Many American households have a pantry full of foodstuffs; and that abundance creates a certain feeling of convenience, preparedness, and security. But sometimes we reach for a box of mac and cheese to get something on the table, just to learn it expired months ago. The truth is we rarely take the time to inspect all the items to see if they still serve our family.
Taking that metaphor to Americans’ financial pantry, some investments were made for a specific reason, just like ingredients purchased years ago for a certain recipe. But after you made that meal — and particularly if no one really cared for it — do you need those ingredients anymore? Or in the case of investments that have “passed their expiration date,” has anyone inspected those recently, let alone checked if they are consumable or healthy?
Over decades, households can accumulate checking and savings accounts, CDs, investment accounts, 401(k)s from former employers, insurance policies, annuities, employee benefits, and other financial instruments. Based on that, the financial pantry may feel full. But when was the last time someone inspected everything in it? Can I open the packaging? Are there hidden costs? What tax implications are we ignoring?
Food and Monetary Waste
The U.S. Department of Agriculture estimates that the average American family of four spends at least $1,500 each year on food that ultimately goes uneaten. If a family wastes that amount of money on food that goes in the trash without being consumed, what might that same family be losing on financial products it owns but doesn't inspect?
There is also compelling evidence that Americans aren't particularly good at determining when food should actually be discarded.
A 2025 national survey conducted by The Harris Poll for researchers associated with Johns Hopkins, Harvard Law School's Food Law and Policy Clinic, and ReFED found:
- 43% of U.S. consumers always or usually discard food near or past the date on its label
- 88% do so at least occasionally
- Comparable figures in the original 2016 research were 37% and 84%, respectively
- ReFED estimates that nearly 1.5 million tons of food are discarded in American homes because of concerns about date labels
Importantly, many of these expiration dates concern quality rather than safety. In other words, Americans aren't simply wasting food because it has spoiled. Sometimes we're discarding things because we haven't adequately understood what we own.
A Financial Inspection
Now imagine doing the same type of inspection with a financial professional when it comes to your money. Get the entire household’s financial pantry into a singular view and examine every financial instrument as though you're pulling it off the pantry shelf.
Ask questions like:
That inspection might uncover items such as a bank account earning dramatically less interest than competitive alternatives, a CD that matured and automatically rolled into an unattractive rate, or an old 401(k) left behind at a previous employer whose allocation hasn't been reconsidered as the owner's life and time horizons changed.
Never mind that such an audit could also find cash sitting unintentionally in a money-market or settlement account, an insurance policy purchased decades ago for a need that has fundamentally changed, or an annuity whose benefits, costs, or purpose haven't been reviewed in years. Perhaps most likely, a financial pantry inspection would show investment accounts whose allocations made sense individually but create unintended concentrations or risks when viewed as one household portfolio, and beneficiary designations reflecting a family structure that no longer exists.
While none of these products or situations is necessarily bad, the lack of awareness of what’s in the financial pantry can be seriously problematic.
The USDA can provide an estimate about the financial impact of food waste but, thus far, Americans don’t have an equivalent accounting of their uninspected financial life. There, the financial cost doesn't usually appear in a trash can. Rather, it hides in missed opportunities, overlooked costs, and poorly aligned investments..
Our Financial Focus on the Future
This reflects the reality that financial advice in this country tends to focus on what consumers should acquire next. However, it should include a detailed accounting of what’s already included in a person’s financial life.
That’s why a financial pantry inspection is critical. The point is not to unilaterally discard investments. Rather, the goal is to make sure that each piece of the household portfolio is understood and intentional. A good financial professional should be able to help a household put everything on the table, understand why it's there, and determine whether each financial instrument and capital allocation remains deserving of its allocation.
Technology such as Asset-Map can help financial advisors address that specific challenge for households, regardless of their wealth. The inspection should allow those conducting it and the client to see the big picture and all its component parts rather than obscuring the portfolio’s individual elements in a muddle of multiple portals and accounts.
It’s not enough to simply make another financial plan. The advisor must also tease out the individual components of the portfolio so that they can be reviewed.
A full pantry feels safe. A full balance sheet can too. But abundance and preparedness aren't the same thing. Instead of adding something new, financial advisors should consider digging into a portfolio and pulling everything off the shelf for examination, with the intent of fully understanding what’s already in there.
Adam Holt, CFPⓇ is the Chief Executive Officer of Asset-Map.
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Many American households have a pantry full of foodstuffs; and that abundance creates a certain feeling of convenience, preparedness, and security. But sometimes we reach for a box of mac and cheese to get something on the table, just to learn it expired months ago. The truth is we rarely take the time to inspect all the items to see if they still serve our family.