OHIO COUNTY, W.Va. — We’re living in a constantly changing financial world, but experts say we can’t forget about our own personal finances.
Financial experts say our stock market is coming back since there was a 34% decline for about three weeks last March.
Meanwhile, experts tells us we need to keep eye on our own finances.
The first thing you can do is look into your taxable portfolio. Experts caution you to never make an investment just for tax purposes. If a stock isn’t doing well in there, get it out. But if you see some big profits, think about waiting another 6 weeks before you take those profits.
Experts also say it’s a good time to start collecting your tax information and see if there are any issues.
Just some things that financial advisor Pete Holloway says we need to keep track of.
“The financial world is changing constantly. We take a long-term look at things, and don’t move because something happened this hour or this week or this month. You’ve got to keep track of it.”Pete Holloway, Senior Vice President of Hazlett, Burt & Watson, CFP ®
If we go into an economic shutdown, Holloway says put some extra money on the side. He’s talking about a reserve account. That would give you either a backup if you’re company can’t pay you anymore or you’ll have extra cash.
Holloway adds there’s a long way to go and some things aren’t going to be the same again in our economy.