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Tax season opened on January 29 and the IRS expects more than 155 million returns to be filed this year, of which more than 70 percent should receive a refund. Once again, due to a Washington DC holiday (Emancipation Day), the filing deadline is delayed. Procrastinators, mark April 17th, rather than April 15th as your drop-dead date.
Worried Market Watchers: What (Not) To Do Next
Stock investors are coming off one of the rockiest stretches in two years, leading to the inevitable question: What should I do when the market drops? The answer for long-term investors is clear: nothing. Still, when you hear about big point and percentage losses, especially as the second longest bull market on record tempts some to call the market top, it’s hard not to feel butterflies.
Although you may be tempted to sell, you do so at your own peril. Market timing requires you to make two precise decisions: when to sell and then when to buy back in, something that is nearly impossible. After all, even if you sell and manage to steer clear of the bear by staying in cash, you will not be able to reinvest dividends and fixed-income payments at the bottom and you are likely to miss the eventual market recovery.
The best way to avoid falling into the trap of letting your emotions dictate your investment decisions is to remember that you are a long-term investor and you do not have all of your eggs in one basket. Try to adhere to a diversified portfolio strategy, based on your goals, risk tolerance and time horizon and do not be reactive to short-term market conditions, because over the long term, this strategy works. It’s not easy to do, but sometimes the best action is NO ACTION.
If you are really freaked out about the movement in your portfolio, perhaps you came into this period with too much risk. If that’s the case, you may need to readjust your allocation. If you do make changes, be careful NOT to jump back into those riskier holdings after markets stabilize.
And if you know that you need to access cash from your investments within the next year, perhaps for a house down payment, a car purchase or a tuition bill, that money should not be at risk at all, so go ahead and get it out of the market.
“Better Off” is sponsored by Betterment.
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Stock Market Plunge: What to do?
Another rollercoaster day on Wall Street. Here's my take on what you should be doing, or not doing. Take a deep breath...keep calm and carry on!
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Better Off BONUS call: Saving for House
If you're determined to buy your first house, should the priority be saving for retirement or saving for the down payment? That's what Erin from Salt Lake City was wondering on the latest BONUS call. Do they pull back on their 401(k) contributions or keep maxing out and pay PMI due to a smaller down payment?
“Better Off” is sponsored by Betterment.
Have a finance related question? Email us here or call 855-411-JILL.
We love feedback so please subscribe and leave us a rating or review in Apple Podcasts!
Connect with me at these places for all my content:
https://twitter.com/jillonmoney
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"Better Off" theme music is by Joel Goodman, www.joelgoodman.com.
CBS Evening News: Dow Plunges in Largest One-Day Decline
U.S. stocks plunged Monday, marking a second day of steep declines. I joined CBS Evening News anchor Jeff Glor to discuss what we can expect moving forward.
Have a finance related question? Email us here or call 855-411-JILL.
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10 Questions to Ask a Financial Professional
Stock Market Plunge: What to do?
Good News for the Economy is Bad for Stocks
In the topsy-turvy, bizarro land of Wall Street, sometimes a bit of good news about the
economy can be bad news for investors. The economy added 200,000 jobs in January,
higher than last year’s monthly average of about 170,000. The unemployment rate
remained at a 17-year of 4.1 percent; and perhaps most encouraging, annual hourly
earnings jumped by 2.9 percent, the fastest pace since the recession. (The figure does
not include special one-time, tax-related bonuses that have thus far helped about two
percent of workers.)
CBS Evening News: The Dow Plunge
It was a bad end to a bad week on Wall Street. The Dow plunged 666 points Friday, or 2.5 percent -- the biggest percentage drop in a year and a half. For the year, however, it is still ahead.
Tax Season Tips with Ed Slott
Tax season is upon us. Here's a quick handful of tips with IRA expert and CPA, Ed Slott.
Subscribe to the Better Off podcast right now, because in a couple weeks there's going to be a whole lot more with Ed.
IRA, HSA, backdoor conversions, tax brackets, health care, standard deduction vs itemized...everything you need to know about tax season and the best way for you to file.
Have a finance related question? Email us here or call 855-411-JILL.
We love feedback so please subscribe and leave us a rating or review in Apple Podcasts!
Connect with me at these places for all my content:
https://twitter.com/jillonmoney
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