The bigger picture. The long term. The 30,000 foot view. All these synonymous phrases we hear tell us exactly how we should be viewing everything we do: focusing on good habits in the short term to maximally benefit us in the longer term.
The answer is to simply have a plan and to take action. Have a plan for your short-term needs, but also have a plan on what you will do with anything above what you need for money in the short term. If 2022 has shown us anything, it’s that inflation is something that can seriously deteriorate your spending power. The perfect plan would be ideal right now - one that eliminates all risk, and maximizes the rewards, though that’s the juxtaposition: you can’t earn a reward without taking on risk.
A look into the role pessimism plays in our daily mindset, and how it can easily influence our decision-making process - for good and bad. We discuss pessimism as it might relate to the management of one's investment portfolio, and how best to combat pessimism's influence in making sound investment decisions.
We look at eligibility and contribution guidelines for 2022, including Traditional IRAs, 401(k)s, and SEP IRAs.