Investment Strategy Can Be Your GPS as You Travel Toward Goals

Submitted by Edward JonesPrint Story | Email Story

Summer is here at last. For many people, it's time to get the car ready for a long road trip. And with GPS-enabled smartphones, it's now a lot easier to navigate these drives without getting lost.

During your life, you may take many journeys – one of which is the long road you will travel toward your financial goals. But even on this path you can benefit from a "GPS" in the form of your goal-oriented, personalized strategy.

Your investment strategy can function this way by helping answer these questions:

How far do I have to go?
Your smartphone's GPS can quickly tell you how many miles you need to travel to arrive at your destination. And a well-constructed investment strategy can inform you of when you might reach a goal, such as having a desired amount of money when you retire, given your current age, earnings, sources of retirement income, and so on.

What route should I follow? Your GPS will plot out your route, showing what turns you should take along the way. Similarly, to reach your desired financial outcome, your investment strategy helps guide the investment decisions you make, such as investing adequate amounts in the appropriate vehicles, including your 401(k) and IRA.



What problems await me? When your smartphone's GPS shows red on the route you're following, you know that heavy traffic lies ahead. And your investment strategy can also help you manage bumps in the road, particularly if it's a strategy you have designed with a financial professional, who has the knowledge and technology to create various scenarios and hypothetical illustrations to account for potential difficulties – i.e., a rate of return that's less than expected, a lower income base than you had anticipated, greater college costs than you bargained for, and so on.

When should I take an alternate route? For whatever reason, you may deviate from the course plotted by your GPS – which will then helpfully re-route you. While following your investment strategy, if you make a wrong turn, so to speak – perhaps by putting insufficient funds in a retirement account or by assembling an investment mix that has become unsuitable for your risk tolerance – you may need to get back on track.

As we've seen, some analogies exist between your smartphone's GPS and your investment strategy. And yet, there's also a big difference in terms of complexity. It’s simple to program your smartphone to give you the directions you need. But crafting a personalized investment strategy takes time and effort. You need to consider all your goals – college for your children, a comfortable retirement, the ability to leave the legacy you want – along with your time horizon, risk tolerance and other factors. And your investment strategy may well need to change over the years, in response to changes in your family situation, employment and even your objectives – for example, you may decide you want to retire earlier (or later) than you had originally planned.

In any case, like your GPS, your investment strategy can help guide you – so make good use of it.

This article was written by Edward Jones for use by your local Edward Jones financial advisor. Courtesy of Rob Adams, 71 Main Street, North Adams, MA 01247, 413-664-9253.. Edward Jones, its employees and financial advisors cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding your situation. For more information, see EdwardJones.com.

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North Adams Cancels All Summer Events for 2020

NORTH ADAMS, Mass. — The year 2020 was supposed to be a year of celebration for the North Adams to mark the 125 years since it had incorporated as a city.
 
But the arrival of the novel coronavirus has put all those plans off now — along with a host of beloved summer activities.
 
The city of North Adams has made the decision to cancel all annual summer events through Labor Day. This includes the Concerts at Windsor Lake series, Movies Under the Stars at Colegrove Park, the Eagle Street Beach Party, Downtown Celebration, and the Motorama Car Show.
 
"I know this is a disappointing announcement. Our summer events bring people together to spend time with friends and neighbors, and to celebrate the sense and spirit of community that we hold so dear here in North Adams," said North Adams Mayor Thomas Bernard. "Like so many other communities, we're making this tough decision in the interest of public health and in light of current COVID-19 guidance. We intend and hope that all annual public events and series will resume as normal in 2021, following a safe and healthy recovery from COVID-19."
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