Wouldn't it be great if we could just buy the one stock or ETF that we can just leave forever, never look at it again until we retire and cash in all the fat profits we've accumulated? Well, you could but the statistics show that's the quickest way to lose a fortune because quite simply you are thinking about your own needs rather than the markets needs. And the market always deserves respect.
The hard truth is that your investment portfolio needs regular maintenance. The most successful investors, whether a profession Fund Manager reading his analysts reports or your simple at home investor scrawling through the Financial Times, carefully monitors their portfolios and adapts to the ever changing habits of the market and economy. They act to survive and you should be doing the same.
3 Steps For Financial Success
The three most common steps for financial success:
Regularly review your finances and portfolio - At the end of each quarter, every six months and the end of every year review all your financial statements together; money coming and money going out. Think about your future and anything significant coming up in your life - will you need cash quickly for a house purchase, wedding, for example? What has worked and what hasn't worked? Do you need to diversify your portfolio even more? How much should you be holding in cash, medium risk and high risk assets? How are fees and taxes affecting your portfolio? Think about how you are going to meet your goals.
Learn and be informed - Keep up to date with all the financial news that affects your life as well as your portfolio. The internet is a great resource, in fact for some it's almost too big a resource...where do I start? Find a company which provides specific information for your needs. TradeVest, for example, helps individuals from any background become successful traders and investors by providing the correct and quality information, tools and strategies to navigate the financial markets.
Plan, prepare and persist - Don't put your head in the sand and think everything will be ok. Plan for your future, prepare for the expected and unexpected and persist until you reach your goals. Know everything will be ok by putting the probabilities back into your favour. Remember, this is all bigger than you. These steps are for your family and generations to carry your name.
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This seventy six page guide covers everything you need to know to make this year a success using the financial markets. And, it's completely FREE saving you £97!