Evaluate Your Wealth: A Step-by-Step Guide

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The best time for a wealth check is when everything is going perfectly. Take this time to understand your investments and research if you should adjust your strategy. People often neglect to thoroughly understand their investments.

What Are You Invested In?

Common responses include:

  • 401(k)
  • Annuities
  • Mutual Funds
  • Real Estate
  • Land
  • Checking Accounts

However, a 401(k) is not an investment itself; it’s a vehicle holding your investments. You need to dig deeper to identify the stocks or companies you own.

Key Steps for Wealth Evaluation

  1. Identify Investments: Know exactly what stocks, bonds, or other assets are in your portfolio.
  2. Assess Performance: The “buy low, sell high” principle is essential. Evaluate if now is the time to sell high.
  3. Consider Risk Levels: Determine if it’s best to shift some assets into safer, interest-paying accounts.
  4. Consult with Advisors: If you have a financial advisor, make them explain your portfolio’s details. If they can’t, find a new one.
  5. Do Your Own Research: Use online resources to research each holding and understand what it encompasses.
  6. Risk Assessment Tools: Utilize tools like the risk survey at Arkfeld Wealth to assess the risk you’re taking.
  7. Professional Review: Contact a professional to enter your investments into risk assessment tools.

For a comprehensive risk evaluation, visit Arkfeld Wealth’s Risk Survey and take the next steps towards securing your financial future.

Conclusion

Evaluating your wealth regularly helps ensure your investments are aligned with your financial goals and risk tolerance. By understanding your portfolio and making informed decisions, you can optimize your financial strategy for better long-term results.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Consult with a qualified financial advisor before making any investment decisions.

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Investment advisory services provided by Arkfeld Wealth Strategies, L.L.C. All content on this site is for information purposes only and should not be considered investment advice.  Material presented is believed to be from reliable sources and no representations are made by our firm as to another party’s informational accuracy or completeness.  Arkfeld Wealth Strategies, L.L.C. and its representatives do not provide tax or legal advice and nothing herein should be construed as such.  Always consult with your tax advisor or attorney regarding your specific circumstances. 

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