"We should have investment decisions driven by things that we can control versus having it driven by emotion or feeling towards certain investments." If you are going to invest, do your research "The problem is that everyone wants to buy when things are at all-time highs," said Anjali Jariwala, a CFP and CPA and founder of Fit Advisors. "If your plan relies on your portfolio returning 50% to 100% a year it might make sense to rejigger your plan to make it a little more feasible."Īlso keep in mind that once something is making headlines or breaking records, it could be at the end of its run and be relatively expensive – meaning it's not a good time to buy in.
"What does your portfolio need to do to be able achieve your short- and long-term goals and for you to be able to lead your rich life?" said Ma.
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More from Invest in You: Blended families already had unique issues. From there, he recommends assessing where you are with other prerequisites to investing – do you have an emergency fund, are you paying down debt, contributing to retirement and on track for other financial goals? That includes understanding your net worth, living expenses and credit score, said Ma.
It's best to keep your goals in mind before putting money into a fad investment, which could be something like bitcoin, a commodity like gold or the latest hot stock that's taking off. It can be easy to have FOMO, or fear of missing out, on the latest hot investing trend, according to Roger Ma, CFP and founder of New York City-based financial planning firm lifelaidout.
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