This week Gail focused on asking Money Master Class participants daily questions about life and finances. The topics she touched on were: credit scores, wills, power of attorney, taxes, life and disability insurance, and investing.
Gail has been pretty vocal during this year about how the credit score system is a scam. The unfortunate fact about the credit score system is that it does not truly measure how responsible you are with money. It measures how profitable you are for lenders.
For example, if you have never used credit cards or had debt in your life, you are not guaranteed to have a good credit score (or any score at all!). On the other hand, if you have debt and make regular payments, you are potentially going to have a good score.
Even though the system is not ideal, it’s still a good idea to know what your score is. In Canada, you can reach out to both credit bureaus and get a free report.
In addition to the credit score number, your credit report will allow you to see any unusual activity that needs to be addressed.
Wills & Power of Attorney
Gail talked more about wills and power of attorney earlier in the year.
For more information on Wills, see Week 30
For discussion on Widowhood, see Week 27
For more information on Power of Attorney, see Week 31
Questions to Ponder
Gail asked some daily questions to get us all thinking about financial topics.
Life Insurance and Disability
For more information on Life Insurance, see Week 28
What question from this week stood out the most to you?
Missed last week? Check out my recap here: Week 43
New to the Money Master Class? There’s still time to get started!
Check out this Twitter Archive to see all of Gail Vaz-Oxlade’s #MoneyMasterClass tweets from the start.
Find the resources, spreadsheets, and quizzes here: Money Master Class
Check out my weekly recaps to get caught up.
Start here with the Money Master Class Intro and Week One Recap
Check out Gail Vaz Oxlade’s books here:*