What Are Financial Records?
I truly believe that some of us (like my husband) have every pay stub and tax return from the time they first got a job or filed an income tax return. In fact, some of us even save home utility bills or other monthly expense records long after they’re needed.
To answer the question what is the definition of financial records, think of all transaction information, whether it be in paper or electronic format, that involves your money or investments as a financial record.
For example, this can mean paychecks you receive, investments you make such as CDs, stocks, bonds or annuities. Your retirement plans and even checking and savings bank records also involve you and your money—past, current, and future, so they are also considered financial records.
Some records that have no cash value currently such as life insurance policies or short or long-term disability policies. These are also financial records that are important to keep.
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