Understanding Your Financial Statements

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Today’s Question:

What should you be looking for when your financial statement arrives? Nathan shares what different things mean and why they matter on your statement.

Click on the timestamps below to jump to specific topics. 

Confidence Corner

Whether you receive a statement monthly or quarterly, your financial statements might seem difficult to read. Maybe you look at it or just toss it in a drawer to figure it out later. Many people start to pay close attention to it as they near retirement. On today’s episode of the podcast, we talk about what you should be looking at.

Are you looking at the income prediction? What does this really mean? The fine print might spell things out a bit more clearly. Be careful and pay attention to the dates and calculations involved in the income prediction instead of relying on it.

The asset allocation summary is often in a pie chart showing your different stocks and bonds. It might have a few different colors on the chart, but don’t automatically assume this means you are diversified. This view is showing you high level perspective, but you need to make sure you are further diversified among fund types.

On the statement, are you constantly looking to find the fees? These can be difficult to find. Nathan talks through some of the fees that might be in your funds and what they mean. What other fees do we have in everyday life?

Finally, what kind of fine print or disclosures get overlooked? What is FDIC or SIPC insurance? All of these things are important to look at and understand. But if you don’t know what you’re looking at, don’t hesitate to reach out to a financial advisor for guidance.

Listen to the entire episode or click on the timestamps below to skip ahead.

[0:47] – Enjoy celebrating Memorial Day!

[1:37] – Reading the fine print on your financial statement.

[4:03] – What is the asset allocation summary?

[5:38] – What about those fees?

[7:32] – What are some hidden fees in regular life?

[9:16] – What is cost basis?

[10:08] – What fine print gets overlooked?



A Point Of Wisdom:

“It really is important to understand what you’re looking at.

-Nathan O’Bryant


Related Content:

PODCAST: Reading the Financial Fine Print

PODCAST: Last Ten Working Years Before Retirement


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