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Don't Set it and Forget it
37 Plays9 days ago
In this engaging simple step on the Uncommon Wealth Podcast, host Phillip Ramsey delves into the often-overlooked mantra of "set it and forget it" in financial advising. He challenges this traditional mindset and offers practical advice on how to take a more hands-on approach to personal finance management. Phillip's insights aim to equip listeners with the tools needed to better manage their 401ks and other investment accounts, emphasizing the importance of maintaining a clear view of one's financial situation.
Phillip shares the benefits of consolidating old 401k accounts and how rolling these over can simplify financial management and potentially enhance growth. Throughout the episode, listeners are encouraged to reevaluate their financial strategies, focusing on the impact of dollar cost averaging and the significance of consistent contributions. Phillip's expertise shines as he breaks down complex financial concepts into easily digestible advice, underscoring the necessity of staying engaged with one's finances.
Key Takeaways:
- Avoid the "set it and forget it" approach; always stay informed about your financial status.
- Consolidate old 401k accounts for better visibility and easier management.
- Rolling over 401ks can simplify the process of making contributions and tracking growth.
- Dollar cost averaging is a powerful strategy for consistent investment growth over time.
- Proactive financial management is crucial in navigating and succeeding on your financial path.
Notable Quotes:
- "You should never forget about your money. You actually should be way more in tune to your money than I think a lot of people would like you to be."
- "Consolidating old IRAs or old 401ks and rolling them over helps you see exactly how much money you have."
- "The more that you can fund that consistently fund an account, the better chance it has to be growing."
- "My challenge to you is try to figure out all your old 401ks, consolidate them, and roll them over either into your own IRA or your current 4
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Transcript
Introduction to Uncommon Wealth Podcast
00:00:00
Speaker
Everyone dreams of living an uncommon life and the best asset you have to achieve your dreams is you. Welcome to the Uncommon Wealth Podcast.
00:00:12
Speaker
We're going to introduce you to people who are living uncommonly. We're also going to give you some tools and strategies for building wealth and for pursuing an uncommon path that is uniquely right for you.
Meet Your Host: Philip Ramsey
00:00:27
Speaker
Hello and welcome everybody to another episode of the Uncommon Wealth Podcast where I'm your host, Philip Ramsey. Thank you for tuning
Rethinking Financial Strategies
00:00:33
Speaker
in. Today we have a simple step for you. And it all kind of stems from this, I don't know, mantra of set it and
401k Consolidation Advice
00:00:41
Speaker
forget it.
00:00:41
Speaker
Financial advisors will tell you that a lot. set it, give it to me, set it and forget it. And I just hate that saying for the record. I don't love it. um You should never forget about your money. You actually should be way more in tune to your money that I think a lot of people would like you to be ah just so you can kind of have a pulse on it. So my challenge for everybody listening is to try to figure out all the old 401ks that you have and roll them into either your current four one k or get them into an advisor so they can manage it for you.
00:01:13
Speaker
And so you just have a little bit more visibility and you don't have to call anybody or wait till that quarter investment comes. So I know it's kind of hard, and especially if you're like, I only worked at that company for two or three years, it might not be that much. But if you add them all together, it actually ends up being a sizable amount.
00:01:33
Speaker
And we do that a lot when we do financial plans for people. We take old consider all old IRAs or old four k 401ks and to consolidate them or we roll them over to their current 401k only so they can just see exactly how much money they have.
Understanding Dollar Cost Averaging
00:01:48
Speaker
Another reason why I think it's important to either roll it into yours or have you know an advisor do it is because it's way easier to add more money to that account. And that is an important thing when you're starting talking about growing your money.
00:02:01
Speaker
It's called dollar cost averaging. There's a lot of research out there. But the more that you can fund that consistently fund an account, the better chance it has to be growing. um And it's pretty simple. Just when when that market is down, it's really bad for the money that's in the account, but it's good for the new money going into the account.
00:02:21
Speaker
And then if the market's up, it's not great for the new money going into the account, but it's really good for the old money that's in the account,
Taking Action on Finances
00:02:28
Speaker
existing money. So my challenge to you is try to figure out all your old 401ks, consolidate them and roll them over either into your own IRA or your own 401k at your current employer.
00:02:42
Speaker
I hope this kind of gives you some ideas, but I think that's super helpful. I think we do that a lot. I know we do that a lot. And so I hope that is something that you'll take into account and start kind of working towards your own uncommon path.
00:02:56
Speaker
Thanks for listening. Until next time, go be uncommon.
Conclusion and Call to Action
00:03:00
Speaker
That's all for this episode brought to you by Uncommon Wealth Partners. Be sure to visit UncommonWealth.com to learn more about our services.
00:03:10
Speaker
Don't miss an episode as we introduce you to inspiring people who are actively pursuing an uncommon life.