Daily Dose #26: Kick the Tires and Check Under the Hood

The Millennial Piggy Bank has been on a short “hiatus.” We have returned though and are ready to “Show You the Money!” Speaking of finances…

  1. Do you know where your money is? You now have a growing savings account, IMG_0963 Flat tirehave recently invested in your company’s stock and are celebrating your second year of owning your own home.  You even have that emergency account all set up.  These are excellent steps for building your financial portfolio and we admire you for hiring a financial planner to monitor your investments.  We applaud everything you have done to increase your personal wealth, but how much do you know about your mutual fund?  Have you met with someone to find out the “ins and outs” of your 401K?  How often do your check on your stocks and where do you go to get tips on best investments?  These are all important considerations since it is YOUR MONEY!   Check out CNN Money, with your morning coffee, pull up “Market Watch,” over lunch and sign up for CNBC Investing  If the huge packet you received from Voya Financial sounds like Greek to you, then make an appointment to meet with your investor and ask questions!  Again, it’s your money so shouldn’t you know all you can about what it’s doing? While you’re at it, have you checked into the “guidelines” of your savings account or read your current mortgage statement?  Most “money advisors” recommend hiring a financial team to help with your portfolio. At the very minimum, having an attorney, accountant and financial advisor as well as a financial planner at your local bank available to you, will help you stay on track financially. Make sure you attend your yearly financial review and keep a file of all statements and investing policies. Last, but not least…have you set up a living will yet? It’s your money, so keep it safe, check under the hood regularly and take it in for yearly reviews every 100 days!

PS.  Don’t forget to check out Daily Dose #25… there may have been a glitch in the delivery!

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