Investor Tips for Turbulent Markets

When the stock market gets rocky, focusing on your overall financial picture, combined with sound planning, can pay dividends. These five steps can help steady your pulse during market downturns and elevate your financial security.

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Setting clear, prioritized goals -- each with steps to achieve the goal, a price tag and a time frame -- will help guide your investment approach. Good financial goals, tied to a sound long-term financial plan, typically will survive short-term market ups and downs. For example, a worthy goal for any year might be to save the IRS annual contribution limit in your company's 401(k). The steps are clear: know how much you're currently saving through your company's plan, then figure out how much more you need to save each pay period to reach the IRS contribution limit (use FINRA's 401(k) Save the Max calculator to find out). Next, work with your employer to implement.

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Source Fool.com