A Money Management Webinar for You

Creating an online Money Management seminar is something I have been thinking of for some time, and I think that now is the time to move ahead. I would, however, appreciate a little input. Here’s what I have in mind as an initial session.

Participants would be led through a process to identify their cash flow, their current net worth, and creating a household inventory. We would discuss RRSPs and the new Tax Free Savings Account. Income protection (paycheque insurance) will be covered, including group benefits from employment. Of course, other money tips could be expected.

You could help me by replying to this post on the blog, by email, or by phone. Please let me know if there are specific topics you would like to see in an initial or followup webinar. I would also like to know whether you would prefer to have an interactive session with others, watch a prerecorded broadcast, or actually attend a group seminar that is not online. If attending a live webinar, what time of day and day of the week is best?

Season’s greeting to all!

**This message is an expression of the author’s personal opinions. The companies represented by Antony (Tony) Ratcliffe of Ratcliffe Wealth & Risk Management, as an independent agent/broker in Alberta, Canada, will not be held liable in any way for the opinions expressed herein.

Create a Household Inventory

My second tip in the 10 Tips for Women about Money is to create a household inventory. I ask you to create the list plus have back up support for it. The back up is going to be whatever receipts you can find, warranty documents, and photographs or videos of the items. We are doing this to help establish your net worth and to record your belongings in the case of future loss or warranty claims.

You may wish to organize your items by rooms in the home, types of items, values, or some other category. Record descriptions, serial numbers, purchase costs, and appraisal values if you have any. A later step could be to ascertain current market values and replacement costs for similar items. While knowing the current value of your possessions determining your financial position, you will also know what it would cost to replace them. Through your general insurance agent, ensure you have replacement cost insurance to replace items at current market costs.

Copy your receipts and warranty documents or, better yet, scan them to make digital files. As previously mentioned, photograph or videotape your belongings to help you prove that you owned them. Most importantly, keep a copy of all of this in a location away from your home. I like to use an online back up service. They are extremely reasonable nowadays, and you may even find a free service that meets your needs. If you ever have the unfortunate need of sitting down with an insurance adjuster, or to file a police report for stolen items, you will be prepared.