When you get into investing, you soon learn that a portfolio needs to be robust and it needs to be diverse. By spreading out your investments, you are also spreading out your risk. However, the broader a portfolio gets, the harder it can be to manage. So, it’s time to look at how to streamline that portfolio so you not only stay on top of it all but make more money in exchange for less work.

Stick to the plan

“Set it and forget it” isn’t a good strategy when it comes to investments. However, if you’re not necessarily an expert in the markets or you don’t have time to make the little adjustments necessary in your strategy, trading platforms and robo-advisors can be a great help. You can set it up to manage your portfolio for you, even going as far as to create different categories based on different aims, whether you want one that helps you plan for retirement or one that follows the investments of other successful hedge funds. You don’t have to sacrifice control to give up the wheel.

Finding the right hands

Other investments, however, do require a closer eye than a robo-advisor can offer. Property is just one such investment. When it comes to rentals, residential property management can take care of a lot of the day-to-day heavy lifting, such as policy enforcement, accounting, and site management so you don’t have to. Advisors can give plenty of recommendation and advice on improving the value of your investments that might otherwise take a lot of time and effort to learn on your own.

Share the wealth

Business is ever a prime place for investments, not just on the stock market, either. If you have the capital, angel investing can be an excellent way to get the profits of owning a business without having to run it. Ensure that you’re choosing only the best investment opportunities by working with those in industries you’re familiar with. Many startups may also look to investors for advice, so know how hands-on or hands-off you want to be with where your money goes.

Simplify those taxes

Accounting is crucial, and some of the tools mentioned above can help you prepare your accounts more readily. But it’s just as important to simplify taxes and to create ongoing reports with investment-friendly tax preparation software. The best accounting software can import financial accounts automatically, generating tax reports with minimal effort from you, the user.

Take advantage of your allowances

You can make more money off the investments you are currently earning from if you know where to put it, too. There are savings accounts that allow you to earn without interest, most of them built for specific savings aims, such as Roth IRAs, FSAs and HSAs.

A good investor always keeps a close eye on their investments, but that doesn’t mean you have to do everything manually all the time. Find the opportunities to streamline your portfolio and make it easier to keep expanding it.

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