Answer These 5 Questions to Spring Clean Your Finances

It’s that time of year, and especially as the country starts to open back up and we may have visitors in our homes again to think about spring cleaning! I like to think about spring cleaning for your finances as well, and after the past year of ups and downs it is especially important to sit down and ask yourself these 5 questions: 

1. 1. Is our emergency reserve adequate?
      You likely want to have 3-6 months in case of an unexpected need for a job transition or time out of work. 
   2. Is my savings collecting maximum interest?
      If you are using a savings account at your bank, you probably are leaving some interest on the table. Many online savings accounts offer higher interest rates than brick-and-mortar. You may be able to quadruple the interest you are getting simply by shifting your savings account! 
   3. Do I have retirement accounts squatting with old employers?
      Especially if you had a job change in 2020, check and see if you had a retirement account or HSA account with the prior employer. If you did, you should consider consolidating those to your new employer so you don’t lose track of what you have. 
   4. Do all of my accounts have beneficiaries?
      I see so many retirement accounts without beneficiaries listed or with an ex-spouse listed as a beneficiary. It’s best practice to go through this annually and be sure they are all filled in and current. 
   5. Are we setting aside enough for the future?
      COVID has many families rethinking their goals. Take some time to be intentional about what you want to accomplish in both the short- and long-term and what it will take to accomplish that. A financial advisor can be a huge help in this conversation.

Interview: Lauren Oschman

Lauren Oschman, CFP® is a financial advisor for some of the nation’s highest caliber physicians. She holds an economics degree from Vanderbilt University and completed her financial training at Emerson University. Along with these prestigious degrees, Oschman has over a decade of expertise in financial matters for high net worth individuals. 

Oschman delivers financial education programs to medical residents & fellows nationwide (Vanderbilt, Dartmouth, Rush, OrthoCarolina and many others), has built a $1 million revenue financial planning business, and co-founded Vestia Personal Wealth Advisors, and is an expert in helping physicians attain their financial goals—and has a niche passion for working with high-caliber female surgeons, and volunteers as a CFP® WIN (Women’s Initiative) Advocate to raise awareness about the profession for young women.

Her decade-long experience as an accomplished financial advisor and executive has led to her being a sought-after speaker for financial workshops throughout Alabama, Georgia—and Tennessee, where she has happily resided with her husband and two young children.