Financial New Year's Resolutions

Last year, close to 40 % of Americans made financial New Year's resolutions, according to a Fidelity survey. Studies show that those who make resolutions are more likely to accomplish their goals than those who don't. 

Here are suggestions from Don Davey, Founder of the wealth management firm Disciplined Equity Management, Inc. and Lonnie Brooks, CFP?.

1. Hire a Financial Advisor who is a Fiduciary: Your money should not be entrusted to someone who does not put your best interests ahead of his own. 
2. Chart the Course:  Know your numbers. Take the time to develop a comprehensive financial plan.  If you don’t have a map you might end up somewhere else. 
3. Invest Intelligently: Use an investment approach based on Modern Portfolio Theory to build a logical, low-cost, tax-efficient, institutional quality investment
4. Diversify Broadly: Investing involves putting capital at risk. The risk of an individual company failing, an investment style losing favor, or one nation's economy outperforming another are all controllable risks that can and should be eliminated.
5.  Ignore the Noise: Today's investors are constantly bombarded with financial news ...most of which is not conducive to intelligent investing. Buying when the market is up (good news) and selling when the market is down (bad news) is a path to failure. Our objective and unwavering counsel will help you stay on track.