When it comes to establishing your worth, your assets are integral. If your assets are costing you money, you want to get rid of them; if they are making you money, you want to keep them – simple, right?
However, it isn’t this easy. With a family, a career, and ‘me time’ to juggle, it can be difficult to think about managing your assets at the same time. For any woman who has some stocks, companies, or properties under your belt, here are the biggest do’s and don’t’s when it comes to asset management.
DON’T have emotional connections to your assets
It can be easy to look at one of your investment properties and fall in love with it – you might love the blinds, the bathroom tiles, or even the kitchen bench. Don’t be fooled by this, however: “I love this property” is not adequate justification for a retaining a property. Instead, look at it as objectively as possible. Is it a good investment? Is it in an ideal location? Will it increase in value, or is it a liability? Once you look at the numbers and the facts, you’ll be able to make an informed and reasoned decision that will improve your worth, not compromise it.
DO plan, plan, and plan some more
You can never be too prepared. Have a list of your assets, a list of risks, and a document outlining how you will reduce or manage any potential risk. On top of this, make sure you are prepared to service your assets if need be (this is particularly applicable if you own vintage cars or some other collectable goods); also, you should keep in mind how long you plan to have your asset for so you can plan how to manage It accordingly – if you have invested in long-term stocks, make sure you plan to re-evaluate their worth every financial year.
DO know when to ask the experts
Sometimes, it’s important to ask for help. While you can manage some aspects of your assets, you won’t have the wealth of knowledge, training, and experience that some of the experts have. Whether it’s a monthly meeting with a fund management company or a coffee with your local real estate agent every few months, try to always get some advice from someone in the relevant industry. It may cost you a little bit, but the information you’ll learn is invaluable.
