Are Your Investments Right for You?

Are Your Investments Right for You?

If you don’t regularly measure your ability to fund your long-term goals and priorities, how would you know?  Many banks and brokers will try to categorize you in a model based on a series of facts, assumptions and your risk tolerance.  This might be sufficient but a generalized approach can leave you with doubt and anxiety.  You could be overfunding your long-term goals and sacrificing current lifestyle or underfunded and jeopardizing your long-term success.

Goal postsDoubt and anxiety can lead to a focus on what is essentially outside of your control – the stock market.  I don’t suggest the markets don’t matter, they do.  The idea that market information is the most important ingredient to your success suggests that your best solution would be to find a firm that claims to have the best talent and access to information.  I challenge you to find “the best” information and who really has the inside scoop.  You will find brilliant opinions, they will disagree, and how will you know who to entrust your future.  Wall Street is littered with yesterday’s gurus and 5 star managers.

  • How has that worked for you so far?
  • Has a focus on the market resulted in greater performance?
  • Does watching CNBC give you confidence that you will achieve your goals?

You can minimize financial anxiety and feel more confident about your financial future.  This will come from a better understanding of your current financial position and what changes are within your control.

This is you why you should establish good habits and develop a roadmap to know where you are and where you are going at all times. This roadmap includes your values and goals and targets to ensure you don’t veer too far off track.  Regular monitoring, at least twice a year, will allow for flexibility and ensure adjustments when necessary are not unreasonable.

A great aspect of having a roadmap is that it is a more tangible representation of how you are doing which leads to a more confidence.  Having the knowledge of your true global position and running various what if scenarios allows you to rest assured that you have done everything within your power to minimize risk and enhance probabilities for success.

Whether it involves adjusting your savings, reallocating your investments or reviewing your insurance policies, a roadmap can help drive better decision making relative to your overall financial well-being.  Regular monitoring also acts as an early warning system, allowing you to make smaller adjustments as needed rather than having to make larger, more stressful adjustments later.

As Dwight Eisenhower said, “Planning is everything… The Plan is nothing.  Life happens and your goals and priorities will inevitably change with time. And that’s okay. When they do, you’re able to easily revisit your ideal and acceptable goals, review your priorities, and consider new possibilities and necessary steps for implementing your updated plan.

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