When it comes to investments, you may have heard of the saying, ‘Never put all of your eggs in one basket.’ This means diversifying your investment portfolio. That way, if one fails, not everything suffers and you won’t lose everything that you worked so hard for in an instant. Because you’re reading this, it’s safe to say that you may have followed that advice and now have multiple investments. Congratulations! But the challenge doesn’t stop there.
Because you’re investing in multiple asset classes, you also need to deal with the issue of managing your investment records. This begins with having a registry to keep track of each investment type you have. Then, you have to ensure these records are handled accurately.
Check out the tips below on how to manage the registry of your investment records:
1. Manage Your Registry Online
Technology is getting more advanced, and almost everything can now be done online. Tracking and managing your investment registry online is also now possible. There are service providers you can tap. These platforms allow you to check and monitor your registry account anytime, anywhere. This provides that added convenience to ensure you’re not missing out on anything, even when your days start to get busy.
One of the best ways to manage your investment registry online is by working directly with an asset management group or a financial advisor. These experts have online portals that enable you, along with other clients, to track all of your financial assets.
2. Go Back To The Basics
It pays to touch up on the basic investment principles regularly. That way, you also become updated with the tried-and-tested tricks practiced that can truly help you manage your assets properly. No matter the kind of management tool you use, if you don’t understand or remember the basics, all your efforts are futile.
More importantly, by going back to the basic investment principles, it’ll be easier for you to do your yearly audit on rebalancing your portfolio. You’ll also boost your investment prospects because you can ensure your investment choices are profitable.
3. Use Spreadsheets
Spreadsheets are still an oft-used tool in the business industry, especially when it comes to reporting. You can do no wrong with taking this route. Spreadsheets are easy and straightforward to use. Plus, you can customize the data and create categories and tables based on your preference and specific circumstances. Because you’re the one making it, it’s easier for you to understand every single piece of information included in the sheets. This can help you smoothly navigate through your investment journey.
When it comes to spreadsheets, there are two general categories you can choose from:
- Google Spreadsheets, which makes it easier for your document to be updated with information. Because it’s Internet-based, you can log in to your account to make changes and updates anytime and anywhere.
- Microsoft Excel, which is the mother of all spreadsheets. As basic as it may be, it’s also still one of the most effective when it comes to managing records and different kinds of data. For instance, on Excel, you can make calculations as to your aggregate dividend income from your investments. You can even create schedules, and build in warnings for when you need to make updates on your investment accounts.
4. Open A Brokerage Account
If you don’t have the expertise yet on managing investment records, don’t worry. You don’t have to feel challenged to do everything on your own, only to find out later that you’ve been committing mistakes. A great way for you to manage your investment registries is to open a brokerage account.
A brokerage account refers to a special kind of bank that performs all of the necessary work needed so you can buy and sell stocks from different companies. It’s as easy as transferring accounts when needed, and the brokerage does all the work for you. All you have to do is to stay updated with the inflow and outflow of your investments.
Conclusion
Even when you’ve already been in the investment industry for quite some time, it’s easy to feel like you’re not doing enough to manage your investment registry. The truth is, this feeling only lingers in the beginning when you haven’t figured out yet a way that works for you in managing your investment records.
You don’t have to feel lost about managing your investments. These tips above are universal, so you can choose which one addresses your needs best. Remember that it’s not enough that you’ve made the wise decision to invest your money in carefully chosen assets. You need to take it one step further by ensuring that these are all managed well.