Whether you’re handling your investments on your own or working with a firm to handle them, it’s a good idea to understand what goes into an investment strategy so you can be well prepared for how it impacts your retirement plan. A consistent and repeatable strategy for your investments provides the basis for how to invest, and gives your retirement planning structure. Here are some do’s and don’ts to help keep you track with your retirement investing.
Do: Have A Philosophy
Creating an investment strategy on the fly or as you go is generally a bad idea. When you’re relying on your gut instincts, you may make a poor decision in the moment. It’s likely better to have a philosophy for investing based on either academic research, your own personal beliefs or a core set of principles so that you have a framework for how you’d like to invest, and then you can stick to it. It’s also useful to write this down so you can refer to it in the future.
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