Money lessons from the ups and downs of 2018

There’s nothing like the end of the year to inspire a reflective mood. One thing everyone is probably wondering is where the heck did 2018 go?

But what’s done is done. Mull through the blur for lessons from the year past to propel you into the next.

Walk into 2019 with wisdom.

After the boom comes the bust: In 2017, cryptocurrencies like Bitcoin rose at a stratospheric pace. Many people rushed to invest a lot of money in them this year. The cryptocurrency market crashed and continues to decline.

“Be careful with the hottest investment; putting all your money in one investment can ruin you financially,” says Michael Outar, owner of personal finance website Savebly.com.

In 2019, if testing a speculative investment, go small.

Have a will: Aretha Franklin died with an estate worth millions of dollars — and no will.  The courts will decide what goes to her heirs. It’s a costly and lengthy procedure that can be avoided.

The lesson, says Walter Wisniewski, co-owner of Arcadia Wealth Management in Smithtown: “Create a will.”

Protect your information: Major companies had data breaches. Says Leslie Tayne, a financial debt resolution attorney with the Tayne Law Group in Melville, “Be more aware of the security of your finances. Make sure all your cards have different PINs, check your statements to spot suspicious activity.”

Insure yourself and your loved ones: Says Joshua Zimmelman, president of Westwood Tax & Consulting in Rockville Centre, “We’ve seen too many GoFundMe campaigns this year for people who can’t afford their medical expenses or can’t cover their bills after an accident. Purchase term and disability insurance.”