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.
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.
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.
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.
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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