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Markets up as millions of Americans vote: How the headlines could affect your money

Election Day is here. Millions will vote, and markets are up in anticipation.

Early voters cast their votes in the Upper East Side in Manhanttan, NY on Oct. 28th, 2020.
Adam Jeffery | CNBC

Markets rose on Monday in anticipation of Election Day, millions of Americans will vote, and a few tips on passive income. Here's how the headlines could affect your money. 

Markets start the week stronger

All three major indexes were up Monday at the closing bell as investors awaited Election Day and its results.

Last week, the Dow and S&P saw their biggest weekly losses since March after stimulus talks between Democrats and Republicans broke down and Covid numbers continued to rise. The Dow was also up early Tuesday morning.

It's Election Day at last

This Election Day, tens of millions of Americans or more are expected to exercise their right to vote. In addition to choosing the next commander in chief, voters can also voice their preference for members of Congress, many of whom are up for election, as well as local officials countrywide.

All of these legislators will get to make decisions that can affect you on money issues ranging from health care to Social Security. Statewide ballot measures you can vote on today can have an impact on your bottom line, too.

Some states even guarantee paid time off for their residents to vote.

Where your federal taxes are spent

Video by David Fang

It's normal to be nervous about your investments in a U.S. presidential election year. Keep in mind that the market tends to go up no matter who is in the Oval Office. In fact, since World War II, only two U.S. presidents, Richard Nixon and George W. Bush, have left office with the S&P level lower than it was at the beginning of their term. 

This is why financial advisors tell their clients to keep an eye on the long game and keep politics out of their portfolio.

A few tips on passive income

Many savvy side hustlers mention passive income, or money made from a source long after the initial effort was made, as a way they earn extra cash. One way to get started is to find a project that has continuing value and that people will pay for after you've completed it, like an e-book or an online course

It's smart to diversify your income sources, even beyond passive income, experts say, to ensure you're not relying on just one or two.

Words you've heard: Passive income

Passive income is income that requires little or no effort to sustain after an initial outlay of time and resources. It can come from an e-book, an online course, or a rental or Airbnb property, for example, and even from some investments.

And although the daily news can have an impact on your wallet, remember to take a long-term outlook when it comes to decisions on spending, saving, and investing.

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