top of page
Writer's picture Treavor Dodsworth CFP®, CPA, CKA®

#56 - Taking Inventory


Financial Planning in One Word

Last week, I wrote about the importance of intentionality. One way to be intentional with finances is to routinely take inventory. Taking inventory can be as simple as recording a list of your family’s financial assets and debts. There are a variety of aspects you can track:

  1. Account type (checking, Roth, etc.)

  2. Account title (who owns it)

  3. Institution (where the money is held)

  4. Value (account balance on the date you are reviewing)

How often you take inventory is your personal preference; however, I would recommend 2-4 times a year. For example, you could take inventory at the start of every season (fall is coming soon!). There are several personal finance apps available that try to do data aggregation and track your net assets over time. These apps can assist in taking inventory, but I personally prefer the manual approach. Happy counting! Let me know if you have any questions as you take inventory.

 

Interesting Article(s) or Video(s)

  • I originally saw this article on Kitces.com. Many workers moved from the office to home during the pandemic. This article discusses some of the benefits and challenges of working from home for knowledge workers.

 

Thank you for reading! Do you take inventory on a routine basis?

Comments

Thanks! Message sent.

All written content on this website is for information purposes only. Opinions expressed herein are solely those of Sycomore Financial, unless otherwise specifically cited.  Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. The owner of this website takes great care to thoroughly research the information provided to ensure that it is accurate and current. Nonetheless, the content on this website is not intended to provide tax, legal, accounting, financial, or professional advice, and readers are advised to seek out qualified professionals that provide advice on these issues. All information or ideas provided should be discussed in detail with an advisor, accountant, legal counsel, and/or other pertinent professionals prior to implementation. In addition, the owner cannot guarantee that the information on this website has not been outdated or otherwise rendered incorrect by subsequent new research, legislation, or other changes in law or binding guidance. Neither Sycomore Financial or it's owner shall have any liability or responsibility to any individual or entity with respect to losses or damages caused or alleged to be caused, directly or indirectly, by the information contained on this website. In addition, any advice, articles, or commentary included on this website do not constitute a tax opinion and are not intended or written to be used, nor can they be used, by any taxpayer for the purpose of avoiding penalties that may be imposed on the taxpayer. Any mention of an investment product or solution is not a recommendation to buy or sell. ETFs that are mentioned may not accurately reflect the market segment mentioned. Past performance is not a guarantee of future results. Any mention of rates or return should not be seen as a guarantee those rates or return will be received.

​

bottom of page