With the new year closing in quickly, there’s no better time than now to take control of your investing strategy. It’s the decisions you make today that’ll impact your financial circumstances over the next 12 months (and well past that).
It doesn’t matter if you’ve hit all your investing goals in the past or continually come up short, a new year gives you the opportunity for a fresh start. With this in mind, let’s review five of the best ways to take control of your strategy in 2022:
- Review Your Current Strategy
You can’t take control of your investing strategy in the future until you know what you’ve done in the past. Review every detail — big and small — for a better idea of what has and has not worked for you in prior years.
Once you’re armed with this information, you’re in a better position to proceed.
- Do Your Research
The type of research you conduct depends on the strategy you’re developing. Maybe you spend a good amount of time researching and screening individual stocks. Or perhaps you’ve turned your attention to the top gainers in the crypto market.
Regardless of your strategy, be sure to conduct enough research to back up your decisions.
- Set Short and Long-Term Goals
It’s not enough to create an investing strategy. You must couple it with short and long-term goals so you have something to track. The key here is to be realistic with your expectations. For instance, if you’re starting from scratch, saying that you want to save $1 million by the end of the year is bold.
- Open Your Eyes to New Possibilities
It’s important to stick with what has worked for you in the past, but that doesn’t mean you should shut out new possibilities. Keep these in mind, as you never know when you’ll find something that suits you.
Maybe you’ve never purchased gold coins in the past, but are looking for a way to hedge against inflation. With an open mind, you may find yourself buying gold coins along with other assets.
- Get Help
If you’re unsure of what you’re doing or require guidance, don’t hesitate to consult with a professional. This is much better than taking a risk with your money. When it comes to your finances, it’s better to be safe than sorry.
Use a service, such as the one offered by the National Association of Personal Financial Advisors (NAPFA), to find a fee-only, fiduciary financial planner. You can lean on their experience to take control of your investing strategy.
You don’t have to chase a career on Wall Street to take control of your investing strategy. By following the tips above, you’ll feel more confident in your ability to make well-informed decisions in the months to come. And when you do that, everything will begin to fall into place.
Published December 14th, 2021