Do you have 20 credit cards open or several bank accounts that you hardly use? Have you changed jobs and now have several 401K accounts to keep track of? This video will help to organize your financial life into three easy areas so you know where your money is going each month and you can track your finances more easily. It’s like Mari Kondo-ing your finances!
In this episode:
Starting to simplify can be daunting [1:00]
Simplifying your financial life doesn’t have to be difficult [2:30]
The consequences of not knowing where your money is or goes [3:30]
Credit card companies will always send you offers [4:30]
The more credit cards you have, the harder it is to track fraud [6:00]
The rewards for cleaning up your financial life [8:00]
Three parts of financial life - the starter kit accounts [11:30]
Why you need a bank account and why the bank matters [13:00]
Why credit unions are superior [14:30]
How your money makes you money and why it’s good to start investing young[16:30]
A few more good reasons to have a checking account [20:00]
How to Mari Kondo your financial life [21:00]
Define what’s coming out of your bank accounts on autopay and then transfer [24:00]
Why it might be difficult to close those bank accounts [25:30]
Closing down credit cards [28:00]
Why its important to get your latest credit report [32:00]
It’s important to clean up correctly or you can damage your credit score [34:00]
What you want to look for in a credit card offer [37:00]
What to do before you close out your credit card [39:00]
How to close credit cards without negatively impacting your credit score [42:00]
Why having good credit and available credit is important [45:30]
Getting into investment accounts [48:00]
How Wall Street exists [50:00]
The types of investment accounts you want [51:30]
Only question to ask a financial advisor [55:00]
One thing to consider if you have taxable accounts [56:30]
When you complete this consolidation process your life simplifies [58:30]
Resources:
Sample credit report from Experian
Sample Excel Doc For Cleaning it Up