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liz_h_gw

digital statements, bills, etc.

liz_h
17 years ago

In an effort to eliminate paper, I've switched to getting my bills and statements online as much as possible. Not everyone provides this service, but many companies do. It is much easier for me to download and save a computer copy of a bank statement than to file a paper copy. I name the files so that they file themselves in order - Friendly Bank 2007-3-31, for example.

Is there any reason why I would need a paper copy instead?

Comments (32)

  • coolvt
    17 years ago
    last modified: 9 years ago

    I don't think it's a question of whether you need a paper copy I think it's more do you need any kind of copy. If your computer messes up or gets infected you are going to lose all of this stuff or pay a fortune for someone to recover it. I guess if your computer has a backup system you could prevent this happening.
    I would think that you could get replacement copies of most of these records from the different companies if you had to.

  • western_pa_luann
    17 years ago
    last modified: 9 years ago

    You mentioned bank statements... I don't keep but the latest copy of those.

    For most else----
    I have paper copies for all my tax documentation. If audited, I just take the binder and show up.

    If you are audited, can you take your computer to the audit? Will you have to print out everything in advance? What about backup... hard drive crash... fire? In that case, are you willing to call every company you deal with and pay for 12 copies (one per month for the year in question) of all your paperwork?

    That is way too much for me to deal with!
    I think it is easier to keep all the paper originals now than to scramble for copies later.... but that is just my personal opinion!

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  • liz_h
    Original Author
    17 years ago
    last modified: 9 years ago

    I do backup fairly often, so that's not a concern. For income tax returns, I sometimes need to make a copy to send in with my return. In that case, printing one from disk is quicker for me than scanning and printing.

    I finally have an office area in my house again, and am in the process of getting it organized. I may find that I deal the paper better than in the past, once everything is conveniently located.

  • duluthinbloomz4
    17 years ago
    last modified: 9 years ago

    Dealing with paper is probably one of the most overwhelming aspects of organization. For years I was buried in paper since everything seemed to be important - saving paystubs from way back when 401k s were first introduced to make sure my contribution as well as the employer match was accurate, every cancelled check I ever wrote just in case I might need to verify a payment sent, and the list goes on.

    When it finally dawned on me that I had too many boxes and folders of important papers, it was time to get a paper shredder and start clearing out. In all my years, there was never a 401k slip up, never a need to produce a cancelled check, never a need to hold onto a bank statement once reconciled with my checkbook, and all the W2s, 1099s, etc. submitted to my tax preparer came back to me with my file copy of the returns. Although I'm an unlikely candidate for an audit, I keep 7-10 years of past returns just in case.

    I've never been comfortable conducting my financial business on line, but that's just me, so I'm resigned to having to deal with a certain amount of paper. I keep receipts for stock purchases, etc. to eliminate a scramble to determine a cost basis, the government does all my paperwork relative to treasury notes, and the monthly brokerage account statements listing all transactions, etc. go in 3-ring binders. And for keeping receipts from the phone company and the power company, etc. - can't be bothered... if the bills weren't paid, I'd wake up one morning with a dead phone and no heat.

  • minet
    17 years ago
    last modified: 9 years ago

    This is something I struggle with all the time, and recently moved from SoCal to Oregon with several boxes of miscellaneous paper and binders full of old paid bills. I just have an irrational fear of having to prove to "THEM" that I paid something. Who are those THEM that worry me so?

    I'm going to check Suze Orman's guidelines for paper keeping, and then weed things out.

  • duluthinbloomz4
    17 years ago
    last modified: 9 years ago

    This link might help (hope it works since I don't do links). This is really a topic where everyone has to find their own comfort level, but it really helps to see what's in the volumes written on the subject.

    Here is a link that might be useful: Paper Management

  • duluthinbloomz4
    17 years ago
    last modified: 9 years ago

    cannot pull up link - originally found it by Googling.

  • metaphysician
    17 years ago
    last modified: 9 years ago

    The Paper Management link is missing a "period" after the "www". If you insert it, it works.

  • cathie54
    17 years ago
    last modified: 9 years ago

    duluthinbloomz4 - And how did that make you feel? lol!

    I save everything also - it's all important! It used to be so organized years ago. But today it's so out of control. I think one thing is that so much has changed over the years, and everything seems so much more complicated.

    Normal household utilities, etc. statements were very "clean" and simple. Today, you get all this "junk" printed on your statements (some of that print is important to know!), AND, almost every statement is jam-packed with advos, etc. It's like you have to literally shuffle thru a ton a papers to "find" your statement and the return epp.
    Credit card statements are horrible. A lot of ads printed on those also -(again, once in awhile something important to know printed on those too), and all the other junk ads.
    Those fine print "Change of Terms" used to come about once a year. Now I get them in almost every single statement, and sometimes in between statements.
    Same thing with Bank Statements. Always changing fees, etc.

    It's almost a full time job these days just to keep up with paperwork.
    How nice it was when you only had Gas, Electric, Water, Trash, Phone and Rent! (And maybe one or two credit cards)
    Today, you've got TV, internet, cell phone (which I've never had), and probably a lot more that I'm not aware of.

    (One of the MANY reasons I've been working on getting out of CC Debt!)
    ----------------
    I have paper overload. I had a situation many years ago - a lawsuit against a large company I worked for. It was up to me to provide ALL the names, addys, phone #'s AND the DATES of any and all Doctors, hospitals, etc, which I had seen in the last 10 years! (I had a handful of different Specialist I had gone to either by choice or was refered to. Then we moved out of area. So, I had numerous Docs I had seen - took quite awhile till I found a Doc I was half comfortable with. That list was quite long! (Even "I" was amazed!)
    No way I would have even had half the info had I not saved everything!
    Since that horrible experience, even today I cannot throw out even an app't reminder card!
    ----------------------
    I was just wondering...was it really hard to get rid of all those papers? Did it make you feel better? What was it that finally allowed you to "be OK" with trashing it all?

    ===============================

    minet - I feel the same way as you - that irrational fear.

    When we moved here, that was going to be my first goal - sorting thru and shreading all those boxes of papers. (Well, a lot of them!) A lot of stuff happened tho shortly after we moved in. Needless to say, it hasn't happened yet! Now I'm just struggling to keep on top of all the current paperwork, and I am burried in it!

    I want to dig myself out of this mess. I KNOW I would feel much better (plus have more space in my house and garage) Some of it is easy - like old utilities bills from our old house - but some of it gives me much anxiety to think about shreading.
    --------------------

    To the OP - I personally won't save anything "important" on the internet...ours breaks down too often! I prefer to stick with the paper.

  • coolvt
    17 years ago
    last modified: 9 years ago

    For those who feel "paper overload"...buy yourself a file cabinet...2 or 4 drawer and some file folders. Everything will have it's place. If certain folders get too thick, put the stuff in cardboard boxes, label it and stick in the cellar or attic.
    Basically, if you aren't using this stuff as business expenses much of the records for things like utiliities and tel. bill can be thrown after 3 years. If you pay by check, just save the checks or check registers.
    As a previous lister mentioned, it's probably wise to save medical records, and from experience, save any insurance policies even when they are outdated. Recently I had to refer back 15 yrs. on old insurance policies to get coverage on a lawsuit.
    The IRS goes back 3 years if you have business deductions. But, they can go back 20 if they think you are committing fraud. So if you're crooked, save them forever;-)

  • duluthinbloomz4
    16 years ago
    last modified: 9 years ago

    Finally paring down the paper overload was a very LIBERATING experience for me. There are a lot of mixed messages out there on what to save and for how long so it's still an individual comfort zone issue.

    The tipping point for me with my mess was in dealing with the paper trails left behind after the death of my Father and not too long after him, an elderly Aunt. Dad's affairs were in good order and nothing had to be dug out to settle his estate, etc., but very neatly and out of the way he had saved every piece of paper regarding every financial transaction since earning his first nickel. The Aunt was the same, but her affairs weren't in such good order and we were sifting through papers going back to the 1930's.

    Good practice is by reducing the bulk at first - flatten out the bank statement and throw away the envelope and all the advertising junk inside; same for the utilities, etc. where the envelope is stuffed with extra reading material. I haven't met anyone yet who can wade through the credit card terms & conditions flyer and privacy statements they continually send - toss - interest rates and conditions are printed on the statement every month.

    With my junk, I was finding all kinds of extras were getting swept up and boxed with the piles - old calendars, articles ripped from magazines or newspapers to read later, recipes I was never going to make, greeting cards, solicitations from charities, old company annual reports, user guides for appliances I no longer had. In other words, just about everything that should have been looked at and dealt with at the appropriate time then discarded somehow found itself in the mix.

    This is something I'm always going to have to keep up with, but I'm getting much better at not letting the the non essentials pile up. I don't want to go through a massive clean-out again. And I don't want to leave a mess for anyone who has to deal with my affairs when I'm gone.

    But I did just uncover a box with all my old college papers - when I can get rid of that I'll really feel free!! I think I'm getting less and less sentimental as I get older.

  • partst
    16 years ago
    last modified: 9 years ago

    I have to agree with duluthinbloonz4 it was , is, very liberating and just so nice to be able to get your hand on anything you need without having to dig through piles.

    My mother was the bill payer, money manager for 64 years. After she passed away my father was having a hard time figuring out her system. I finally told him to buy some new files and make his own. He ask me how and I said any way that makes since to you. He dose very well for 86 years old. As executor of there estate he runs everything by me so I will not have any surprises later.

    I keep tax returns, medical records and child support cancelled checks and records forever. We have been married almost 30 years and the child is now 35 but the attorney said the ex could come back anytime, even 30,40 years later and the burden of proof would be on us.

    My question is has anyone ever had to refer back, use, or need bank statement for anything. Is there any reason to keep them?

  • duluthinbloomz4
    16 years ago
    last modified: 9 years ago

    Chiming in again. No, I never have. I pay estimated taxes and used to save the statements to show (if it ever became necessary) my preparer that I had made the quarterly estimated payments to the state and Fed. Proof has never been requested. I just can't think of any instance where I personally have had to refer back.

    partst: I can certainly see saving the documentation you mentioned since there could be a "come back to haunt you" possibility there. But without the mitigating circumstances as mentioned above, maybe saving them for the current calendar year would be a good compromise for someone looking to clear out.

    I agree with minet that a lot of this inability to let go is fear driven.

  • zone_8grandma
    16 years ago
    last modified: 9 years ago

    partst:
    My question is has anyone ever had to refer back, use, or need bank statement for anything. Is there any reason to keep them?

    When DH and I went to buy our first home, the mortgage co wanted 2 months' worth of bank statements. DH had been shredding them when he balanced his checkbook, so didn't have any at all. I contacted the bank and for a modest fee (I think it was $6/statement) they provided us with the statements we needed. Since then, I save only 2 month's worth. When I balance the checkbook (I do the finances these days), I file the newest statement and shred the oldest. Have not since needed a statement.

    Taxes - I save 10 years' worth (more than nec probably). Several years ago my son needed an old tax return and he was able to get a copy from the IRS.

    I save medical records for one year.

    DH and I both purge the files periodically - usually around tax time. As duluth said, it's very liberating.

    Still, the paper seems to breed by itself....

  • liz_h
    Original Author
    16 years ago
    last modified: 9 years ago

    One thing about the bank statements. Some banks don't return the actual checks, but do include photocopies of the paid checks with the statements. I have referred to those on more than one occasion - and that was one thing I was very glad to have on my computer, so I could call it up to look at or print out without getting up.

    As for medical records, I would keep these for a very long time - at least as long as they could be relevant. That will vary with an individual's health status. Medical offices are required to keep them for 7 years, but they sometimes goof up.

  • partst
    16 years ago
    last modified: 9 years ago

    Well this will be liberating. I just purged my files of all but the last bank statement. I will never be getting a mortgage again and the last one we got all I had to supply was our SS numbers. That was the first I had ever heard of a credit score. We never filled out anything. Just signed the closing papers.

    Our CPA said to keep all tax returns. I have ours, even before we were married, in a box in the attic. I did need the return for 1979 when I filed for social security. They ask why I didn't have earning for that year so I showed that I did indeed have earning and had filed a tax return. I did make a difference in the amount of SS I receive. Not much but every little bit helps.

    Probably the most liberating thing I have done just recently is I finally got my household checking account on line. I know, I know, very scary. I figure if the bank gets hacked it will me and thousands of others. I did it after the bank messed up a money transfer and didn't call me for 4 days. All I wanted to do is transfer some money to a donation account for a family member that is having a hard time making ends meet while her daughter is in the hospital recovering from a double lung transplant and they really messed it up. And yes she is doing great.

    I have paid bills on line for a few years now and even have a paypal account for Ebay. No problems and I don't have to constantly buy stamps. I track all my dads CD accounts for him because he wants more than the quarterly statements. I just print and fax to him at the first of the month.

    I may never actually do a bank statement again. I can look at my checking account each morning and just balance to it. I know my DH paid $36.31, using his ATM card, for gas before I even got up this morning. DH just said boy I can run but I can't hide. Very funny! He is one of those guys that don't have a clue about household finances and doesn't want to. He dose handle the 401K. I just don't care about it. His rule when we got married was he makes money I spend it. It's worked out well for us.

  • cathie54
    16 years ago
    last modified: 9 years ago

    duluthinbloomz4 - You mentioned something very important to me - "The tipping point for me with my mess was in dealing with the paper trails left behind after the death of my Father and not too long after him, an elderly Aunt."

    (Am so sorry for your loss...)

    THIS has been on my mind for a few years now. (Not only paperwork, but just "stuff" too!)

    I'm at the point that even "I" would not want to have to sort thru all my stuff! Altho, would be easier for someone other than ME...kinda like, going into someone else's house to do clean-up of clutter...Hard to see the tree for the forrest? OR, the forest for the trees - (whatever makes sense)
    But, I do NOT want to leave this mess for anyone else to have to deal with!

    Last week I was sorting thru "current" old papers and had a small bag full of "to shread" items. I shreaded a bunch. But, since then, I've rec'd in the mail MORE than I shreaded! LOL! Talk about progress...

    I KNOW I have a slew of papers - somewhere in boxes or file epps in garage that can be shreaded. (No attics, basements or cellars here!) I just can't bring myself to find those and bring into house - as I have so much stuff inside to deal with already.
    At least, if I do happen to come across some old UN-IMPORTANT papers, it would make for good "when you feel lazy" times. - better yet - when really angry and feel the need for destruction! LOL!!! Can still accomplish something positive & constructive! LOL!)
    ****************

    liz_h - you said "One thing about the bank statements. Some banks don't return the actual checks, but do include photocopies of the paid checks with the statements"

    My bank started doing this a few months back. I don't know why. They only send photo copies of the fronts...none of the backs. (Does anyone out there know the purpose of this?)
    BUT - I've noticed every statement, there's always at least ONE (sometimes up to three) that are not copied. And, YES, they were PAID. The bank never explained WHY they were providing these copies. I still get my cancelled cks returned to me also. And there are also gaps there too.
    I PAY extra to have my cks returned to me. But more and more, I'm reading that "by remitting with a paper ck, you authorize us to do EFT and destroy your check" - well, something like that - with NO "opt-out" option. (which may explain why some of my cancelled cks are not returned).
    (...it's in the fine print - usually on the back side of your statement...the part buried in all that other stuff that nobody reads!)

    PLS, if someone knows what purpose these "photo-copied cks" in your statements serve, I want to know.

    (I haven't called my bank to find out - my acc't with this certain bank actually CHARGES me if I physically go inside for a trx, and they also charge for phone calls - altho, if I remember correctly, I MAY get one or two "free" calls per month)

    And YES, I will soon be checking with the bank to cancel the "return the cks" thingy - waste of money - especially NOW, with so many companies taking liberty of destroying the cks. (I've even had "personal cks" not returned that were paid.)
    ****************************

    I WANT TO BE LIBERATED!!! I WANT TO BE FREE OF THIS PAPER MESS!!!

    OK, I'm in middle of some important/time comsuming stuff right now - but once I get this "project" worked out - it's "LIBERATION TIME"! (Well, at least a very good start at it!)

  • steve_o
    16 years ago
    last modified: 9 years ago

    cathie, I'm a little surprised that your bank is sending you both the paid checks and the photocopies. I know many banks have gone to just the photocopies because it means less material (check) handling and postage for them. Perhaps this is a transition period while they get people used to the idea....

    One point I will make to those who need to work with on-line accounts: they all should be protected by a password, and most institutions will require use of a "strong" password that is longer and less "English-like" (not just the name of a pet or hobby). If you need to sort out someone else's finances on-line, you will need the password. Make sure whoever expects you to deal with that makes the account ID and password available to you in a very safe place, like your safety deposit box or a home safe.

  • clg7067
    16 years ago
    last modified: 9 years ago

    I've been saving digital copies of my receipts and statements for about 8 years now. I archive them twice a year onto CD-rom, but I DO have reliable computers.

    In all these years, I've only had to reference my archives a few times to see when I bought something for a warrantee issue. I use a similar file name system as the OP suggested.

    It sure is nice to be free of all that paper.

  • zone_8grandma
    16 years ago
    last modified: 9 years ago

    steve - good point. I've been online banking for several years now. My bank mails me a statement (no checks at all) and I still reconcile it on paper. I can go online and click on a check number and it will come up on my screen (if I've forgotten to enter it or who it was to). So if I need to, I can print out both sides of a check.

    The bank makes me change my password periodically - using a particular combination of keys. IN addition, the bank recently went to a security system that sets cookies on my computer. If I log in from another computer, the bank asks me extra security questions (that I've previously filled in the answers for).

    Since I use Quicken, it's a simple process to download transactions. This saves me a lot of time because when I go shopping I don't have to come home and sit down and manually enter a half dozen debits. It's also more accurate - when I manually enter transactions, sometimes I enter a wrong amount.

    Nowdays, it takes only a few minutes to reconcile the account.

  • angep
    16 years ago
    last modified: 9 years ago

    I have been doing online banking for years now. My old bank still sent paper statements, but the new bank doesn't. They have them avaliable to print out the last 18 months so that's fine.

    We get e-bills for cable, electric, one CC, and cell phone. Those all pay automatically, and the cell phone even sends a text message when they take the money. Insurance only sends a bill when the amount changes, every 6 months. One CC sends a paper statement, but they are a little behind. To pay them online, they need a check # and they make their own check to send to the bank, instead of just a regular ACH transaction. It's the only time I ever "write" a check.

    I love not having all the paper come into the house. We have all our taxes saved, and I need to get rid of all the old bills and stuff for places we don't even do business with anymore.

  • runninginplace
    16 years ago
    last modified: 9 years ago

    I do online banking as well. I believe there is never going to be a time you won't be able to get your hands on a record of X, if it relates to something financial. Everything is now managed by computers--when was the last time you got a *hand printed* receipt? Really, no business doesn't keep records! I'm not saying to trust everything to the supplier of the records, especially in our morass of medical insurance billing in this country. Taxes too of course, documentation is sometimes necessary.

    But holding on endlessly to various bits of paper is unnecessary. As someone mentioned above too, keeping your banking life online is a wonderful way to not only eliminate ever needing to balance a checkbook again but to keep track of your accounts at any day or moment. I can check my credit card balance, my money market accounts, my checking account, my retirement accounts...with a quick click. It is much simpler for me to manage my banking this way, no more waiting till the end of the month to get a statement, or to ensure my math was right on the checkbook accounting. I sure don't miss those days.

    As for taking your computer to an audit, that is what a printer is for. And the person keeping financial records related to divorce-support payments when the 'child' is 35 YO?!?!? I simply don't believe there is no time limit on contesting that. Really, if the ex could come back at any time you'd have people fighting support battles till they were 90 years old and the children were retired too!

    I do not believe in keeping all those receipts, bill statements, etc. It just makes no sense anymore. Last time I cleared out our file cabinets I tossed paid electric bill statements my husband had kept for almost 30 years. Somehow it didn't give me a moment's worry that the electric company would show up or mail me something asking for them :).

  • partst
    16 years ago
    last modified: 9 years ago

    runninginplace

    I have to respectfully disagree on the child support issue. California is one of 14 states that has no statue of limitations on child support. Our attorney said she could come back any time and claim my DH never paid. The burden of proof is on him. He said it's not common but dose happen. He said it mostly happens when estates are being settled and the ex come in and makes a claim. The poor guy is gone and the widow doesn't have proof so it is paid from his half of there estate with intrust.

    The last time we went to court, 1985, they had a warrant for DH arrest. She had told her attorney that he had never paid. Of course we had the cancelled check so the charge was dropped. It was quite a hassle to say the least.

    We will be keeping all the documentation and cancelled checks forever. Our trust attorney is aware of the situation and so is the executor of our trust. DH has one nasty ex and nothing would surprise us even after all these years.

  • liz_h
    Original Author
    16 years ago
    last modified: 9 years ago

    A good thing to remember is that many areas of law vary tremendously from 1 state to another. A friend here in Texas told me that once her kids turned 18 she had no chance of collecting any back child support. I've no idea if she was right.

  • partst
    16 years ago
    last modified: 9 years ago

    liz_h

    I just checked and Texas is on of the 14 that has no limitation. Your friend needs to see an attorney or at least keep track of the ex.

    A few years ago my ex mother in law passed away. She was quite wealthy and my ex was her only child. My daughter ask if I was finally going to go after the child support he owed me. My daughter is in her 40s and we have always kidded about it. I have always told her I would do it if she wanted the money. 10 years of child support plus intrust for 25 years would be a substantial sum. I told her I didn't want or need the money. She said no way she wanted it. She and my super son in law are paying for all my grandsons college so I would have gone through the hassle if she wanted it. I was so happy not to do that.

    Her grandmother did leave her some property and all her jewelry and even that caused a very ugly meeting with her father and his current wife.

  • joyfulguy
    16 years ago
    last modified: 9 years ago

    Hi partst,

    Your hubs isn't interested in how the intricacies of the affairs of the family's business goes.

    That's easy for him now.

    And possibly he'll die first.

    If so ... he doesn't have a problem.

    But ... if it should be you ...

    ... on the next morning, not only will he have the trauma of your loss to deal with ...

    ... but there'll be the hassle of not having a clue about how the daily business of managing the family's affairs need to be done.

    And - you won't be around to ask.

    He'll likely wish that you were, at least half a dozen times a day ... more in the early days after your passing.

    You are around to help him get acclimatized to it, now, little by little.

    If he isn't interested in making use of the opportunity, tell him to hang a sign around his neck while he travels around the home for one day each week that reads "S-T-U-P-I-D", O.K.? And to make sure that he looks at himself in a large mirror several times during that day.

    I hope that you're enjoying spring. Happy Easter - if that's important to you.

    ole joyful

  • saphire
    16 years ago
    last modified: 9 years ago

    Cathy, your bank charges you to go in to the bank? To call or ask questions? You must be kidding. I hope I read wrong otherwise you seriously need a new bank. I have accounts at 5 different banks and none do that

  • liz_h
    Original Author
    16 years ago
    last modified: 9 years ago

    partst - thanks for the pointer on the child support. I'll tell my friend. Suing him would do no good as he can't/doesn't hold a steady job, and come to think of it is in prison right now anyway.

    But she might be willing to make a claim against his mother's estate when the time comes.

    I wonder if the state will continue to garnish wages for child supoprt after the child turns 18. That could be the difference. AFAIK, child support and perhaps back taxes are the only reasons wages can be garnished in Texas.

  • partst
    16 years ago
    last modified: 9 years ago

    Liz_h

    She couldn't make a claim against the mothers estate. She could only make a claim after he inherited from the estate and knew he had the money to pay the debt. She would need an attorney I don't think the state would help much after the child is over 18 but she could ask.

    Joyful

    I guess I didn't word that very well. DH is not totally oblivious. There is just no need for him to be involved in how I handle the household accounts any more that I am involve in how he handles the maintenance on some of the mechanical workings of the house or vehicles. We both have our areas of responsibility but we do communicate. The bills would get paid. Maybe not the way I do it but they would get taken care of. I don't think the house would implode if I didn't follow his schedule of maintenance but it would get done. I know the cars go in for maintenance every 2,3 thousand miles but it's not something I do or even think about so I really don't think he would be sitting here in the dark if I died tomorrow anymore that I would let the car completely run out of oil because it's not something I was used to doing.

  • saphire
    16 years ago
    last modified: 9 years ago

    Here is a sobering story

    A professional DH worked with, upper earner but not the highest, worked hard his whole life. His DW handled the household accounts and when he retired his net worth was around 3M. For our area that is nice but not something extraordinary. This was 12 years ago when that was actually still some money. It was mostly due to her careful management of their finances. He retired at 74 (he wanted to work longer but his DW became very ill just he sold his business). She died 6 months later

    During one of the greatest booms in history his account lost money because his broker churned his accounts (our mutual accountant made a comment to my DH in an effort to have him be moe careful and question his brokers more, he was not interested). He also enjoyed vacations, sold the family home about a year before the sharp rise (his house sold for 360k, someone who bought it put in some money and sold it for 630k a year later and that person sold it for 715 a year later after doing nothing. We live in the same town or did so I have followed the house.

    His dd recently told DH that she has put him on an allowance because he is down to less than 500k for the rest of his life with no pension. While he did spend, he did not spend completely recklessly, it was bad financial advice and having no clue what to do with his money or question his brokers advice

    If only his DW knew

  • edselpdx
    16 years ago
    last modified: 9 years ago

    After working for UCSF for 7 years (not all full time and a maternity leave in there), I moved to another state after doing careful calculations about being "vested" in the Univ of CA retirement plan. "Vesting" was based on 5 years of 40 hr/wk work and I worked 36 hr weeks (3 x 12 hr) and took some time off for grad school and a baby. After I left I was told that I was not vested due to inadequate hours; this was apparently due to a clerical error I had suffered for the first few months I worked there, when they erroneously put me down as a "per-diem" (as opposed to "benefitted") employee. In order to prove that that was in error, I had to provide those paystubs including the one with the "correction".

    I'm so glad that I had obsessively filed those paystubs for direct deposit in chronological order and was able to put my hand on it, copy it and mail it to them. As a result, I will have several hundred dollars each month in retirement that I wouldn't have otherwise. Retirement's a long way away, but not something to be toyed with. Besides, I'm sure my daughter will laugh at the "measly" $18/hr I was being paid at the time as a new nurse. When my father died, I found sheets of yellow legal paper in his files accounting how much money he had found on the street since the 1950's: "1972 79 cents, 1973 $10.41" etc. Although amusing, it wasn't needed, but all his files were exceedingly better maintained than mine.

    I am nervous about going to "paperless" systems in case I were to be hit by a truck tomorrow. My mother would need an extensive list of passwords and websites to access my retirement plans (to even know about them) and other accounts. My ex is not a reliable source of info, and doesn't have a clue about what accounts I now have (and wouldn't help her if he knew). You're not supposed to write down those passwords after all.

    My mother has been made the beneficiary of my retirement accounts, because I know she will properly use the money for my daughter. I will change all of that in 10 years or so when DD is old enough.

  • saphire
    16 years ago
    last modified: 9 years ago

    Do you have a safety deposit box in a bank? Put a list in there? Or just put the codes in there and keep a list of the accounts in your desk

    Or use a password she would know, such as your favorite friend when you were little or camp or vacation spot and tell her the password now