Top Investment Tips for Those Planning to Invest in the UAE
When you are dealing with an array of personal investments, you are keeping your eye on everything from big-ticket avenues such as real estate to the simple bank deposit accounts. And just as any investor out there in the market, each of us wants to be on top of their investment game by following any of the investment tips that might come our way.
However, one crucial aspect of managing your investments, that is often overlooked by many of the investors is documenting their investments.
If we see from the perspective of a typical expat investor based in the UAE, the list of the most common local and international investments that are held would include – deposit and savings accounts, retirement savings plans or long term investment plans, insurance plans, bond certificates, equity investments, mutual fund investments, gold certificates or physical gold, real estate investments, offshore investments, among the other avenues.
It is possible for you to have invested in either one or more of these investment avenues mentioned above. And as you know, with ownership comes a great deal of responsibility for record-keeping. The more the number of investments you hold, the more are the documents you are required to manage.
Are you wondering why should you document the investments that you are holding? Documenting your investments in a proper manner will help you keep proper track of how they are performing. It will also help in ensuring that you have ready access to them, if and when you opt to liquidate them.
This thread details 6 investment tips that will come in handy when it comes to organizing and handling your investments. So, hang on and keep reading!
Ensure That All Your Important Documents Are Scanned And Stored
It is a good idea to scan all the investment documents that you are possessing and then save these scanned files in a secured folder on your computer. In fact, to go a step further, you can even consider storing these scanned documents on your cloud in the form of an additional backup. If you are an iOS user, you can save your files on iCloud Drive. If not, you can make use of the other cloud applications available such as Google Drive, Microsoft OneDrive, or Dropbox.
Maintain A Personal Investment Journal
If you are one of the seasoned investors, you have probably made some good calls along with some mistakes also during your investment journey. By keeping a record of the details related to all of your investment decisions in the past and the rationale that lies behind them, you can examine the spot pattern and the effectiveness of them that might have worked in your favor along with avoiding any mistakes that have cost you something in the past.
Does this make you want to start your own journal? Then, what are you waiting for? Opt for a medium that you feel most comfortable using – be it a simple notebook, or if you are more comfortable with the tech you could go for digital apps such as Microsoft OneNote or Evernote.
Make Use Of An Investment Aggregator Based In Your Home Country
The investment and account aggregators allow you to have a consolidated view of all the financial holdings that you have. There are many aggregators in the market depending on the geographical region you are in, for instance, Personal Capital and Mint.com are quite popular in the United States, they help investors in tracking numerous investments that they hold along with assessing the overall portfolio of their investments.
However, this option is not available for any of the local investments in the UAE region. But, if you are an expat in UAE, it is worth it to check if your home country has any such investment tracking apps available.
Opt For Online Updates, Avoid Paper
If you are one of those old-school investors that still receive annual or quarterly updates regarding how your investments have been performing via the mode of physical mail, it is high time you decided to go green. And it is not just about avoiding the wastage of paper, opting for online updates or e-updates that reach you via email will help you save yourself from the hassle of maintaining paper records as they will be stored in your email forever.
Manage Your Old Bond and Share Certificates
Are you holding some old bond or share certificates that may have been passed down to you from your parents or grandparents? You might be quite surprised to know what their worth is now. Old stock certificates still actual cash value if the company is still up and in business. You can take these certificates that you may have to a stockbroker, who can then help you out in finding the value of the stocks you are having and the process to cash them in. You can also convert them into an electronic format and they can be traded at your convenience.
Keep Your Family In Loop
The closest members of your family i.e., your spouse, children or parents, should be well informed and aware of where you have stored and filed all of the essential documents that are related to your investments. Life can be uncertain and if there is an unfortunate scenario where you are not around anymore, your family may come to depend on the savings and investments that you have left behind. Be it stored in a folder on your computer, a file that is kept in the drawer of your desk, or documents that you have stored in a safe locker at the bank - make sure your loved ones are aware of how they can access it.
To Further Conclude
Being an investor, there is nothing more than wanting any sort of investment tips to help you out in making your investments successful. We hope these investment tips help you, and you can maximize your investments in the UAE.