Simple Thought Provoking Questions and Tips To Help You Track Your Money

“If you want to grow your wealth.
Know what you own, and know why you own it.”
– Peter Lynch

 

Do you monitor your investments closely or does someone else do it for you?  Could you tell me now how your investments are doing? Tracking your investments is an important part of growing your wealth. Whether on a daily, weekly, or monthly basis, there is no need for you to worry if you don’t have the exact figures, a close estimate is enough. Now with today’s technology it’s even easier to track your investments. Even if you are not a stock market guru like me, it’s not too late to start to grow your wealth.

To succeed in growing your wealth, start by dedicating time to develop a plan that will be simple to follow and allow you to reach your goals while also meeting your financial obligations. Depending on where you are in your life you have different needs.  Start now creating a plan for the next 1-5 years and then a longer-term plan for your future to include your goals for 10 and 20 years from now. Since no part of your plan is written in stone, you can make the necessary adjustments as your priorities change. Having a flexible plan that allows for change will also increase your chances of staying with the investment strategy you’ve put into play. A no pressure approach will keep you excited as you move closer and closer to your financial goals.

No matter where you are in life, you can start today to maximize your return on your money. Start simple by saving a few dollars at a time.  A twenty-dollar bill saved today will continue to grow for your future. Time is your friend.

Using the stock market to invest can be very rewarding. It can also be very volatile and dangerous at times. When turbulent times arise, you want to avoid being fully invested and use the approach of being even more cautious and protective of your assets. Whether the investment is for the short or the long run, tracking your investments is essential. Before you start developing any plan, it is a good idea to ask yourself some of the questions I’ve listed below and include the tips outlined to help you track your money better.

Simple Thought Provoking Questions and Tips To Help You Track Your Money

• Where are your investment accounts? Are they in a bank in a checking or savings account earning a low-interest? If so, have your assets working for you. Consider investing a portion of your money and keeping a separate amount you are comfortable with for necessary expenses and or an emergency.
• What is the registration on your account? Can any your accounts be combined? If you can, it may make it easier for tracking purposes and for you to alter your investments more easily.
• What percentage of equity and bonds to invest in your portfolio? A simple guideline to follow is by your age. If you are 40 years old you would have 40% in bonds and 60% in equities. If you are 20 years old you would have 20% in bonds and 80% in equities.
• Where are your current investments invested? Are they in Stocks, Mutual Funds, Exchange Traded Funds (ETFs) or Bonds? Look for the investment breakdown when you get  your monthly and or quarterly statements.
• Do you know your fee structure on your investments? You can read a prospectus or fact sheet before you purchase a security. If you use a brokerage house, find out if you are you are paying a flat fee, or do you pay for each trade?  This will depend on where your account is held.  If you are not sure call and ask.

Keeping up with your investments can seem overwhelming but you can set everything up in minutes and begin to check your investments on the internet which will show the latest news reports that affect the market.  You can view intraday price movements on stocks, exchange-traded funds (ETFs) of all different sectors and track your favorite mutual fund. One of my favorite tracking sites you can use is Yahoo. Visit Yahoo.com, and then click “Finance” to get started. It’s free, easy to use and provides a wealth of timely information on what’s going on in the investment world. If you need some help to send me an email, and I’ll be happy to answer your questions.

Here is how Yahoo Finance can help you. You can…

• See how your favorite stock market index is doing.
• Watch your portfolio daily, check on the price movement of your individual stocks or mutual funds.
• Export historical data of mutual funds, exchange traded funds (ETFs), or stocks,
• Compare your investment holdings using their charting tools.
• See and experiment with the technical indicators since they will give clues to the trend of the market.

There will be favorable market climates where the trend of the market is your friend and there will be other times when the trend is not as favorable. You may need to re-balance your portfolio when you get older as your investment needs change. Whether you are a novice or professional, you must track your investments. Know what you own, make sure your investment mix continues to meet your financial goals. Start by evaluating your mix of stocks, bonds, and cash to see if it aligns with your investing time frame, risk tolerance, and financial situation.

Being a master at growing your wealth starts with you also understanding your short and long-term financial needs. Build a portfolio based on your money goals that suit your lifestyle.  Use an investment strategy that you are comfortable with. Remember, you can adjust your strategy as your financial priorities change. However, keep in mind protection of wealth is the key element to your long-term creation of wealth.The market does not always go up and there could be some severe downturns which can prove costly when you’re uninformed. Take care of your portfolio by tracking your investments closely and align yourself with a professional you can trust.

If what I’ve shared has been helpful and you want even more tips and strategies to help you avoid the violent up and down swings of the stock market then read my book Journey to Wealth: A Practical and Mindful Approach to Growing and Sustaining Your Financial Well Being. It’s full of powerful insights that will teach you about your money and how to successfully build your wealth.

Let today be the day you commit to your financial future taking responsibility to grow your wealth. If you need help or have a question, feel free to contact me, I’m here to support you.

Click here to download the free chapter excerpt of
my book, also available to purchase on Amazon.

Bonnie S. Gortler

Bonnie Gortler, a Consultant, Coach, and Author, is a Wealth & Well-Being expert with over 35 years of experience in managing multi-million-dollar client portfolios at a top-rated investment firm. As the author of Journey to Wealth, Bonnie is dedicated to teaching the importance of risk management and achieving true financial well-being by integrating both the technical and mental aspects of investing. With an M.B.A. and certification as a life coach, Bonnie combines her passion for coaching, consulting, and blogging to inspire people globally. Her powerful techniques and winning mindset help others experience personal growth and financial success. Explore wealth-building tips, personal development strategies, and more at BonnieGortler.com, and discover how you can enhance your wealth and well-being.  


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