How To Be An Olympic Champion With Your Money

Happy Tuesday! I know – you are use to me giving you a shout on Monday evenings, but I thought you might need some inspiration in the middle of the day. I AM an Olympian….One who embodies the spirit of the Olympic games (haha – don’t hurt me). True badass, right?

I am all pumped up because the summer Olympics kicked off this past weekend.  Two of my favorite athletes this year are Simone Biles (who is the TRUTH) and Kerri Walsh Jennings (who is back to try and secure her 4th gold). I cannot help but to be inspired by these athletes.

We all could use an Olympian attitude when it comes to investing because the process is the same – set some goals, work toward them, and eventually hit the mark. We often never see the YEARS of work it takes to get to that stage, but it is there. Well, I want to share with a few places you might be able to put in work over the next few months for your portfolio…..

A few places to put in work:

  1. Check those portfolios. The market continues to soar to new heights, as demonstrated over the past few weeks. Continue to evaluate your entire portfolio, figure out whether you need to rebalance, and/or find out if you’re due for a check-in with your financial advisor. You want to make sure you’re set up for success to ride the waves of the market upswings and protect from the downsides of market turbulence.
  2. Look into a roboadvisor account.  Remember, I talk about how to take advantage of roboadvisors in my series. I just finished a year in Betterment and I will share my analysis next week. For all you fellow roboadvisor investees, leave a comment below.
  3. Find out if your 401k has a brokerage window. Yup, this acts like a self-directed brokerage account, where you have more options than the standard line-item options. There are pros and cons to using a brokerage window, but the biggest thing to know is that research has shown that more options does NOT lead better returns and you can still pay hefty fees. Nonetheless, some of you expressed interest, so hit me up if you have additional questions.

Wrap up 

Let’s not kid ourselves – these 2016 Olympians are gunning for the gold and as one commentator put it, “Coming in 4th just sucks.”

The beauty of having an Olympian attitude for your money is that your biggest competitor is yourself.  Yup, why I’m a big fan of others helping to make us better, you still have to run your own race and set the vision for yourself.

Go Get Em!