21 min
Ep.711: What Is A Life File? Dads Daughters and Dollars
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- Inversiones
A Life File is a place for all your important records. I got the idea when I read an article 20 years ago about what you should do if your wallet is stolen. That article said you should make a photocopy of everything in your wallet at least once a year.
It’s a great idea. If you misplace your wallet or it is stolen, could anyone really know exactly what was in there? Which credit cards were stolen and the phone numbers to cancel those cards? Your driver's license number? Membership cards to gyms or other places. Discount cards to certain businesses -like 20% off because you are a frequent user. A global entry card? Triple A card? A health plan card? Any photos in the wallet? Business cards?
I photocopy the front of every card and then leave a little bit of space under it to write the security code and Customer service phone number under it in case I need to cancel and request a new card. Can usually fit 6 cards on one page on my printer. I put a reminder on my phone to update the wallet every year on a certain date. I find some years I check and I have nothing to update. Meaning everything in my wallet hasn’t changed, so what’s in my life file is up to date.
What else is contained in the Life file?
-Insurance records? Car, Home and Life Insurance. The invoices from each insurance company with a note when it was paid and when it expires. Insurance broker phone numbers and addresses.
-Copies of the certificate of title of any cars we own. Need that to sell the car.
-Copy of the grant deed to the house.
-A list of all brokerage accounts.
-A list of all doctors. (Dentist, Chiropractor, Optometrist, etc)
-A list of medical insurance information- Who to contact at health plan to ask questions.
-A copy of my pension plan.
-A copy of my health plan.
-Social security information. Our numbers and current value of Social Security accounts at various ages.
- In the event of my death Document. It says if I die, these are my life insurance plans and their value, the Social Security death benefit,($255) , the value you get of my Social Security benefit, the value of my regular IRA, the value of my SEP-IRA, (both accounts would need to be closed). My Roth IRA’s wouldn’t have to be touched.
-At the end of the In the Event of Death document is the total of the one time lump sums you would get and the monthly amounts you would get.
-Retirement Document
This has all the current Retirement account amounts , pension amounts, and social security amounts.
-Pension plan documents.
- A list of passwords.
-A list of email addresses and passwords.
-A list of credit cards attached to Auto Pay
-A photocopy of insurance cards for each type of insurance
-Other documents like how to program the garage door openers, How to do RMD’s, how to invest online at our broker.
Usually all info is in an unmarked binder and put in a secure spot like a safe. Each time I update the binder it takes 3-4 hours but it is worth it.
Thank you again to my wife Deanne for co hosting this week and to our 35 listening countries. Grateful you are here.
A Life File is a place for all your important records. I got the idea when I read an article 20 years ago about what you should do if your wallet is stolen. That article said you should make a photocopy of everything in your wallet at least once a year.
It’s a great idea. If you misplace your wallet or it is stolen, could anyone really know exactly what was in there? Which credit cards were stolen and the phone numbers to cancel those cards? Your driver's license number? Membership cards to gyms or other places. Discount cards to certain businesses -like 20% off because you are a frequent user. A global entry card? Triple A card? A health plan card? Any photos in the wallet? Business cards?
I photocopy the front of every card and then leave a little bit of space under it to write the security code and Customer service phone number under it in case I need to cancel and request a new card. Can usually fit 6 cards on one page on my printer. I put a reminder on my phone to update the wallet every year on a certain date. I find some years I check and I have nothing to update. Meaning everything in my wallet hasn’t changed, so what’s in my life file is up to date.
What else is contained in the Life file?
-Insurance records? Car, Home and Life Insurance. The invoices from each insurance company with a note when it was paid and when it expires. Insurance broker phone numbers and addresses.
-Copies of the certificate of title of any cars we own. Need that to sell the car.
-Copy of the grant deed to the house.
-A list of all brokerage accounts.
-A list of all doctors. (Dentist, Chiropractor, Optometrist, etc)
-A list of medical insurance information- Who to contact at health plan to ask questions.
-A copy of my pension plan.
-A copy of my health plan.
-Social security information. Our numbers and current value of Social Security accounts at various ages.
- In the event of my death Document. It says if I die, these are my life insurance plans and their value, the Social Security death benefit,($255) , the value you get of my Social Security benefit, the value of my regular IRA, the value of my SEP-IRA, (both accounts would need to be closed). My Roth IRA’s wouldn’t have to be touched.
-At the end of the In the Event of Death document is the total of the one time lump sums you would get and the monthly amounts you would get.
-Retirement Document
This has all the current Retirement account amounts , pension amounts, and social security amounts.
-Pension plan documents.
- A list of passwords.
-A list of email addresses and passwords.
-A list of credit cards attached to Auto Pay
-A photocopy of insurance cards for each type of insurance
-Other documents like how to program the garage door openers, How to do RMD’s, how to invest online at our broker.
Usually all info is in an unmarked binder and put in a secure spot like a safe. Each time I update the binder it takes 3-4 hours but it is worth it.
Thank you again to my wife Deanne for co hosting this week and to our 35 listening countries. Grateful you are here.
21 min