Welcome to this week’s edition of the Doctor’s Eyes Only podcast where Vestia Partner and CEO Lauren Oschman delivers Part 2 on Spring Cleaning for your Finances. If you are tuning in to part 2 and you haven’t listened to part 1 yet, be sure to go back and listen there first so as to not miss some good tips on ways to declutter your financial life. In part 2, Lauren discusses reviewing beneficiary designations on accounts, and checking credit reports for accuracy and locking credit to prevent potential fraudulent account openings.

“First tip for today, review the beneficiaries on your accounts. Retirement accounts through work, IRA accounts, life insurance policies, these are all things that have beneficiaries on them. A beneficiary is the person who would get that account if something happened to you and you weren't around anymore to have the account.”

Another tip Lauren provides is to verify homeowner’s insurance coverage for rebuilding costs. This is very important in our current economic environment because home prices and the values of homes have been rising so fast as of recent. This has not only created a lot of equity for the home owner, but also created a gap in what home owner’s insurance will pay to rebuild the home compared to the cost of rebuilding it.

“There are a lot of policies out there. that actually cap what the replacement value of the home is based on the value or what it would have cost to rebuild that house when you initially got the policy. So if that was a while ago, and again, construction costs have all increased over the last few years, that may not be enough money to rebuild the same home today in 2024.”

There are many other great tips regarding spring cleaning for your finances in this episode, so be sure to follow and subscribe where ever you find your favorite podcasts. As always, the information in this podcast is a general over head view, and we suggest meeting with your financial advisor and your accountant before making investment or tax decisions based on your specific situation. If you do not have an advisor or would like a second opinion, you can reach out to us at myteam@vestia.com, and an advisor will be in touch soon!

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