The Money Chore Time Trial

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:

 

TaskHow long you think it will takeHow long it took DailyWorth
Open a bank account online10 minutes20 minutes online + 1 week swapping signature cards for debit cards in the mail
Set up a 401kAn hour and a half30 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 401kTwo 2-minute phone calls4 phone calls + 1 week or more of back-and-forth between you, the 401k company, and your old employer
Refinance your mortgage4 hours and a trip to the bank6 months of stalling + 10 hours of research + 1 week to get the paperwork together + 1 week to close the deal
Buy a stock/ mutual fundYears of training5 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