Do you do regular clean-outs of your financial life? A while ago I brought up Decluttering Financially, and its importance in your financial life. At the time I had many old and tatty securities lying around my financial world and I really did need to clean up.
Since then I have pretty much cleaned up those crappy old mutual funds, however, I have also cleaned out:
- A bunch of Common Stock holding that I had, that was doing me no good (including some leftover Nortel), and any money made from those sales went into Index Funds and/or ETFs.
- Some remaining useless mutual funds needed to be gone (again all money funnelled back into my passive Index Investments).
- I had an RRSP and a LIRA disappear but that was doing a service buyback into the Federal Government Pension (expensive, but worth the money). Two less things to worry about.
- A couple of old investing accounts that were hanging around as well (two RESPs for two of my kids, which now are at zero. I thought I closed them, but they persist to live on, it seems)
I do have 1 more thing I need to get rid of and that is a perfectly useless LIRA set up with Sun Life that I need to transfer into a much better investment fund. This one is a messy old thing that I had forgotten about and it has given me almost 1% growth over the 15 years I have held it (yes, the only thing worse I could have done is left it in Nortel).
How goes your financial de-cluttering? Getting it done?