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Does an election season, which can feel volatile, count as a time of possible emergency?
What do I mean by this?
Policy changes and economic uncertainty can impact jobs, income and expenses in unexpected ways, he said.
They avoided high-interest debt and maintained their standard of living, he said.
If nothing else, building up your emergency cushion will bring you extra security for anything unexpected.
His recommendation is to prioritize diversifying investments over beefing up an emergency fund.
In my professional experience, diversifying investments is key.
Instead of hoarding cash, consider spreading your investments acrossdifferent asset classes, Godur explained.
Of course, Godur still recommended an emergency fund, regardless of the election.
Aim for three to six months worth of expenses.
This fund acts as a buffer against any short-term economic disruptions that could arise from political changes.
Its also beneficial to stay informed and adapt your financial strategy as the political landscape evolves.
Engage with financial advisors who can provide personalized advice based on your unique situation, he said.
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