Tips and Techniques to Keep Your Investments Organized

“You have to earn money the hard way. Because no-one will serve it up to you on a silver platter.” -Gordon Wu

Monitoring your investments is extremely important and one of the key components to establishing a fruitful and secure investment portfolio. Many people get involved with investing and when the novelty wears off, they simply forget about their investments. In addition, many people believe that investments, especially long term low risk investments, do not need to be monitored regularly. These are all great excuses to be lazy but not one of them is true. It can be overwhelming to keep track of your expenses and your investments however it is not impossible. Below are a few tips and techniques that will allow you to have firm control over your financial situation.

When you receive documentation from your stock broker, financial advisor, a company you are invested in, or any other type of associated paperwork, read it. Yes, it is big, bulky and a boring read but it may be something important. Once you have at least scanned through it, make sure you file it away. You never know when you will need to access investment related research. Also, if you receive confirmations or statements about your investment accounts check to make sure everything is right. It is easier to correct a problem today, then it is six months from now.

When you are discussing financial information with your financial advisor or accountant make sure you take notes. Notes are useful in recalling information or dealing with a miscommunication.

Even if you are not managing your own investment portfolio make sure you have copies of all your confirmations and account statements sent to you, and another copy sent to someone you trust. Having multiple people play a role in overseeing your investing can only lead to better investments.

If you did not receive this month’s statement make sure you call your investment firm and inquire why you have not received it. Account statements are papers which you should receive on a regular basis and not receiving one may be a sign that there is a problem.

If you get stock information you do not understand, make sure you ask your financial advisor to explain it to you. After all, you are paying him big bucks to watch after your accounts. If there is unauthorized movement in your stocks and it appears on your statement, you should contact your advisor immediately.

Make sure you do your own research on your stock options. While a financial advisor may suggest stocks for you to invest in, ultimately the choice of investment is up too you. How will you know you are getting a full picture of your investments unless you, at least occasionally, double check the research.