It is important to start the new year off right. Mike Reeves, wealth management advisor of Strategic Wealth Designers, gives viewers three tips to starting the new year financially fit.
The first tip Reeves gives on starting the new year on the right track is recommending getting a stress test of your portfolio. Reeves states, “With everything going on out there it’s time to get a stress test. That is a risk analysis of your portfolio. The computer is going to look at all of your current investments and how they would have held up in a former correction. If that number comes in losing 40-50% you should probably make some changes.”
Reeves suggests acting earlier in the year to see a higher return and greater safety by analyzing your portfolio and implementing the rule of 100. Reeves explains, “You are taking your age minus 100 and that’s the amount of money you should have in risk assets. Then you take your actual age and that is the amount of money that should be safe and protected from stock market risk.”
Lastly, Reeves advises to be more careful with your investments this year than last year. There are more uncertainties this year with it being an election year. He states, “It is highly unlikely the returns will be as good as last year. This would be a good opportunity to find a Financial Advisor. If you are looking for a Financial Advisor you want a fiduciary that specializes in retirement planning.”
To learn more about all things business or financial planning related in the viewing area visit https://CBS4Indy.com/news/strategic-wealth. If you have a question or would like to schedule a complimentary portfolio review with Mike send an email to firstname.lastname@example.org.