Donald Trump‘s win is expected to shake the political world in ways many have not seen in a long time. He is the first Republican candidate to win the popular vote in 20 years.

Some political experts claim that the economy played a huge part in his victory against Vice President Kamala Harris. Inflation was a top concern for many voters.

Mr. Trump promises to drastically change the economy, and to some extent, he might succeed. However, no president can guarantee success. Moreover, the global outlook could be different in the upcoming months and years.

That is why it is very important to stay calm when looking at the whole picture. Here are five top money tips to help you navigate Trump’s potential changes, whether you are looking at your personal finances or investment portfolio.

Diversify

President Trump promises to lower prices, but it is not clear that he can do this alone. Moreover, his proposed tariffs on imports could cause more problems for the consumer.

When volatility occurs, it is important to stay calm and focus on a diverse portfolio. There is no need to react to every sensational headline.

It is best to adopt long-term investment strategies. International stocks, index funds, and bonds can offer some protections.

The real estate mogul might be rated better in terms of the economy than his political rivals, but he is also more unpredictable. So, it is better to be safe than sorry.

Tax policy changes

Just like in his first term, tax reform is a big part of Trump’s economic platform. A financial advisor can help navigate the changes in income, corporate, or capital gains taxes.

This is the best way to take advantage of the policies that Trump’s administration will be pushing. It might be time to maximize retirement contributions, adjust deductions, and explore new tax opportunities.

Emergency fund

It is not possible to get uncertainty out of the picture. Experts say a recession in the next two years is a possibility. Moreover, with some of Trump’s policies, inflation could make a return.

So, it is important to be careful and move accordingly. One way to do this is by boosting an emergency fund. A safety net composed of six months of living expenses saved is a good starting point.

It is possible to save by temporarily cutting non-essential expenses.

Stay connected

Some industries are likely to be more impacted by Trump’s new policies than others, so it is important to monitor them. Staying in the loop could be helpful if a person works or invests in industries like housing and manufacturing.

With the right information, making the right call about the future is easier.

Resist fear

During his first term, the media capitalized on Trump’s bombastic ways, and the sensational headlines had a real impact on certain people. While Trump’s policies will likely affect regulations, trade, and the economy, personal finance remains an individual pursuit.

This is an area where the individual is in control. The government cannot tell Americans how to manage their finances. Savings rates, spending habits, and financial goals are matters that are out of a politician’s reach, and that is why the individual is in the driver’s seat regardless of who is holding the highest office in the land.

Whether someone supports or criticizes Trump, the best approach to his return to the White House is to stay calm and make moves that can benefit their finances in the long run.

Financial freedom should always be a long-term goal.