To be successful at investing, some people think they need to “get in on the ground floor” of the next “big thing.” However, instead of waiting for that one “hot” stock that may never come along, consider creating an asset allocation – a mix of investments – that’s appropriate for your needs, goals and risk tolerance.
But once you have such a mix, should you keep it intact forever, or will you need to make some changes? And if so, when?
If you’re at the beginning of your career, you might not be thinking too much about the end of it. But even younger workers should be aware of – and saving for – their eventual retirement. And since you’ve got many years until you do retire, you’ve got a lot of options to consider – one of which is whether an IRA may be appropriate for you and, if so, what type.
Now that spring has officially sprung, you might look around your home and decide it’s time for some sprucing up. But you don’t have to confine your efforts to your house and yard – you can also engage in a little “spring cleaning” in your investment portfolio.
Here are a few suggestions for doing just that:
April showers may bring May flowers, but March is National Umbrella Month. While ranking high on the list of truly obscure celebrations, this “Month” can still teach us a few things – especially if we think about “umbrellas” that can help us protect our financial goals.
Consider these key areas:
For many people, the concept of retirement can be scary, both emotionally and financially. If you, too, feel somewhat anxious about what awaits you, you might feel more comfortable in knowing that, depending on where you work, you might be able to retire in stages.
As an investor, you may be gaining familiarity with the term “market correction.” But what does it mean? And, more importantly, what does it mean to you?
A correction occurs when a key index — such as the S&P 500 — declines at least 10 percent from its previous high. A correction, by definition, is short-term in nature and has historically happened fairly regularly – about once a year. However, over the past several years, we’ve experienced fewer corrections, so when we have one now, it seems particularly jarring to investors.
If you have a child in college, you’re probably familiar with the Free Application for Federal Student Aid, which must be completed to help ensure that students don’t miss out on federal and state grants, work-study jobs and loans. But you might not know that some important changes will be coming to the FAFSA during 2016 – and these changes can affect both the process of filing for aid, and, possibly, the amount of aid your child will receive.
Three key changes to watch for:
Americans spent nearly $19 billion in Valentine’s Day gifts last year, according to the National Retail Federation. Much of this money went for gifts with short shelf lives, such as candy, flowers and restaurant meals (and about $700 million was spent on gifts for pets). There’s certainly nothing wrong with giving chocolates or roses. But this year, think about going beyond the classic gifts. Instead, use Valentine’s Day as an opportunity to determine how you can make gifts with long-lasting impact to your circle of loved ones.
Here are some suggestions:
“Be prepared” is the Scout motto, and it’s also pretty good advice for anyone seeking to guard against various disasters – including financial ones.
Here are some events that can have serious financial consequences, along with suggestions on preparing yourself:
Jan. 29 is National Puzzle Day, with puzzle celebrations and events taking place at museums, libraries and other venues across the country. Why this date was chosen – or why National Puzzle Day even exists – is something of a mystery. But as an investor, you can find value in the concept of a puzzle – specifically, in putting together the pieces of your financial puzzle.