1. To know how your investments are performing
Check the account statements for all of your investments every month so you know how much you’ve earned towards your goals. You can also compare your returns with those of similar investments in a benchmark index. If you’re not sure what index to use, you may want to ask an adviser.
2. To know what you’re paying in fees
Your account statements will also tell you about your costs and fees. Any fees you pay will lower the return you make on your investments. If you think you may be paying too much in fees, find out if there are lower-cost alternatives that may be appropriate for you.
3. To adjust your portfolio if you need to
Monitor your investments to check if they are helping you reach your goals. If not, you can make changes sooner rather than later.
Key point
6 steps to investing:
- Set your goals
- Know your investing personality
- Create your plan
- Choose your asset mix
- Choose your investments
- Track your progress
Take action
- Know how your investments are performing
- Know how much you’re paying in fees
- Know when it’s time to make changes
