In some embodiments, a personal possession management system using a short range Internet Protocol (IP) based Personal Area Network (PAN) comprises a master device MD to be worn or held by a user, and an IP based RFID electronic tag ET to be attached to or contained within a personal possession desired to be managed. The electronic tag ET has communicability with the master device. The master device MD is configured to allot an IP address to the electronic tag ET in a registration mode using IEEE 802.11 protocols and sends probes to the electronic tag ET. The electronic tag ET is configured to receive messages from the master device MD and respond accordingly. The master device MD alerts a user when the communicability between the master device MD and the electronic tag Er is disrupted in a monitoring mode.