As we turn the calendar over to a brand new year, now is the perfect time to take a more in-depth look at your assets in order to get a solid grasp on the progress you’ve made towards reaching your investment goals, and whether or not you need to make any adjustments moving forward. The Financial Industry Regulatory Authority (FINRA) has put together seven tips to help you plan ahead and stay one step ahead of any potential market changes to protect your investments, mitigate any negative impact the changes may have on your portfolio, and capitalize on the opportunities that arise.
- Know what your goals are, otherwise the path you choose does not matter. Have your goals changed over the past year, or have they remained the same? Make sure that you prioritize and set clear goals with concrete time frames, price tags and outcomes you desire. These steps will help you properly plan for the upcoming year.
- Your financial security should be a top priority. Don’t pass up chances to build up your personal finances over time like having a dedicated savings account to cover unexpected expenses, paying your credit card bill in full and on time and benefiting from retirement or college savings tax breaks.
- Rebalance and keep track of your investments. No matter how you handle your investments, whether you take care of them yourself or if you have an adviser or broker, you need to pay close attention to stop any minor mistake from snowballing into a massive issue. Depending on changes in the investment environment or in your current goals, you may consider rebalancing your portfolio.
- Get to know the person managing your investments. Whether you’re simply re-checking the background information on your current broker or investment or if you’re looking into hiring a new financial professional, utilize all of the resources available to get the most complete picture you can.
- Protect your investments. Fraud threatens the financial stability of people across the country, but the risk of falling prey to scams can be mitigated by understanding commonly used scams and learning how to best protect yourself from them.
- Hope for the best, but plan of the worst. Do you have a plan in place for how your investments and financial affairs will be managed if something happens to you? While this can be a hard subject to face, it’s important to plan for any eventuality.
At Meyer Wilson, we understand the importance of staying well informed and prepared, which is why we constantly update our website with information and tips for investors. Check out our extensive video center to learn about everything from investment dangers and common scams to answers to common questions about your investments, and everything in between.
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