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Expert Advice: Investing

Expert Advice: Investing

At the beginning of each new year, people should develop a plan to revamp their investment strategy to make sure they are receiving the biggest return on investment. That sounds like a great idea, but in reality, many consumers fail to create a plan and gain a better understanding of financial risks and how these may have long-term effects on retirement savings.

Regardless of your financial goals, you should always have a plan in place on how you are going to get there.

All too often we do what we think we should be doing without doing the research or developing a plan. Therefore, in 2020, your resolution should be to have the following goals when it comes to your finance and investments:

  • Set a goal and establish a plan.

  • Identify an accountability partner (spouse/parent/ financial advisor) who will help you execute and stay on track to hit your goals.

  • Follow through.


Based on different stages of life, here are some things you should consider in 2020:

Early Saver
Ages 20-40

These are the years to create good habits:

  • Make your savings a priority rather than spending first and saving second.

  • Understand the power of compound interest.

  • Determine what type of investment account is best for you.

  • Develop an asset mix that is appropriate for your age and risk tolerance.

  • Remain committed to your plan.

Working Years
Ages 40-60

These are the highest income earning years of your career, and the most vulnerable to make meaningful financial decisions good or bad

  • Set goals and establish a plan to achieve them.

  • Continue saving first, and spending second.

  • Understand being a tax efficient saver.

  • Maximize retirement savings.

  • Work with a financial advisor to ensure your asset mix and risk tolerance is appropriate for your timeframe and goal.

  • Don’t become an emotional investor.

Retirement
Ages 60+

During this time, you need to make smart investment decisions to minimize risk and maximize return.

  • Work with an advisor to build a retirement strategy that is right for you well before your retirement date.

  • Prioritize what is most important and what you plan to do in retirement.

  • Re-evaluate your investment strategy and risk tolerance.

  • Stress test your portfolio for major life events such as pre-mature death, long term care and extensive travel.

  • Understand inflation and how you plan to keep up through retirement.

Eric Hunsicker, CLU
Agent
Kansas Financial Resources

Securities offered through Securities America, Inc., member FINRA/SIPC. Advisory Services offered through Securities America Advisors, Inc. Kansas Financial Resources, Inc. and Securities America are separate companies.

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