Roundtable: New Year's Resolutions for New Investors

Be sure to avoid echo chambers in 2023!

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    When done correctly, the two-week stretch before and after Christmas are an exciting time of reflection and planning for the year ahead. In the spirit of new beginnings, we asked several industry experts where their new years resolutions were for 2023. 

    Diversify, and Stay Disciplined

    Steve Rose, CEO of MoneyTransfers.com

    "One of my resolutions for 2023 is to diversify my portfolio more. I learned this year that it's important to spread out my investments and not have all my eggs in one basket. This can help mitigate risk and potentially increase returns over the long term.

    Another resolution is to stay disciplined and stick to my investment plan, even during times of market volatility. I learned this year that it's easy to get caught up in the hype and make emotional decisions but staying calm and sticking to my strategy has helped me weather the ups and downs of the market. In 2023, I plan to focus on finding undervalued stocks with strong growth potential. I learned this year that it's important to do thorough research and not just chase after the latest hot stocks."

    Avoid Those Echo Chambers

    Kenny Kline, President & Financial Lead at BarBend

    Avoid spending so much time in similar groups: "The human inclination to perceive data in a manner that supports one's existing viewpoint and to pursue evidence that backs up one's existing ideas is known as confirmation bias. Avoiding outside perspectives creates an "echo chamber", which can lead to poor financial decisions. If you want to put your investment theory to the test, one vital (if unsettling) resolution for 2023 is to actively seek out the perspectives of those who disagree with you.

    Take Stock

    Look at Your Investments with an Open Mind: "The start of a new year provides a good opportunity to take stock of your investment portfolio. It's possible that recent winners only did well because of the generally positive state of the market. Those who fear that their recent gains are unsustainable should keep an eye out for opportunities to reinvest in something with better long-term prospects."

    Edith Reads, Senior editor at TradingPlatforms.com

    Be Objective

    Take an objective look into your portfolio: "The New Year is the ideal opportunity to examine your present financial portfolio. An important part of portfolio management is determining whether lost holdings are likely to return. Recent laggards are frequently tomorrow's leaders. However, certain investments that appear inexpensive today might become much more affordable!" 

    More Diversity

    Andrew Lokenauth, BeFluentInFinance.com  

    Diversify your portfolio: One of the key lessons from 2022 is the importance of diversification. Having a diverse portfolio can help mitigate risk and potentially lead to better returns over time. Consider adding a variety of different asset classes to your portfolio in order to diversify.

    Invest in what you know: Consider investing in companies or industries that you have some knowledge about. This can help you make more informed decisions about your investments.

    Learn more about the companies you invest in: It's important to do your due diligence and thoroughly research the companies you invest in. This can help you make more informed decisions and potentially increase your chances of success in the stock market.

     

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