How to Manage Investments During

As fire service professionals, you're no strangers to challenging situations. But managing investments during market volatility can be equally nerve-wracking. Keep in mind, that fluctuation is part and parcel of investing. Here's how you can stay on top of your investments even when the market gets bumpy.

Keep Calm and Carry On

Resist the temptation to panic-sell during downturns. Markets tend to recover, and selling low locks in losses while preventing you from benefiting from potential rebounds. With a long-term investment horizon, you can afford to ride out shortterm fluctuations.

Beware the "Recency Effect"

Our decision-making is often influenced by recent events, even when an objective approach is called for. Don't let recent market trends cloud your judgment; stick to your investment strategy.

Stay Diversified and Rebalance

Diversification across asset classes (equities, fixed income, cash) can help manage risk by spreading investments across different sectors. While diversification doesn't guarantee against loss, it can soften the blow from market downturns. Regular portfolio rebalancing ensures alignment with your goals and desired asset allocation. Managing investments not your forte? Consider interviewing active portfolio managers. Their job is to handle the movement in your portfolio so you can focus on other important aspects of your life, while they focus on potentially capturing the upsides of the market while minimizing the downside.

Embrace Dollar-Cost Averaging

Investing fixed amounts periodically can help lower the average cost of your investments, as you'll buy more shares when prices are low and fewer when they're high. This strategy can be particularly useful for those retiring with DROP or 175 Funds, as it can help minimize short-term losses.

Get a Written Plan in Place

Investing with a purpose is key. Collaborate with a wealth manager to create a written investment and retirement plan that outlines strategies for navigating market downturns, managing risk, and minimizing taxes over time.

Weathering market volatility is about staying focused on long-term goals and employing smart strategies. By keeping calm, diversifying, rebalancing, embracing dollar-cost averaging, and working with a wealth manager, you can strive towards securing your investments and sailing toward a bright financial future.

Daniel Rey, CEO and Wealth Manager at Voyage Retirement Solutions, is committed to providing customized financial solutions for fire service members and their families. With a passion for helping others and a deep understanding of the financial landscape, Daniel created the Retirement Navigator. The Retirement Navigator is a disciplined and written plan that is proprietary to Voyage for the benefit of the people they serve. Daniel leads his team with integrity and a dedication to putting clients first. If you're interested in meeting with Daniel to discuss your financial future, you can contact him at 888-501-3063 or Hello@VoyageRetirement.com. Also, ask us about free educational workshops for your fire department.

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