Organize Your Money
So how do you get organized? You guys were given these tools. Everybody home. You got the Get the workbooks. I'm gonna go through the find your stuff, finish rich file folder system and my inventory works. You know, the exact tools I used a Morgan Stanley for my clients. Um, I haven't really changes a lot because I haven't needed Teoh. Even though I just showed you earlier mint dot com and Yoda Lee level money and all these APS that you can use which everybody's now using them. There's a lot to be said for paper to like having a file cabinet with your documents and a place to put them. It's still really helpful. Helps to still have print outs of stuff. Also for your spouse or your partner. Governments in the happens you because the first place they're gonna go is the file cabinet. They're not gonna your passport unless you gave it to them. So here's what you need. Let's go through the files. You're gonna need to find your stuff, and you're gonna you're gonna create 12 hanging folders. ...
So you're gonna have tax returns. People go. How long do I keep my tax returns for least seven years. Some people keep him for 10. You don't necessarily need that in this file box, and I'm going to show you my put those in storage in the garage. But I keep him is Warren Buffett says he's kept every tax attorneys ever had Donald Trump's kept in. We just never got to see him. Retirement accounts. You're gonna go and have Social Security. You should know they used to send you so security statements. You should have a file with that in there. Investment accounts, savings and checking household accounts, credit card debt liabilities like people you know, rental properties, loans you giving out to people any money that you owe student loans, insurance family will living trust Children's accounts and rental property. There are 12 hanging file folders now. I am sure you will come up with some extra ones, and if you come up with them, tell me what they are. But what I have found is that these 12 file folders cover 90% of what you need to have to organize everything in your family's household with money. I decided I would do like the Martha Stewart Show and tell a thing here today because, um, it's it's life is for like, of all the things that I've taught in my books over the years and people stop me and they think me like wherever I am. And it's really which I love. It's weird the things that people think before because, like when I put the file folder originally into one of my books, how's it? Well, this way. If my client so probably helpful for people in a 1,000,000 years I never thought people would be stopping me on the streets of being like Dude, Thank you File folder box Got it done. You know, like I get that all the time like I love that fall of older box. And then I get weird questions, man. People also, you know, everyone's interesting. So people are like, obsessed with Well, what kind of file box should I use? Like I have no whatever you want. So, like, here's a file box. So, like, this is a great example for you guys home. Like you get a little file box like this. Winnings is grazes portable e take wherever you want. Some people have file drawers, you literally get these fall floors Get these hanging folders. You have a hanging folder. You make the labels. There's your 12 file folders. You put the file folders in the box, then you create hanging folders that go inside those. So you buy a box of these and you put them all in here and like I'll give you example like the retirement accounts. If you have five retirement accounts, don't put five retirement accounts in one file holder. So you have. So you have a creative live for one K plan you write created live for one K plan that goes in the retirement account folder. Now, if you work somewhere else before you got to create alive and you have a 41 K plan from there, then you literally go and you take it. You turn it out and you put that and you stick it in the folder. You're going to go over this will folder can Where do you see? It says right here. Family will entrust. So you guys are gonna go over the will and family trust boulder, and it's empty because half of you don't have one 60% of Americans. Don't you do a good job. So 60% of Americans don't have one of the AIDS, so it's empty. So you're gonna have an empty folder. Nothing should worry you more than empty folder. So then you'll be like, OK, I need to go get my will done, and you'll put your will in here. Some of you are gonna put your will in here, and your will is so old it's gonna stick together. And that means you're will needs to be redone. Um, Children, accounts, rental properties, insurance. This can be a lifesaver to if something happens to one of you because everything is sitting in here. And then the last thing that's not here, that I would do This is your inventory work shape. So, guys at home, that's your financial inventory worksheet. Okay, this is your net worth statement on paper. So this form again. Same for my use of my clients to organize all their financial documents. This helps you determine your net worth. It shows you where all your money is going. Where does the money really go? If you don't want to use me dot com and you go and put this down on paper, I have given you the worksheet from where does all the money really go?