A Year-End Guide to Tracking Your Assets
UK: Property and Personal Finance
As we approach the holiday season and the year draws to a close, now is the perfect time to take stock. Reviewing your property and investment assets ensures that you have a clear view of everything and that their performance is aligned with your financial goals. It also helps you prepare for the year ahead. Here’s a comprehensive guide to tracking your assets, updating records, and staying organised—all while making the process easier with tools like Stronghold.
Why Year-End Is the Perfect Time to Take Stock
The end of the year is an ideal time to organise and review your financial portfolio:
Full Visibility: Ensure you have a comprehensive overview of all your property, investments, and financial records.
Simplified Planning: Organised records make it easier to set actionable goals for the new year.
Stronghold Tip: Use Stronghold to consolidate all important documents in one secure, accessible place.
Create a Complete Asset Inventory
Document Your Properties
Compile records for all properties, including key contacts, mortgage statements and insurance policies.
Note property-specific details, such as rental agreements or recent maintenance work.
List Your Equity and Investments
Gather account statements for brokerage accounts, retirement plans, and stock option and equity plan holdings.
Record details about alternative investments, such as private equity, angel investments or collectibles.
Don’t Forget Cash and Personal Assets
Include liquid assets like bank account balances and certificates of deposit.
Document high-value personal items, such as vehicles, art, or jewellery.
Stronghold Tip: Store all this information to create a map of everything that’s important, including key advisor contacts, in Stronghold to ensure it’s well-organised and easy to access when needed.
Update and Organise Your Records
Keep Property Documents Current
Verify that your property deeds, tax assessments, and insurance policies are up to date.
Update any records related to recent improvements, refinancing, or changes in ownership.
Ensure Investment Records Are Accurate
Make sure all investment account details, including performance summaries and tax documentation, are updated.
Organise and categorise past year’s records for easy reference during tax season.
Track Liabilities
Record the latest balances for mortgages, loans, and credit lines.
Maintain clear records of payment schedules and interest rates.
Stronghold Tip: Stronghold makes it easy to categorise and store digital copies of all records for property, finances, tax, insurance and more, ensuring you’re ready for financial planning or emergencies.
Maintain a Financial Snapshot
Create a Summary Document
Compile a simple summary of your financial position, including key properties, investments, and liabilities.
Keep this snapshot updated as a reference for financial decisions and discussions with advisors.
Track Changes Year Over Year
Compare this year’s snapshot with previous ones to understand trends and progress.
Stronghold Tip: Keep your financial snapshots in Stronghold’s finance category for seamless tracking and easy access.
Collaborate with Advisors
Prepare for Year-End Consultations
Share updated asset information with financial planners, tax advisors, or real estate professionals.
Use your organised records to facilitate discussions and optimise strategies.
Securely Share Documents
Provide trusted advisors with access to necessary documents without compromising security.
Stronghold Tip: Stronghold’s secure sharing links allow you to collaborate with advisors while maintaining control over access permissions.
Set Goals for the New Year
Define Objectives
Use your updated records to identify areas for growth or improvement, such as diversifying investments or reducing debt.
Create an Action Plan
Work with advisors to turn your objectives into actionable steps for the upcoming year.
Stronghold Tip: Keep all your plans and related documents organised in Stronghold to stay on track.
Set the Foundation for Financial Clarity
Tracking your assets at year-end is an essential step in staying organised and prepared. By consolidating records, maintaining visibility, and collaborating effectively with advisors, you’ll set the stage for financial clarity and success in the year ahead. Stronghold simplifies this process by securely storing and organising your essential documents, so you’re always ready for whatever comes next.
Ready to take control of your financial records? Start your year-end organisation with Stronghold. Learn more today.
Note: This blog post is for general informational and educational purposes only and should not be construed as legal, financial or tax advice. The content of this post is not a substitute for specific legal, financial or tax advice or any other professional services. We strongly encourage you to consult with a qualified solicitor, tax professional, financial advisor or other relevant expert before taking any action.