This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

5 Steps Toward Modernizing Your Financial Statements

Wealth Access has stepped up to the plate with a list of basic and effective ways to "modernize" your financial statements. Do them and see if you can't melt some of that financial stress out of your life:

Step 1. Collaboration: Work with your financial advisers and other trusted professionals (including lawyers, your tax adviser and your insurance agent) to organize your financial data. Having a way for those professionals to upload your data to you -- and for you to download your data to them -- is a big time-saver, and it gathers all your financial records in one place.

Step 2. Visibility: Store those financial records coming in from myriad sources in one, easy-to-access place. "Having multiple assets -- and liabilities -- in different places is difficult," Benskin says. "Aim for an instant snapshot that can't be accomplished with different paper statements and various financial information coming in from various sources.".

Step 3. Reduce Risk: Using technology enables a financial consumer to know what they have, what they owe and where it is at any time, reducing concentrations in holdings, tax liabilities and improving cash liquidity. That should help keep the anxiety at bay when stock markets roil or you're dealing with a cash crunch.

Step 4. Control: You always want to own and control your own data and to control who has access to your information and how much of it they can access. "But there's a big caveat here," Benskin says. "You have to make sure your information isn't being shared or sold to third parties."


Step 5. Mobility: Modernizing your financial statements is not just about being able to physically see your credit card statements and other financial details on a tablet. It's more about pulling data out of one program and dropping it into another; or exporting your information from your checking account to conduct a cash flow analysis on your assets and liabilities to your other liabilities and assets. In short, you want to move your financial data around as needed and in a timely and efficient fashion.

Organizing -- or as Wealth Access puts it, "modernizing" -- your financial statements can be your first step in alleviating financial stress. Take that step and you may leave money anxiety behind for good.

2 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,024.11 -15.38 -0.09%
S&P 500 1,992.37 +5.86 0.30%
NASDAQ 4,532.1040 +5.6220 0.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs