Experts Share 4 Money Moves to Make If Trump Loses (No Matter Who You Voted For)

Whenever there's a big change in the White House, many wonder how it will affect their lives and families. Among those concerns are how the president will tackle economic challenges and what new policies will mean for individual taxpayers and investors.

That may be especially true this election year as the United States deals with inflation, higher prices, and some economic uncertainty on Wall Street and across the country.

With that in mind, FinanceBuzz asked financial experts what money moves to make in November if Donald Trump loses to Kamala Harris. Here's a look at four of their suggested moves.

According to Brian Davis, co-founder of real estate investment club SparkRental, there are two broad financial risks under a Harris administration: higher taxes and higher regulation.

First, according to Davis, the tax changes from Trump's signature Tax Cuts and Jobs Act of 2017 are far more likely to expire under a Harris Administration.

These include higher standard deduction, more favorable tax brackets, lower maximum individual tax rates, and lower corporate tax rates.

Another White House proposal called for more than doubling capital gains tax rates up to 44.6%.

In their 2025 budget proposal, the Biden-Harris White House has called for more restrictions on retirement accounts for higher earners.

"In short, middle- and higher earners should brace for higher taxes, with fresh questions about how much they'll be able to protect against them with retirement accounts," Davis explained

Justin Godur, a financial advisor, real estate expert, and founder of Capital Max, noted, "With a possible shift in tax policies, especially for high-income earners, it might be wise to consult with a tax advisor.

Godur added that there could be opportunities to optimize your tax situation before any new laws take effect.

"Another important consideration is the potential for using Roth conversion strategies," said Brett Wysopal, a lead financial planner at Secfi.

"Due to the possible expiration of the Tax Cuts and Jobs Act (TCJA) in a scenario where President Trump is not re-elected, it could be advantageous to take advantage of the current lower tax rates."

Wysopal warned that before proceeding with a Roth conversion, it's essential to conduct a tax projection to determine your marginal and effective tax rates.

"If you find yourself in the lower marginal tax brackets, such as 22% or 24%, it may be beneficial to transfer pre-tax funds from your traditional IRAs and pay taxes now to convert them to Roth IRA funds, which will grow tax-free indefinitely," he suggests.

On the regulatory side, according to Davis, investors should beware of investing in energy companies with fossil fuel exposure, as these are the most likely targets of new regulations.

"One of the first things I recommend is reviewing your investment portfolio," Godor said, echoing similar thoughts. "Consider diversifying into sectors that may benefit from a shift in policies, such as renewable energy."

At the same time, Godur warned that investors should be cautious with sectors heavily tied to industries that could face increased regulation or reduced government support.

"Remember, these are potential strategies to consider, and while they may help protect your finances, there are no guarantees," he warned. "The goal is to stay informed, be flexible, and adjust as needed."

You may have heard advice about ensuring that you have access to cash during uncertain economic times.

"It might be a good idea to keep some assets in cash or cash equivalents," advises Edward Corona, trader, strategist, and publisher of The Options Oracle Newsletter.

"This allows flexibility to take advantage of market opportunities or cover any unexpected expenses without needing to sell off long-term investments."

"In times of uncertainty, having quick access to cash or cash-equivalents could provide peace of mind," Godur agreed. "You might want to reassess your emergency fund and ensure it's robust enough to cover unexpected expenses."

During the presidential election, there was much debate about the future of healthcare in the United States. Specifically, the future of Social Security and Medicare and how changes may impact the healthcare finances of those on these programs.

"Lastly, consider the impact on healthcare costs," Godur advises. "If policy changes affect Medicare or insurance markets, reviewing your healthcare plans and considering long-term care insurance might be prudent."

If Trump loses to Harris in November, there are a few money moves you may consider to help you get ahead financially. Among those, review your tax situation, investments, and healthcare finances.

The financial experts we talked to recommended being cautious before making any money moves, especially before the election is decided. Patience could pay off when it comes to basing financial moves on politics.