Too often in new client Discovery Meetings, we hear “I wish I knew where all my money is going.” Sometimes folks aren’t even sure how much they have, or where it all is.
You may have created bank or investment accounts upon starting a new job, a friend’s recommendation, or moving to a new city. New credit card offers come in the mail, and like streaming services, old ones don’t always get cancelled.
What comes in and what goes out
Consolidating investment and bank accounts helps form a clearer picture of what you have, what comes in, and what goes out. Some bank accounts offer teaser rates or cash bonuses to attract new deposits, but then the interest rates fall to almost zero. High-yield money markets are often online savings accounts with rates now over 3% that link to your bank checking and typically limit withdrawals to six per month.
So consolidating bank accounts could mean that all your “savings” would earn decent interest and be readily available when needed. This could be huge for you, because once you have “extra” savings, you can make investment decisions that grow your wealth. This can lead to greater freedom in making future life choices.
Growing Wealth might mean increasing your 401(k) contributions, starting a personal investment account, or even paying off car or credit card balances. Because loan rates are usually higher than bank interest, you’re ahead of the game by paying down debt.
A little organization goes a long way:
Consolidate Accounts to take inventory of what you own and where it lives.
• Write down Life Goals now that you see the big picture and track your progress.
• Achieving Goals motivates one to stay financially organized. It also makes spending decisions easier and enjoying life less stressful.
• Protect your Wealth. Free online password vaults allow you to use different complex passwords for everything, and change them often.
• Ask Us for a Checklist. Integras Partners created separate checklists for Young Professionals, Established Professionals, Planning Retirement, and Executors.
