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POSTED: September 1, 2013 11:59 a.m.

Next week, we observe Labor Day to celebrate the achievements of American workers — people, like yourself, who work hard for their money. But to make progress toward your long-term financial goals, you need to do more than just earn money — you have to invest it wisely.
Fortunately, there’s no real mystery to the types of labor in which you’ll need to engage to become a good investor. Here are a few suggestions:
Work to make investing a priority. Many people delay investing until they “have a better handle” on their finances. To make it easier on yourself, consider arranging for your bank to automatically move money each month from your checking or savings account into an investment account.
Work to understand what’s in your portfolio. Some investors aren’t certain about what investments they own — and this uncertainty can lead to poor decision-making if it becomes necessary to make changes.
Work to keep your portfolio current with your goals. Over time, your goals may evolve, which means you’ll need to be vigilant in working with your financial advisor to adjust your portfolio accordingly.
Work to diversify your holdings. Diversification is a strategy designed to help reduce the effects of volatility on your holdings, but keep in mind that even a diversified portfolio can’t guarantee profits or protect against loss.
Work to maintain a long-term perspective. To help achieve your goals, you will need to invest for many years, through good markets and bad.

This article was written by Edward Jones for use by Laura Evans, financial adviser in Richmond Hill.

 

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