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Its impossible to predict exactly what will happen.
A well-diversified investment portfolio can help reduce your vulnerability if certain sectors take a hit.
Before the election, its crucial to diversify your investment portfolio to mitigate risk, said Shirshikov.
Consider including international assets to hedge againstdomestic market fluctuations.
International diversification is another consideration holding some foreign stocks and bonds can help protect you fromU.S.-centric political risks.
But remember that trying to guess which industries will boom or bust under a particular administration is risky business.
Instead, work with a financial advisor to build an asset allocation aligned with yourlong-term goals and risk tolerance.
Just be sure closing costs dont eat up too much of the potential benefit.
Increase Your Emergency Savings
No matter who wins, having asolid emergency fundis always good advice.
The lead-up to a high-stakes election is as good a time as any to boost your reserves.
Its wise to have strategies in place to manage your tax liability regardless of what shifts may come.
Having a plan to minimize tax implications could be beneficial.
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