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Decluttering Financially (redux)

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:

  • I had a bunch of Common Stock holdings that were 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, 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?

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  1. I can’t say I have this problem. My investing activity has just been so limited in the past that it is pretty much all in one RRSP account. I’m finally smartening up and getting more proactive with my investing though. Time to switch over to self managed investing and hopefully make some better money without those extra fees.

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