Although we don’t know what or when, we can make plans for what may happen or what we hope will occur. Then, as life happens, we can adjust those plans. This time of year allows us to review what has been and prepare or plan for what is to come.
The most pertinent thing to do right now is to consider your existing risk profile. Consider the issues and unknowns, revisit your goals and objectives, reflect on your investment timeframe and weigh up some best/worst case scenarios. Then position yourself in case a storm comes through.
When investing it can be OK to ride a skateboard down a steep slope. But if you’re going to do it, it’s good to fully appreciate the risks and it’s probably best to avoid it as you get closer to retirement!
It’s hard to get started and it’s hard to stay the course.
Savings are a good example.
Here we look at why we need to keep our eye on the end goal and not get disheartened.