Boulder City Magazine is a monthly publication full of information about Boulder City and Southern Nevada. Boulder City Magazine features the Boulder City Home Guide, a real estate guide to Boulder City and Southern Nevada.

Money Matters
by Wendell Whitman
Edward Jones

Do Some Spring Cleaning on Your (Financial) House

It’s spring, time to clean out the gutters and wash down the windows. This year, why not do some financial spring cleaning, as well?

First, “dust off” your investment strategy to make sure it’s still appropriate for your financial situation and your long-term goals.

Next, “de-clutter” your portfolio by selling those investments you no longer need, or that are too similar to others you own. Use the proceeds to buy new investments that can help you diversify. Diversification can help reduce the effects of volatility on your portfolio, though it can’t guarantee gains or prevent losses.

Finally, protect yourself from stormy weather by ensuring you have adequate disability and life insurance. Without this coverage, you could expose your family to serious financial strains should anything happen to you.

By doing some financial spring cleaning, you may find that you’ve swept away some of the obstacles to achieving your goals.

Are Your Investments Getting Enough Exercise?

For starters, put your money in motion by investing the same amount, at regular intervals, into the same investments. When prices are down, your investment buys more shares, and when prices are up, you buy fewer shares.

Over time, this type of systematic investing can reduce your investment costs.  Keep in mind, though, that systematic investing won’t guarantee a profit or protect against loss, and you must have the financial resources available to invest in up and down markets.

Another way to exercise your money is to reinvest any dividends you receive. It’s an easy, “pain-free” way of adding shares, which is a key to building wealth.

Start exercising your money soon, it’s healthy for your portfolio.

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