4 Key Factors To Building A Profitable Portfolio

Portfolio management means different things to different people but, in general, it is a way of balancing risks and rewards. And while the goal of any investment strategy seems straightforward – make money – it often depends on an investor's circumstances.

For example, a young person who is new to the full-time workforce might reasonably expect his investment portfolio to grow and provide him with a nest egg when he retires. Conversely, an older worker may simply want to hold on to what she has already accumulated. To satisfy the desires of both types of investors (along with the desires of others) individualized approaches are needed.

Things to Consider
When deciding on the right portfolio blend, keep these things in mind:

1. Goals – Exactly what is it that you are trying to accomplish? Is your objective to accumulate wealth or to hold on to what you already have?

2. Risk Tolerance – How do you handle the day-to-day fluctuations of the market and the consequent rise and fall of your net worth? If you are prone to wild reactions, like checking the sky for swarms of locusts every time your portfolio loses value, it might behoove you to find more stable investments. True, it might take you longer to reach some of the financial goals you've set, but at least you'll sleep at night … and the crops will be safe.

3. Own What You Know – Often it helps to invest in businesses and industries that you know something about. Acme Widgets may have had a great fourth quarter, but if you know nothing about the widget industry, how do you know that the company will continue to be successful? For that matter, how do you know that people will still be using widgets five to 10 years from now? Information about a specific business or industry doesn't necessarily provide the answers to these questions, but it sure doesn't hurt.

4. When to Buy/Sell – If the stock market has taught us anything recently, it is that Kenny Rogers was right: "You gotta know when to hold ‘em, know when to fold ‘em." Every purchase you make should have a purpose, and you should constantly re-evaluate that purpose according to the market and other conditions.

The Bottom Line

By thoroughly understanding and articulating your monetary goals and being an active participant in your financial planning, it's possible to grow your investment portfolio safely and steadily - without growing any (more) gray hairs in the process.
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