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We all know the catch phrase from those credit card commercials but can you actually answer the question? Do you really know what is in your wallet, ladies what about your purse? A key piece of managing your personal finances is to identify what it is you need to manage. The easiest place to start identification is where you use money the most, your wallet. Right now I want each one of you take your wallet out, our empty your purse and list out everything you have in it right now. Here is my list:

  1. Drivers license
  2. Expired Insurance Card
  3. Sam’s Club Card
  4. Staples Rewards Card
  5. Marriott Rewards Card
  6. Thrifty Rewards Card
  7. Drug Card (No Good, I don’t even have that insurance anymore)
  8. Priority Club Rewards Card
  9. Professional Association Membership Cards X 4
  10. 1 X Business Card (
  11. 3X Debit Cards
  12. Personal Credit Card
  13. Work Travel Card
  14. Library Card
  15. Flex Spending Card
  16. Library Card
  17. Health Insurance Card
  18. Dental Insurance Card
  19. Coffee Rewards Card
  20. Lunch Eatery Rewards Card
  21. 2 X Business Cards (
  22. Infragard Membership Card
  23. McDonalds Gift Card
  24. $3 Cash
  25. Food City Value Card
  26. ~6 Receipts

HOLY CRAP! That was a lot of shtuff in there. No wonder I am always uncomfortable sitting down. Now look at your list and of everything on it, what do you really need to carry around with you? I don’t travel as much as I used to for work so I really don’t need any of those rewards cards or my travel card in my wallet. So what made it back into my wallet?

  1. License
  2. Sam’s Club Card
  3. Expired Insurance Card ( I can’t find my curent one )
  4. 2 X Debit Cards ( I just closed one account)
  5. Personal Credit Card
  6. Coffee Rewards Card
  7. Lunch Rewards Card
  8. 4 X Business Cards ( hey I made room
  9. Health Insurance Card
  10. Dental Insurance Card
  11. McDonalds Gift Card
  12. $3 Cash

I was able to eliminate over half of the crap in my wallet. That is how much extra stuff I was carrying around that I didn’t need. Sure some of the stuff I took out is useful but only in specific situations so there is no reason to keep it on me all the time.

This was just the first part of this exercise. From here we can start to expand our inventory and look at the things in our homes, our cars, and our portfolios that are excess baggage we don’t need to carry around. Once you list everything out you can easily identify what is providing value to you and what is weighing you down. I had no idea I had all of that stuff in my wallet until last night when I wrote this post, I am scared and excited to start taking inventory of the rest of my life and eliminating the excess baggage.

So readers what’s in your wallet/purse? Leave a comment and let us know what you have going on.

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