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When the Sky Falls: Protecting Important Documents
Most people understand the importance of keeping
valuable belongings in a safe place in case of an
emergency. But what happens if calamity strikes the
safe place?
One common place to keep important documents is in
a safe-deposit box, which is usually waterproof and
fireproof. But if the bank is destroyed by a flood or
an explosion, chances are pretty good that you’ll
never again see the contents of your safe deposit
box.
The time to plan for how to recover from a potential
disaster is before it strikes. By taking some simple
steps now, you may be able to get your finances —
and your life — back on track quickly should
catastrophe hit.
Get Ready to Go — Consider preparing a
disaster “to-go” package containing essential
documents, critical phone numbers, and irreplaceable
items, so you can easily grab it if you need to get
out in a hurry.
- Essential documents could include originals or
copies of birth and marriage certificates, passports,
insurance policies, wills, deeds, trusts documents,
tax records, vehicle titles, retirement plan records,
prescriptions, and bank and brokerage account
numbers. You may even want to include photocopies
of your driver’s license, Social Security card,
passport, and ATM and credit cards (front and back)
in case something happens to the originals. It’s also
a good idea to keep a key to your safe-deposit box
in your disaster to-go package.
- Critical phone numbers could include those of
your attorney, physician, creditors, banks, financial
advisor, accountant, family members, and
insurers.
- Irreplaceable items could include photographs and
keepsakes. For space considerations, you could scan
photographs or important documents and download
them to a CD-ROM, a storage device such as an
external hard drive, or a even a digital music player
such as an iPod.
Read on...
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Greetings!
Fall is a time of learning. Students have gone back to
school. We at WH Cornerstone have been spending
time learning too! We've attended two industry
conferences already and one more to go. The hot
topics are: the art of financial planning, investing in
commodities and exchange traded funds (ETFs). We
are also excited to share that we are updating our
firm’s image and website. So stay tuned. It’s coming
soon!
Time to Share. Create a Buzz. On
Monday, November 14 we will be teaching a one-night
course called
Women, Beat the Investment Pros! Whether
you have $5,000 or $5,000,000 to invest—you could
beat
the pros! Learn how you can implement this simple
strategy of investing into the high-yield, low priced
stocks of the Dow Jones Industrial Average. This
straightforward strategy will only take you a few
hours a year. This class is designed for women
looking to take control of their investments. In
addition to learning the strategy, you will learn how
to open a brokerage account, and to make a
trade. Men are welcome too. You can sign
up by calling Duxbury Before & After
Dark at 781.934.7633.
The Plymouth Philharmonic Orchestra begins
it's 90th season this Saturday, October 22 at 8:00
p.m. with an all Amercian evening including our
favorite George Gershwin’s Rhapsody in Blue.
You can
visit the Phil's website to read the program
notes
for opening night or order tickets.
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| Put Your Estate in Order |
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For business owners, an effective estate plan
addresses a number of concerns over and above the
desire to care for surviving family members. Control
over who will run the business, conservation of the
owner's assets in the face of legal expenses and
taxes, and the liquidity to pay estate taxes due
shortly after death are just some of the most
pressing issues.
For the sake of their heirs, business owners should
plan for the orderly transfer of their wealth —
including their business interests — well in advance.
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| To Sell or Not to Sell a Mutual Fund |
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Professional management and diversification are two
qualities of mutual funds that make them a natural
choice for investors who prefer a buy-and-hold
strategy over the long term. In fact, a mutual fund
portfolio that is built according to the appropriate
asset allocation should prove to be somewhat low
maintenance, if not hassle-free, for a number of
years.
Dumping disappointing funds for the sole purpose of
chasing higher returns is rarely advised, but there are
some situations in which it may be prudent to
consider selling a fund.
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| Switch to a Roth IRA |
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Since the creation of Roth IRAs in 1998, more than
14 million U.S. households have opened a Roth to
take advantage of the opportunity for tax-free
earnings on their retirement assets.
Before you rush out for a Roth IRA application,
consider the implications of opening a Roth or
converting your traditional IRA to a Roth IRA.
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| Give Yourself Credit |
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When it comes to your credit score, what you don't
know could hurt you.
Errors on your credit report can greatly affect your
credit rating, and a low rating could determine
whether you get a loan for the house or car you've
been eyeing.
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| Plan for Long-Term Care |
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Most people don't want to think about the possibility
of needing long-term care. But by avoiding the
subject, they could inadvertently force their loved
ones to make some significant sacrifices later in life.
One study found that 33 percent of working women
have either reduced their work hours or passed up
career opportunities to care for a chronically ill
relative. And, on average, caregivers spend nearly
$20,000 of their own money caring for family
members over a two- to six-year period.
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