Asset management is a process -- an organized, well-planned system of using your money and your financial resources to achieve both short- and long-term goals.
At every income level and every stage of your life, there are steps you should take to make more efficient use of your assets and to make sure that your financial future is secure.
To begin with, you should define your goals. A careful examination of your core portfolio can give you a good working basis for what it will take to meet those goals. Always consider your tolerance for risk and continually focus on minimizing taxes and emphasizing cost efficiency. You should continually monitor financial developments and their impact on your portfolio.
Keep in mind that protecting your assets is just as important as growing them. Taxes and liability can undermine your efforts to grow and secure your assets. Insurance policies and/or trusts can be a useful way to offer protection from these kinds of set-backs.
In sum, you must know and track your net worth, goals and objectives, property and other assets, as well as your liabilities, cash flow, investments, retirement planning, estate planning, tax planning and insurance needs before successfully managing your assets.
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