1. Choice of family investment and financial management (1) The necessity of making family investment and financial management choices When families invest, the first thing they face is the choice of investment methods and fields. Generally, the income and risk of the assets should be considered. Taking into account the basic points and mutual constraints, select a certain type of assets or certain types of assets, and determine the amount and proportion of investment. Before the reform and opening up, in the eyes of most Chinese people, "investment and financial management = bank = savings office", personal financial investment only brought "saving money and earning interest" to the people. Today's common people not only have the ability to "wear gold and silver", but their personal disposable income has also reached tens of thousands of yuan. New investment varieties have gradually become an integral part of personal investment and financial management. Emerging personal investment and financial management tools such as financial futures and financial options are emerging in endlessly, which have a great impact on modern personal financial management investment portfolios. Among the many methods of asset selection, it is an asset selection strategy under depressed market conditions to promptly guide households to take advantage of the slump in the capital market, raise social hot money at a lower cost, and choose a suitable method for rational investment. For example, the Chinese stock market was very depressed before 2006. There were many clear-headed and far-sighted investors who dared to borrow money from their relatives and friends at an interest rate of two cents and raise unexpired bank time deposit certificates. They used the deposit certificates for They took mortgage loans from banks and deposited the loans and borrowed funds into the bank to buy stocks. Due to their accurate grasp of investment opportunities and appropriate choice of investment methods, in less than a year, the stock market boomed in the second half of 2006, and they gained profits from buying stocks. The rate reached 100% and achieved staggeringly high returns. Theoretical and empirical analysis shows that households' selection criteria for assets are mostly based on bringing about new income in the near future or an increase in the relative amount of income. Diversify investments based on financial resources and abilities, but avoid blindly following the herd or borrowing money to invest. Financial investment tools are generally divided into conservative ones such as bank deposits, growth-oriented ones such as bonds, funds, etc.; high-risk and high-yield ones such as futures, foreign exchange, real estate, etc.; and specialized knowledge-based ones such as stamps, jewelry, antiques, calligraphy and paintings, etc. Diversify your investments as much as possible, but remember not to blindly follow the herd in investing. You should use your personal expertise to invest in as many diversified investments as possible to obtain maximum returns. (2) Varieties of family investment and financial management At present, new investment varieties have gradually become an integral part of personal investment and financial management. Emerging personal investment and financial management tools such as financial futures and financial options are emerging in endlessly, which have a great impact on modern personal financial management investment portfolios. Nowadays, the main types of home investment products include: 1. Bank deposits. For ordinary people, deposits are the most basic way of investment and financial management. Compared with other investment methods, the advantages of deposits are: diverse deposit types, flexibility, value-added stability, and security. After deciding to make a savings deposit, investors are faced with the choice of deposit term structure. Investors mainly choose whether to deposit current deposits or fixed deposits. In fixed deposits, whether to save for only one year or longer depends mainly on future income and expenses, as well as the expectation and grasp of other better investment opportunities in the future. 2. Stock investment. Among all investment tools, stocks (common stocks) can be said to be one of the investment tools with the highest return, especially from a long-term investment perspective. No publicly listed investment vehicle provides higher returns than common stocks. Stocks are certificates issued by a joint stock company to shareholders in order to raise their own capital. They are certificates representing the ownership of share capital and a type of securities through which shareholders can obtain dividends and bonuses. Stocks have become an important target for family investment. 3. Investment funds. Many people want to invest in the stock market, but they don't know how to choose stocks that suit them. The best way is to entrust experts to make investment choices on their behalf. This investment method is a fund. Investment funds refer to raising numerous and uncertain social idle funds through the form of trusts, contracts or companies through the issuance of fund securities to form trust assets of a certain scale, which are handed over to professionals from specialized institutions in accordance with the principles of asset portfolio. Diversified investment is an investment tool in which profits are shared in proportion to the investment. Compared with other investment tools, the advantages of investment funds are expert management, scale advantages, risk diversification, and considerable returns. Purchasing investment funds by families is not only less risky, but also saves time and trouble. It is the best investment tool for family investors who lack time and professional knowledge. 4. Bond investment. Bonds are between savings and stocks. They have higher interest rates than savings and are less risky than stocks. They are more suitable for middle-income families with more idle funds. Bonds have the characteristics of fixed term, repayment of principal and interest, transferability, and stable income. They are very popular among conservative investors and the elderly. 5. Real estate investment. Real estate refers to real estate and real estate, that is, the collective name for the two properties of house and land. Since purchasing real estate is a very important investment for every family, families who want to invest in real estate should have a good financial plan; reasonably arrange the funds for purchasing a house and pay attention to changes in the real estate market at any time, so that when the price rises significantly, they can sell and cash out to obtain the price difference. Among various investment methods, the advantage of investing in real estate is that it can maintain its value. When inflation is relatively high, real estate prices also rise; moreover, real estate can be used as collateral to obtain loans from banks; in addition, investing in real estate can be used as a The family property is left to the children. 6. Insurance investment. The so-called insurance refers to a method in which the insurance company collects a certain premium from the policy holder in accordance with regulations, establishes a special insurance fund, and adopts a contract form to provide economic compensation for the policy holder's accidental losses and economic security needs.

Insurance is not only a means of preparation beforehand and remedy afterwards, but also an investment behavior. The insurance premium paid by the policy holder in advance is the initial investment of this investment; after the policy holder obtains the right to claim, once a disaster occurs or protection is needed, he can obtain economic compensation from the insurance company, that is, "investment income"; insurance investment has certain Risk. Only when a disaster or accident occurs and causes economic losses can you obtain financial compensation. If the relevant situation does not occur during the insurance period, the insurance investment will be completely lost. The main types of home investment insurance include home property insurance and personal insurance. At present, major insurance companies have launched life insurance products such as capital linkage or dividend-sharing, which enable insurance to have the dual functions of investment and protection. Insurance investment is not the most important in family investment activities, but it is the most necessary. 7. Futures investment. Futures trading refers to the transaction form of a standardized contract in which the buyer and seller pay a certain amount of margin, conduct it through the exchange, and deliver a commodity of a specific quality and specification at a specific time and place in the future. Futures trading is divided into two categories: commodity futures and financial futures. You should be cautious when choosing futures trading. 8. Art investment. Overseas, art has been listed as the three major investment objects along with stocks and real estate. Compared with other investment methods, artworks have the following advantages: First, the investment risk is small. Artworks are non-renewable, so they have a strong value-preserving function. Their market fluctuations are not large in the short term, so investors can control their own destiny and have high security. Second, the yield is high. The non-renewable nature of artworks results in the extremely strong appreciation function of artworks, so the return on investment in artworks is high. But at the same time, the shortcomings of art investment are also prominent: First, there is a lack of liquidity. Once an art is purchased, it may not be sold in the short term. The period between purchase and sale may be as long as several years, decades, For hundreds of years, it has been unrealistic for ordinary families with relatively limited funds. Second, under normal circumstances, the identification of artworks requires strong professional knowledge. Families and individuals who do not have the ability to identify artworks should still proceed with caution. 2. Whether the combination of family investment and financial management is financial assets, physical assets, or industrial assets, there is a problem of reasonable combination. From holding one asset to investing in two or more assets, from only owning a non-systematic single asset to owning a systematic portfolio of assets, this is an important sign of the maturity of my country's family investment and financial management behavior. Many families have realized that What a household investment portfolio with real economic value pursues is not the maximization of the utility of a single asset, but the maximization of the utility of the entire asset portfolio. Because assets are substitutable and complementary, the substitutability of assets is reflected in the demand among various assets. Changes in relative prices, public investment preferences, and even earnings expectations may all exhibit trade-off relationships. The complementarity of assets is manifested in the fact that changes in demand for one asset will lead to changes in demand for another or several investment products, such as the linkage relationship between housing, building materials, and the decoration industry. Therefore, from an economic point of view, it is not difficult to prove that holding too much of an asset will have a reverse effect. The utility of holding will decrease, the cost will increase, the risk will increase, and ultimately lead to a decrease in returns. This is not conducive to the realization of family investment goals. When implementing asset portfolios, the degree of asset utility obtained by families is much greater than that of a single asset. This can often be determined from the asset holding costs, transaction prices, expected returns, security levels, etc. aspects are reflected. For example, when the market is in a downturn, the general investment product market and the collectibles market are in a downturn at the same time, but the degree of weakness in the housing market, postal market, card market, currency market, stock market, gold jewelry, and antiques and treasures markets is not the same. It is also possible for prices to be lower than the face value or cost price, and for some to be maintained at higher prices. At this time, clear-headed and discriminating investors will promptly select which of the above-mentioned assets have great appreciation potential for portfolio investment. , and will also obtain considerable benefits. There are already many families in our country who can not only use the general investment skills of asset portfolios more freely, but also pay attention to the substitutability and complementarity of asset baths in investment projects, achieve a combination of long-term and short-term, complementary varieties, long-term investment and short-term speculation. And he can also freely use the market entry and exit techniques. Own funds and other people's funds cooperate with each other, thereby greatly improving the efficiency of family investment and financial management. This is a more efficient asset portfolio. Asset investment requires a combination to achieve both benefits and avoid risks. Many families have understood this truth and implemented it in their own investment activities. However, through a large amount of empirical analysis, we have found that many families simply invest Several types of investments are added, and they are "just thrown together" without internal connections, without considering how the assets can be combined to achieve proportional connections and combinations. In fact, asset portfolio is a series of activities that optimize the family property structure and asset structure and transform a short-term low-yield asset portfolio into a long-term high-yield asset portfolio.

Some families, mainly middle-aged and elderly families, have low investment awareness in their asset portfolios. Their desire to preserve value makes their assets excessively concentrated in low-risk, low-yield varieties. For example, savings may account for 50% of bank and financial assets. More than 85%, the proportion of securities investment is too small, and the family's physical assets mostly choose durable consumer goods with strong consumption characteristics, which is a typical low-efficiency asset portfolio; some families also have young couples as an important component , their family investments are excessively concentrated in high-yield and high-risk varieties, with obvious family investment portfolios pursuing speculative profits, such as excessive investment in stocks, futures, corporate bonds, foreign exchange, etc., and even participating in various types of investments for the sake of high profits. If social fund-raising fails, you may lose all your money. This is also an inefficient way to combine assets. Although some families have also realized the coexistence of high returns and high risks, and have begun to combine investment projects in multiple varieties and with multiple maturities, they have no understanding of the dual functions and interrelationships of investment and speculation, and the market segmentation and conversion of investment projects. There are many shortcomings, and it is easy to make mistakes in handling the relationship between own assets and other people's assets. This is also a low-efficiency asset combination method. 3. Adjustment of family investment and financial management The asset portfolio must be in a state of maximizing benefits in the long term and often. The asset portfolio cannot be just a short-term static profile, but a dynamic non-linear process, which is a reasonable expectation of various market factors. Finally, the process of continuously revising and improving the implemented asset portfolio plan is carried out. Therefore, the asset portfolio is actually a function composed of a series of changing factors. The basis for continuous reasonable and effective adjustment is that the basic variables that determine this function are a series of uncertain factors: for example, when households have insufficient information about their possessions, When making investment portfolios, the contradiction between the unlimited information and the limited information possession always exists. The imbalance in the capital market is constant, and the equilibrium is accidental and instantaneous. There are difficulties in market expectations. In addition, government intervention is more important. Uncertainty, the government intervention in my country's investment market is relatively strong, sometimes there is insufficient basis for intervention, and the subjective existence of arbitrariness makes families pay attention to the objective economic operation trend and often speculate on the government's policy intervention in the capital market. Determining investment portfolios and adjustments, such as the ups and downs of my country's stock market and its basic operating trends, are often related to policy intervention. Asset adjustment basically reflects the family's requirements for a balanced expectation of the assets they own. In the process of investment adjustment, when a family determines the interdependence of various assets and reasonably constructs its own asset demand function, it must first consider the equilibrium state of the asset composition, which is Based on the supply and demand relationship in the market, the determined asset preferences, and the ability to pay income, we find the optimal asset composition and implementation method. Secondly, we make reasonable expectations for asset changes, so that the benefits are not only in line with the maximum return and the minimum risk in the short term principle, and in the long-term operation, the efficiency of assets must also be maximized. According to the asset selection and adjustment theory of Western economics: the order of asset combination is to select risk-free assets first, and then select assets with average risks and returns. Finally, additional assets with higher risks and returns are invested. Such asset adjustments are carried out in accordance with the requirements of risk and return and meet the hierarchical and systematic requirements of the asset portfolio. Such asset adjustments are efficient and reasonable. It is important for the government to confirm the status of households as an important subject in the investment market, recognize that their investment behavior is becoming increasingly mature, and give them more choices of investment varieties, especially in terms of expanding channels and varieties in terms of safety, liquidity and profitability. Issues that should be further addressed from a macro perspective include, for example, the diversified provision of financial assets. In terms of the provision of financial instruments, in addition to ordinary shares, can we consider adding types such as preferred shares? It is very important to increase varieties and expand the issuance scale of financial bonds and corporate bonds. In addition, financial derivatives, including stock futures, index futures, bond futures, etc., should not be rejected. Derivatives are highly speculative and risky, but if managed properly and standardized, they can also reduce risks. , the use of derivatives has become very common in developed countries. 4. How to obtain returns from household investment and financial management: Nowadays, many household investment and financial management results are not satisfactory, and some even cause serious losses due to investment mistakes and improper financial management. So, how to carry out family investment and financial management in order to obtain expected returns? The author has discussed: (1) Adhering to the "three principles" when formulating investment and financial management plans - safety, profitability and liquidity. The so-called safety means investing family savings in a way that not only prevents losses, but also prevents purchasing power from being reduced due to inflation. This is the first principle of family investment and financial management. The so-called profit means that the family savings must increase in value after being invested. Of course, the more profit, the better. This is the fundamental principle of family investment and financial management. The so-called liquidity, that is, liquidity, the use of household savings funds must consider its ability to be turned into cash, which means that the money can be recovered when the family urgently needs it. This is a condition for household investment and financial management, such as gold, popular stocks, Certain bonds and bank deposit certificates have high liquidity, while real estate, real estate such as real estate and jewelry, and insurance funds have poor liquidity. (2) Understand and master knowledge in related fields and disciplines.

In the process of family investment and financial management, it will involve portfolio investments such as financial investment, real estate investment, and insurance plans. Therefore, you must first understand the functions and characteristics of investment tools, and choose the risk level according to your personal investment preferences and family asset status. Use different investment tools such as savings, bonds, stocks, insurance, and real estate to formulate effective investment plans to avoid risks and reduce losses to the greatest extent. Understand the current trends in the country and master macroeconomic policies and relevant laws and regulations. Family investment is inseparable from the national economic background, and macroeconomic guidance directly restricts the performance of investment tools and market profit margins; at the same time, understand the laws and regulations of the country to legalize investment, do not participate in illegal financing activities, and use reasonable means when possible Tax avoidance increases returns. (3) Family investment and financial management must be rational, carefully planned, and always keep a cool head. Scientific management of how to properly accumulate wealth at all stages of life and manage wealth in a planned and systematic manner is an essential financial management concept for modern families. (1) Establish working capital. The size of the working capital should usually be equal to 3 or 6 months of household income to prevent sudden and unexpected emergency expenses that may arise. Reasonable investment channels for working capital should be banks’ regular savings deposits, short-term treasury bonds and other realizable assets. (2) Establish an education fund. The cost of higher education today has a significant upward trend. If the financial needs predicted now may be very different from the actual needs in more than ten years, to achieve these goals, long-term asset accumulation and guarantee of assets must be carried out. protected from inflation. At present, many financial experts recommend the method of regular fixed-amount investment in funds. You can choose a stock or stock fund with only growth potential, buy the same amount regularly every month, and spread the risk over time. (3) Establish a retirement fund. In the early stages of preparing for retirement, investment strategies should focus on returns and relatively bear higher risks; the closer to retirement, the more important the security of retirement funds becomes, and the insurance aspect should also further increase the amount of pension funds. Insurance investment. (4) Calculate the "life risk tolerance" and take measures within your capabilities. The so-called "life risk tolerance" refers to the length of time that family life can be maintained if a serious accident occurs to the main breadwinner of the family. Therefore, it is necessary to increase personal insurance coverage for the main income earner of the family if possible, especially if there are family members who cannot financially support themselves. Plans should be made for them for a period of time to avoid accidents occurring to the main income earner. When they cannot live a normal life; in addition, in the course of normal life, they should also set aside living expenses that can last for about 3 months, and then choose to invest to prepare for urgent needs; at the same time, they should not over-invest to reduce the quality of life. 5. Family investment and financial management risks and their avoidance: All investments have risks, but the magnitude of the risk is different, and the same is true for family investment. Risks that may be encountered in family investment and financial management: Risk refers to the possibility of adverse effects on the investment process due to various uncertain factors. Once adverse effects or adverse results occur, investors will suffer losses. Risks are divided into systematic risks and non-systematic risks. Systemic risks are mainly caused by changes in the political and economic situation, such as major adjustments to national policies, changes in economic cycles, etc.; non-systemic risks are mainly caused by the factors of the enterprise or individual assets themselves. Family investment risks mainly include: policy risk, which refers to the risks brought to investors due to the introduction, implementation or adjustment of national economic and financial policies. Legal risk refers to the risk caused by financial investment in violation of national laws and regulations. Market risk refers to the risk caused by market changes. Institutional risk refers to the risks brought to investors due to poor management of financial institutions. Fraud risk refers to the risk caused by a family being defrauded during the investment process. Operational risk refers to the risk caused by improper operations in the process of financial investment by households. (1) Establish financial files. Today, with frequent household financial activities, it is difficult for the human brain to remember all the large amounts of financial information clearly, which has led to a series of problems: some bank deposit certificates and other securities are stolen or lost, but the Unable to provide relevant information, they were unable to report the loss to the relevant financial institution; some investors did not keep accounts when buying and selling stocks, and the listed company could not figure out how many stocks were on the books after giving away shares many times, and even missed out on high-priced shares. It is a good opportunity to sell at a higher price and make more profits; some people put insurance certificates such as household property or personal accident injury randomly, and once something happens, it is difficult to obtain compensation from the insurance company because they cannot find the insurance certificate, etc. . As long as the civil servant family establishes a family financial file, these problems can be completely avoided. Establishing a family financial file can mainly start from the following three aspects: First, clarify the contents of the file. (1) Names, account numbers, deposit amounts, deposit dates and withdrawal passwords of various bank deposits and book-entry securities deposit certificates; (2) Stock transaction records; (3) Various types of insurance certificates; (4) Mutual information between individuals Loan receipts; (5) Various financial information materials, such as bank deposit interest rates, treasury bill issuance and redemption information, stock market information, etc.; (6) Information on family investment and financial management methods and value-added techniques. Secondly, master the filing method. If the amount of household investment is small, a small book can be used to record it; if the investment is large, formal account books should be established, and the household financial contents should be recorded one by one according to the type, and a note should be made of each financial activity. If your family has a computer, you can take advantage of this and store your personal family financial files in your computer for retrieval at any time.

Again, grasp the key issues: the filing must be timely, and financial information must not be lost due to random storage; the content must be comprehensive, and all financial contents that should be filed must be completely entered into the file; the filing must be confidential, and the deposit receipt (ID card) must be kept confidential. , personal seals, withdrawal passwords and other important file information related to family financial security must be archived separately, and passwords should be set for computer files; new information must be included, old information should be cleaned regularly, and new information should be stored so that the files are invested at all times. Refer to the value; apply it frequently, read it frequently, and study it frequently, so as to improve your financial management skills and improve investment efficiency. At the same time, you can prevent forgetting to withdraw your deposit when it expires and avoid the loss of family investment interests. (2) Build personal credit. The so-called personal credit. That is, the trustworthy loan repayment record that an individual has when borrowing from a financial institution is an indispensable “passport” for citizens in economic activities. Currently, residents can adopt two methods to establish personal financial credit: one. , take advantage of banking financial innovation opportunities to prove personal credit. In recent years, commercial banks have launched credit cards and credit cards. Cardholders can establish personal credit by being trustworthy and repaying loans. Second, they can establish personal credit with the help of intermediary service agencies such as Shanghai. Credit Credit Co., Ltd. provides joint personal credit reporting services to banks and individuals. Through personal credit information collection, consultation, evaluation and management, it establishes a personal credit file data center and provides supporting personal credit reports for citizens to apply for credit consumption. When investing or consuming, they should use such intermediary services to establish personal credit and obtain "passports" for borrowing from multiple banks. (3) Family investors should promptly find out the types and causes of actual risks. , and take remedial measures in a timely manner. For risks caused by external reasons, such as risks caused by lost passbooks, stolen passwords, etc., the loss should be reported in a timely manner; for risks caused by financial fraud, multiple methods and means should be adopted in a timely manner. To minimize losses due to changes in national macroeconomic policies, investment plans and investment programs should be adjusted and modified in a timely manner. If interest rates are lowered, the savings structure should be adjusted; if the capital market is sluggish, the investment structure should be adjusted. , adjust the structure of stocks, futures, funds, and bonds.