4 Steps To Take Before Election Day

A subscriber to my Global Citizen service asked what I thought people should do to prepare for the aftermath of the US general election on Nov. 5.

Ouch.

That’s a tough one… Not least because I try hard to avoid politics in my work.

But there’s a difference between commenting on politics… and having your eyes open to the likely impact of an historic event like this.

Make no mistake, the November election is going to be a doozy. As Jeff has written, it could be the most consequential political event of the last 100 years.

There’s no need to get into the policies and character of the parties and individuals on the ballot.

Whatever happens, half of the American public is going to be infuriated, appalled, and motivated to support actions with serious repercussions for US society.

It’s that anger and instability you’ve got to worry about—whatever your personal preferences.

Perceptions of US stability have a huge impact on global economics…

• Doubts that the US will pay its debts could cause severe currency instability—including a big decline for the dollar.
• If that happens—especially if it’s accompanied by trade barriers or “protectionism”—consumer prices could skyrocket, since so much of what Americans buy is imported.
• If it looks like the US won’t honor its long-standing commitments to Europe and other regions, nations and global businesses will reorient their politics and trading activities. That could have a major impact on US trade and economic growth.
• US political and policy instability could boost the price of oil and tank the value of global investments in renewable energy.

These are just some of the ways instability following the election could hit your pocketbook…

What can you do to guard against that?

Here are four steps to take to protect yourself…

1. Open an account with a bank that lets you keep balances in multiple currencies. Many US-based financial institutions let you keep money in currencies like the euro, the Swiss franc, the Japanese yen, and other traditional safe havens. That way, if the dollar tanks, you’ll be protected from a dollar crash since you can always convert those currencies back to dollars at a better rate.
2. Make sure your passport is valid. If it’s due to expire soon, get it renewed. The last thing you want is to be stuck in the US, especially if you have a home abroad.
3. If you’ve been thinking about getting residency in another country, get cracking. There are dozens of countries around the world that will grant you extended residency based on sufficient income, whether it’s passive like pensions, or active like for digital nomads who can work from anywhere.
4. Don’t forget gold. Many people keep a bit of the yellow stuff in a home safe, but particularly if the dollar is under threat, its value could skyrocket. So buy more now. Better yet, consider opening a vault storage account in a foreign country known for its stability, like Singapore, New Zealand or Switzerland. Most vault companies will sell you gold to store remotely, so you don’t need to go there.

I’m not being paranoid here.

Just remember what happened when COVID hit. Nobody saw that coming—but it had severe implications, especially for global travel.

Bottom line: This is not a normal US election season… so it calls for abnormal preparations.