Each new year gives us the opportunity to review our personal finances and make some simple investment resolutions.
Is your purpose for 2023 to organize yourself better, expand your portfolio by diversifying it with different asset classes, or create an automatic savings plan in crypto assets? Here are four investment tips for the new year.
Regularly review and recalculate your portfolio
What better time than the new year to open your investment portfolio and see how things are going? We know that, after the ups and downs of 2022, it can be a bit scary, but it is important to know the status of the investments and recalculate them if necessary.
If you do it now, you can see if you are getting the most out of your investments.
“Recalculate” basically means adjusting the portfolio based on the financial situation you have at a given time or based on the assets that have performed best and worst in the market.
Think about both when reviewing your portfolio and consider the following:
- Which assets have performed well and which have not?
- What factors (such as geopolitical events or industry news) may have influenced performance?
- Is it a good time to sell one asset or buy another?
- Are you very exposed to risk right now? Do you want to expose yourself more or less than last time?
- Could you use more diversification?
- Are you investing according to your values? Are you satisfied with the way you have invested so far?
It is essential that you regularly review the portfolio to ensure that you are always prepared to take advantage of opportunities.
Make a plan this year to review your investments at least once a quarter, and as always, do your own research and stay informed about what’s happening in the market.
Go to Bitpanda’s Official Website
Set up a savings plan
We always recommend having a savings plan, at any time of the year.
Life is unpredictable and having money saved gives you greater financial security and provides a cushion in case of an emergency.
For this, it is advisable to save a part of the income in a savings account each month, although the ideal would be to automate the deposits.
Another good way to save money and build capital in the long term is to create a savings plan with Bitpanda Savings : buying Bitcoin, Ethereum and other digital assets on a weekly, biweekly or monthly basis makes you less dependent on short-term price fluctuations and it is a good strategy to smooth the volatility of the market.
With Bitpanda Savings you can create as many savings plans as you want for any of the digital assets they offer on Bitpanda, be it cryptocurrencies, stocks*, ETFs* or precious metals like gold.
It’s automatic, easy and you won’t have to worry about a thing: everything we wish you for 2023.
Expand your portfolio by diversifying
We know you’ve already heard it a million times, but diversification is undoubtedly one of the golden rules of investing.
Not risking everything on one card allows you to mitigate risks; In addition, investing in different types of assets protects you against inflation.
On the other hand, diversifying allows you to broaden your investment horizons and try different types of assets according to your interests, values or lifestyle.
Are you a fan of crypto assets but want to start investing in stocks*? Focused on commodities* in 2022, but want to add some precious metals in 2023? Expand your portfolio with different asset classes this year to reduce the risk of your investment.
Go to Bitpanda’s Official Website
Get ahead of taxes
Don’t get caught by the bull in your tax return in 2023.
Have all the documentation in order and prepare everything for the return in advance, so you will avoid stress and have time to solve any problem that may arise.
Especially if you have made investments in crypto assets, you should ensure that you are familiar with all the regulatory frameworks for the taxation of crypto assets in your country and keep an accurate record of all such transactions that you have made in the last year.
Blockpit is here to help you: Blockpit is a software that allows you to create tax reports to keep track of your taxable transactions and automatically calculates the taxes you have to pay, in an optimized way.
That way you won’t have to worry about whether you have made the declaration correctly.
Tip: It’s a good idea to also include taxes on your investments in your overall cost calculations, along with commissions on purchases and sales.
To always be up-to-date with the latest on taxation and regulations during the life cycle of assets, as well as their advantages and disadvantages, it is best to consult a tax advisor.
Invest in yourself with Bitpanda
Are you ready to start investing in your future? Let Bitpanda help you achieve your investment goals.
Just sign up to Bitpanda and choose from a wide range of cryptocurrencies, metals, stocks* and ETFs*.
Go to Bitpanda’s Official Website
Please check Bitpanda official website or contact the customer support with regard to the latest information and more accurate details.
Bitpanda official website is here.
Please click "Introduction of Bitpanda", if you want to know the details and the company information of Bitpanda.
Comment by Hans
April 24, 2024
as I am trading here various assets, for me it's the most important feature. i mean, flexibility in tradable markets. i alternate trading styles, meaning that sometimes I trad...