As we head into the New Year it is important to get off to a good start. We often make resolutions about getting healthy which includes eating better, exercising more and leading a more balanced lifestyle. Have you ever considered making resolutions about your financial health? In the Chinese calendar, 2024 will be the year of the Green Wooden Dragon, a symbol considered to be the most powerful in Chinese astrology, standing for energy, strength, and power. The 2024 zodiac year will be a year of prosperity. A symbol is represented only once every 60 years.
Today I will share some tips and what investments mistakes to avoid in order to meet your financial resolutions for 2024.
· Have clear investment goals.
· Find an advisor whose goals align with yours.
· Decide your risk tolerance.
· Build and diversify your portfolio.
· Monitor and rebalance your account.
· Let your emotions rule.
· Chase Trends/Hot Tips.
· Try to time the market.
· Focus on the short term.
· Misunderstand risk.
· React to the media.
· Forget about the fees.
· Constantly watch the market/your investments.
· Neglect to start investing.
Defining your investment goals, finding the right advisor and actually getting started are the first three steps in creating a successful plan.
If you are looking to get started in investing or would like to review your current investment and financial goals reach out to us today to start the conversation.
Cynthia Batchelor is a Financial Advisor with Assante Capital Management Ltd. The opinions expressed are those of the author and not necessarily those of Assante Capital Management Ltd. Please contact her at 613.258.1997 or visit ofarrellwealth.com to discuss your circumstances prior to acting on the information above. Assante Capital Management Ltd. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada.