We made incredible history by electing Barack Obama as our next President. Even though I get the Wall Street Journal and the New York Times delivered, I couldn’t even buy any other newspapers on the street. They were sold out! I barely slept last night and am still so excited. Now – what does this mean for your pocketbook? Based on exit polls, many people voted for Obama because of the economy. So let’s talk about the economy.
Volatility is not over.
The next quarterly forecasts from public companies, which will come out January 2009, are likely to be low and this will probably send the market tumbling. Especially since holiday sales are expected to be lower. My advice to you is: Don’t freak out, just keep steady.
Obama is dedicated to helping our economy get back on track but it won’t happen overnight. I still reiterate that this is the time to buy mutual funds for your retirement accounts if you are 7 years or longer from retirement. Keep those automatic savings on autopilot. Make sure they are outperforming their comparative index and similar category. When the economy comes back (and it will) you will be right on track!