Ten Smart Money Moves For 2010

Ten Smart Money Moves For 2010

Tips for ending 2010 richer than you begin it.

Do you have trouble keeping New Year's resolutions that involve losing weight or reading more? Maybe it's time to put your time instead into resolutions that will pay real dividends down the road. Invest a few hours in making some simple money moves that will bulk up your portfolio and give you a solid chance of exiting 2010 more prosperous than you enter it.

Tough as the past year has been financially, the economy has provided a good opportunity to take a fresh, objective look at your financial future, says Roger Wohlner, financial planner in Arlington Heights, Ill.

In Depth: 10 Smart Money Moves For 2010

"Periods of ups and downs in the market are very common, but rarely have we seen anything as extreme as we've seen over the last 15 months," he says. "This is an especially opportune time for somebody to reassess his or her portfolio, retirement strategy and whole financial plan."

Often the smartest moves you can make are tried-and-true ones--not the sort of stuff that's been spawned as newfangled ways to protect yourself. Thost include sales pitches by companies that promise to alert you when it's time to sell a stock and brokers who want to help you convert your traditional IRA account into a Roth IRA, even if it's not the most suitable option for you.

A better focus is to stop frittering away thousands of dollars needlessly on excessive mutual fund fees. Instead of leaving a large-cap fund on autopilot, for example, consider switching to an index fund that may charge one-tenth as much in annual fees.

Ask questions of the people dispensing financial services to you too. Is your broker or adviser getting paid to tout the investment he's talking up, or does he really believe it's a steal? How about the woman who sold you that complicated insurance policy?

Want 10 smart money moves to take now?

by Emily Lambert forbes.com

8:40 AM

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