Of course, physical fitness is important to your well-being but, at the same time, don't forget about your financial fitness. Specifically, what can you do to ensure your investment situation is in good shape?
If you're a grandparent, you might expect to receive some nice cards, but if you want to make the day especially meaningful, you may want to consider giving some long-lasting financial gifts to your grandchildren.
You work hard your whole life with the hope that your efforts will ultimately allow you to achieve your financial goals, such as a comfortable retirement. But for that to happen, you may need to apply some of the lessons of the workplace to your efforts as an investor.
Your first step in addressing these objectives is to maintain realistic expectations. Consider the issue of paying for college. Right now, the average four-year cost (tuition, fees, room and board) is about $80,000 for in-state students at public universities and approximately $180,000 for private schools, according to the College Board. And these costs are likely to keep rising in the years ahead
But even if you go on vacation, you won't want your investments to do the same in summertime or any other season. How can you help make sure your portfolio continues to work hard for you all year long?
For starters, it's useful to understand that your investment preferences and needs will indeed change over time. When you're first starting out in your career, and even for a long time afterward, you can afford to invest somewhat aggressively, in stocks and stock-based investments; because you have time to overcome the inevitable short-term market drops. At this stage of your life, your primary concern is growth you want your portfolio to grow enough to provide you with the resources you'll ne
That's certainly true when you invest. You need the fortitude to keep on investing, in good markets and bad ones, and during all the phases of your life even after you've retired. It might not always be easy during turbulent markets, you may be tempted to take a "time out" but the most successful investors are usually the most persistent ones.
However, by spending a few minutes reviewing your investment scenario of this past year, you can see where youve been, where you might be going, and what you need to do to keep moving forward toward your long-term financial goals.