Which Financial Documents Should Be Kept?

Financial Snickens

Aug 17 2023 • 7 mins

Do you have folders full of financial documents from 5,10, 20 years ago? It’s common to think you should keep every document but it’s not always necessary.

In this episode, I review different financial documents and how to know which ones to keep and how long to wait before shredding them.

In this episode, you’ll also hear:

  • Rule of thumb for tax documents
  • Closed vs. active documents
  • Suggestions for storing documents long term

Must-listen moments:

[00:02:54] You want to keep all tax records and all related documents, your receipt, your bank statements, for three years from the date you file your return, or two years from the date you pay your taxes, whichever is later.

[00:03:45] Keep active contracts, insurance documents, property records, stock certificates, keep all these items while they're active. After the contracts are completed or the policy, the insurance policy expires, then you can destroy those documents.

[00:05:29] Keeping your documents organized, both online and with paper, will give you easy access to them if you need them, or even better if you need to purge them. You know exactly what you're going to purge, and you also know what you need to keep.

Mentioned in this Episode:

ShareFile - https://www.sharefile.com/

IRS -https://www.irs.gov/

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