Happy Monday everyone!
Market Mondays, brought to you by Legacy Investing & Wealth Management is a blog giving you a quick and easy read focusing on stock market education, empowering the newer investor as well as giving you the most recent stock market analysis. For more information including past blogs please go to www.LegacyInvesting.net; look for the Market Mondays tab under “The Legacy” for all blogs.
First things first, PLEASE VOTE TOMORROW if you haven’t already early voted. I had an online event several months ago where I explained why investing in stocks is so important. You can look on the Twitter or Facebook page to see the event (www.Facebook.com/legacyinvesting or www.Twitter.com/legacy_investor. That’s an underscore between legacy and investor lol. We talked about the multi-prong approach to becoming wealthy and the steps that are required. I introduced the Financial Freedom Package that can change your life and pay for itself many times over. For what you would spend on a very cheap cup of coffee a day over the course of a year, I can help set you on a path of financial independence and legacy building. Now I know it’s really important to get the latest pair of Jordan’s, or get your hair and nails done, or have the newest Audi but all of that stuff depreciates, and pretty fast! I wish more of us would think about our future because guess what..it’s coming lol. Why make money for companies that care nothing about you when you could own a piece of that company and make your money make money. Things that make you go hmmmm…Let’s challenge ourselves to do better.
Today I want to talk about what happens when you leave a job and you have investment money just sitting out there. Sometimes when you start a new job and you’re inundated with paperwork, you may have signed off to have a certain percentage of money coming out of your check into a retirement account. Most people tend to contribute to their accounts and forget about it. Once they leave the job that account is really forgotten lol. If you don’t do anything with the money it will just sit in no man’s land going up and down with the market and probably not making you much money. It’s really important to ask the retirement company to do a rollover or direct transfer into an IRA that you set up at your local bank. An IRA is like a 401k but it’s a more self-directed type of retirement savings account. An IRA has more options and flexibility but you can usually contribute more to your 401k plan. Those are the main differences between the two but the main point is to be able to better manage your money which you can do in an IRA account.
The stock market has not moved a lot since my last blog in September. The S&P 500 was at 2127 and with today’s big rally we are at 2131. The market has been following our US election news and responding to every big news event. As the FBI said they were investigating new emails from Mrs. Clinton the stock market had 9 days of selling off. Once the FBI reaffirmed their position from the last findings we get a 46 point S&P 500 rally today. Simply put, if the Donald is elected tomorrow the stock market will sell off in a mighty way, a recession will be likely as uncertainty causes people to hold on to their money, and much of the progress we’ve made will be undone. If we have a Clinton victory, the market may rally but I still believe there will be selling pressure as some uncertainty on policy will remain in the stock market. We are late in the normal business cycle and at least a mild recession usually happens when you change Presidents.
Finally, looking at the technical picture of the S&P 500, we bounced off the 200-day moving average (right now at 2084) which is a widely followed measure in the investment community. As long as we hold above that, and get above the downward trending line at 2140, then it appears the stock market can move higher in the short term.
Please visit our website at www.LegacyInvesting.net and contact us today for a FREE consultation on becoming financially fit and learning how to make money investing in the stock market. You can make money in ANY type of market (bull or bear). When we meet I’ll give you more information about our services and find out what your financial goals are. If I can help you, we can move forward; if not, no problem but I’m always just a phone call away from any questions or quick advice you want. I can help get your finances in shape so let’s connect and build generational wealth together.
Disclaimer – Legacy Investing & Wealth Management LLC or any of its advisers are not liable in any way for any losses incurred through trading by readers of this weekly blog. Any information or strategies of trading suggested here involve risk of capital loss and this weekly blog is not considered investment advice. Individuals who invest in securities are solely and completely responsible for any and every outcome that may occur.