By Glen D. Smith, CFP®, CRPC®
Periodically, we should always review our finances to determine if they’re performing well and if they’re still aligned with our future goals.
In part one, I talked about honesty and risk. But it isn’t just about the dollar value of your investments that dictates the level of risk. Your age and personal circumstances play a critical role in the risks that you’re willing to take. If you’re nearing retirement, then a less risky portfolio might be preferred. Maybe one that provides dividends.
Irrespective of your age or life circumstances, always be wary of investments that include redemption penalties, as these penalties can affect you now and for years to come.
Not just cents and dimes
I don’t like to put all my eggs in one basket and this rings true for my clients as well. I never suggest putting all of their investments into a particular sector or country. Fine-tuning your portfolio can become quite difficult, so I always recommend seeking the knowledge of an expert who can help you with your portfolio planning.
Let the Joneses keep up with you!
At the right time in your life, with the right investments and the right level of risk, you’ll have more than enough time and money to land the six-foot fish that you’ve been searching for.
Glen D. Smith & Associates, Raymond James is located at 1029 Long Prairie Road, Suite C, Flower Mound, TX 75022. (469) 212-8072.
Glen D. Smith & Associates is not a registered broker/dealer and is independent of Raymond James Financial Services. Securities offered through Raymond James Financial Services, Inc., Member FINRA/SIPC. Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Any opinions are those of Glen D. Smith and not necessarily those of RJFS or Raymond James.
This case study is for illustrative purposes only. Individual cases will vary. Prior to making any investment decision, you should consult with your financial advisor about your individual situation.
The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Investing involves risk and you may incur a profit or loss regardless of strategy selected.
Contributions to a traditional IRA may be tax-deductible depending on the taxpayer’s income, tax-filing status, and other factors. Withdrawal of pre-tax contributions and/or earnings will be subject to ordinary income tax and, if taken prior to age 59½, may be subject to 10% federal tax penalty.
Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.
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