GOLDEN VALLEY, Minn. - A new report shows when it comes to our finances, a majority of Americans don't know as much as they should.
The National Financial Capability Study gives America an "F" when it comes to financial literacy. The study shows a majority of Americans still are not setting aside emergency funds or planning for predictable life events, such as college and retirement.
Not only is it important to invest in the long-term, but financial adviser Dan Ament with Morgan Stanley says there are also benefits to revisiting your financial portfolio along the way.
For effective portfolio maintenance, Ament suggests constructing your portfolio with a goal-sensitive allocation. Generally make rebalancing an annual event. And evaluate your 401(k) investment options.
Ament also suggests contributing to portfolios via a systematic or "dollar-cost averaging" strategy; review the tax impact outside retirement accounts; and be disciplined, yet open minded.
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