How to Manage Your Own Money and Investments

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By: jsscouter

The latest economic recession reminds us that it is our responsibility to manage our own money and investments. There are many investment professionals available for advice and guidance. This includes CPA's, CFA's, Financial Advisors, Lawyers, Estate Planners, etc. They offer a wealth of advice and guidance but at the end of the day, you are responsible for how your money is spent, invested and used for the future.

Step 1
The first step is to determine what tools you need to manage your money and investments. This can be software on a pc, access to online banking and investing or the reliable paper statements.There are several software programs available. The most popular are Quicken and MS Money. Determine which software program would work best for you. Ask family, friends, co-workers for recommendations.Today's technology allows you the option of managing everything online. With this method there is no need for software on the pc or hard copy paper statements. You have easy access to your information any time of day from any location. If you are not comfortable with technology then you can manage your money and investments using paper statements. The paper statements allow you to reconcile activity on the back page, to keep a permanent record of the statement and to see everything at a glance.The key to selecting a tool is to determine what works best for you and to stick with it.

Step 2
The next step is to schedule time to review your finances. At a minimum you should- on a daily basis, record cash transactions and check writing activity. This could be done in a small check notebook.- on a weekly basis, file bills, receipts, invoices in a filing system. The file system can be set up by day, name, type, priority.- on a monthly basis, reconcile the activity to make sure your records on the pc software, online system or statements match your records.- on a quarterly basis, review the current status of your money and investments. Determine if your cash balance is going up from the last review. Are your investments appreciating in value. Does anything appear incorrect and needs further research. Does your portfolio needs adjusting.- on an annual basis, review your results. Determine how much money you received. How much of that money was spent. How did you spend it. How much did you save. Could you have saved more. How did your investments perform. Are the results in line with your goals and expectations.The important part of this step is to have a process that works for you and to perform it on a regular basis.

Step 3
The last step is do your own research. Since you have ultimate responsibility for your money and investments, take time to research using the internet. The internet is a great tool to get money and investment advice. There is a wealth of information available. Educate yourself and you will become a knowledgeable investor.

Tips & Warnings:
- Establish a process that works for you.
- Try different software tools before selecting one.
- Learn about all of the features and functions of software and online banking to utilize them to your advantage.
- Be patient as you learn.
- Remember to protect your identify as you use online banking tools

Article Source: eHow.com
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