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What's This? An Attorney Disagreeing With Ben? (That's Okay...She's Probably Even Right!) Plus: How Long Should You Hang On To Your Old Records And Receipts? And: Getting Organized Is Simple If You've Got The Right People Leading The Effort
February 26, 2004
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Dear Ben: I just read your newsletter for this week, and I have to disagree with the time periods you’re recommending for keeping records. I’m a lawyer who’s litigated cases involving failure to disclose and other issues associated with buying/selling homes. I suggest consumers keep records of repairs and other disclosures should be kept for four years–the maximum statute of limitations that applies. We’re big on written records, and having litigated these kinds of cases, I’d rather err on the side of caution. (I enjoy your newsletter...it’s always informative and certainly never dull!)
Sharon Campbell, Attorney-at-Law, Dallas
Dear Counselor: Thanks for your perspective...and advice. I’m with you: It’s better to err on the side of caution. Keeping a paper trail intact for an extra year seems like a no-brainer; for those of you that missed my "time to keep records-and-receipts" newsletter, here are my post-Sharon suggestions for time to hang on to your paper trail:
– Tax-related documents: From charitable receipts to the returns themselves...Four years
– Real-estate investment paperwork: Two years after selling the property
– Major home repairs/improvements: Ditto
– Utility/phone/credit card bills: Two years
I know hanging on to this stuff is easier for us packrats, but when you do finally decide to cut loose with the outdated paperwork, make sure you shred it–do not just tear it up by hand. Invest in a shredder that does a "cross-cut" type shred, as opposed to the cheaper "strip cut" shredders. Believe it or not, some of the bad guys will actually spend the time necessary to piece together documents that have been "strip shredded."
By the way: Sharon was referring to a story in my weekly "Dose of Dover" (e-mailed) newsletter. It publishes every Tuesday morning, allowing me to cover a wide-range of topics–without the space restrictions that I face here every week–or time restrictions for my News 8 At 9/Good Morning Texas (Thursdays at 9 a.m. on WFAA/Channel 8) segments. The price is right (free) so what are you waiting for? Sign-up on-line here: www.bendover.com/newsletter.asp.
Dose of Dover for the Week: With March coming up next week, so will the desire to plunge into the annual "Spring Cleaning" ritual. If you happen to be as big a packrat as I am, you’re probably feeling overwhelmed by closets, storage rooms or garages packed to levels that would make a "Fire Marshall" cringe. Want an even more compelling reason to whittle-down all of the junk you’ve accumulated? It’ll save you money–from purchasing unnecessary items you can’t readily locate, to increasing your ability to quickly find receipts or legal documents that can easily cost (or save) you hundreds (even thousands) of dollars every year...not to mention the dough you’ll save on storing a bunch of useless junk in an off-site storage facility.
This is where professional expertise can really pay for itself. According to personal home/home office organization expert Tiffany Pine-Lastelick of www.tiffanyinorder.com: "Most people really need to purge at least 50 percent of everything they have. This might sound like a lot, but the fact is that we only use 20 percent of what we have–from paper, to clothes to everything in the kitchen, like containers, plastic cups or glasses...it’s especially evident in the refrigerator! My job is to create a game plan and then help you execute it: It’s easier for clients to make the three-sided purging decision (do you keep it, give it away (or sell it), or throw it away?) if I’m spearheading the project.
My job’s like that of a trainer putting you through a work out–you’ll always work harder when you’ve got someone pushing you. Professional organizers not only help clients come up with a realistic plan to organize their homes (or home offices), but devise a workable plan to maintain and design their space–and save themselves countless wasted dollars in the long run."
How much does turning over a new (and organized) leaf cost? Professional organizers will usually charge by the hour, starting at $45 an hour, up. Nowadays you can’t afford not to have your paperwork-act together...especially when you’ve gotta put your hands on credit card receipts, bank statements or anything tax-related.
Oh yeah: April 15th, your annual opportunity to organize your financial information for our pals at the IRS is only 50 days away.
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