Welcome back to the second episode of the Back to Basics series. These episodes differ from our typical episodes in that they offer a short run through the different steps of the financial planning process.
Today’s topic is ensuring that the correct bank accounts are tied to your investment accounts. After this episode, you’ll understand why it’s important to have the proper accounts linked for safety, security, and efficiency. Listen in to hear an action item that you can do today to get the ball rolling to ensure that you can transfer your money without any hiccups.
You will want to hear this episode if you are interested in…
- How to set up your accounts so you can access your money efficiently [2:32]
- A story to understand why it is important to have the correct accounts [4:10]
Don’t miss this often-neglected bit of financial planning
When setting up an investment account, people tend to focus on which investments to choose, so tying those investment accounts to checking or savings account is a piece that often gets overlooked.
However, when you need to access the money from your investments, you probably need to do so quickly. To ensure that you can do so efficiently, you’ll need to ensure that your investment account is tied to the correct checking or savings accounts.
This may be something that you first did when you set up your account, or not at all. If it is something that you have set up, you’ll want to review which accounts are linked periodically so that they stay up to date. There’s nothing worse than discovering that the wrong account is linked.
Your action item
This is an often overlooked piece of the financial planning puzzle. Your action item today is to head on over to your investment accounts and check which accounts are linked.
To link your investment account with your checking account open your account aggregation pieces. Check to see if you have your accounts linked, if not enter in the information needed. Make any adjustments as needed. You’ll also want to remove any old accounts that are listed.
Make sure to subscribe to keep up to date with the latest episodes. Next week we’ll be discussing the most significant indicator of a healthy solopreneur’s business: cash flow.
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