Jun 14, 2021
In this episode of ‘Inside the Plan with the 401(k)
Brothers’, Bill Bush and Andy Bush, advisors at Horizon
Financial Group talk about the benefits of doing a personal audit
and share some tips on how to do that.
- 01:18: - Andy says that last year during pandemic it seemed
like there was almost a little bit more freedom as they were still
working, but there weren't as many extracurricular activities going
- 03:20: - He says that he goes through some old pictures on
phone and writes down some life events.
- 05:09: - Andy states that when you go through this exercise,
maybe one of the rows would be how much I contributed.
- 07:25: - They discuss that in order to know whether you're
making progress you need to ask yourself what things you can
control and can do differently going forward?
- 09:30: - Bill mentions that in his 20s & 30s, he went through
without contributing to a retirement plan.
- 11:30: He reiterates that an annual audit can be done at any
time and this can be done on a sheet of paper or an Excel
- 12:36: - Andy says that personal audit might help you curb your
spending as well as saving habits.
3 Key Points:
- The one thing you can do is to use the resources that you have
available like put your previous year’s salary in there and
identify what percentage of your salary did you actually
- Going back in the past is great to see the history and the
record and the trend, but then going forward you should ask
yourself that can I do something differently that would make even a
- Don't waste the opportunity ‘Inside your Plan’; use the tools
that are available from your 401k provider. Ultimately, it's you
that is going to need resources, so even the small dollar amounts
in your 20s add up-to bigger.
- “This may be different when you're listening to America, but
just time to step back and say, hey, what have we accomplished?” –
- “Well, it's the things that we've talked about before of
controlling the things you can control, right” - Andy Bush
- “And these things and saving for a retirement plan, it seems to
be small amounts, and just a slow process getting boring.” – Bill
- “If you don't want to go there, there's plenty of tools online,
you can just Google those and just work out the assumptions.” -
- “You know, and so eventually I put away a little money in an
IRA.” - Bill Bush
- “Well, it kind of reminds me in doing something like this an
exercise, which is basically an annual audit.” - Bill Bush
- Inside The Plan with the 401(k) Brothers --
- Horizon Financial Group -- Website