2009 will be here before you know it and with the stock market still on it's roller coaster ride, now is a great time to take a close look at your investments to see if any changes need to be made.

Before you ring in 2009, there are a few things you should check on in your investment portfolio to make sure you're ready to usher in a new year. First, take a good look at your taxable accounts. Right now, you have a few days to sell your losses, so you can avoid paying taxes and pursue a new opportunity.

Aaron Maguire with Reliance Wealth Management says, "It might be a good opportunity right now to tax manage that account and take advantage of those losses and maybe buy something that may give you a better opportunity for growth down the road."

But if you have a retirement account and are wondering if you should still sell your losses, that's a little different.

Maguire says, "A retirement account is designed for you to take that money out at 59 1/2 so you don't have to worry about selling your losses at the end of the year, necessarily with a retirement account, but you really want to look at the quality of that investment."

Finally, if you're wondering what types of investments to focus on, Aaron says buy those investments based on your needs. He says mutual accounts are probably the easiest type of investment to own right now.

Maguire says, "The reason being, is that they give you an opportunity to diversify your portfolio. You don't put all your eggs in one basket, a mutual fund allows you to own maybe 100 - 150 types of stocks."

Just remember to look at the quality of the company you invest in and how much cash they have right now.  That can make all the difference.