Published: July 22th, 2025
By: The Her Financial Frequency Team

If you've ever looked at a retirement statement and thought, "Wait, what even is this account?", you're not alone—and you're in the right place. In this episode, we demystify the financial accounts you may already have, explain what they mean, and share how to start reconnecting with your money—even if it’s been on autopilot for years.

No shame, just clarity. Let’s get into it.

What Is a 401(k) and Why It Matters

If you've ever worked in corporate, you likely have a 401(k) floating around somewhere. But what exactly is it?

A 401(k) is a workplace-sponsored retirement account where you can contribute a portion of your paycheck before taxes. Some employers even match your contributions—which is essentially free money. However, you typically can't withdraw from it without penalties until age 59½.

Pro Tip: Always contribute at least enough to get the full employer match.

Traditional IRA vs. Roth IRA: What’s the Difference?

A Traditional IRA is an individually opened retirement account. Contributions may be tax-deductible, but you’ll pay taxes when you withdraw the money. A Roth IRA is funded with after-tax dollars, but the money grows tax-free, and you can withdraw it tax-free in retirement.

Summary:

Traditional IRA = Pre-tax now, taxed later

Roth IRA = Taxed now, tax-free later

What Is a Brokerage Account?

Investing isn’t only for retirement. A taxable brokerage account lets you invest in stocks, mutual funds, ETFs, and even crypto—without retirement age restrictions. It’s a flexible way to build wealth. You can take the money out whenever you need it, but you’ll pay taxes on any gains.

When to Use It:

> After you've maxed out retirement accounts

> If you're self-employed or don’t have access to a 401(k)

> If you're saving for non-retirement goals like a home or a big trip

Where Can I Open a Brokerage Account?

Start by researching platforms like:

> Charles Schwab

> Vanguard

> Tastytrade

Most brokerage firms allow you to open accounts online in just a few minutes. If your 401(k) is already with a provider like Schwab, you may even be able to open a brokerage account with them too.

Money Market Accounts vs. CDs: What’s the Difference?

Not all savings accounts are created equal:

Money Market Account

> Higher interest than a traditional savings account

> Requires a higher minimum balance

> Easy access to funds

> Best For: Emergency funds

CD (Certificate of Deposit)

> Locks your money in for a set term (6 or 12 months, etc.)

> Higher interest rate than a money market account

> Penalties for early withdrawal

> Best For: Short-term savings you won’t touch

Should You Keep Money There Long-Term?

These accounts are great for safety, but they’re not where you want to park your long-term growth money. They protect you from volatility—but also from compounding returns. Instead, learn about compounding: When your money earns interest, and then that interest earns interest—creating exponential growth over time.

Have Old Accounts You’ve Forgotten About?

You might have:

> 401(k) from a past job

> Pension

> Company stock

> IRAs that are sitting idle

What To Do:

> Start with your old HR department to track down the plan provider.

> Log in or reset your credentials.

> Decide whether to roll it over, invest it differently, or leave it.

> Don’t ignore old accounts—even small balances can add up over time.

How to Stay on Top of Your Accounts:

> Create a spreadsheet to manually track all accounts

> Set quarterly calendar reminders to review your money

> Save your login credentials securely

> Actually read your statements and emails

> Awareness = Access = Authority

What About Pensions and Company Stock?

Company stock is often part of your 401(k) match and grows as the company grows.

Pensions, while rare today, still exist in some companies.

You may be able to:

> Receive monthly payments in retirement

> Roll them into another account with better growth potential

Even if it's a small amount, pay attention. Every dollar counts

Final Thoughts: You're Not Starting from Scratch

Here’s the truth: You’re not starting from zero. You’re starting from disconnected—and that’s totally fixable.

Get Started Now: Download Our Free Checklist

Download our “Find Your Money” Checklist to track down every account and make more intentional financial decisions.

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Remember: Wealth isn’t just about numbers — it’s about energy, alignment, and intention.

Her Financial Frequency: Helping women stop playing small and start building legacy wealth with purpose.

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