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Taylor Nelsen's avatar

I am working through the textbook, and it is linked to this post. I get that simplicity has a draw, and it would be nice to have my financial life all under one roof. In my experience, though, that would come at a cost. I've shopped for different financial products and accounts (mortgage, auto loan, 529 accounts, credit cards, brokerage accounts, etc.). Often there is a significant advantage to using one company over another due to interest rate, account availability/features, etc., that makes it worth not having everything under one roof.

If needed, I would also consider risk and use multiple accounts based on SIPC and FDIC limits.

Fortunately, there are commercial software products that aggregate accounts and can make it feel like things are more under one roof (like YNAB and Monarch).

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John Howe's avatar

I recently consolidated all of my retirement assets under one umbrella. Not only does this make it easier to manage, but also easier to get the "big picture."

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