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Video: Get your admin in order

Mar 25, 2020

Now is a great time to do your financial admin and put together a “life book”. An important part of knowing your net worth is having your admin in order. You need to have one place where you keep all those important documents rather than scratching around piles of paper or hunting through your inbox for statements.

In our digital world, your life book could be a folder on your computer with all the relevant documents, but sometimes it’s more convenient to have an actual physical file that you can refer to. This also makes it easier for your family if something happens to you.

This life book should include things like:

  • Your updated Last Will and Testament
  • Birth certificates and medical details

You should also have a file that includes all your financial documents:

  • Your bank details
  • Tax records
  • Retirement documentation
  • Investment policies
  • All your short-term insurance policies
  • Risk policies and long-term insurance policies

When it comes to your financial documents, create a spreadsheet with all your investments, bank accounts and risk cover including product providers and account numbers so that there is a single piece of paper that records all your financial information. This makes it easier for you to refer to and as part of your net worth exercise each year, you can update the spreadsheet with your current investment and retirement fund values

Also remember to update your personal information, especially your beneficiaries on your retirement fund and life cover and check your will is still relevant.

In undertaking this exercise, it is not uncommon for people to discover policies or investments they have forgotten about. What more motivation do you need!

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Maya Fisher-French author of Money Questions Answered

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