Whether appearing in your mailbox or your browser, financial information inundates us daily, adding to the papers and information (virtual or real) you already have. Some of it is important; some of it is not. Not only should you strive to reduce the amount of paper and computer files that you retain, but you need a system for organizing everything that you decide to keep. Not only are we inundated with information, our lives require more passwords than ever. Time to confess: I have far too many passwords (financial accounts, online shopping, subscriptions, kids’ schools, activities . . . the list goes on). I have wasted a lot of time trying to find or remember them all, and I worry about online security. Your passwords need to be secure, whether you write them on a piece of paper (keep the list hidden far from your computer) or you use a…
Guide to Your Financial Life
Our financial lives are complicated. Where are your assets located? How are they invested? Where are your vital documents? What bills are on autopay? Are your beneficiary designations up to date? Who are the people that help you manage your financial life? With an In Case of Emergency or ICE plan, you assemble key contact and financial account information in one place. An ICE plan guides someone who must act on your behalf—it is like a roadmap of your financial life. If you use a web-based personal financial management service, you have a great head start. To create an ICE plan, prepare a list of: Bank accounts, credit card accounts, retirement accounts, brokerage accounts, and any other investments The name and phone number for anyone who helps you manage your financial life—banker, insurance agent, accountant, investment adviser Details about your lease or your mortgage—the name of your property management company…
Understanding Fiduciary Duty as a Caregiver
Due to demographic and socio-economic factors, there has been a dramatic rise in the number of people serving as financial caregivers. Going forward, the trend is likely to continue. Although many serve in this capacity, few understand the role’s scope. Have you been asked to serve as a financial caregiver? Are you considering asking someone to serve as a financial caregiver for you or a loved one? The Consumer Financial Protection Bureau (consumerfinance.gov) offers four free guides explaining what it means to serve as a trustee, power of attorney, guardian of property, and as a government fiduciary (for Social Security and VA benefits.) A common trait across these types of financial caregivers is that involve a fiduciary duty. These four guides explain fiduciary duty and offer helpful suggestions on how best to serve in these roles. Guides for Different Types of Financial Caregivers
Gather Vital Documents
We accumulate vital documents over time. As a result, they are often scattered around our homes. Having your most important information organized and close at hand gives you peace of mind, especially during turbulent times. An In Case of Emergency, or ICE, file contains key documents that are easily accessible to you or someone acting on your behalf. If you need to leave your house or apartment quickly, it is beneficial to have your most important documents all in one place so that you can easily access them as you leave your home. At the least, include the following items in your ICE file: Legal documents, such as wills, powers of attorney, health care directives, and the titles for your home and car Vital records, such as birth certificates, adoption documents, marriage certificates, Social Security cards, and military records Copies of passports, credit cards, and driver’s licenses After you have…
An Email Hack – What to Do
Since the beginning of 2020, the Federal Trade Commission reports that there have been more than 150,000 fraud, phishing scams, and identity theft occurrences. Security experts, Risk Based Security, see various schemes emerging to take advantage of people’s vulnerability due to COVID-19. Examples include phishing emails referring to urgent pandemic updates, robocalls from the Department of Public Health, texts related to unemployment claims, and of course email hacks. Like most experts, Risk Based Security anticipates that the incidence of fraud will continue to escalate. For the past six years, I have written and spoken extensively about getting one’s financial house in order. Passwords, security, and identity theft protection are all topics that I address. I am well versed in the subject, but despite this I discovered that my personal email was hacked a few weeks ago. Data breaches are unfortunately common – we have all seen the headlines. As surprised as…
What to Keep? What to Shred? What to Recycle?
An essential part of clearing out your home office is figuring out what you should keep and what you should not. Here are some general guidelines that I follow to get organized: What to Keep Keep tax returns and all supporting documents for seven years from the date that you file your taxes, not seven years from December 31st for a particular tax year. Keep all bank statements and credit card annual statements and summaries for the same seven-year window. Keep receipts for any major purchases and all insured things as long as you have the item. Keep student loan, car loan, and mortgage documents (including payoff notices) and documentation for any other loans indefinitely. If you own your home or condo, keep records related to the purchase or sale and any improvements that affect the home’s value indefinitely. Keep a record of the purchase or the confirmation for every…
Tackle Your Home Office: How to Organize Finances
As most of us stay close to home, we address projects on the “to do” list. Now is the perfect time to clear out home offices and review the integral aspects of our financial lives. If you have not done so yet, it is time to get started. Financial Spring Cleaning Just like when you go through your closet or food pantry to determine what to keep, what to donate, and what to toss, you need to do the same with your financial life. Perhaps even more important than what you keep is what you can shred, recycle, or delete. Keeping unnecessary documents and statements makes it harder to locate vital personal finance information in a hurry. Most of us waste a lot of time trying to find things on our computer and amidst our papers. Getting rid of unnecessary documents frees up precious space in your file cabinet and on in your filing system on your hard drive.…
Managing Your Passwords
Whether appearing in your mailbox or your browser, financial information inundates us daily, adding to the papers and information (virtual or real) you already have. Some of it is important; some of it is not. Not only should you strive to reduce the amount of paper and computer files that you retain, but you need a system for organizing everything that you decide to keep. Not only are we inundated with information, our lives require more passwords than ever. Time to confess: I have far too many passwords (financial accounts, online shopping, subscriptions, kids’ schools, activities . . . the list goes on). I have wasted a lot of time trying to find or remember them all, and I worry about online security. Your passwords need to be secure, whether you write them on a piece of paper (keep the list hidden far from your computer) or you use a…
Helpful Information for Financial Caregivers
Have you been asked to serve as a financial caregiver? Are you considering asking someone to serve as a financial caregiver for you or a loved one? The Consumer Financial Protection Bureau (consumerfinance.gov) offers four free guides explaining what it means to serve as a trustee, power of attorney, guardian of property, and as a government fiduciary (for Social Security and VA benefits.) A common trait across these types of financial caregivers is that involve a fiduciary duty. These four guides explain fiduciary duty and offer helpful suggestions on how best to serve in these roles. Guides for Different Types of Financial Caregivers
Georgetown University Center for Financial Markets and Policy Panel Discussion
On April 28th, the Georgetown University Center for Financial Markets and Policy, the Wall Street Alliance, and the Office of the Provost hosted a panel discussion featuring Nancy Doyle entitled The Markets Have Been Rocked! Where Are They Headed?