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The beginning of the year is a good time to review your portfolio and make vital decisions about your investing strategy. Ask yourself the following questions to shed light on your saving and investing priorities for 2019.
Have My Priorities Changed?
Your investing strategy is built on long-term goals, but priorities can change with major life events such as births, marriage, divorce or a new job. If you’ve experienced a major life change in the past 12 months, consider the impact on your financial priorities.
Am I Reaching My Goals?
Once you’ve reviewed your goals and priorities, look into whether your portfolio’s returns are keeping you on track to meet those goals.
Do I Need to Make Changes?
You may want to adjust your portfolio to reflect your changing priorities. Even if your priorities haven’t changed and you’re making progress toward your goals, it’s still important to review your asset allocation and strategy.
For example, 2019 brings you one year closer to retirement. Depending on your age, it could be time to change to a more conservative allocation.
Also, market gains or losses may have caused big swings in the value of your holdings, causing your portfolio to fall out of line with your advised allocation. In this situation, you may need to rebalance your portfolio to bring your stocks, bonds and cash holdings back in line with their target allocations. This annual review and rebalancing will help you start 2019 off right.
Is My Portfolio Diversified?
The strategies of diversification and asset allocation aim to help increase return while decreasing risk. Many financial professionals recommend investing in a broad range of asset classes including stocks, bonds, real estate and cash. A regular review of your investment portfolio holdings is not only prudent, but can help keep you on track to attain important financial goals.
Who Can Help Me?
You may want to speak to a financial professional for help in reaching your goals. Ronald E. Barnette, CFS* Financial Advisor at PNWFCU, can work with you to clarify your retirement goals, help you develop and implement a plan, and provide ongoing advice in pursuit of those goals. Contact Ron at email@example.com or 503.258.2658 to schedule a complimentary financial consultation.
*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. Pacific NW Federal Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members. CFS and its representatives do not provide tax advice. For specific tax advice please consult a qualified tax professional.