Rebalance Your Portfolio:

People are normally against rebalancing their investment portfolios because it often means paying higher taxes that year. But with some careful planning likely with help from your advisor, you can mitigate those fees as much as possible while optimizing future earnings. Keep in mind those taxes on your investments mean, they’ve been performing well. It might not take the sting away from the bill completely, but it should be a silver lining.

Evaluate Your Year And Future Goals:

No matter which stage of life you are in, evaluating your year and preparing for the ones ahead is never a bad idea. If a new car is on the horizon for 2016, it may be smart to make some money available in this tax year to help spread out the tax cost of selling investments. On top of that, take a look at how your investments performed over the year.

If they’re actively managed but not performing to your desired level, perhaps it’s time to make a change. No matter what, the end of the year is always a good time for analyzing your budget to make sure you’re on track for your financial goals, whether it’s saving to buy a house, pay for your children’s college tuition, or fund your own retirement.

Read More: 2016 Global Economy; 6 Major Factors

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