What the US election result means for your finances

In this week's Musing I take a look into my crystal ball and let you know what I believe you should be doing with your finances as a result of this week's US elections.

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Transcript

Hey, welcome to Mel's Money Musings. Now, unless you've been living under a rock for the last 48 hours, you’ll realise that there is a new president in the United States. Now, I am not here to give my opinion on that. Certainly I've made it very clear on Insta. But what I do want to give my opinion on is what that means for you financially and what you should be doing as a result of the presidential change.

Because what I've done is I have grabbed my crystal ball and I've had a look to see what is going to happen as a result over the next decade. And this is what it has told me over the next ten years. There will be in Australia labour elections will be liberal elections in the States, there will be Republican elections and Democrat elections throughout the world.

Globally there will be share market crashes and share market peaks. There will be property softening. There will be property peaks. What it means for you is that it's about you taking the power back over your finances and realising that these events will happen. It's our economy is cyclical. If there's one thing we can guarantee, it is change. What's important for you today is to have a financial strategy for the long term and then to stick to that financial strategy.

That means if on Monday this week you were motivated to pay down your bad debt, you had a plan to do that and then you were going to start saving, then you should keep doing that. If on Monday you were saving up for your first home or your first investment property, you should keep doing that. If on Monday you were investing in the share market regularly for the long term, guess what?

You should keep doing that. It's when it comes to your finances, it's realising that investing, having those great financial habits is about consistency. It's about doing the right thing for you and your finances, for the long term. For the long term. And the right thing is investing regularly. Getting rid of your bad debt, paying a little bit more into your mortgage, into your offset account.

If you have a mortgage, having diversified assets and having a plan and goal that you're excited about. If you don't have those things, then make sure you jump on the waitlist for the My Financial Adulting Plan and join me in the beginning of January. Because what I want for you next year isn't just vague New Year's resolutions. I want you to have more. More choice, more wealth, more options, more resources.

That is how we start to take our power back.