How should I keep track of my investment records?

How should I keep track of my investment records?

It's important to maintain detailed records of your investments. You can use spreadsheets, accounting software, or even dedicated investment tracking apps.

What specific information should I record?

You should record the purchase date, amount invested, purchase price, dividends received, and any fees associated with the transactions.

How often should I update my records?

You should update your records regularly, ideally after every transaction, and review them at least quarterly to assess your portfolio's performance.

Are there any tax implications I should be aware of?

Yes, keeping accurate records is crucial for tax purposes. You'll need to report capital gains and losses, so having detailed records will help you during tax season.