Top Pressing Financial Reasons Why You Need To Organize Your Records

Maybe you know where your SSS ID is kept. Maybe you know which drawer you squeezed in your passport. But when your filing cabinet becomes like the traffic in EDSA or the Los Angeles freeway and you can’t find a document that you need in at least 10 minutes, then it’s high time for your files to have a makeover.

Here are some of the pressing financial reasons why you need to get a better handle on all your documents sprawling around your house.

Less cost on fees. Your accountant or tax lawyers will charge your less on man-hour costs and professional fees if your files are well-organized. Having good records will save you money in the long run.

Saves you time. If your files are organized and properly labeled, it will be easier for you and your family members to pull them out if immediately needed.

Easier for family members to pick up documents when you are not around. More importantly, having your files organized will be easier for your spouse or kids to look for your files when needed and if you are not around. You will also set a good example to your family members when they see how organized you are.

Unorganized records lead to relationship friction. You may have experienced blaming your spouse or parents when you were looking for a particular document during an emergency and you could not find them. You can avoid these blame games by maintaining a good filing system.

Lets you know your current financial situation. Having good records and organized filing system will also help you and your family members understand what you currently have and how your cash flows in and out of your accounts.

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Transform Your Piles Into Files

Don’t procrastinate, start your simple home filing system now. You can start with just 10 to 20 major categories for your hanging files or filing folders.

Here are some examples for you to consider:

  • Cash and banking records
  • Mutual funds and unit investment trust funds
  • Stock brokerage accounts
  • Retirement plans
  • Insurance (Non-life)
  • Insurance (Life/critical illness/disability)
  • Insurance (Medical)
  • Estate plans
  • Work-related files
  • Home purchase and improvements
  • Loans and mortgages
  • Cars/vehicles
  • Taxes and government filings
  • Warranties and manuals of your appliances and gadgets
  • School records of your children
  • Personal financial records and inventory

    • Are you ready to get organized? Follow my posts and learn how to keep good records by subscribing to RockToRiches|BurnGutierrez.Com for FREE.

    Rock your way to abundance!

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    See You at the Money Summit and Wealth Expo 2016!

    For the past few years, we have partnered with Learning Curve in promoting their events as well as the annual Money Summit and Wealth Expo.

    This year, learn from our powerhouse lineup of speakers and panelists at the 10th Money Summit & Wealth Expo! The super save promo of 20% off is valid until April 22 only!

    Get the Early Bird Rate!

    ENTER COUPON CODE: EB30

    • Save 20% on all tickets (Day 1 Pass, Real Estate Investing Summit Pass, Stock Market Investing Summit Pass, and VIP Pass)*
    • Get huge savings when you buy add-on tickets!
    • Valid until April 22, after which it will be switched to regular rates, so hurry and sign up today!

    DAY 1: MONEY SUMMIT

    • The 7 Deadly Sins of Investing: How Emotions and Biases Affect Your Investment Decisions – Rex Mendoza, former CEO of Philam Life, one of the biggest insurance firms
    • Money Lessons From On the Money – Edric Mendoza and Salve Duplito, hosts of ANC’s On the Money, the multi-awarded personal finance television show
    • Active versus Passive Stock Market Investing  – Valerie Pama, CEO of Sunlife Asset Management, one of the top mutual fund managers in the country
    • How Do You Travel Without Going Broke? – Mica Tan, CEO of MFT Group of Companies, a fast-growing angel investment firm
    • 20 Mistakes Real Estate Investors Make – Noli Alleje, Managing Director of The Property Forum, the #1 real estate auctioneer in the Philippines
    • Profiting from Forex – Benjamin Chang, Sales Head of Swissquote, Switzerland’s leading provider of online financial and trading service

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    DAY 2: REAL ESTATE INVESTING SUMMIT

    • Profiting From Tax Delinquent Properties – Jay Castillo, real estate broker and investor and founder of Foreclosure Philippines, the country’s #1 real estate blog
    • How to Make Money From Office Rentals – Carl Dy, CEO of Spectrum Investments and the country’s leading authority on rental properties
    • Building a Legacy: Build and Sell & Other Real Estate Strategies – Maves Angeles, CEO of Happy Homes Realty, known for her rags-to-riches story of living in squatter areas before to becoming a successful real estate broker, investor, and now build-and-sell developer
    • Harvesting Income From Raw Land – Noli Alleje, Managing Director of The Property Forum, and the country’s King of Foreclosures
    • Selling Your Properties Online – Christopher Watine, Lamudi’s Head of Training and Professional Development in charge of training hundreds of brokers in online marketing
    • The ABCs of Earning From Airbnb – Dolly Lara and Princeton Lee, Superhosts at AirBnB

    DAY 2: STOCK MARKET INVESTING SUMMIT

    • Dividend Investing for Conservative Investors – Enrico Chua, Founder of Widemoat Analytics and value investor
    • Super Stocks and Market Outlook – Roy Reyes, co-founder of Traders Apprentice Pilipinas and full-time stock trader
    • Going Against the Market with Contrarian Investing – John Mangun, highly respected BusinessMirror columnist, stock investor, and founder of MangunOnMarkets.com
    • Value Strategy For Long-Term Investing – Michael Garcia, former fund manager of UnionBank’s industry-leading UITFs and now CEO of MBG Capital
    • The DuPont Model For Simple Stock Analysis – Efren Ll. Cruz, Founder of Personal Finance Advisors, former Head of Wealth Management of Standard Chartered, and best-selling author
    • Find the Next Hot Stock in 5 Minutes – Gordon Foo, Head of Investor Relations of ChartNexus, a stock charting software company from Singapore

    These are the fantastic topics you will learn from these amazing experts at the two-day of the 10th Money Summit & Wealth Expo.

    You can attend Day 1 only. Or choose between Real Estate Investing Summit (REIS Pass) or Stock Market Investing Summit (SMIS Pass), Take note that Day 1 is already included. Or get the VIP Pass to switch between conferences.

    Get any ticket at 20% off! Just enter EB20 during registration!

    Add-On Ticket Rates

    Now here’s an even better deal: buy additional tickets at a huge discount!

    • For Day 1 Pass: Pay P500+VAT only!
    • For REIS Pass: Pay P1,200+VAT only!
    • For SMIS Pass: Pay P1,050+VAT only!
    • For VIP Pass: Pay P1,500+VAT only!

    Remember, Day 1 is included in the REIS, SMIS, and VIP Pass.

    So how do you buy add-on tickets? Register for yourself, e.g. VIP Pass. Then once you add your order to the cart, you will see at the lower left under “You may be interested in…” the add-on ticket that you can buy. Just click as many as you want to buy, which will be added to your cart, like the image below. Check out our Registration Guide here for step-by-step instructions.

    Get the Early Bird Rate!

    ENTER COUPON CODE: EB20

    • Save 20% on all tickets (Day 1 Pass, Real Estate Investing Summit Pass, Stock Market Investing Summit Pass, and VIP Pass)*
    • Get huge savings when you buy add-on tickets!
    • Valid until April 22, after which we switch to our regular rates, so hurry and sign up today!

    * add-on tickets are excluded from promos as they are already heavily discounted

    REGISTER NOW!

    BONUS! Angat Pilipinas Coalition volunteer team will be having a table in this event and will sell books and other exciting items! My books The Adventures of Pepot Kuripot and Dora Gastadora and Cyberpreneur Philippines will also be available at discounted prices! See you there!

    How To Discipline Yourself To Live Within Your Means

    Have you asked yourself, “Kailan kaya ako yayaman?” even if you are earning bigger than your other friends and relatives?

    The truth is, you may never achieve the goal of being rich if you are currently living beyond your means. Did you know that the reason you are not achieving it is not because you have small salary but rather because of your overmuchness lifestyle choices?

    If you believe you are guilty, then you should take these steps to turn things around.

    1) Know your net worth.

    To give you a clearer view on the status of your finances, it is recommended that you conduct a net worth analysis.

    Analyzing your net worth is quite simple:

    Add the following outright assets:
    Savings + Retirement accounts + Stock investments + your real estate property + others

    Add everything you owe (debts):
    car loan payments + credit card bills + personal loans + other payables

    Then subtract your debts from your assets in order to arrive at your net worth.

    If the result is a negative number, then you are living beyond your means. This means that even if you have a job today and you are earning a salary, you still essentially own nothing.

    In order for your numbers to become positive, start living within your means.

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    2) Practice cash-only living.

    Many people, Filipinos included, do not really understand what living within or below means for obvious reason: they live on loans and credit cards.

    The best thing to mitigate this problem is to instill a habitual behavior of living on cash alone. Just try 21 days of spending with your cash alone and not with your credit cards.

    This will challenge your spending behaviour but you will be surprised on what you can do if you are able to make it on the 22nd day just using your cash on hand for your daily expenses.

    Do not forget to record your debts as mentioned in our recommendation No. 1. The limitations of living on cash only may frustrate you, this will be a learning experience for you as you will be forced to be more careful and thoughtful in identifying where you are spending your money.

    3) Clear out the clutter.

    If you are a willing victim of the culture of rushing to malls whenever there are “sale offers”, you must be collecting items you don’t really need inside your closet or drawers.

    If your closet contains items you haven’t worn in over a year, old technology, books, or sporting goods, you’ve already got more than you need.

    The greatest 3-day sale madness in town is not really helping you saving money when you are actually using your credit card or money you borrowed from your officemate.

    Maybe it’s time for you to clear out the clutter and consider selling your items on eBay, Amazon, OLX, ukay-ukay shops, or even at your garage. Or better yet, why not donate them to people who may need them the most?

    4. Reformulate your definition of success.

    While you really do not show your bank savings or credit card bills to your social media “friends” or neighbors, the way you dress yourself, the car you drive, the restaurants you go to, or how frequent you travel to places other people have not been to in their lives may make people judge how well you are doing. Even if the truth is you don’ really have the means.

    There is a big difference between being truly rich and just trying to look rich.

    It’s not that complicated to follow these steps but you need to convince yourself that there’s no gain if there is no pain.

    Be guided on how to prepare yourself to coming back home for good by subscribing to Rock To Riches for FREE.

    Rock your way to abundance!

    #moneyliferocknroll

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    If you want me to coach you in improving your finances, type your name and email below and click the Subscribe button: