Clear the Clutter

February 26, 2010

Money-Guy 02-26-2010

Today’s show is on an issue that we all face, yet not many people know how to handle. It’s happened to every one of us. You start a folder to house all of your “important documents”, then maybe your folder turns into a binder, the binder turns into a drawer, the drawer becomes a filing cabinet, and next thing you know, you’re up to your ears in “important documents”. Which ones should you keep? How long should you keep them? What can you finally throw away?

There was a great article in Consumer Reports’ Money Adviser magazine titled “Conquer the paper piles”. This article did a great job of explaining what documents we should keep, what we can throw away, and how long we need to wait before we throw them away. I go through each of these in the show, but here is a quick recap and breakdown:

Keep for a Year or Less

  • Bank records
  • Credit-card bills
  • Current-year tax records
  • Insurance policies
  • Investment statements
  • Pay stubs
  • Receipts

Keep for a Limited Time

  • Household furnishings paperwork
  • Investment purchase confirmations
  • Loan documents
  • Savings bonds
  • Vehicle records

Hold These for Seven Years

  • Personal federal and state tax returns and their supporting records

Do Not Toss

  • Defined-benefit plan documents
  • Estate-planning documents
  • Life-insurance policies
  • Safe-deposit box inventory

While some of these may seem fairly obvious, I go through the ‘ins and outs’ of each in the show and explain the reasoning of why some documents are more important or need to be kept around longer than others.

I also start the show off by giving you a few tips on how to save some money on your utilities and make your life a little easier. A website that I frequently use is ConnectUtilities. This website is great for comparing service providers and finding the best deals available in your area. A service that I think is amazing for simplifing your life is PayTrust. While usually I make every effort to save you guys money, I think that this service is well worth the cost!

FILED UNDER: Featured, Podcasts
TAGGED WITH: saving money

Most Recent Episodes

3 WORST Types of Financial Crooks (Don’t Get Scammed!)

In the financial world, there are a lot of crooks that try to get into your pockets. From metaphorical crooks selling a bad product to literal crooks stealing your money, we'll cover the different types of financial crooks to watch out for and how you can protect...

Financial Advisors React to NFL Players Spending Their First Million!

Not many Americans will ever make over one million dollars in a year, but professional athletes regularly make that and more. In this react video, we'll see how NFL players spent their first million dollars after making it into the league. As we review their mistakes...

Everything You Need to Know About Real Estate Investing!

Over the years, we have had some great conversations about real estate investing. In this episode, we put together the ultimate guide to show you everything you need to know about real estate investing! In this episode, you'll learn: How to get started in real estate...

The Truth About The FIRE Movement! (Is FIRE Still Possible?)

Since the advent of the FIRE movement several decades ago, we have never experienced a period of higher inflation until now. With the market down over 20% and inflation at 40-year highs, is FIRE still possible in 2022? If it is, what does it take to become financially...

Top 3 Most Controversial Money Issues! (Our Hot Takes)

We have some unpopular opinions about controversial money topics. In this episode, we'll discuss our three biggest controversial hot takes, including our thoughts on nice cars, wealthy people, and real estate. You won't want to miss this one! In this episode, you'll...

Why College in America is Broken [And What You Can Do About It]

College costs in America have skyrocketed over the last few decades, as has the total student loan debt in the country. In this episode, we'll talk about why college in America is broken, what went wrong, and how you can do college the right way. In this episode,...

Why This Recession is Going to Be VERY Different!

Every recession is different, and this one is no exception: we are currently experiencing once-in-a-lifetime inflation and started the recession with historically low interest rates. Will this recession be different from any other we've experienced? How will it end...

How to Protect Your Finances During a Recession! (By Age)

The S&P 500 recently crossed over into bear market territory, and many in the financial media believe we are in a recession. Bear markets and recessions affect everyone differently, and we think there are certain things you need to focus on (or forget about) by...

Avoid These Home Buying Mistakes! (Even During a Crazy Market)

Housing prices have gone up over 30% in the last two years, and over 70% when you account for rising interest rates. However, there are some glimmers of hope in the housing market for those looking to buy. Will the market cool off anytime soon? How can you buy a house...

Financial Advisors React to OUTRAGEOUS Money Advice on TikTok!

The most powerful time to get serious about building wealth is when you’re young. So, what is the younger generation learning? Financial Advice (good and bad) is being produced in massive rates across online platforms and Tik Tok is the new frontier. Is there good...

Financial strategies to your inbox!

Never miss a show again, get special offers and early access. Ready to build wealth and start owning your time? 

You have Successfully Subscribed!