By Joslyn G. Ewart, founding principal of Entrust Financial LLC and member of NAWBO Philadelphia
No one has been more affected this year by the consequences of COVID-19 than women. Not only are we typically responsible for more on the domestic front than men are during good times, but now many of us have become the “principal” or “headmistress” responsible for our children’s online educations.
As the founding principal of a woman-owned investment planning firm, Entrust Financial LLC, I recognize that current events are but one of a series of illustrations of how taking care of loved ones derails women from taking care of themselves, including their money. To compound our challenges, we now face an approaching Presidential election.
What is a woman to do?
First, while Presidential election years are often concerning because we are not sure what might come next, I would like to reassure you based on research¹. All of us women business owners with invested assets—your 401(k), for instance—need to remember that from 1933 to the present, capital market returns have stayed strong over the long-term regardless of the partisan makeup of Washington.
Second, I invite you to consider the following practical tips, to help sustain your financial wellbeing and investment success through these uncertain times:
Consider these tips:
- If you are feeling stressed, the first thing to do is to try to identify the source of your unease.
- If concerns about the outcome of the election are weighing on your mind, try to stay calm—using whatever strategies work best for you.
- Try to avoid TV media and remind yourself that what it sells is fear, greed and loss—none of which are components for investing success.
- Try to avoid focusing on polls.
- Keep in mind that research shows that investors who stay the course during an election year end up with more money than those who make changes—especially if funds are moved to cash.
- Finally, take note that since each state regulates its own voting procedures, we may not know the outcome of the November 3rd election until more than a month passes. This delay does not mean there is fraud; it means that not all states require the immediate counting of mail-in ballots.
Taking care of yourself makes you more effective, not only in your business endeavors, but on the home front as well. I, along with my fellow NAWBO members and owners of Entrust, Mckenzie Frankel and Jennifer Bravo, encourage you to remember that you count, too.
If you would like to further sharpen your perspective about Your Money and the Election, please mark your calendar for Thursday, October 29th, noon to 1 p.m. ET for a virtual presentation about the broader implications of COVID 19 for Geopolitics, American politics and the Global Economy. This is a non-partisan presentation.
¹ Capital Group, 2020