Investment management is one of my favorite topics!  The second is taxes.
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There are 2 big myths about how financial advisors manage a client's investment that are good practices for you to follow when building your own portfolio:
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1.  Think like an investor (hold investments for the long term) and not like a trader (hold investments for the short term)
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2.  Do not create a portfolio of random stocks.  Use Exchange Traded Funds (ETFs), or Mutual Funds instead to diversify the investments between equity and fixed income.
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How to build your investment portfolio?
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The easiest way is to get a target date fund.  Everything that needs to happen occurs behind the scenes just by owning the fund. It's a great way to go!
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But if you do want to take it up a notch and create a diversified portfolio with equity and fixed income then the first thing you'll need to know is your risk tolerance to investing
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That's done by getting a Risk Tolerance Questionnaire.  The outcome will be your risk tolerance (High, Medium-High, Medium, etc) and that will correlate to the type of split your portfolio should be at (80% equity/ 20% fixed income, 70/30, 60/40, etc)
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If you can't find a questionnaire, send me an email and I'll send over what I use with my clients. We'll go over your results and what type of portfolio it correlates to.

Randa@RADIANTWealthPlanning.com

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Want more information about RADIANT Wealth Planning?  Schedule an introductory meeting with Randa @  https://go.oncehub.com/MeetGreet

https://www.RADIANTWealthPlanning.com

Randa@RADIANTWealthPlanning.com

Instagram  @radiantranda
Facebook  @ /RadiantWealthPlanning
LinkedIn  @ randa-hoffman-ca
YouTube @ RADIANT Wealth Planning, LLC

Retirement planning is one of the most common things a financial advisor helps with.
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What would your answer be to   "At what age do you want to retire?"  The typical answer would be when a person can take their social security at the Full Retirement Age.
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Now, what would your answer be to  "When do you want to make work optional?"   This answer could be totally different, and if it is, I want you to use the younger age for planning.
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Now that you have a target age to retire, the next thing you need to know is how much will you need in income every month.  The easiest way to start is based on how much you're getting every month gross.
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This doesn't mean that this is the full amount coming out of your investments,  because social security, pension, rental income, or any other sources of income will help.  The difference between what you want and what is not covered from these sources of income is what will be coming out of your investment account every month.
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Two calculations you'll need to do:
1.  How much you'll have when you retire
2. Take that amount and see if that will be enough
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If what you're doing will accomplish your retirement goal, then that's amazing.  If it doesn't then there are 3 variables you can modify:
1.  Retire later
2.  Spend less in retirement
3.  Save more

********************************************

Want more information about RADIANT Wealth Planning?  Schedule an introductory meeting with Randa @  https://go.oncehub.com/MeetGreet

https://www.RADIANTWealthPlanning.com

Randa@RADIANTWealthPlanning.com

Instagram  @radiantranda
Facebook  @ /RadiantWealthPlanning
LinkedIn  @ randa-hoffman-ca
YouTube @ RADIANT Wealth Planning, LLC

Now that you know what you want to accomplish, what do you do with them?
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I want you to put your goals in priority order and number them.  The reason you want to do this is to help you prioritize where your dollars go.
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Also if something out of the blue comes up, that wasn't planned for, you'll be able to ask yourself if spending money for this unplanned call is worth not you achieving the top three goals that are so important to you.
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Now that you know how much cash you have at the end of the month you can allocate dollars starting with your most important goal.
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Next, I want you to go to a retirement and savings calculator to see if you're on track to meet your goals. Are you saving too or not enough money?

********************************************

Want more information about RADIANT Wealth Planning?  Schedule an introductory meeting with Randa @  https://go.oncehub.com/MeetGreet

https://www.RADIANTWealthPlanning.com

Randa@RADIANTWealthPlanning.com

Instagram  @radiantranda
Facebook  @ /RadiantWealthPlanning
LinkedIn  @ randa-hoffman-ca
YouTube @ RADIANT Wealth Planning, LLC