As we near the end of the year, Certified Financial Planner Michelle Buria from Choreo says it’s time to do an investment checkup.

Her first recommendation is to rebalance your portfolio because a lot can change in a year. You’ll want to assess what you have and then buy or sell across your portfolio. Michelle describes this as reducing the buckets that are overflowing and filling up the ones that aren’t.

Next, you may want to diversify concentrated positions. You have a concentrated position if you have a higher percentage of the portfolio in a single investment. Owning a lot of one thing is connected to risk. She recommends putting together a plan to make sure that any volatility doesn’t hinder your financial goals.

Last, consider tax loss harvesting. You can sell something at a loss to offset gains and reduce the amount of taxes owed.