1. Create a system for maintaining personal financial records. Learning Objective # 2

2. Why Keep Financial Records? An organized system of financial records provides a basis for:  Handling daily business affairs, including paying of bills on time  Planning and measuring financial progress  Completing required tax reports  Making effective investing decisions  Determining available resources for current and future buying  Many records are kept permanently (birth certificates, wills)  Property / Investment records are kept for as long as you own the asset  Keep tax records for a minimum of 6 years LO#2

3. What to Keep in Your Home File  Items you refer to often such as;  Personal and employment records.  Tax records.  Financial services records.  Money management records.  Credit records.  Consumer purchase and automobile records.  Insurance records.  Investment records.  Housing records.  Estate planning and retirement records. LO#2

4. What to Keep in a Safe Deposit Box  Safe deposit box is a private storage area at a financial institution with maximum security for valuables  Use it to keep records and items that would be hard to replace.  Birth, marriage and death certificates.  Citizenship and military papers.  Adoption and custody papers.  Serial numbers and photos of valuables.  GIC’s and bank account numbers.  Mortgage papers and titles.  List of insurance policy numbers.  Stock and bond certificates.  Coins and collectibles.  Copy of will. LO#2

5. Other Places to Keep Records  Automobile.  Vehicle registration.  Lawyer.  Original of your will and living will.  Doctor and hospital.  Copy of your living will.  Home computer.  Current and past budgets.  Chequing account records.  Wills, estate plans, investments.  Past income tax returns. LO#2