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When the calendar changes, the age-old activity of making New Year’s resolutions begins. If he feels that his financial performance will be poor in 2023, a year in which financial markets soared, what better way to start the year than by taking some financial solutions?
For those who invest randomly or based on advice from random “experts” online; stop! Decide to improve your expertise through financial education or collaborate with someone who is already an expert. Too many investors missed out on big gains in 2023 due to the fear generated by all the prophets who predicted recession, doom, and depression. You can build long-term success (and wealth) by learning over time how to allocate your assets, diversify, and build a portfolio that is resilient and stays invested through the inevitable market ups and downs. .
If you think the market is going to go down and you want to save it and jump on a rocket ship and buy back, don’t try to time the market. There is enough research to show that trying to time the market is a failure. Most retail investors underperform professionals because they miss out on important market gains while their money is on the sidelines. Be determined to hold a portfolio that you can confidently maintain over the long term.
If you’re not financially organized, resolve to take an hour every weekend to get organized. Keep track of old retirement accounts. Check to see if you have more cash in your account than you need and are therefore giving up potential investment returns. Look to the future and understand your short-term and long-term needs. Is what you’re doing today working or should you change it?
If you’re distrustful of the market and have a lot of cash, decide to talk to someone who understands that the stock market has probably been the greatest source of wealth creation in the United States for the past 100 years. please. Cash earns between zero and very little interest, but often doesn’t even keep up with inflation. Leaving large amounts of cash in the bank is not the way to build wealth. Even if you have the confidence to put even a small amount of money into the market, it can help reduce your ‘money stress’ and start you on your way to a dignified retirement.
These are just a few resolutions that can get you off to a productive start to 2024 and beyond. Whether you tackle these things on your own, with a more educated and trusted friend, or with a professional advisor, these steps will help you reduce stress and increase your income in the long run. .
Whatever your financial resolutions are for 2024, invest wisely and invest well.
Larry Sidney is a principal at Zephyr Cove-based investment advisors. Information can be found at: https://palisadeinvestments.com/ Or call 775-299-4600 x702. This is not a solicitation to buy or sell securities. Clients may hold positions mentioned in this article. Past performance does not guarantee future results. Please consult your financial advisor before purchasing any securities.
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