FROM WALL STREET TO MAIN STREET
BY: Michelle Osborne
In today’s environment it’s not how much money you earn; it’s how much you keep that is also just as important. As we have all worked too hard to earn every dollar we have made. You might think the money is safe in your personal bank account or under the mattress, this will cost you dearly. Don’t let this be you because inflation is an important issue. We all remember what we paid for our first house and what it is worth today. I paid $25,000 for my first house and today it would sell for $275,000. Everyone needs to pay close attention not only to their affairs but their aging parents affairs as well.
It can be unsettling for investors when their portfolios and the markets start heading into the red. Here are six investing basics to keep in mind during volatile times.
1. Periods of volatility are normal- All markets move in cycles, and periods of steep contraction are completely normal. While the length of market downturns varies, periods of growth and expansion are usually waiting on the other side.
2. Don’t panic-Letting emotions dictate your investing strategy is a risk you shouldn’t take. Short-term decisions can have long-term consequences on your portfolio. Being patient can pay dividends.
3. Know your portfolio-Understand your investments and how specific assets represent different goals and outcomes. Keep in mind your risk tolerance and investment timeline, and if either has changed, consider talking to us about what works for you.
4. Stay the course-Remember your financial plan and long-term goals and stick to them. A disciplined approach is the best strategy for handling market downturns and will likely enable you to participate when the market’s rebound.
5. Consider opportunities-Working with me, I determine whether periods of volatility are a good time to take advantage of investment opportunities in line with your long-term plan.
6. You’re not alone-I am here and available to help you when you need it. I can guide you through difficult markets and be the independent voice that helps you stay focused on your long-term goals.
Give us a call as we take a holistic approach and look at everything you have that affects yours, your family’s or your business’s financial future.
Most people don’t realize the importance of reviewing their overall financial health, which can include your family, your aging parents, and your business affairs until it’s too late. That’s when we usually get the call, too late. We are here to help you through the COMPLETE PROCESS.
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