Section 9.4 Organizing Your Records. Why keep records? For identification—some forms of identification are good to keep safe at home, and do not need.

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Presentation transcript:

Section 9.4 Organizing Your Records

Why keep records? For identification—some forms of identification are good to keep safe at home, and do not need to be carried with you. For legal proof—You may need to prove ownership or that you have made a payment. For loan applications—all assets and income need to be established before a loan can be received. For tax purposes—keep a record of all needed information to file for the next year, as well as records from the last 7 years.

Why keep records For budgeting purposes—know what you spent in the past can help in the present. To verify transactions— For reference—as you move toward more legally complicated transactions record will come in handy. For medical reasons—A record of past treatment, allergies, etc.

How long to keep documents DocumentHow long to keep. Bank statements and cancel statement6 years ATM receiptsUntil verified with bank statement Credit card statements3 years Credit card receiptsUntil verified with statement Utility bills3 months Repair records and warrantiesUntil you get rid of the item Pay stubsUntil verified with W-2 Tax returns and documents7 years Real estate and property taxes1 year past last transacton

Options for keep records safe Safety deposit box Home safe or lock box Home filing system Electronic storage Wallet

Section 9.5 Professional Advice

What help do you need? Financial professionals can help you plan and manage your finances in exchange for a fee: Assistance with tax returns Give advice about investing Check over contracts.

Who is qualified? Qualified financial professionals have credentials (licenses, certifications, or degrees that indicate that a person is qualified to perform a certain service). 1. Certified Financial Planner (CFP) Completed specialize training Passed a rigorous exam Must take additional training every year. Three years of financial work experience.

Who is qualified? 2. Chartered Financial Consultant (ChFC) CFP’s who complete additional course work in financial planning. 3. Certified Public Accountant (CPA) Licensed in the state in which they practice Give tax advice, investment advice and financial planning

Who is qualified? 4. Insurance agent Specializes in the insurance aspect of financial planning Licensed by the state in which they practice. 5. Attorney Prepares a will Reviews documents connected with a home purchases Enforces contracts Handles complicated tax situations

Who is qualified? 6. Stockbroker Specializes in buying and selling stock Must be licensed by the state where they practice. Fees and Commissions: Some financial professionals are paid a set fee for their services, others earn a commission and some are paid by a combination of fees and commission.

WHEN CHOOSING A PROFESSIONAL, ASK FOR INFORMATION ABOUT CREDENTIALS, SERVICES AND FEES IN ADVANCE!!!!