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Wealth management is a critical concept.
But wealth management isnt something youll typically learn in grade school.
Thats where risk management comes in, but its a trade-off.
Assets that offer less risk typically come with smaller returns.
So how do you balance growth and protection inyour wealth management strategy?
So how do you find the right balance between the two?
Doing so will likely take some time, but you might start with a simple rule of thumb.
For example, lets say youre 35 years old.
As your investments start to age, look into your returns and determine whether youre meeting your goals.
Consider the State of the Market
Its important to keep in mind that the market is cyclical.
That means there are cycles of growth that are typically followed by cycles of decline.
You should consider adjusting your strategy from time to time to account formarket and economic conditions.
The simple fact is that market conditions, economic conditions and geopolitical conditions will change as time passes.
As they do, your risk tolerance and how you go about achieving growth should change as well.
Keep Tabs on the News
Finally, its important to keep a close eye on the news.
In particular, watch for clues as to where the state of the economy is headed.
If reports show economic weakness, the market may react negatively.
Always be ready to adjust your portfolio to match economic and market conditions.
Some news eventsto watch closely include:
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