2024 New Year’s Investing Resolutions
It will soon be that time of year again – time to make New Year’s resolutions. This is also an ideal time to make some investing resolutions.
The end of the year is a good time to review your current financial plan if you have one and determine where it is lacking. Then you are ready to consider which investing resolutions will help you achieve your goals.
New Year’s Investing Resolutions
Review your Financial Plan
If you have had the foresight to have already established a financial plan then you should resolve to review it at least annually. Ensure that it is still effective for your current and long-term needs especially if your financial situation has changed this year.
Begin Investing
The best time to begin investing is in the past, the next best time is now. The sooner you begin investing, the sooner you can grow your savings and the longer you will benefit from the advantage of compounding.
Invest For the Long-Term
Resolve to commit to your long-term investment goals. This includes ignoring short-term market volatility and turning a deaf ear to media investment noise and fads.
Rebalance Your Portfolio Regularly
With the assistance of your financial professional, revisit your investment portfolio to ensure that it remains efficiently diversified and that market performance has not caused its asset mix to drift from your long-term asset mix targets.
Ensure that Your Investing is Tax Efficient
You should not aim to simply maximize returns without regard to anything else, and this includes taxes. Resolve to make sure that your investment returns attract the lowest taxes possible. Establishing an estate plan and employing trust and insurance structures can contribute to tax efficiency for you and your heirs. Investing in dividend-paying stocks also substantially increases the after-tax rate of return for Canadian taxable investors given that dividends are taxed at a lower rate than other income.
Improve Your Investment and Financial Literacy
Resolve to increase your understanding of investment terms and financial planning theory. This will make your meetings with your financial professionals much more productive. The professional you work with should be happy to help increase your knowledge.
These investing resolutions can help you this year and for many years to come.
Happy New Year for a successful investing future!
Keep Your Resolutions with Bloom Investment Counsel
The hardest part about making resolutions is sticking to them. If you partner with a trusted financial professional, then they will keep you on track to meet your long-term investment goals.
At Bloom Investment Counsel, Inc., we have specialized in one thing, investing in income-generating investments, specifically dividend-paying stocks, which can help you generate income, if needed, and growth.
We would be happy to work with you and/or your advisor to meet your 2024 investing resolutions. If you are you looking for a personal investment management service that can help you generate income, if needed, and growth, contact us today. Call us at +1-416-861-9941 or email us at info@bloominvestmentcounsel.com
This content is provided for general informational purposes only and does not constitute financial, investment, tax, legal or accounting advice nor does it constitute an offer or solicitation to buy or sell any securities referred to. Individual circumstances and current events are critical to sound investment planning; anyone wishing to act on this content should consult with his or her financial partner or advisor.