Spring is here and If you tackle your finances like your spring cleaning chores,, you should be in a much clearer financial position. I say clearer, not necessarily better, because before you can move forward, especially in finances, you need to know where you are right now. Here’s my suggested financial spring cleaning “to do” list…
Sort, Categorize and Identify
1- Clean and organize your finances into two groups – out-going and in-coming. Out-going are monthly bills and in-coming are accounts where you have assets and of course your income.
2- Dust off all your “accounts” – that means all those 401k/IRA statements from old employers, money markets, CD’s, and all the places you have funds. Gather your statements, put them in a binder, folder or envelope. Just put them in one place and label them.
3- Get clear about your out-going. Know exactly what you are spending each month and on what. You can find a multitude of budget and expense worksheets on-line, ready to plug-in your information.
Get Ready To Deep Clean!
Gather your statements of all those former employer 401k’s and IRA’s, pull out those CD’s and money markets and next make an appointment to see a financial planner; and make sure they are a fiduciary! A fiduciary is someone who is legally bound to provide financial advice in your best interest. Get educated, discover your options. Caring for these accounts are like mulch protecting your flower beds. They hold nutrients so your accounts grow, they provide protection from a harsh environment and they preserve the root of the plant. Deep cleaning your out-going expenses can be tough and hard to face, yet once you’ve looked them square in the eye and say “I own this”, you are ready.
Bo Gibbs, President and CEO of Gibbs Financial Group has more than twenty years’ experience in the financial services industry, is a fiduciary and received the highest A+ rating from both the Better Business Bureau and the National Ethics Association. GibbsFinancialGroup.com 770-753-6268.