Ep 12: Cleaning Out Your Financial Closet

A lot of Americans are using this lockdown time to clean up around the house so let’s channel that energy to getting our finances organized as well. We’re going to open the doors to that financial closet you haven’t looked into for some time and talk about how to get everything in order.

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The Game Plan

Many of us are finding ourselves with a lot of extra free time now that stay at home orders are in place for most of the country. After more than a month of quarantine time, the to-do list is getting shorter and shorter. How much more cleaning and yard work can you do?

Well, much like that closet full of random items that you plan on getting organized, it’s time to get your financial closet cleaned out and reorganized. We need to go through everything, see what use it has, and figure out where to put it moving forward.

That’s the plan for this episode of the Retirement Playbook Podcast. As challenging as this coronavirus crisis has been, it still provides us with a perfect opportunity to get to those financial items we’ve been putting off for a while. Let’s make use of the extra time and turn this experience into a positive.

We’ll help take you through the steps to take to becoming more organized. Sometimes the most difficult step is the first one so Dale will give provide some guidance on where to start. From there it gets a little easier and eventually you’ll have everything in order. That will provide a great sense of relief.

The other thing we want to touch on during this show is budgeting. We’re all working with a different budget right now because spending has decreased. Use this opportunity to work on your budget in retirement and get a better grasp on how much you’ll need to live the lifestyle you want.

No one wants this quarantine to continue, but let’s control what we can by getting our financial closet in order.


The X’s & O’s

Check out the timestamps below to skip around to specific topics on the show.

[2:53] – Let’s clean out the financial closet

[3:46] – Help us make sense of the analogy first.

[4:43] – Every has a different way of organizing their finances.

[6:12] – How can we begin the process of getting organized?

[7:10] – Some other ideas for organizing.

[8:14] – Budgeting is still important in retirement

[9:56] – Now is the perfect time to take on some of these things.

[11:41] – Do the things we have still match our goals?

What I’m finding is this is a perfect time, that you have time today during this coronavirus shutdown. You have time to do these things and get prepared for it. It’s a really good time to start budgeting and see where you’re at.

– Dale Tondryk

More To Explore

Ep 67: Are You A Risk Taker? How To See If Your Tolerance for Risk Matches Your Plan

Do you like to take risks? Or would you rather play it safe and steady? When it comes to the market risk can come with great reward, but it can also be damaging if our risk tolerance is out of balance with our plan. Most people don’t realize how much risk they are taking on and have a much lower tolerance than their portfolio reflects. 

Ep 66: Picking Sides in Important Financial Debates

Financial debates have existed for a long time and when we’re planning we may encounter quite a few. While there are various opinions out there, not everyone’s solution will fit your needs. Each situation is going to depend on your plan and goals.

Ep 65: Are These Retirement Statistics Encouraging or Disturbing?

We’ve gathered some updated retirement statistics from across the country. It’s time to find out if these are encouraging or disturbing findings if they’re reflective of the average client, and what you can do to improve your own retirement preparedness based on this information.