New Year’s Resolutions: Investing in 2009
I’m all about making plans for the future and doing my best to prepare. I like to set goals – and I like to achieve them even more. That’s why I love this time of year. Sure, I set little goals throughout the year, and achieve small accomplishments. But the end of an old year and the beginning of a New Year offer me the chance to think on a larger scale about what I would like to do with myself in the coming year. I usually divide these items up into categories (personal finance, etc.), and set larger goals that I can then pare down into mini-goals later. It’s all about making a plan.
My investing plan for 2009
For the most part, my investing style is “set it and forget it.” Most of my investments are in a retirement account (a Roth IRA). If 2009 continues to be a bit of a bear, then it means that I can get more shares for my money – resulting in a more comfortable retirement down the road. But I have another retirement related investing goal for 2009: Open a solo Roth 401k.
A solo Roth 401k offers the same tax advantages as a Roth account, but with the more generous limits and requirements found with a 401k (a Roth IRA has restrictions on income and allows fewer contributions). I would love to open a solo Roth 401k to increase my retirement investments.
Another thing I’d like to do is set aside a couple thousand dollars for use in more active trading. More than likely, it won’t be anything too exciting, but I would like to be able to buy on significant dips and sell on sporadic rallies. We saw some fairly spectacular moves in October, and I would like to be able to take better advantage of those. So one of my investing goals for 2009 is to acquire a little “play” money that I can afford to lose while learning a little bit more about short-term trading.
Happy New Year!
Disclaimer: I am not an investment professional. Nothing in this piece or on this Web site should be construed as investment advice. Before making investment decisions, do your own research and/or consult with an investment professional. All investment comes with the risk of loss. You are responsible for your own investment decisions and any loss that may result from your decisions.
