Step 2 – Liquid Asset Inventory

Our asset tracking journey began by gathering information on employer asset accounts. Now, let’s move on to creating an inventory of our liquid assets. This includes cash, checking accounts and savings accounts. Liquid assets are those that can easily be converted to cash.

Investments like stocks, bonds and mutual funds are also considered liquid assets since they can be converted to cash. They’re just a little less liquid than cash!

Let’s take the next step to research, track and record information on our assets.

Liquid Assets. Inventory your cash accounts and assets that can easily be liquidated.  Asset Locator from An Organized Retirement.

Tracking Liquid Assets

  1. Start with your checking accounts and savings accounts. Capture the:
  • Bank and Branch Location
  • Account Number
  • Title on the Account
  • Balance

You can create your own tracker in Excel or you can download our Asset Tracker for free! Above all, track your assets.

2. Next, inventory your less liquid assets. These are assets that can be converted into cash but take a little more time. Your less liquid assets may include brokerage accounts, IRAs, Roth IRAs, mutual funds, savings bonds, life insurance and annuities. On your asset tracker, capture the:

  • Company or Brokerage
  • Website or phone number
  • Account Number
  • Title on the Account
  • Balance or current value
  • Insurance carrier (if applicable)
  • Policy number
  • Agent

3. At this point you are simply inventorying your assets. You may identify assets that you don’t want to include in your retirement balance sheet. For instance, I have two 529 accounts for education for my children. I don’t want those accounts to be part of my retirement assets. So I’ve noted these accounts with a star on my asset tracker.

“What we hear is that women think they have to be an expert to be meaningfully involved with their finances or even to work with an expert,” says Carey Shuffman, head of women’s segment strategy at UBS. “All they really need to do is be aware.”

How to Be a Confident Investor, Janet Bodnar in Kiplinger’s Personal Finance 10/2019

Here’s a sneak peek – Steps to Calculate Your Net Worth!

Keep going…. you can do it. Follow these steps to pull all of your retirement assets into your retirement balance sheet. Being aware of what you have is so important to your peace of mind.

Gaining Financial Confidence!

Great work! I’m feeling more aware and confident already. This step was a little easier for me since I deal with my bank accounts everyday. I still had to do some research to capture information on an annuity that I own and some savings bonds. In our next step, we will look at our non-liquid assets like our house, car and other assets.

Are you feeling a little more organized for your retirement?

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