The Indispensable Value of a Good Investment Tracking Tool
Investing to grow your savings requires more than just the initial decision to allocate money into financial assets. It necessitates consistent monitoring, research, and active management. Unless you have an unending supply of funds, regular tracking of your investments is essential to safeguarding and growing your wealth. In the early days of my investing journey, I followed the advice of a family friend without closely scrutinizing the outcomes or considering new opportunities.
An Early Lesson in Unmanaged Investments
Back then, in the late 1980s, I invested in a few blue-chip stocks based on my friend's recommendations, but I didn't pay much attention afterward. My approach was as simple as glancing at my monthly statements to ensure the investments were performing as expected. This hands-off approach left me exposed to market fluctuations and potential losses.
The Impact of Active Management Post-Internet Bubble Crash
Post-2001, the internet bubble crash served as a wake-up call. I decided to take a more proactive approach to managing my investments. Instead of relying on others' advice, I began conducting extensive research into potential new investments. This added layer of due diligence has significantly influenced my portfolio's resilience and performance.
The Role of Due Diligence in Investment Management
Due diligence in investment management is not about finding a magic formula or guaranteed returns. Rather, it involves applying practical and common sense approaches to scrutinize and evaluate your investment decisions. This careful assessment helps you build a diversified portfolio that can withstand market fluctuations and maintain steady growth.
Why a Robust Investment Tracking Tool is Essential
A good investment tracking tool is indispensable in the pursuit of effective due diligence. There are numerous online financial websites such as Yahoo Finance, Google Finance, and CNN Money that provide valuable information. However, these platforms have their limitations. Not only do they offer varying features, but they also lack the customization and control that comes with a dedicated tracking tool.
Creating a Personalized Investment Tracking Tool
Motivated by the inadequacies of existing tools, I decided to create my own investment tracking solution. The result was TakeStock 2, a free, ad-free investment tracking app designed to help users conveniently monitor their assets. The app's transparent interface ensures that users have full control over their financial data.
The Benefits of TakeStock 2
TakeStock 2 has been instrumental in helping me grow my portfolio through defensive strategies. By consistently tracking my investments, I have been able to make more informed decisions and maintain a competitive edge over market averages. The tool has been so effective that it has helped me almost consistently outperform the SP 500 index.
It's important to stress that I am not a financial wizard or a certified investment expert. My success with TakeStock 2 is not about innate investment skills but rather the leveraging of modern technology to streamline and enhance the investment management process.
Taking Advantage of Free and Effective Tools
TakeStock 2 is completely free, requires no registration, and displays no ads, ensuring users can focus on their financial goals without any distractions. By harnessing these tools and applying common sense strategies, anyone can take their investment management to the next level.