When it comes to wealth management, many people focus entirely on investments and financial growth and can overlook some of the core fundamentals that end up costing them in the long run. If you're working on a wealth management plan, there are a few basics that you should prioritize as part of your plan. Here's a look at some of the things that you shouldn't dismiss.

Keep An Eye On Your Credit

When you've worked hard to establish your credit score, build a credit card portfolio, and maintain a sound credit history, it's easy to push it to the back burner as something you no longer have to worry about. The fact is that, with identity theft, credit card cloning, and other similar threats, you need to be more attentive to your credit than ever before. Make sure you review your credit card statements every single month to ensure that there are no unexplained or unauthorized transactions. Monitor your credit reports quarterly and set up alerts for new accounts so that you know if there's anything suspicious going on. The faster you identify a problem, the easier (and less costly) it is to resolve.

Assess Your Insurance Coverage

At every policy renewal period, you need to take time to review your insurance coverage to be sure that it's still sufficient for your needs. Whether you need to adjust your life insurance to cover a new financial commitment or you need to add a new art collection to your home insurance, it's essential to review these policies regularly for your own financial protection. In addition, this review can help you spot areas where you may have coverage that you no longer need, too.

Plan An Annual Financial Evaluation 

Talk with a wealth management specialist about an annual wealth evaluation. Once a year, you should look at all of your savings, spending, investments, insurance, and retirement plans to ensure that everything is still on track for your financial needs. By doing this annually, you can easily identify any areas where changes might need to be made based on market conditions or changing needs of your family.

The more proactive you are about your wealth management, the more secure you can be in your financial future. Keep these tips in mind and work with a financial management contractor for more information, guidance, and tips. They can help you with an investment and money management plan that will maximize your efforts.

For more information, contact a company like Libertas Wealth Management Group.