Asset management is all about being more consistent and efficient about managing all of your assets, and improving all areas of your financial portfolio which need to be improved.
Many people make the mistake of not managing their different types of accounts properly.
The most common mistake being made is in reference to people’s bank accounts.
BALANCING THE BOOKS
These types of mistakes could be prevented if people would take a bit more time to regularly record all their financial transactions, every day, or every week, and make sure to balance out their check books.
The whole point of your little check register is to have a little jotter where you can note down everything going in and out of your account quckly and easily, so you can then reconcile it all when your statement comes at the end of each month.
But you can also be more proactive about it. If you think you might have missed a few items, go into your bank and ask them to give you a print out of the week’s transactions, and see if you’ve made a mistake, or can’t recall the purchase made.
Keeping a record of all transactions being made at all times is an essential part of good asset management. If you make a cash withdraw, put it in the records. If you’re busy and can’t do this every day, always request a paper record from the machine and keep the slip with your checkbook register.
Every check being written has to be put into your check book record so that you do not miscalculate, which could lead to being put into the red and being stuck having to pay service charges and other fees that your bank may apply.
These fees are getting more and more steep depending on the bank, so don’t make a bad situation worse through carelessness. I don’t know about you but I can think of far nicer ways of spending $39 than paying it to my bank for an overdraft fee.
Good asset management will prevent things like this from occurring.
Continues in
The Basics Of Asset Management Part II
