This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

'Spring Cleaning' Tips for Your Wallet, Purse or Portfolio

NEW YORK ( TheStreet) -- It's spring, and a young man's (and woman's) fancy turns to love.

OK, maybe or maybe not.

But one other fancy Americans could be, and probably should be, turning to is their personal finances -- the engine that makes any long-term relationship more stable and enjoyable.

To get financially whole and organize your money life, we canvassed finance and investment experts to uncover the top priorities when undertaking that spring cleaning:

Open a Roth IRA. John-Paul Valdez, a personal finance expert at Pearl.com and a former finance radio talk show host, advises opening a Roth IRA account (or converting a traditional IRA to a Roth IRA) to set up yourself and your heirs for a sound financial future. "A Roth offers many options later in life -- it will allow you to make after-tax contributions, and your earnings will grow tax free," he says. "You will also be able to make withdrawals tax free, during retirement, for example -- and unlike with traditional IRAs, you will not be required to make annual withdrawals after you turn 70.5 years old."

"Essentially, this move will help you pay as little income tax as possible in the future," he says. "And if you plan on leaving money to your heirs, the Roth account will give you many more options on when and how much you take in distributions from the account according to your needs."

Realign and "insure" your investment portfolio. Tim Biggam, chief market strategist at MoneyBlock, says a financial spring cleaning should drill down to two aspects: readjusting and rebalancing portfolios after large run-ups in prices; and buying puts as downside protection to your 401(k)s or portfolios.

"Given that the stock market is at all-time highs and the S&P 500 is almost there, this spring is not a bad time to take a look at trimming out of some winners at these levels to readjust allocations," he says. "This has been shown to be a proven strategy for minimizing volatility over the long term, as stocks tend to be mean reverting."
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AAPL $122.77 0.00%
FB $94.20 -2.80%
GOOG $627.26 0.00%
TSLA $253.39 -4.50%
YHOO $37.84 0.00%

Markets

Chart of I:DJI
DOW 17,568.53 -127.94 -0.73%
S&P 500 2,079.65 -12.01 -0.58%
NASDAQ 5,088.63 -48.8540 -0.96%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs