on asset management for individuals
to get a good return, secure your assets, and create long-term
asset management sounds too technical to you, it
shouldn't. In very simple worlds, good asset
management is taking good care of your assets, get the
highest return, secure them against unforeseen
circumstances, and create wealth. In most cases, you
should be able to do it yourself and I will offer some tips,
but if you are not confident about your skills, it is best
to hire an asset management consultant, for example,
Fidelity Investment, American Century, Northern Trust, etc.Why is asset management
important for everyone?
- It makes good financial sense and should
be on everyone's mind.
- Assets can be used to both create another
source of income and a source of wealth.
- Assets provide security against
unforeseen events, like
job loss, business losses, decline
in portfolio value, death, etc. (Related:
Personal finance for empty nesters)
How to manage your assets yourself?
- Your asset management strategy will
depend on your age, income, assets portfolio, and risk
appetite. There can be other factors as well that
you need to consider for your specific situation.
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- The rule of thumb is that if you are
younger you can allocate your assets in a way that a large
portion is invested in high-risk (and possibly
high-return) assets, e.g.,
stocks. As you get older
and unless you have tons of money, you should try to
reduce your appetite for risk by moving into more secure
assets, e.g., real estate, bonds,
cash, mutual funds.
- The larger the value of your portfolio
the more time you will need to allocate to managing
it. Several online tools enable you to get a clear
picture of most of your assets in real time but for some
(e.g. real estate) the data is delayed by months.
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When should you seek profession help from
an investment consultant?
- You lack the time that you need to manage
- You don't have the knowledge and either
can not or do not want to learn it yourself.
- You want a certain reasonable return from
your assets but are not interested in day-to-day
What to look for from an asset management
- Personalized service that is designed to
help you maintain and create wealth and give you the piece
- Be careful if they want to push certain
investment products (where they make a commission). It is best to pay higher fees to an unbiased advisor than
less fees to someone who essentially wants to get rich
through commissions. Carefully check conflicts of
- Research many firms well. Read what
they offer and how. If possible, ask to speak to
other clients before signing up.
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