On The Agenda:

Think about all the work around the house you’ve been doing since the quarantine started.  The house is clean(ish), the yard looks great, and you’ve checked a lot of items off the to-do list.  But, have you thought about cleaning out your financial closet?

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Episode Show Notes:

If you’re like most people, there’s probably that one closet in your house where you stick random things and promise yourself you’ll get to them one day.

It’s that one you probably don’t want to open because something might come crashing out. It needs to be organized but it’s going to take a little extra energy and patience to sort through everything.

Think of your financial portfolio this same way. There’s that one closet where you stick old investments and accounts that you plan to return to at some point in the future. Well, why not make that happen now? There’s not a better time to start cleaning out your financial closet and seeing what you have. Maybe there’s a better purpose for that money or that investment. Maybe you’re in better shape than you remembered.

On this episode of the How Money Works podcast, Craig and Jennifer will give you the tools to clean out your financial closet so you’ll be in a much stronger position once life returns to normal.

We’ll spend the show discussing the steps you can take to get the ball rolling, how to organize accounts, why you should be looking closely at your budget, and how to make sure your accounts match your goals. It’s a great discussion and one that can help you get a better grasp of your money and your future.

Plus, we’re providing you with the tools you need after the show. All you need to do is text TOOLS to 50597 and we’ll send you these three things:

  1. Life-planning organizer
  2. Budget worksheet
  3. Does my portfolio fit me tool

Thanks for listening to this episode. We’ll be back again next week for another show.

Important Points:

1:13 – How can someone’s financial life be like a closet?

3:01 – How do we go about organizing our financial life?

4:18 – We have a life-planning organizer tool that helps clients with this.

4:47 – Start with account type. 

5:56 – Group it by registration and titling.

6:53 – We can send you these financial tools.

8:22 – The next thing to get in order is a monthly budget.

10:21 – Adjustments our family is making during this quarantine.

11:44 – Budgeting prepares you for knowing how much you’ll need in retirement.

13:07 – Figure out if your accounts match your goals.

14:43 – One of the biggest cash-flow items you’ll deal with in retirement is taxation. 

17:36 – How you can determine how much risk you’re willing to tolerate.

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