Sometimes even the savviest investors make mistakes—but if you know the common pitfalls, you may be able to dodge them and invest confidently paid usbank
You may already know that investing in too many risky assets can potentially leave you exposed to major losses. It may not be as obvious that investing too conservatively can also carry risks. Many investors have memories of the late-2000s recession that left them holding too much cash and not enough stocks in their portfolios.
As you get closer to retirement, consider shifting your portfolio toward more conservative assets. A financial professional can help you determine the best investment mix for your situation.For many, the default strategy is to avoid debt, or pay it off as quickly as possible. This is a good approach for certain kinds of debt, such as credit card debt.
With the Tax Cuts and Jobs Act, many types of expenses that had been deductible no longer qualify, while the standard deduction for households has increased. You should speak with your tax advisor to help ensure you’re taking advantage of all of the tax breaks and tax strategies you’re entitled to.While it’s fundamental to understand the returns on your investments, it’s also important to keep track of your fees.
As part of a disciplined investment strategy, consider periodically rebalancing to bring your portfolio back into line with your target allocations and risk tolerance. Not doing so may result in taking on more risk than you had intended. For example, if you don’t rebalance after large market gains, you may be overbalanced in stocks, which may not be the right fit for your circumstances.
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