482 – Setting Yourself Up for Success in 2024 with an Annual Financial Checkup!
Debt Free in 30 · Doug Hoyes
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Show Notes
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?