Personal Financial Responsilbility

Spring Break is this week. I thought it would a good opportunity to review this letter from last Spring:

My wife is pretty ruthless about throwing things out during the year. Our kid’s toys accumulate. Our storage closets accumulate. It’s hard to keep up.

The same happens in our finances. Over time we tend to accumulate monthly payments, different types of accounts, and financial products. But how often do we grab a metaphorical garbage bag and get ruthless with our finances?

Here are a few ideas.

Inventory all monthly subscriptions, then annualize

It’s easy to accumulate $6.99 subscriptions to various services. One way to get a feel for these is to inventory them. Then annualize the monthly fee. $40 per month can seem reasonable but $480 per year might make us think twice about how much we value the service. It can also inspire us to find less costly alternatives.

Organize old retirement accounts

If you’ve changed jobs over the years, you could have old retirement accounts. Often, we delay reviewing them because we don’t know where to start. After some analysis, it might be beneficial to consolidate them.

Review beneficiaries

As we accumulate assets, investments, and insurance policies is important that the beneficiary arrangements are reviewed. As we go through different phases of life, our needs in this area change. We never know when this area of planning is going to matter.

Nexus Elite Financial Planning

If you feel disorganized or want to know if you’re on track, consider engaging in a financial planning process.

Have a great weekend!
Andrew Eppes, RICP®

Andrew Eppes is a registered representative of and offers securities and investment advisory services through MML Investors Services, LLC. Member SIPC. www.SIPC.org. Nexus Advisors, LLC is not a subsidiary or affiliate of MML Investors Services, LLC, or its affiliated companies. 14241 Dallas Parkway Suite 1200 Dallas, TX 75254 972-348-6300. The idea of retirement means different things to different people. CRN202502-1630160

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