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September 03 newsletter

Welcome to the Shape of Money's penultimate guide to the secrets to wealth.

Before we begin, we would like to take the opportunity of advising you that we have completed another upgrade to the site. We are committed to providing you with the best resources and our recent changes to the navigation are designed to assist you find the topic of your choice with ease.

Next month - we launch our residential property investment calculator. Together with some new resources and a revision of the existing pages, we believe that the calculator will be a useful tool for those already in or contemplating a residential property investment.

The month after - our final guide to the secrets to wealth will be covered in the November newsletter.

Next year - if there is something you want covered in coming newsletters, please let us know.

This month - we look at another secret to wealth: record keeping.

Unfortunately, not all the secrets to wealth are fun. Record keeping is such an example. It's a secret that isn't as important as the rest, but, under certain circumstances, accurate and complete record keeping will be hugely beneficial.

From the simple example of ensuring that you remember to pay the motor vehicle insurance policy, through to the difficult circumstance of a family death, record keeping has its role to play in achieving your financial goals.

Accurate and complete record keeping involves:

  • Having an up-to-date will,
  • Documenting the whereabouts of all important information and records (keep both electronic and paper-based copies), and
  • Having a list of organisations that you need to advise of any material changes, such as change of address or major illness.

The information you (or someone else) may need to easily access includes your will, passports, bank account details, insurance policies, tax returns, credit card information, mortgage details, investments and investment transactions.

If you have a shoebox that you "file" old receipts in, take some time to go through it and put some order in your record keeping. It's a job for a Sunday afternoon, but one which you'll be pleased you undertook.