It’s a good idea to keep an eye on your investments. This is true even if you have stable investments, like Guaranteed Investment Certificates (GICs), that don’t go up and down in value. Why?
Top three reasons to watch your investments
- You don’t want to miss any mistakes. Nobody’s perfect. That goes for banks, advisers, and anyone who helps you with your money and investments. It’s up to you to find and report any mistakes. If you find one, ask your financial institution to correct it right away.
- You need to know how your investments are doing, and if they are still right for you. Investing your money should help you to reach your goals. When you watch your investments, you can check if they are working out for you. If not, you can make changes sooner rather than later.
- You want to keep track of the fees you pay. Your account statements will tell you about your costs and fees. Make sure you are not paying more than you should pay or expect to pay.
Remember: Don’t buy investments and then forget about them.
Smart investors check their statements and other reports with care. It’s the best way to keep your investments on track.
Content in this section is provided in partnership with the Investor Education Fund, a non-profit organization promoting financial literacy to Canadians. To find out more go to GetSmarterAboutMoney.ca.