What to keep and what to shred...

One of my goals this year is to become more financially responsible and therefore increase my net worth.  Part of becoming financially responsible means keep track of papers and such, especially for those days the computers are feeling sick.  I'm always debating whether or not  to keep certain pieces of paper.  In this article, the author recommends that the following be kept:

Your will, living will and durable power of attorney.

Life insurance policies, including policies with your employer.

Insurance, and any death benefits that are due you as a veteran of the armed services.

Retirement plan documents from your pension, profit sharing, 401(k), and IRAs, along with annual statements.

Records of nondeductible contributions made to your employer-sponsored retirement savings plan or IRA.

Separation and divorce documents.

Real estate deeds, titles and property surveys.

Military records.

Tax returns and supporting data for at least the last seven years after the original return is filed.

For investments, keep buy/sell trade confirmations to show when each security was bought and sold, the price you paid and commission charged.

Dividend reinvesting statements (for seven years after you file your tax return showing a gain or loss( Receipts for major purchases like jewelry, furniture, etc.

Receipts for items under warranty until the warranty expires.

Pay stubs – until the end of the year when you compare the year end totals with the amounts shown on the W2 form you get from your employer.

While I agree with most of the list, I think one should also keep school transcripts, medical records and other major contracts (i.e. Student load terms, car loans terms). Other than I say have fun with your shredder. I know I enjoy playing with mine.   In another article on the same site, another article has suggestion of items that you want might want to keep in safe.  Those include:

Copy of your will

Copy of insurance policies

Titles to your house and cars

Detailed list of bank and brokerage accounts, CDs and credit cards

Marriage license / Divorce decree

Expensive, rarely-worn jewelry

Birth certificates

Family heirlooms

Stock and bond certificates

I've thought many times about getting a safe, especially one with multiple bolts like the one in the movies, but I've not been able to justify the expense to myself. But not I have all sorts of reasons.