The stock market changed and became more liberal; through the power of technology, more people can trade with lower transaction fees. This provided opportunities to previously impossible people. Another piece of technology is now ready to give people more power to reach their financial goals: an investment tracker. This application allows you to have a holistic view of your portfolio and allocate transactions to the table brokers at the right time.
Investment tracking through broker accounts
When you invest in stocks, you need access to the exchanges. Typically this happens through brokers. They can directly trade on the sales, and for a fee, provide you with the settlement of the transaction. If you are active across markets, you likely have multiple brokers you are using. Prices differ per market, and it can be helpful to check which brokers are favorable across these markets.
If it concerns an additional transaction or dividend pay-outs, your assets are automatically updated. This helps you to have a real-time overview without the hassle it previously was with the use of a spreadsheet. This is even more helpful with accumulating Exchange Traded Funds (ETFs), among others.
Delta is a leading investment tracker
An excellent example of a tracker is Delta. They provide real-time stock data and news, analysis, and integration with a broad range of brokers through API. At this moment, you can be sure that you pay the correct fee, as they provide insight into the prices of specific stocks. This allows you to trade more efficiently while having a holistic view at hand.
Defining your investment goals
Now that we have introduced the investment tracker, it is time to look at investment goals. When you start with defining goals, you first need to come up with a strategy. Where do you want to go? What type of stock do you want to invest in? With longer horizons, you can diversify more and have a more steady growth profile. Are you looking for long-term solid gains? You probably need to research to find upcoming technology stocks.
The strategy you pick is also dependent on the percentage of your net worth that will be allocated to your investments. With a relatively small amount, you can take a riskier approach.
What are you saving for?
Are you working towards retirement and aiming to retire early? Do you want to buy an expensive sailing boat when you get older? These are all options you could consider as a reason to start investing. As an investor, you should consider this goal and act accordingly. For example, the earlier you can buy a sailing boat, the more time (and good health) you have to enjoy it. You can also consider splitting your strategy based on different goals and time horizons. This will give you more flexibility and create returns on different time horizons.
How to set logical investing intentions
It’s pretty simple to speak about ways in which you could set your investing intentions, though finding a way to form specific goals for your investment is ultimately a whole other procedure, and there are things you need to put into consideration when setting this goal, and they include ;
1. Recognize your goal
Recognizing what you want to achieve is the first step to take when setting up your goals and some of the investing goals are retirement, your kid’s college education, or a dream home. The moment you recognize your plan and make it bright, it will make it easier to accomplish your destination.
2. Recognize your investment technique
The moment you decide to set up various savings for your goal, you need to work with your time horizon, too, so that you don’t get too overwhelmed. According to the financial industry regulatory authority, they inform individuals that short-term goals that you can achieve in three years may be best suited to liquid investments like cash, treasury bills, and money market accounts.
When it comes to long-term goals that vary from three to ten years away, it is best to balance your portfolio between high quality, fixed income investing and stocks. For longer-time goals that vary from 10 years and more, you could decide on a more aggressive approach such as investing in stock, mutual funds, and exchange-traded funds.
3. Search for support
When you want to start investing your money, you need support and advice from various people who have done this for many years, though it is pretty challenging to find the right person for this job. You can do your survey by going to various social media platforms and getting information from them about the best investment plan and the best firm to invest with. The good thing about these websites is that they have educational information to assist you with everything you need to know.
4. Measure your progress
Once you have already set your goal and have already invested your money, it is time to track your progress, and the best way to do this is by downloading an online financial planning tool. When you have this platform, you can input your existing assets, the amount you are saving, and the amount you want to achieve during a specific period. The moment you have completed this, the app will draw a graph to show you if you are on the right track.
Measuring your goal also lets you know if the strategy you are using is good or not, and when you notice the system isn’t working, you can implement new measures. In most circumstances, you will have to change your investment strategy, or you will have to add more money to your savings account.
It would help if you always had an investment plan the moment you start earning any amount of money, this allows you to save up for your future and keep track of the amount you are using, and it also makes sure you don’t waste money.