If there was one characteristic that many seasoned investors would claim as what has made them so successful, it’s definitely organization. Now, you might not think that organization is important, but the truth is that if you’re not organized, then you don’t have all of the tools you need to really have consistent gains. Notice that wording — it’s all about consistency, really. If you’re not having consistent days, then you’ll get discouraged as an investor very quickly. On the other hand, if you stay organized, you will build up consistency as you go along.
Now, you might be wondering about the tools that can really build organization and give us the consistency that we’re really looking for. If you’re not sure, here’s one for you: an asset management account.
In the past, this was a type of account that really only got offered to the serious players — newbies were shut out. However, things have relaxed enough so that even newcomers to the investing world can get one of these accounts. Not sure what features await you? That’s what we’re here for — let’s check it out!
First and foremost, the asset management account gives you a way to make sure that you can really keep everything organized in one place. You deposit your money into the account, and that’s where the fun begins. Your money doesn’t just sit there — it gets moved into a money market fund. This is a good thing, contrary to popular belief. You see money market accounts have a higher rate of interest than checking accounts do. This means that your money grow seven when you’re not actively using it. Of course, you’re not going to want to just stick to the money market account — you’re going to want a little bit more for your money, right?
Absolutely! That’s why you can still write checks and even use a debit card to your heart’s content. In addition to these benefits, you can also purchase stocks, bonds, mutual funds, and just about any security that you can think of.
The organization part kicks in when it comes to the monthly statements. You will get all of the information you need to keep making good decisions. If you got dividends, it’ll be listed there. You will have a complete transaction history, which means that reconciling your records really isn’t difficult at all. It’s all consolidated in one place, which means that you don’t have to run from account to account online getting the information that you need.
If you’re thinking about retirement issues, then an asset management account becomes even more appealing. You can set up autopilot operations, which can purchase mutual funds and other retirement vehicles. There are even systematic withdrawal plans that can let you get a bit of your money on a regular basis, which means that you will be able to handle the little things in life much easier than if you had to wait a long time to get your money in a lump sum.
Now, a tool like asset management services isn’t without its downsides. You will have to make sure that you have enough money to put into the account. Even though it’s not something that eliminates beginners, you will still need to meet certain minimum balance requirements. Generally speaking, this is $15,000 or so. Sometimes asset management services will have a teaser introductory minimum, which can help people that know that they will be able to put in more money over time.
Are asset management accounts right for you? Well, if you are really looking for a service that gives you a bit more organization and convenience, then this might actually be what you’ve always been looking for — why not get started today!