After reading few of them, I am still confused what would be the right way. I just went through some techdocs from Altium, and there are many ways to manage libraries: database library, database link, vault based, integrated libraries, component libraries. I don't want to import whole library of amplifiers that I downloaded, just to use one amplifier. Same symbols can be used for different footprints and same footprint can be used for different symbols. And whenever I am working in a new project, I would just copy/import them to my project and create components from the symbols and footprints as required. I don't know what is the best way to manage libraries, but what I would like to have is a central location where I keep all the symbols, footprints and models. And then I copy the symbols and footprints from other projects if available, download the libraries from manufacturers and add those libraries to project, and if not available make my own symbols and footprints. Whenever I start a project I create a schematic library (*.schlib) and a PCB library (*pcblib). I guess I have been always doing it wrong way because I don't have to use Altium so often.

Altium integrated library