How to Organize Your Financial Documents: A Complete Guide
This video provides practical advice on organizing financial documents effectively, emphasizing the importance of creating a system that keeps your records safe and accessible. It covers the recommended retention times for various documents, including tax records (seven years), bank and investment statements (three to seven years), medical receipts (seven years), utility bills and credit card statements (three years), major purchase receipts (until disposal), paychecks stubs (one to three years), insurance policies (until expiration), estate planning documents (until they become invalid), retirement plan statements (until accounts are cashed out), and home purchase paperwork (until the mortgage is paid off or the home is sold).
00:00 Introduction to Organizing Financial Documents
00:12 Practical Guidance on Record Keeping
00:20 Specific Document Retention Recommendations
