The Money Chore Time Trial

  • By DailyWorth Team
  • December 13, 2012

Money Chore Time Trial

When you put off pesky financial chores, your main excuse is probably, "But it'll take too long."

But if you're going to get your finances in order—for tax season or peace of mind in 2013—you need a realistic idea of how long things take. Hence our nifty chart:


Task How long you think it will take How long it took DailyWorth
Open a bank account online 10 minutes 20 minutes online + 1 week swapping signature cards for debit cards in the mail
Set up a 401k An hour and a half 30 minutes to fill out the forms + 5 hours figuring out your contribution rate, researching target asset allocation, and combing through fund options
Roll over an old 401k Two 2-minute phone calls 4 phone calls + 1 week or more of back-and-forth between you, the 401k company, and your old employer
Refinance your mortgage 4 hours and a trip to the bank 6 months of stalling + 10 hours of research + 1 week to get the paperwork together + 1 week to close the deal
Buy a stock/ mutual fund Years of training 5 minutes if you have an online brokerage account (15 minutes to set up + 4 days to fund from your bank account)


Originally published February 29th, 2012

Tagged in: Retirement