#MoneyMasterClass Recap-Week 44

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.

Credit Scores

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.

Equifax:
https://www.consumer.equifax.ca/personal/education/credit-report/how-to-get-a-free-credit-report/

Transunion:
https://www.transunion.ca/product/consumer-disclosure

In addition to the credit score number, your credit report will allow you to see any unusual activity that needs to be addressed.

#MoneyMasterClass Q of the Day: Have you stopped chasing the Credit Score? It's unhealthy, so don't do it.

— Gail Vaz-Oxlade (@GailVazOxlade) October 27, 2020

that's different that chasing https://t.co/XR3WRQ8rbJ

— Gail Vaz-Oxlade (@GailVazOxlade) October 27, 2020

#MoneyMasterClass Have you reviewed/corrected your credit history report in the last six months? Go. Do. Today. if you haven't.

— Gail Vaz-Oxlade (@GailVazOxlade) October 27, 2020

You write to each bureau and ask for a copy of your credit history. It's free. https://t.co/HFiHvvNmIl

— Gail Vaz-Oxlade (@GailVazOxlade) October 27, 2020

good to know… sharing https://t.co/ERxPHRkauX

— Gail Vaz-Oxlade (@GailVazOxlade) October 27, 2020

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

#MoneyMasterClass Q of the Day: Have you made a will & executed enduring Powers of Attorney for finances and health care? If you can't answer "yes" to these three v v important estate documents, I'm done w ya!

— Gail Vaz-Oxlade (@GailVazOxlade) October 28, 2020

A hand written will is valid. All in your handwriting and NO witness. https://t.co/F047X82Fjq

— Gail Vaz-Oxlade (@GailVazOxlade) October 28, 2020

Timothy makes some good points here. I actually hadn't even considered my online me. https://t.co/7HZLKnqae1

— Gail Vaz-Oxlade (@GailVazOxlade) October 28, 2020

Make a list of your passwords for your online executor. My friend forgot one or two and her accounts are still up as her email was closed, I couldn't do the lost password thing.

— Sky Lamothe (@7katz) October 29, 2020

Questions to Ponder

Gail asked some daily questions to get us all thinking about financial topics.

Taxes

#MoneyMasterClass Are your taxes up to date?

— Gail Vaz-Oxlade (@GailVazOxlade) October 27, 2020

Life Insurance and Disability

For more information on Life Insurance, see Week 28

#MoneyMasterClass Have you reviewed/updated your insurance (life, disability, home, car, etc.) in the last 6 months?

— Gail Vaz-Oxlade (@GailVazOxlade) October 29, 2020

Investment Portfolios

For more from Gail on investing, see Week 13
For more on Risk Assessment and Time Horizons, see Week 12

#MoneyMasterClass Q of the Day: Have you got a handle on your time horizon, knowledge level and risk profile so you can be a smart investor?

— Gail Vaz-Oxlade (@GailVazOxlade) October 30, 2020

#MoneyMasterClass Have you started an investment portfolio (practise or actual) so you can make your money work as hard as you do?

— Gail Vaz-Oxlade (@GailVazOxlade) October 30, 2020

#MoneyMasterClass Are you continuing to grow your investment knowledge?

— Gail Vaz-Oxlade (@GailVazOxlade) October 30, 2020

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:*

Money Rules
Debt Free Forever
CEO of Everything
Money Smart Kids