BRIDGEPORT, W.Va (WDTV)- Question: I want to get the new year started off right, but I feel like my money is spread out everywhere and out of control. What should I do?
Answer: (John Halterman-Beacon Wealth Management): "Do not feel bad, that is actually pretty normal. What I see all the time is that today we have multiple jobs during our lifetime and we have multiple financial people in our lives. Because of this, what we see is that people have lots of retirement accounts, they have insurance and they have various IRA’s.
They have things spread out everywhere. It is not uncommon to have this. What I called this is the financial junk drawer."
Question: What can he do to fix this problem?
Answer: (John Halterman-Beacon Wealth Management): "Well to start with, you have to start thinking in terms of your goals and consolidation. And what that means is number one, you need to seek out a financial professional that specializes in comprehensive and wealth management. That is number one.
Number two, you have to articulate exactly what you want your money to do for you and the purpose of your money. You always have to begin with the end in mind.
Number three, you need to really assess where you are at and be able to identify any gaps and issues.
Then the fourth thing is you have to start developing a strategy. What you have to do in developing that strategy is make sure that everything you do has a clear purpose of helping you achieve your financial goals.
The last thing is if you have to clear the clutter. You have to decide what you have that still works for you and helps you achieve your goals. What are things you have that may have had a purpose at one time, but currently do not? And then things that are alike, you need to consolidate. What I mean by that is, if you have three or four different old 401(k)s, there’s no purpose in that. You have to make sure you have one IRA, put them in one IRA and everything works together in harmony.
You need to be organized and you need everything to work harmoniously together."