Today’s Prep:
What’s a simple way to make your financial planning better? Today we are going to discuss some easy steps you can take to improve your financial plan.
Equipping Points:
We all want to do some easy improvements, especially ones that can make a big impact. On today’s show, we talk about easy financial changes you can make to improve your situation. Have you done any of these already?
When it comes to cash, how much do you really need? Sometimes you need to change your definition and understanding of liquidity. There are ways to get your hands on money quickly if needed from accounts other than your bank. If you have an emergency, you likely have at least three or four days of notice. Talk with your advisor about where you can move some of your lazy money wisely.
Are you sitting on an old life insurance policy? Check to see if you are eligible for a similar policy at better rates. Think about what you really need out of your policy and determine if another product like an annuity is better for your situation once you’re in retirement. Don’t throw away an insurance policy without something else in place first.
Do you have a forgotten 401(k) account? Life happens and sometimes you aren’t ready to do a rollover right after you switch jobs. But this is your money, so be sure to track it down and move it to the right account under your name.
If you’re paying management fees, are you getting the proper value out of it? Look into the fees and make sure you get the service you deserve. You may need to get a second opinion to see what another advisor offers and charges. Getting a retirement readiness review could give you the clarity you need on your plan.
Listen to the entire episode or skip ahead using the timestamps below.
1:01 – What should you do with cash?
4:22 – Do you have an old life insurance policy?
6:15 – Have you left behind a 401(k)?
7:39 – Are your managed accounts being well managed?
Today’s Takeaway:
“People have a lot of cash right now that’s not doing them any favors.“
-Eric Peterson
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