Debt Free in 30 482 – Setting Yourself Up for Success in 2024 with an Annual Financial Checkup!
In this episode, Doug Hoyes is joined by Ted Michalos as they discuss the importance of doing an annual financial checkup. Doug explains the importance of having a plan and touches on various topics such as updating your will, insurance, investments, bank accounts, taxes, passwords, and debt. Now is the time to review your finances and make a plan for the new year so you can set yourself up for success!
Time Stamps
00:00 Introduction
01:20 Self Assessment
02:03 Review and Update Your Will
02:57 Power of Attorney for Personal Care & Power of Attorney Over Property
04:18 Insurance
04:24 Life Insurance
05:16 Term Insurance
06:15 Mortgage Insurance vs. Life Insurance
08:15 Medical/Disability Insurance
09:23 Asset Insurance (Car Insurance, Homeowners Insurance)
10:31 Credit Insurance
11:32 Investments
11:39 Do Investments Still Make Sense?
13:53 Bank Accounts
14:41 Should You Have More Than One Bank Account?
18:30 Big Banks vs. Virtual Banks Interest Rates and Fees
23:41 Should You Reconcile Your Bank Account?
25:36 Passwords
26:30 Taxes
26:58 Debt – Make a Plan
Related Links:
Why You Should Bank at More Than One Bank
https://www.hoyes.com/blog/why-you-should-bank-at-more-than-one-bank/
Why Do I Need To Switch Banks? I Love My Bank.
https://www.hoyes.com/blog/why-do-i-need-to-switch-banks-i-love-my-bank/
How to Open a New Bank Account For A Bankruptcy or Consumer Proposal
https://www.hoyes.com/blog/opening-a-new-bank-account-bankruptcy-consumer-proposal/
RRSP, Registered Savings Accounts and Bankruptcy Laws
https://www.hoyes.com/blog/rrsp-bankruptcy-laws-canada/
Power of Attorney: Can I Deal With My Parents' Debts?
https://www.hoyes.com/blog/power-of-attorney-parents-debts/
Income Taxes and Bankruptcy – What You Need to Know
https://www.hoyes.com/blog/income-taxes-and-bankruptcy-what-you-need-to-know/
Crushing Debt. Why Canadians Should Drop Everything and Pay Off Debt
https://www.hoyes.com/blog/crushing-debt-why-canadians-should-drop-everything-and-pay-off-debt/
What is a Debt Free in 30 Debt Assessment?