You probably have a junk drawer at home. It’s filled with knick knacks like rubber bands, clothespins, and ink pens, and highlighters. While you might not realize it, you probably have a financial junk drawer as well. Discover six things you could be giving a better purpose.
(Click the featured times below to jump forward in the episode)
First Things First.
- [9:56] – In The News: Jamie Dimon Foretells Student Loan Debt Crisis.
- [15:15] – Getting To Know You: Dan shares about his recent trip to see Hamilton.
- [12:07] – Mind Over Money: Dan explains the Dunning-Kruger effect and its impact on investors.
Do You Have An Old Life Insurance Policy In Your Proverbial Junk Drawer?
- [3:08] – Perhaps you bought a life insurance policy to serve as a form of income protection when you were younger. Now that you’re retired, you might not need the extra income anymore, but you could repurpose that policy for your new circumstances.
Update Your Will And Estate Plan.
- [4:08] – In all seriousness, if your will is lying outdated in your junk drawer, you need to update it ASAP. Wills, trusts, beneficiary agreements, and powers of attorney all need to stay up to date. Should something happen to you, you wouldn’t want to leave a mess for your family.
Check In On Your Social Security Estimates.
- [5:02] – If you’re older, you’re probably used to getting your Social Security statements in the mail. However, these days you can get them online, and you really should take them to your advisor to examine.
Take Your 401(k) Accounts With You.
- [6:19] – If your old 401(k) statements are lying in the junk drawer, it’s time to get organized. It’s so easy to leave your 401(k) account behind with an old employer. You really need to roll that money out of your old 401(k) and into a self-directed IRA or Roth IRA.
Cash In Your U.S. Savings Bonds.
- [6:59] – Once your bonds reach maturity, they’re no longer collecting interest. Get those bonds to the bank, and cash them out.
Is Your Vacant Lot Still Sitting Vacant?
- [7:37] – Perhaps you bought a vacant lot several years ago, and perhaps you said you were going to develop that land. If it’s been sitting there for more than 15 years with no hope for development, it might be time to sell that property.
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