Reassessing, Rebuild & Restructure were all the market buzz words of 2010. They’re all different ways of saying the same thing. Despite the doom and gloom in the news, it’s important to remember that there were some bright spots 2010.
One of the questions I get asked the most this time of the year is, “how did you do?” After that I get asked, “how did you do it?” Today you need to have more financial flexibility and be willing to make changes to your portfolio as events happen. You need to set a realistic one year goal.
Set a One Year Plan!
In years past the master plan was to sit down and put in place a strategy from now until the retirement age of “65” then retire happily and live well off all the investments.
The reality is that life is full of many changing events, some of which we can plan, other events are unexpected. We are also living in a far different “global world” with news events happening on an hourly basis from Asia, Europe and North America. It has become more important than ever in our history to have a global investment strategy that can benefit from these changing world events and to mitigate your financial risk.
While having a master plan is important, it is going to be the hundreds of little things that are done for you along the way that are going to give you the results required for the “ultimate master plan”. The idea by having a one year plan is that it is more realistic to set your annual objective and then to track that goal for a one year period. You may even find you surpass your annual goal which is always a great feeling this time of year!
Although we are in the thick of the holiday season, take some quiet time to yourself before the rush of New Year’s Eve to jot down a few notes about where you are today. If you feel uncertain about where you stand then it’s time to promise yourself a new game plan for 2011 and by making that promise to yourself, you just made a positive step forward.
Have any questions?
Our contact page Direct (905) 849-3425 or E-Mail: kevin_mcammond@scotiamcleod.com
* This publication has been prepared by Kevin McAmmond, Wealth Advisor at ScotiaMcLeod, a division of Scotia Capital Inc.(SCI), a member of CIPF. This publication is intended as a general source of information and should not be considered as tax or pension advice.
Tags: Financial Planning, Investing, Wealth Management
About the author: Kevin McAmmond
Kevin is the Regional Manager of Regional Media Group based in Oakville.
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