global ue4 asset library

I am working with ue4 for some time already (archviz), but there is one thing I still do not know how to do up to this day

how to keep the main furniture library at one place for all projects? currently, I migrate meshes / materials etc from project to project, therefore creating copies of data in each project, I would like to have one global library that would link to each ue4 project, I would not like to have one huge project consisting of subprojects

in 3ds max it is a common workflow assets are always in one place on the drive, each project reads data from that place - the project itself does not contain the data, in ue4 i did not find a way how to do this,
I have stumbled upon ntfs junctions ( UE4 - How to use Junctions to change paths and share assets - YouTube ), would this be the right way to achieve my goal? or is there any other pipeline that I just have not found? I have read that junctions might be a minefield of trouble, if not used very carefully