2 Free (Unconventional) Tools To Track Your Mutual Fund Performance
In my last post I talked about the importance of defining and respecting your Risk Tolerance before you begin blindly throwing money at the market. It’s important that your investments aren’t so aggressive that they keep you up at night. Maybe you learned a valuable lesson in 2008 during the market sell off.
One of the goals of The Wise Buck is to help you become a Do It Yourself Investor, so that your emotions aren’t at the will of the market or anyone else. In order to become a better investor, you need tools. Most of the readers of this site are mutual fund investors. But let me ask you; when was the last time you did any mutual fund research on your own? Are you aware of the tools that are available online? Remember that nothing happens until you do something.
I like to visit the following 2 web sites to compare my existing mutual funds in the following areas: peer group fund performance/ranking, fund expense ratios, individual holdings and more. As we learn more and more about investing and creating financial independence these tools will become useful resources for you.
1) Fund Alarm – Fund Alarm is a noncommercial website. The site is different in that in helps you decide whether it is time to sell your mutual fund. The main reason most people “buy and hold” mutual funds is they don’t know when to sell. I’m not referring to timing the market; however, if one of your funds is consistently under performing it’s peers, it may be time for a change.
2) Max Funds – Max Funds describes their website as everything you need to know to find great mutual funds in one glance. Not only are there some fun and unconventional tools on this site; the provide a lot of hard to find mutual fund information. When you visit the site, be sure to use the drop down windows at the top so you can search by mutual fund type.
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