482 – Setting Yourself Up for Success in 2024 with an Annual Financial Checkup!

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/