After ringing in the New Year, many people are getting back to business. For some this means devoting more energy to saving more and spending less. Indeed it’s the most popular financial resolution for 2017 according to GOBankingRates, which found that nearly 23 percent of people polled vowed to do this in the coming year. It’s not so surprising given the findings from another GOBankingRates’ survey that found 69 percent of Americans have less than $1,000 in a savings account.
Now is the time of year when many people make New Year’s resolutions. Oftentimes, these pledges relate to staying fit, losing weight or enjoying life more. As you are thinking about ways to improve in 2017, we encourage you to give some thought to how you can be a better investor in the coming year. As such, here are a few investing resolutions designed to help you better achieve long-term portfolio growth.
There's been a lot written about the merits of buy-and-hold investing. Unfortunately, many investors are confused by the term and instead employ a buy-and-set-it-aside strategy. This can be a grave and costly error, as holdings can swing widely over time and tweaks are often necessary to bring a portfolio back in line with an investor's stated goals.
Maintaining a healthy portfolio is a lot like keeping your car or a household appliance in proper working order. You need to occasionally tinker with the parts in order to keep your portfolio running smoothly and efficiently.
We've recently been approached by a few nervous investors, who, thanks in part to Election Day jitters, are considering cashing out a sizeable portion of their portfolio. While this may seem like a good idea at first, there are more downsides to cashing out than you might think. A sounder course of action is to stick to your long-term plan and not let Election Day distractions disrupt a sound investment strategy.
Amid the election year hoopla, pundits are already theorizing about the impact the candidates will have on the stock market and broader economy. As tempting as it can be to get caught up in this rhetoric, we urge you to tune out the noise and instead stick to your long-term strategy. Making decisions based on political leanings or emotional fervor can seriously threaten your financial well-being.