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  • 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 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?


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