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Liz Weston

Q&A: Digital is safer than paper

May 23, 2022 By Liz Weston

Dear Liz: You’ve advocated for going paperless. My preference for paper financial documentation over electronic versions is that paper provides “proof” in the event something compromises online or email reporting. What am I missing?

Answer: Proof of what, exactly?

That’s not a rhetorical question. If you don’t understand why you’re retaining a document, and what the alternatives are, you risk burying yourself in paper.

Consider your bank statements, for example. Your paper document is just a reproduction of the digital files that the bank securely stores and regularly backs up. If you do the same, regularly downloading statements and backing them up to secure storage, there’s no reason to convert the files to paper. Paper is in fact more vulnerable, since it can burn up in a house fire, be destroyed in a flood or simply have its ink fade to illegibility. In the rare circumstance where you actually need to provide a paper document, you can simply print it out.

Many people don’t even bother downloading their statements. Many financial institutions allow you to access five or more years’ worth of statements for free, which is as long as you’re likely to need such access.

There are a few documents you should keep in physical form either because they’re most useful that way (passports and driver’s licenses, for example) or because accessing or replacing them can be a hassle (birth certificates, citizenship certificates, divorce degrees and military discharge papers, among others). Even these documents, though, should be scanned and stored securely in case they’re lost or destroyed.

Filed Under: Banking, Q&A Tagged With: digital vs paper, q&a, record keeping

Friday’s need-to-know money news

May 20, 2022 By Liz Weston

Today’s top story: How to understand and reduce taxes when selling your home. Also in the news: Why you need to learn your parents’ financial plans ASAP, how debt-related stress affects body and mind, and the goods and services that have actually dropped in price this year.

How to Understand and Reduce Taxes When Selling Your Home
If your home’s value has soared, congratulations. If you decide to sell, beware.

Learn Your Parents’ Financial Plans ASAP
A difficult and important conversation to have.

How Debt-Related Stress Affects Body and Mind
The stress of being in debt can cause physical symptoms like insomnia and stomachaches. It can also harm you emotionally and affect your relationships.

These Goods and Services Have Actually Dropped in Price This Year
Inflation has brought on a price increase for most things, but not everything.

Filed Under: Liz's Blog Tagged With: aging parents and money, capital gains tax, debt-related stress, inflation, real estate taxes

Thursday’s need-to-know money news

May 19, 2022 By Liz Weston

Today’s top story: Are reluctant home sellers too attached to their low rates? Also in the news: Are I bonds a good investment, a new episode of the Smart Money podcast on a travel nerd’s guide to Costa Rica, and the best time to buy cars, appliances, and other things that have been hard hit by inflation.

Are Reluctant Home Sellers Too Attached to Their Low Rates?
An effect that’s difficult to quantify.

Are I Bonds a Good Investment?
I bonds are a safe way to guard your money against inflation, but what do you risk by keeping your money out of the market?

Smart Money Podcast: Nerdy Travel Diaries: Getaway to Costa Rica
This episode, Sean talks with NerdWallet travel editor Kevin Berry about his recent trip to Costa Rica.

The Best Time to Buy Cars, Appliances, and Other Things That Have Been Hit Hard by Inflation
If you can’t necessarily shop cheap, you might as well shop smart.

Filed Under: Liz's Blog Tagged With: Costa Rica, I-bonds, inflation, interest rates, reluctant home sellers, shopping, Smart Money podcast, travel nerds

Wednesday’s need-to-know money news

May 18, 2022 By Liz Weston

Today’s top story: How to get travel insurance without paying for it out of pocket. Also in the news: Hotels tap into hot amenity amid surging gas prices, what rising prices could mean for your retirement, and why you should know which financial phase you’re in.

You Can Get Travel Insurance Without Paying for It Out-Of-Pocket
Holding certain travel cards can be a great way to easily acquire travel insurance. Just understand what’s covered.

Hotels Tap Into Hot Amenity Amid Surging Gas Prices

What Rising Prices Could Mean for Your Retirement Plans
Inflation means your retirement savings won’t go as far. Here’s how to pivot.

You Should Know Which ‘Financial Phase’ You’re In
Over your lifetime, you’ll earn, save, and spend in alignment with your values and goals.

Filed Under: Liz's Blog Tagged With: electric vehicle charging stations, financial phases, hotels, inflation, Retirement, travel insurance

Tuesday’s need-to-know money news

May 17, 2022 By Liz Weston

Today’s top story: How to find the right business coach and avoid the wrong one. Also in the news: Why the 15/3 credit card hack is nonsense, how death-planning apps work, and the pros and cons of vacation loans.

How to Find the Right Business Coach — and Avoid the Wrong One
A good business coach can help you develop your ideas, set goals and make plans to achieve them.

The 15/3 Credit Card Hack Is Nonsense — Here’s What to Do Instead
The supposedly secret trick does not build your credit scores, despite what you may have heard. But there are some concrete steps you can take.

Dealing With Death? There’s an App for That
How death-planning apps work.

Should You Use a Vacation Loan to Finance Your Next Trip?
Although fairly easy to obtain, travel loans could cause more problems than they solve.

Filed Under: Liz's Blog Tagged With: 15/3 credit card hack, business coaches, credit card hacks, death apps, vacation loans

How to reduce taxes when you sell your home

May 17, 2022 By Liz Weston

If your home’s value has soared, congratulations. If you decide to sell, beware.

Financial advisor James Guarino says some clients don’t realize that home sale profits are potentially taxable until their returns are prepared — and by that time, they may have spent the windfall or invested the money in another house.

”They’re not happy campers when they find out that Uncle Sam not only is going to tax this as a capital gain, but they’re also going to have some exposure at the state level,” says Guarino, a certified public accountant and certified financial planner in Woburn, Massachusetts.

In my latest for the Associated Press, understanding how home sale profits are calculated and how you can legally reduce your tax bill.

Filed Under: Liz's Blog Tagged With: home sale profits, Taxes

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