Published on April 14, 2020 by U.S. News & World Report
A majority of investors can’t and don’t want to sell but are still uncomfortable with volatility. The reality is we have no control over market activity. But Carolyn Kelly, a certified financial planner at Team Hewins in Redwood City, California, recommends focusing on what can be controlled – how much risk is taken on in your portfolio.
“One of the areas that we have the most control over is our spending. Spending over investment returns will have the biggest impact on the success of your plan. And unfortunately, most of us don’t truly know how much we are spending. While we all shelter in place, I think this is a great opportunity to take a look at this,” Kelly suggests.
It can be difficult to estimate spending amounts, but Kelly advises this is a step in the right direction.
“If you do most of your spending on your debit or credit card, dig up your annual spending summary. It is a great starting point as they usually categorize your expenses for you.”
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Forbes Best-In-State Wealth Advisors, developed by SHOOK Research, is based on an algorithm of qualitative criteria, mostly gained through telephone and in-person due diligence interviews, and quantitative data. Those advisors that are considered have a minimum of seven years’ experience, and the algorithm weights factors like revenue trends, assets under management, compliance records, industry experience and those that encompass best practices in their practices and approach to working with clients. Portfolio performance is not a criteria due to varying client objectives and lack of audited data. Neither Forbes or SHOOK receive a fee in exchange for rankings. View Patrice’s full Forbes profile here.

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