Episode 294

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Published on:

27th Mar 2024

Spring Cleaning Your Finances

About the Guest(s):

Amy Irvine is the CEO and founder of Rooted Planning Group. With years of experience in the financial planning industry, Amy is dedicated to helping individuals and families achieve their financial goals. She is known for her expertise in tax planning, retirement planning, and estate planning. Amy is passionate about educating her clients and providing them with the tools and resources they need to make informed financial decisions.

Episode Summary:

In this episode, Amy Irvine, CEO and founder of Rooted Planning Group, shares valuable insights on organizing and decluttering your finances. With tax season in full swing, Amy provides guidance on how long to keep tax returns and supporting documents. She also discusses the importance of maintaining healthcare documents, legal documents, and other essential paperwork. Amy emphasizes the significance of securely storing important documents and suggests creating a system to easily access them when needed. Whether you're a small business owner, a homeowner, or a student, Amy offers practical advice on managing and preserving important financial records.

Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!

If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com

Or visit us at www.rootedpg.com/podcasts for full show notes and links!

Key Takeaways:

  • It is recommended to keep state and federal tax returns and supporting documents for about three years. However, if you forgot to report income or have certain deductions, you may need to keep them for a longer period.
  • Healthcare documents, such as Medicare notices and records related to Medicaid applications, should be kept for specific durations to support your healthcare needs.
  • Legal documents, including Social Security cards, birth certificates, passports, and estate planning documents, should be stored securely. Copies of important documents should be accessible to trusted individuals, especially healthcare proxies and power of attorney documents.
  • Debt and asset-related documents, such as investment account statements and loan documents, should be retained for specific periods. Keeping track of cost basis for investments and maintaining records of home office expenses are crucial for tax purposes.
  • Property-related documents, such as deeds, settlement statements, and insurance policies, should be kept permanently. Additionally, maintaining records of completed coursework and employment contracts is essential.

Notable Quotes:

  1. "If you think you forgot income to report, then if it's more than 25% of your gross income, you want to keep six years." - Amy Irvine
  2. "If you have estate planning documents, such as a will, a trust, a power of attorney, a healthcare proxy, a living will, any beneficiary designation, store those originals." - Amy Irvine
  3. "If you're a small business owner, you want to keep a copy of your federal Ein number. This is something you should keep permanently in a secure location." - Amy Irvine
  4. "If you have any home improvements, keep receipts or a ledger that documents those because you may be able to adjust up your cost basis of your property if you ever sell the property in the future." - Amy Irvine
  5. "If you're currently employed, keep any contract signed, including non-solicit, non-compete agreements." - Amy Irvine

Resources:

This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.

Visit www.rootedpg.com to learn more.

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About the Podcast

Money Roots
Money Roots with Amy Irvine
Welcome to "Money Roots," the podcast where personal finance becomes personal. Join host Amy Irvine, CEO of Rooted Planning Group, as she demystifies the world of finance and makes it approachable for everyone, from beginners to financial experts.

In each episode, Amy and her guests dig deep into the financial soil, planting the seeds of financial knowledge and helping you nurture your financial future. Whether you're looking to build a solid budget, invest wisely, or plan for retirement, "Money Roots" has you covered.

Get ready to explore practical advice, inspiring stories, and expert insights that will empower you to take control of your financial destiny. It's time to grow your money roots and thrive financially!

Subscribe to "Money Roots" now and join Amy on this exciting journey to financial empowerment. Let's put down some roots and flourish together.

About your host

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Amy Irvine

Uncorking Amy Irvine!!

If any of you have ever met Amy, you know she is passionate about
three things. Family, Finances, and WINE! This comes through in all
that she does and all that she is. When asked to describe herself she first and foremost states, “I am a wife, a daughter, and hopefully a good friend, who happens to also be a financial planner.” Amy holds a Master’s Degree in financial planning and is a Certified Financial Planner TM , Enrolled Agent, Certified College Financial Consultant, and a Financial Wellness Coach with over 25 years of financial planning and industry experience. She is the Founder and owner of Rooted Planning Group, (Formerly known as Irvine Wealth Planning Strategies LLC), which started in 2016 and has grown to include 6 other planners and 2 part-time staff members. Amy is definitely “doing it her way” and has been recognized by her financial planning colleagues as being a “disrupter,” a title she holds close to her heart and is proud of.

Uniquely, at the age of 44, she decided to not only start her only company, but to act on what she defined as her perfect life and she splits her time between Parrish, Florida and Jasper, New York.
On her website it states, “I love what I do, but I also very much enjoy warmth, good
conversation, wine tastings, and volunteering. New York is extraordinary in the summer and fall, but so is Florida in the winter.”
In 2018, she decided it was time to take the stigma out of finances by combining her passion for finances and wine. She started a podcast called “Wine and Dime,” which highlights a different wine and financial topic each week, and she released her book combining those same two passions, titled, “Uncork Your Finances.”
Many of you may know her as one of the co-founders of the Southern Tier Women’s Financial Conference – a day of collaboration and financial education, which will be hosting it’s sixth year!
To round out her volunteering passion, she often provides financial education to the
community through the financial management program of Cornell Cooperative Extension of Steuben County, she serves on the board of Faith-in-Action of Steuben County, volunteers for various Fund For Women of the Southern Tier events, works with the finance committee of the Arts Council of the Southern Finger Lakes, and serves on the board for the Corning Painted Post Historical Society (also known as Heritage Village).
In her downtime, you’re likely to find her with a glass of red wine from one of the many Keuka or Seneca Lake wineries that she highlights in her Wine and Dime Podcast.