speculation, thinking about your long-term financial moves and avoiding money regrets are three ways to make informed decisions.
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This article originally appeared on GOBankingRates.com: Suze Orman: The ‘Best Financial Move’ You Can Make When a New Presidency Begins
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
