a closer look at things now, and prune over-weighted portions in order to bring them back in line. 5. Check spending Reviewing your monthly spending, cutting back on unnecessary “luxuries” and generally being frugal with your money is always a good idea. But it’s a particularly good idea right now, especially if you depend on your portfolio for at least a portion of your monthly income (as many snowbirds do). Think about it: you may well need to make regular withdrawals from your portfolio for your living expenses, but you don’t necessarily want to withdraw anything when your portfolio is declining in value. You may not have a choice about that but, what you do have a choice about, is how far you stretch those dollars that are (reluctantly) coming out of your portfolio. The more you limit the outflow, the better off your portfolio will be in the long term. If you haven’t done so lately, now is a good time to check your personal budget and overall spending patterns. Make a “what if ” plan that identifies possible areas in which youmight be able to cut back (at least for a few months) if a severe downturn happens. If you can, start building up a cash reserve that you can dip into – that way, you’ll be able to avoid selling to raise cash at a bad time. 6. Check short-term financial and life goals If you’re an investor with a longterm investment horizon (say, five years or longer), volatility isn’t the end of the world. But if you’re busy investing or putting money aside for a specific financial goal in the next year or two – a dream condo in the sunbelt, a trip around the world, a grandchild’s education, etc. – then a strong downturn can play havoc with your ability to meet those goals. That’s why now is probably a good time to double-check your short-term financial goals, and adjust your plans accordingly. Depending on your circumstances, you may want to ramp up your savings, or put your goals on hold, or sell a position now in order to lock in gains in order to meet your short-term goals. Or maybe not. But you won’t know until you take a close look at events that may be coming down the pike and do a “back of the envelope” calculation of what you may need in the next couple of years. Finance FREE SOUP & COOKIES Hot Soup and Fresh Hot Cookies will be served at all locations every evening from 5-8 pm. Helena Miles City Idaho Falls Big Timber Columbus Conrad Hamilton Havre Belgrade Havre on US Hwy 2 Idaho Falls Exit 116 Conrad Exit 339 Great Falls Coming 2019 Helena Exit 194 Hamilton on US Hwy 93 So Butte Exit 127 Dillon Exit 63 Big Timber Exit 367 Columbus Exit 408 Miles City Exit 138 Belgrade Exit 298 Shelby Exit 363 • Complimentary Breakfast Buffet with Fresh Hot Waffles • Complimentary High Speed Internet Access • Indoor Pool, Hot Tub, Sauna and Fitness Equipment in Select Locations • Guest Laundry • Ample Parking for RV, Trucks and Trailers • Conveniently Located near Restaurants and Shopping Stay in Comfort on Your Route. Coutts - Sweetgrass Border Wildhorse Border Headed S outh via Montana or I daho ? Call 800.442.4667 (US & CAN) or visit townpumphotels.com Butte Dillon Shelby Coeur d’Alene Exit 12 Coming 2019 Great Falls Coeur d’Alene ** Mention this Ad and get 20% OFF ** CSANews | SPRING 2018 | 33
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