The Logic Group posted on August 22, 2009 14:07
We believe it is time to take a step back and examine your financial affairs to better understand where you are. It has been a volatile year, and you need to think about how you have fared, and where you should be headed.
First, be honest with yourself. If the market beat you up over the last year do not just tell yourself that everything will come back on its own. There is no room for pride when it comes to your investments. You need to proactively research what you are holding and decide if it is worth continuing to hold each of your positions.
The next step is to make sure that you have at least 5% of your portfolio in gold or silver in some form or another. Although all asset classes have been far too homogenous in 2009, you will see more of a divergence over time, and gold or silver is a great way to make sure you are covered if everything else crumbles.
Finally, you should examine what you hold and make sure that you are not taking on too much risk. Even if you are 20 years old an all equity portfolio is far too risky. You need to make sure you have strong diversification in your portfolio or you will never stay the course and may end up costing yourself real money.
Do you have a wealth building plan? It is essential that you conceive a plan, which takes into account the level of wealth you want to attain and the steps you are willing to take to reach that level of wealth. An article on wealth building will be posted shortly, so keep an eye out for more information on creating your own wealth building plan.