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?

https://www.hoyes.com/about-hoyes-michalos/debt-free-in-30/