In this engaging simple step on the Uncommon Wealth Podcast, host Phillip Ramsey delves into the often-overlooked mantra of "set it and forget it" in financial advising. He challenges this traditional mindset and offers practical advice on how to take a more hands-on approach to personal finance management. Phillip's insights aim to equip listeners with the tools needed to better manage their 401ks and other investment accounts, emphasizing the importance of maintaining a clear view of one's financial situation.

Phillip shares the benefits of consolidating old 401k accounts and how rolling these over can simplify financial management and potentially enhance growth. Throughout the episode, listeners are encouraged to reevaluate their financial strategies, focusing on the impact of dollar cost averaging and the significance of consistent contributions. Phillip's expertise shines as he breaks down complex financial concepts into easily digestible advice, underscoring the necessity of staying engaged with one's finances.

Key Takeaways:

• Avoid the "set it and forget it" approach; always stay informed about your financial status.
• Consolidate old 401k accounts for better visibility and easier management.
• Rolling over 401ks can simplify the process of making contributions and tracking growth.
• Dollar cost averaging is a powerful strategy for consistent investment growth over time.
• Proactive financial management is crucial in navigating and succeeding on your financial path.

Notable Quotes:

• "You should never forget about your money. You actually should be way more in tune to your money than I think a lot of people would like you to be."
• "Consolidating old IRAs or old 401ks and rolling them over helps you see exactly how much money you have."
• "The more that you can fund that consistently fund an account, the better chance it has to be growing."
• "My challenge to you is try to figure out all your old 401ks, consolidate them, and roll them over either into your own IRA or your current 4