5 Steps to Declutter Your Wealth

Be one of a kind with Mike's plan.

It's the One of a Kind Financial Show Daily, and it is Friday. Spring is literally just around the corner. We're less than 10 days away from spring, the actual turning of the calendar from winter to spring. And spring cleaning isn't just for closets. On the One of a Kind Financial Show this past weekend, Gary and I talked about how financial clutter quickly builds up and simple ways to bring clarity back to your money. If you have a need to have some clarity in your financial plan, listen to this segment because it's more than closets, junk drawers, boxes of statements. It's, uh, it's about bringing clarity to where you're heading in your life, and it begins with getting your finances in order. Uh, enjoy this segment next and tune in weekly to the One of a Kind Financial Show. Uh, it airs, uh, every weekend, uh, on local stations in Norfolk, Virginia, Midland, And on the internet for more details about that. We're soon going to launch One Oak Radio so you can listen to it in real time. Stay tuned for more details as that comes about.

Moving into March, many of us are thinking about spring cleaning. I'm not, but my wife is. She wants me to get, get to some stuff here around the house— closets, garages, junk drawers. What about your finances? Mike Milligan, founder of One Oak Financial, is back with us. Mike, what does spring cleaning mean for your finances? What does that actually mean?

Well, Gary, your wife is going to get her way and you're going to clean those closets out. I do know that.

Absolutely. You know that. Yep.

But spring cleaning for finances is about clarity. Most people don't have a spending problem. They have a visibility problem. They have logins to accounts on their phone. They have statements in a junk drawer. They have electronic delivery of other accounts, and they don't even know what interest rate they're getting paid on their bank accounts. What their investments returned last year, why they're still paying that investment premium or that insurance premium on those accounts. See, these things build up over time. They accumulate just like subscriptions stack up. Beneficiaries go outdated. Insurance policies get ignored. Investment allocations drift. Spring, this point in time while you're in tax season, this is a perfect time.

So let's start simple. What's step 1, Mike? What do we do first?

Inventory. I mean, it's like with anything, you have to list every account. Checking, savings, retirement accounts, brokerage accounts, old 401s, credit cards, insurance policies. You'd be surprised at how many people forget about old accounts from previous employers. According to the US Department of Labor, Americans have billions of dollars sitting in forgotten retirement accounts. Wow.

Billy, that, that's incredible. That's crazy.

And it's not about moving things blindly. It's about knowing what you own, folks. Uh, the second step is to review beneficiaries. Beneficiary designations typically override wills, and that's critical. So if your beneficiaries are outdated, assets may not be transferred as you intend today. Uh, that's not investment advice. That's administrative clarity.

How many times have you seen people forget to update their beneficiaries and the ex-wife gets all the money, Mike?

I've heard so many stories of that, like in the financial planning conferences that I've been to. I've never been a witness to that. I will tell you that my ex-wife was on a life insurance policy for about 2 years after we got divorced. And I have since updated it. But I mean, that was That would've been crazy. I mean, I did it intentionally, right? In case something happened to me, she'd still be able to take care of our adult kids, but—

Right. Yeah, I got you.

You know, now it wouldn't make sense because she's remarried.

Yeah, exactly. Exactly. What about investments, Mike?

Well, how we deal with that is we rebalance. See, markets move, and not all markets move in the exact same way. Stocks perform different than bonds, than annuities, than gold, than silver, than Bitcoin. And so allocations drift. So if you started out with 60% stock exposure and markets outperformed strongly, you might now be at 70% or more, meaning you're invested like somebody 10 to 15 years younger than you currently are. That risk profile changed without you realizing it. So rebalancing restores alignment with your intended strategy. Again, no predictions, just discipline.

Right. Mm-hmm, absolutely. The show is the One of a Kind Financial Show with Mike Milligan. I'm Gary Nolan, your host. Mike is with One Oak Financial. Once you get on the calendar, all set up with that comprehensive plan, there's no cost, there's no obligation. So what are you waiting for? We do have a limited number of spots on the calendar, and they do fill up quickly during the show. So you do want to take advantage of this. Mike and the team on the phones this weekend, 800-748-1838, 800-748-1838, or text the word ideas to 600-700- Like I said, the folks at One Oak Financial, Mike and the team standing by this weekend, get on the calendar, get you all set up with that comprehensive plan. No cost, no obligation. What about debt? We got to talk about debt.

Yeah, because you have to review interest rates. With interest rates having skyrocketed over the last 4 years and then coming down a little bit, we just got to know, did your rates come down when the Federal Reserve lowered rates? See, the average credit card interest rate in recent years has been above 20%, according to Federal Reserve data. High-interest debt erodes progress. So spring cleaning or financial spring cleaning is asking which debts are strategic, which debts are expensive, and is there a repayment plan?

I like that you're making this practical, Mike.

Financial planning isn't supposed to be complicated. It's just consistency that's applied simplistically over time. Another overlooked area is subscriptions and recurring payments. We call this like a spending audit. See, small monthly charges compound over time, just like investments do. So spring cleaning might mean canceling what doesn't add value. So think about it, Gary. If you bought the YouTube subscription for the NFL to watch it, you don't need it in March, April, May, June, July, and August. So why are you going to continue to pay the fee for that? There's a lot of people, a lot of subscriptions that people have. that they are just paying blindly without realizing how that could compound over time for more money for their family.

Yeah, I subscribe to MLB.tv 'cause I like to watch my Yankees. And sometimes I just forget about it and it keeps on going.

That's right.

I don't need it in the winter.

That's right.

You mentioned mindset earlier. Is this emotional too?

Yeah, because when you declutter things, It destresses you. Clutter creates stress. Financial clutter creates financial stress. When people see everything clearly— income, assets, liabilities— anxiety drops, confidence rises. This doesn't mean markets won't fluctuate. It means you have a framework.

All right, what's the biggest mistake people make during financial spring cleaning, Mike? We have like a minute left, a minute and a half left.

By far and away, they make dramatic moves without strategy. They sell everything because of headlines. They shift allocations emotionally. They close accounts without understanding tax complications. Cleaning doesn't mean reacting. It means reviewing thoughtfully.

All right, there's your spring cleaning tips, financial spring cleaning tips from Mike Milligan and the team at One Oak Financial. Mike, tell us about the One of a Kind Financial Plan.

Let's be for real, guys. Sometimes we push off cleaning to other people. Many of you may have somebody who comes in once a week to clean your homes. Maybe you have somebody clean your car for you. Maybe you have somebody else who does the work for you. Don't go about this financial spring cleaning alone. We're here for you. We can help bring clarity where there's confusion, simplicity where there's complexity. That's what the One of a Kind Financial Plan is. We're going to get to know you, and then we're going to help you build a balance sheet and an income statement. A retirement paycheck that you can't outlive, a tax plan that helps you lower taxes over your life. That's the one-of-a-kind financial plan. There's no better time to do it than now. We've helped already this year dozens of people in 2026 bring clarity to their financial plans. Thank you for those who have listened, who I've met with, and we're helping you unravel the mystery around your finances, but we have room to do others. Whether you're out in Suffolk or up in Williamsburg or down in North Carolina, or if you're listening to us around the country, call in. Gary's going to give you the number this weekend. I'll be here to answer, and then we'll meet you where you are and help you get to where you want to go.

All right, this is your chance to benefit from the one-of-a-kind financial plan. Call right now. We still have a limited number of availabilities on our calendar this week. And remember, the consultation is offered at no cost or no obligation, so do it right now. Get on the calendar, get you all set up with that comprehensive plan. Number is 800-748-1838, 800-748-1838, or text the word ideas to 600-700.

This has been the One of a Kind Financial Show Daily with your host, Mike Milligan. Gary and I are here for education purposes only. Uh, please do not take anything we say solely as financial recommendations for you personally, because every situation is different. If, if you need specific financial advice, please reach out to us at Ideas by Mike, doing business as One Oak Financial. I am a registered investment advisor, investment advisor representative with Advisory Alpha LLC. Advisory LLC and Ideas by Mike, doing business as One Oak Financial, are separate and unrelated entities. Please consult with tax professionals before implementing tax strategies. And we look forward to seeing you again on the One of a Kind Financial Show Daily.

Visibility, strategy, take that lead. Transformation's yours, fulfill the need. Mike's got the way to help you rise and stay. Leadership impact you'll find in your one-of-a-kind mind. Be one of a kind. Take the flight.

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