Golden Rules Of Investing | Corona Virus and Your Retirement Savings
Perhaps you remember, during the early days of the COVID-19 pandemic, we all watched stock markets turn decidedly negative - quickly. During this time, many of you had rightful concerns regarding your hard-earned savings and willingly reached out to our team to ask questions such as: “Is my Registered Pension Plan safe?” “Is now a good time to make some changes?” “How do I change my investments in my Registered Pension Plan?”
Perhaps you remember, during the early days of the COVID-19 pandemic, we all watched stock markets turn decidedly negative - quickly. During this time, many of you had rightful concerns regarding your hard-earned savings and willingly reached out to our team to ask questions such as: “Is my Registered Pension Plan safe?”
“Is now a good time to make some changes?”
“How do I change my investments in my Registered Pension Plan?”
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Eagle Bay Financial Services Newsletter
June 2020
Serving Canada`s Indigenous Community since 2002
1. Understand Your Investment Personality & Risk Tolerance
Do coronavirus and the stock market changes have you worried about your investments? Perhaps you couldn`t sleep last night because you were
concerned about your savings?
We all make decisions in our daily lives, some with careful reflection and others without much thought. When it comes to successful wealth
building, it is vital to know the investment style that suits your personality and risk tolerance.
There are 5 types of investment personalities, and they dictate the way we invest our money;
• Conservative • Moderate • Balanced • Advanced • Aggressive
Your investment personality usually depends on your age and the comfort level in taking risks with your finances. If you are not sure about
your investment personality or wish to do an investment change, we strongly suggest you complete Investment Personality Questionnaire.
It will guide you to determine your risk tolerance and align your investments with your priorities.
Click here to access Your Investment Personality Questionnaire
Your investment personality usually depends on your age and the comfort
level in taking risks with your finances.
2. Determine Your Investment Strategy by Talking to Your Financial Advisor
Are you comfortable with investing over a long
period? What age should you retire? Are you
thinking of purchasing any big-ticket items
anytime soon, such as a house? Do you have
debt or Student debt? Do you need other
insurance coverage that is not included in your
group benefit plan?
The Rollercoaster Cycle of Investor Emotions
Proper investment strategy determines clear
goals, guides you through your investment
journey and helps with ups and downs in the
financial markets.
Chart source: Canada Life blog article “Don’t let emotions rule your investment plan”, https://www.canadalife.com/blog/investingsaving/dont-let-emotions-rule-your-investment-plan.html
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