Even portfolios need a good cleaning
Power up your vacuums, folks! It’s time to get cleaning! Believe it or not, spring is here. For most, that means decluttering, organizing, and dusting your home from top to bottom. But spring cleaning can reach far beyond your nest. For example, your investments may also need a quick wipe down — and possibly a full “hose down” if it’s been a while. Here’s how you can get your investments organized in 1-2-3.
1. Review your investment goals and objectives
Without goals and a well thought out plan, financial success may prove difficult. And because goals can change over time, it’s essential to review your objectives at least once per year. You should also review your goals as significant milestones happen, like marriage, having a child, or starting a new job. As you decide what your investment objectives are and how they’ve changed, be sure your investments are allocated to give you the best chance of reaching your goals. Rebalancing may cause adverse tax consequences and short-term capital gains, so be sure to discuss your specific situation with a professional if you have specific questions.
2. Rebalance your accounts
Rebalancing is when you adjust your investments to account for your specific risk tolerance and financial goals. If you want to be conservative, you may opt for a less risky portfolio. On the other hand, if you’re comfortable incurring more risk, you may choose riskier investment options. You should adjust your portfolio as needed and should consider reviewing once per year. Once you’re invested at MoneyLion, we monitor your account and strive to keep your money aligned to your personal asset allocation over time. We regularly rebalance your portfolio at no cost to make sure your weightings across your investments are aligned to your personal asset allocation. You can also use the Risk Slider feature in the app to modify your allocation from equity only to SteadyIncome℠ if you think your portfolio no longer fits your financial goals. Learn more about how MoneyLion helps your money work as hard as you do.
3. Roll over any old 401(k) accounts
Have you changed jobs recently? If so, you may need to decide what to do with the money in your old 401(k) plan. A 401(k) rollover means transferring the funds in your current account to another company. If you own several 401(k) plans at prior employers, you may want to consolidate them into an Individual Retirement Account (IRA). Of course , you should discuss your specific investment situation with a professional, as 401ks and IRAs typically involve account fees and expenses and depend on your individual needs and circumstances. Similar to decluttering your home, keeping your financial accounts combined makes the management of your assets much easier. Check out the pros and cons of withdrawing from your 401(k).
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Disclosures
MoneyLion Checking account provided by Lincoln Savings Bank, Member FDIC. Cash Advance requires MoneyLion Bank Account and Direct Deposit. Terms and Conditions Apply. See Banking and Cash Advance FAQs for more information.
Investment advisory services provided by ML Wealth, LLC. Investment Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclaimers relating to the MoneyLion Investment Account, see Investment Account FAQs and FORM ADV. Broker-Dealer may charge a $0.25 withdrawal fee, among other fees.
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