Selfies are the rage these days. They’ve been around for a while. But selfies really went mainstream recently because of two reasons:

• How easy it is to take one on the new iPhone or Samsung Galaxy, and,
• Ellen DeGeneres snapping one of herself and a bunch of stars at the Oscar’s that went viral on Twitter.

We recently received Morningstar’s Q2 2104 Market Perspective and they did a whole write-up about “Have you taken an investing “selfie” lately?” Clever! So I’ll summarize the high points.

When we take a selfie, we do so in the best of circumstances: a great location, the right lighting, we look our best (most of the time). Well, have we taken that same care and attention to ensure our investment portfolio is looking it’s best? Would we be proud to present it to the world—”Ta da, here’s my investment portfolio”?

Just like you make sure your hair is combed and you are properly attired—is your portfolio diversified across asset classes? Does it prudently reflect your long-term goals? You really want to look your best for the right price too. So, does your portfolio utilize lower-cost investing vehicles? Does your strategy align with you tax situation? Is your portfolio too showy or flashy? Meaning—are you loaded up on the latest “hot stock” and/or hedge fund.

Be careful not to get caught up on your portfolio’s “appearance” rather than it’s functionality. Continue to have investing discipline and remember that moderation is key (in investing and life). Take care of the simple stuff—choosing an appropriate strategy for you, diversifying your assets, re-balancing when needed and keeping an eye on the underlying cost—and you’ll be proud of your “investment selfie”.

Thanks to our friends at Morningstar Investment Services for the inspiration for and contributing to this post.