Lesson 1: Clean and efficient
Did you know that honeybees are neat freaks? One of the most important jobs for worker bees is keeping the hive clean. The queen even does spot checks and calls for a second cleaning if a cell is not immaculate. Not only are hives spotless, their storage system is very efficient. The hexagonal shape in honeycomb holds the most honey with the least amount of wax to create the borders. What can we learn from the clean, efficient hive? There has been a lot of buzz in the media about de-cluttering – Marie Kondo anyone? Start now with eliminating paper statements!
We have been promoting “going paperless” on your financial statements for years. Our main reason for this advice is environmental. Eliminating the paper statements saves trees and reduces greenhouse gases and wastewater. But what are some of the other benefits of electronic statements?
Reduced clutter – instead of piles of paper or overflowing filing cabinets, you can view your statements online anytime. We do recommend saving a copy of your year end statements. This can still be done electronically as long as you have a password protected computer and keep your security software up to date. Just create a new folder on your computer to store your year end statements. If you really want to get fancy, you can create a digital filing cabinet. Search “going paperless at home” for ideas.
Convenience – When you have online access to your financial statements, you can view them anytime! Doing your taxes at midnight and don’t want to dig through the scary basement filing cabinet for your September statement? Can’t call Cherokee Investments because no one is there at midnight, but you can log on to your account and find what you need.
Save money – Some companies are charging $1 or more per document to provide paper copies. Switching to electronic eliminates those fees.
Once you have gone paperless for your financial statements, we recommend one additional step. It does involve at least one piece of paper, but it is important. Make a list of your accounts; include financial advisor or other contact information for each account. With no paper statements, your beneficiaries may have trouble finding all of your investment accounts so make sure they know where you keep this list. (While you are thinking about beneficiaries, you may want to double check that your beneficiaries are up to date on your accounts).
Call Krista at 651-291-6216 today to get started on your “clean and efficient” filing system.
Securities offered through Securities America, Inc., member FINRA/SIPC. Jonathan B. Kvasnik, ChFC, Registered Representative Advisory services offered through Securities America Advisors, Inc. Cherokee Investment Services and Securities America are separate companies.
Not FDIC Insured – Not Insured By Any Government Agency – May Lose Value – Not Bank Deposits – No Bank Guarantees