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Eleven Investment Insights
Did you know that is money and not gravity that makes the world go round? Well, some scientists would most likely beg to differ, but most of us would probably have to agree. However you are deciding to manage your money, either by broker, financial advisor, a psychic, or flipping coins, you have to keep a vigilant watch on what you are doing with it. Being prudent and keeping an eye on the game never hurt anyone, so here are some insights for you to consider:
1. If using a broker, investor, or advisor, make sure to closely peruse all documents and keep them for your own records. You wouldnt want a misplaced comma, to throw off the flow of your financial future.
2. When communicating with a broker, investor, or advisor, or any business accounting service, keep good notes. This will aid you later if a problem should arise or if you are later considering switching things up.
"Education is learning what you didnt even know you didnt know"
3. You want to be in control of all of your statements and confirmations. Make sure these documents are sent directly to you, so you can analyze them or have someone you trust help you do so.
4. To play off the last tip, if you are not getting your confirmations and account statements on a regular basis, something is not right. You have an absolute right to this information and it is vital in making good financial decisions.
"Education should be a lifelong process, the formal period serving as a foundation on which lifes structure may rest and rise."
5. If you do not clearly understand what is going on with your money, ask questions. Dont be intimidated by financial jargon. It is your money that you are investing that you have worked hard for; dont just assume everything is okay, maybe it isnt.
6. Online access to all of your accounts is the way to go. Even if you dont own a personal computer, chances are you have convenient access to one. Things are constantly changing in the world of investment; dont be left in the dark. Regular analysis of your money is something that you should be engaged in.
7. Do not make checks or other forms of payments payable to your broker, advisor, and investor for your investments. Money, in most cases, should only be sent to a brokerage firm, its clearing firm, or other financial institutions.
8. If using a broker, it would be wise to visit the firm and meet with your representative. Investing is the same as making a major purchase, so it should be followed up with the same amount of prudence.
"The aim of all education is, or should be, to teach people to educate themselves."
9. Dont just rely on professionals to know the industry, log on websites, read magazines, and reports germane to your investments. It is your money, so you should be educated as to where it is going, what is being done with it, and what could be done with it in the future.
10. The world of investment is not static, and most likely, neither is your financial situation. Constantly review your portfolio and make sure that your money is in the best places at the best times (as far as you can control). Remember that you have every right to know exactly what is going on with your investments at all times. 11. Act quickly if you feel as if there has been an error, the professionals are also human, which leaves them susceptible to error. Do not be timid or ashamed to voice a complaint.