I paid for a full financial review and it showed me a big blind spot

It cost about $600 and the planner spent two hours going over everything with me. He pointed out I had way too much cash sitting in my checking account, nearly $25,000, doing nothing. He said I could move most of that into a high-yield account and set up a simple bond ladder with some of it. Has anyone else had a pro look at their setup and find something obvious they missed?

3 comments

3 Comments

adams822mo agoMost Upvoted

Check your insurance deductibles and coverage limits while you're at it. My planner showed my home insurance wouldn't even cover a full rebuild at current costs. That cash buffer felt smart until I saw I was underinsured by almost a hundred grand.

danielm152mo ago

Yeah that "underinsured by almost a hundred grand" hits home. I had the same scare last year. Got my policy updated for replacement cost and added an extra chunk for building materials going up.

burns.brooke1d ago

Idk about you but the replacement cost thing is the part that really gets people. I actually called my agent after doing a quick online calculator and found out I was almost $70k short on my policy. What worked for me was asking for an extended replacement cost endorsement that covers up to 125% of the dwelling limit. It only added like $80 a year to my premium, nothing crazy. Plus with lumber prices bouncing all over the place, having that buffer made me sleep better at night. Just make sure your agent actually runs the numbers for current labor and material costs in your area, not some outdated estimate from when you bought the house.