Sorting Through the Financial Junk Drawer

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Confidence Corner

Celebrating our 100th episode of the podcast today, we’re going to do a giveaway! But first, we take a peek in the junk drawer to see what’s in there and what should be cleaned out, especially when it comes to your financial documents. Listen to the show to hear what interesting thing Marc has in the junk drawer! 

Whether your junk drawer is in the kitchen or in a desk, what is in there and forgotten? When it comes to the financial junk drawer or filing cabinet, a lot of people forget about an old life insurance policy. Have the premiums fluctuated? It might be time for a review of what you have and what you’re paying for. You might even be able to get a lower rate or better coverage.

Do you have a will or estate plan? When was the last time it was updated? Maybe you made a will when the kids were young but now they are all grown up and it’s time to update it. Nathan recommends you review it every three to five years to make sure it’s still set up the way you want it.

Is there an old Social Security statement lying around in your financial junk drawer? Instead, it might be better to look at the website for Social Security so you can see your statements or get an estimate of what’s to come. Another statement likely floating around is a 401(k) statement, maybe from an old job. Has it been rolled over to an IRA? Make sure you don’t forget about these accounts and check with your advisor to see where your money will best grow. Do you have old bonds in there, too? 

Finally, do you have a piece of property you bought as an investment? Is now the time to reevaluate? With a hot real estate market recently, many have been considering whether or not this is the time to sell.

Listen to the entire episode (especially to participate in the giveaway!) or skip ahead using the timestamps below.

[0:29] – We’re going from tax season to turkey season.

[1:53] – What’s in the junk drawer? 

[4:12] – What kind of life insurance policies do you have? 

[6:22] – When was your will last updated?

[8:23] – Do you have a Social Security statement?

[10:25] – Do you have a 401(k) statement?

[14:15] – Is there a plot of land in your name?

 

A Point Of Wisdom:

“Don’t just throw it in the junk drawer and forget about it. Typically every 3-5 years, review your estate plan and make sure it’s still what you want.”

-Nathan O’Bryant

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YOUR HOST

Nathan O’ Bryant is the founder of O’Bryant & Associates, Inc., a Registered Investment Advisory firm in the state of TN. He’s been helping people plan for retirement and their financial futures for more than 15 years.

The weekly podcast features discussion and excellent guidance on the important financial planning questions we all have. Whether it’s tax planning, retirement income, social security or the stock market, you’ll find that no topics are off limit on this show.

YOUR HOST

Nathan O’ Bryant is the founder of O’Bryant & Associates, Inc., a Registered Investment Advisory firm in the state of TN. He’s been helping people plan for retirement and their financial futures for more than 15 years.

The weekly podcast features discussion and excellent guidance on the important financial planning questions we all have. Whether it’s tax planning, retirement income, social security or the stock market, you’ll find that no topics are off limit on this show.

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