3 Secrets for Preparing for IIM Abstract GD Topics

Here are few guidelines for you to start your

preparation for IIM Abstract GD topics:

1) The first thing is to pick a list of 5 Abstract GD

Topics that come across as total puzzles to you. Get

a list of Abstract GD topics. For example:

– A drop is mightier in the ocean

– Water burns more than fire

– The Yellow canary

– Red or Black

– Golden shackles are better than iron ones

Make sure that you pick topics that completely

paralyse you ability to get started. This is important

because getting over the fear now is better than

when you are in the actual Group Discussion

2) Now for each IIM Abstract GD topic, make 10

points on each topic. each of the 2 points should be

related to:

– 2 on Economics

– 2 on Sports

– 2 on Politics

– 2 on Environment

– 2 on Entertainment/Humor/Movies

Once you realise that you can say anything on these

Abstract GD topics by dividing them into these

separate sub sections then you can be truly creative

and let go of the fear of what to say.

3) Time your self: Give your self only 2 minutes to

list the 10 subsections of each topics. Write only

a single word to describe what you wish to say, and

then elaborate the point verbally by practicing in

front of a mirror. The more you practice keeping only a written point to start and then practice verbally the remaining viewpoint will hardwire the words into your memory. Make sure that you keep your viewpoints limited to 3 minutes of speaking time so that you are able to make 10 points in the shortest time possible.

Source by Priyanka T

Metallurgist Roles in Mining Companies

Mining of metals and minerals is a growth industry, especially in Africa, providing job opportunities for metallurgists to work in various roles. Positions are well paid as metallurgists are required to have at least one degree from an accredited university or college. The preferred qualifications are a Bachelors Degree in Extractive Metallurgy or Metallurgical Engineering or BSc. in Chemical Engineering with a major in Mineral Processing. This is not a profession where candidates can learn the required skills on the job although experience can be gained throughout their career by expanding their exposure to different types of work on mines.

The type of work they do

The most common metallurgist roles include project management, consulting, technical or site management and research. For example, on a mine he/she would be expected to:

  • Design work programs and manage all metallurgical testing both in-house and with external service providers and laboratories
  • Work with the senior team to review and evaluate technical solutions
  • Liaise with geologists and other technical personnel to ensure the most suitable metallurgical solution is understood and employed
  • Constantly re-evaluate the metallurgical performance

At middle management level, as a project manager they would coordinate day-to-day mining activities, manage quality assurance and generally ensure a smooth operation. Mining companies look for a minimum of 5 years experience before they post these types of managers to remotely located mines. At the most senior level metallurgists can become mine managers which includes coordinating all operations, staffing, running the site itself, selecting the extraction process, and resolving operational and business issues.

Furthering a career

Metallurgists with further education and extensive experience in many technical processes become professional consultants or researchers either working directly for a large mining company or for a consulting firm contracted to it. Their role may be to advise clients on process engineering, to perform cost analyses or do budgeting. They may get involved in environmental impact assessments, HSEQ and social responsibility as well. The mining industry is constantly updating its methods of extraction and waste management in order to stay profitable and needs researchers to continue to explore new methods and processes. Pay levels vary depending on work experience, area of expertise and the location where they are posted.

Some of the personal attributes required to be successful in this field are to be an effective team player, have a high level of inter-personal communication skills and be able to express yourself in writing. A good knowledge of French is often asked for when an African posting is offered. Because of inhospitable locations and remoteness of mines, most of the postings attract single people or more mature staff who do not have school-going children.

Source by Elaine Porteous

Become Famous In College In 7 Days

It doesn’t matter why you want to become famous in 7 days.The fact of the matter is people who are popular have power. They can influence and lead. If you have the attention of the student body, not only do you have an army of followers, your social life will skyrocket.

Rising to the top of the social hierarchy in university is all about being good at politics. You must know how to win people over. As a general rule, you should be friendly and outgoing. Of course, maybe you are strapped for time, and you need to become popular right away! Becoming famous campus wide in 7 days is a whole other story.

Nothing attracts attention more than controversy. If you want to become famous on campus in a 7 day period, you will have to assume the role of a radical visionary.

Visionaries have charisma, conviction, and passion. These qualities make people want to follow them. Radicals confront the establishment, and create upheavals in the status quo. In order to become famous on campus in 7 days, massive action must be taken. In fact, what I’m going to suggest to you might be just short of a revolution.

Before I go into the details however, let me stress that I do not recommend that you make a political statement on campus just for the sake of becoming popular. Pick a cause that you are sincerely passionate about, and fight for it. You will make a strong contribution to that cause, and the side effect will be fame on campus.

If you want to become famous in university in 7 days, make a seven day campaign for some school wide issue or charitable cause, and do something extreme in order to call attention to the issue. Remember, I said extreme, and not dangerous.

I have a friend who wanted to raise awareness about homeless university students in North America. Some students struggle to pay their tuition, and can’t afford rent afterward. As an attempt to raise awareness, she dressed very warmly, packed a few blankets and pillow, and slept outside of the school library for 7 days. As people passed by and asked what she was doing, she would tell them. Literally overnight, she has mobs of people joining in to rally for her cause.

I have another friend who staged a two day protest against racism on our campus. Every black person dressed in black and remained silent for the 2 days. He stirred up enough attention to get a recommendation letter from the president of the the school when he graduated.

Not everyone can join a fraternity or varsity team, but anyone can make a political statement on campus to raise awareness. Politics is the fastest way I know to gain notoriety on campus, but takes finesse and social skills. Once you become famous in seven days, people will look to you for leadership. If you do not have the skills required to lead them, you will lose your new found power and influence. My blog goes into detail on rising to the top of your social circle and what to do when you get there. Be sure to check it out!

Source by Caleb Clayton

Air Taxi-Air Charter – What’s the Difference in Pricing?

The term “air taxi” refers to an aircraft service that provides transport to people in an on demand basis. That is you can take a flight in a private jet when you want to go rather than booking a trip that was previously scheduled. Air charter is a form of air taxi but a new class of aircraft and new business models are re-defining “air taxi” to mean something less expensive than traditional charter. The idea behind an air taxi system is that the aircraft operator will be able to reduce the number of empty flights that the airplane has to make.

Air Charter:

Let’s say you book a flight on a Cessna Citation S/II (CE-S550). This light jet might rent for an hourly rate anywhere from $1,500 to $3,100 depending on the age of the aircraft, amenities and operator qualifications. For our purposes we’ll assume a typical rate of $2,000 per hour. This price includes the costs associated with operating the aircraft such as pilot salary and fuel costs but does not include some extra charges that may add considerably to your expenses such as:

Taxes – generally 7.5% of the total price.

Repositioning fees – Let’s say you want to fly out of Santa Monica, California but the aircraft is located in San Diego. The aircraft operator would need to send the airplane empty to pick you up and then return it empty to San Diego after dropping you off in Santa Monica at the end of the trip. This repositioning adds expense to the operator’s bottom line and is generally added to your cost at a reduced hourly rate.

Overnight and waiting fees – Let’s say your trip is to fly from Santa Monica to Las Vegas returning on the same day. Your pilots would wait for you for several hours and you’d be charged an hourly rate for the pilots’ time. If your trip calls for an overnight stay you may be charged for the pilots’ hotel rooms and overnight parking fees for the aircraft. These charges will vary depending on local rates.

Daily minimum charge – Most aircraft operators have a two-hour minimum operation charge for charter aircraft. If you need to go on a flight that takes one hour each direction and you complete both legs of the trip in one day then you meet the minimum use requirement and you would only need to pay for the two hours you use the aircraft that day. If, on the other hand, your trip is scheduled to fly one hour on Friday and then return for the one hour trip on Saturday then you would likely be charged for two hours on Friday and two hours on Saturday for a total of four hours, even though the aircraft only flew for two hours total. This industry standard practice is in place for the “time is money” principle. Aircraft incur expense even when they are just sitting idle.

Air Taxi:

There are two distinct pricing structures in the air taxi model that might be used and each aircraft operator would make their own determination as to which they would employ, Entire Aircraft or Per Seat:

Entire Aircraft – Again we’ll use the Cessna Citation S/II for this example but the hourly rate will be higher than the air charter rate; let’s say about $2,500 per hour for this example but you won’t be charged for repositioning, overnight, waiting landing or other charges. It will be a simple per hour price for a pickup and drop-off. After you are dropped off the aircraft may take another client on a trip. Your return trip may be in the same aircraft or it may be in a different aircraft or even a different company. This sort of air taxi service may only be available between certain airports that have enough traffic to keep the aircraft gainfully employed.

Per Seat – The Citation S/II has 7 passenger seats available. If they make a flight with fewer than 7 passengers onboard the operator would lose money if they divide the fare by the number of seats. So they will fix their pricing in one of two ways:

1) Divide the entire price by the number of passengers actually onboard the aircraft for each flight. Let’s say you are traveling with two colleagues and there is another group of two that will travel on this flight with you for a total of five passengers. The price for a seat would be $2,500 / 5 = $500 per seat. If your group were the only ones on the airplane then the per-seat hourly rate would be: $2,500 / 3 = $833 per seat.

2) Divide the entire price by the average number of passengers the operator carries on each trip. Let’s say the operator has been flying the SMO to LAS route for some time and they have determined that they can routinely get an average of 2.9 passengers for each flight they make. If the operator uses this pricing strategy they would charge you $2,500 / 2.9 = $862 per seat per hour. This would be the same price regardless of the number in your party.

Per seat pricing would only be available between limited city pairs that have the volume of traffic to keep the aircraft filled with paying passengers. If you want to fly to an airport outside the per seat network of cities you would probably need to charter the entire aircraft as per seat pricing would not likely be available.

It’s all about efficiency:

The emerging air taxi business model brings more efficiency to the air charter model. Less waste will equate to reduced greenhouse gas emissions, more productivity and lower end costs. Air taxi is expected to become more available and less expensive as Very Light Jets (VLJs) are produced and made available for air charter and air taxi flights. These aircraft promise to provide services at 20% to 40% discounts from existing light jet aircraft such as the one in the example. As of this writing there have been about 100 VLJs produced and a handful of them have found their way into air taxi businesses along the east coast and Chicago area. But that’s another story.

Source by Roger L Burton

The Progress of Boxing and Boxing Equipment

Boxing is an ancient sport. Although it has not always been around in its current form fighting using fists for sport, entertainment and betting has been around for thousands of years. Since then times have changed, boxing equipment improved and techniques altered.

Take the boxing ring as a perfect example. Although a square now with predefined measurements (anything between 16 and 25 feet a side) its name is a throw back to the roughly drawn rings of history. In Greek and then Roman times boxing, whilst lacking the boxing equipment of the modern era, was a much loved sport. Using chalk rings boxers would go in bare knuckled and try to knock out the opponent, usually for a cash prize. Many wagers were made and the betting on such sports was a way of life, especially in the military.

Times have moved, new boxing equipment been developed and in 1838 the first ‘square ring’ was introduced by the Pugilistic society, with ropes secured around the edge. This has continued now and you will usually find such square rings atop raised platforms with four parallel ropes running around the outside, usually secured at the mid way point.

Whereas the Greeks and Romans would fight bare knuckle in a tradition that would last centuries such fighting is now considered dangerous, with too many boughts ending in serious injury or death. Thankfully modern technology has allowed us the use of pads and gloves as well as other boxing equipment that, whilst still ensuring a punch is delivered with force, help minimize the risk of severe injury to a level in line with most other impact sports.

Boxing gloves are now designed to spread the force of a blow over a wider area, ensuring a smaller chance of sustaining head and brain injuries. Boxing equipment such as pads and shields help stop and dissipate the force of blows in practice sparring, meaning less skilled boxers are able to use such boxing equipment – including punch bags to help a skilled boxer train for a fight.

It’s not just safety that has moved on either. Throughout history strength was the most prized asset of a fighter, the ability to take and give punches considered all important. Slowly over the last century or two that has changed, and now speed of feet and speed of hand are just as important, if not more so.

To that end new boxing equipment has been developed from plyometric speed equipment to the speedball and platform. The speedball is a very clever, and basic, development. It is a ball, suspended by a spring loaded platform that is designed to swing back into place swiftly. The idea behind this piece of boxing equipment is that it trains the boxers speed of hand and hand eye co-ordination. Attributes that are vital to the modern day boxer.

But whilst boxing equipment, techniques and training methods may have moved on from ancient times the idea behind the sport is still the same, to knock out your opponent. The basics have changed little over a couple of thousand years and it would be surprising if this sport wasn’t around, in some form or other, in a couple of thousand years more.

Source by Chris Cringle

Different Types of Shots Made With Pool Cues

A player in pool or any other cue sport makes use of the cue stick to make various types of shots. The knowledge of each of these shots is essential to take their advantage during the game.

In the language of cue spots, a shot is referred to as an action to shoot the balls with the cue stick. There are many types of possible in pool and other cue sports. Interestingly, there are different types of cues used to make some of these shots. The following discussion is about the main in pool and other cue sports.

Break

The first shot of a pool game is called the break. The aim of this shot is to separate the object balls that are initially racked together.

Bank

Commonly referred to as bank, a bank shot is played to drive the object balls to one or more rails, before they are pocketed. A variation of the shot is called bank-the-8 shot used in eight-ball pool version in which the 8 ball must be pocketed on the bank shot.

Cut

It is a shot which is not a center-to-center hit but is played with a degree of angle. Back cut and feather shot are two sub-types of the cut shot.

Draw

A draw shot is the one in which the player strikes a cue ball below its equator with enough draw or back spin to make the ball reverse direction when it comes in contact with the object ball.

Follow

The shot in which enough top spin is used to strike the cue ball above its equator so that the cue ball travels forward after touching the object ball.

Jump

It is an interesting cue ball is made to jump so that it passes an obstacle.

Kick

It describes the shot in which the cue ball is driven to one of the rails before it reaches an object ball.

Masse

It is a shot in which the direction of the cue ball is completely reversed by imparting extreme spin to the ball. A variation in the called semi-masse shot in which a moderate curve is introduced to the cue ball’s direction.

There are many other shots that one can learn with time. Practice the above-mentioned in the beginning to have a grip on the game.

Source by Simon Waker Haughtone

English Is The Language Of International Communication

From the point of view of Educational Commission, English has become the “language of international communication”, therefore, the rising generation of French people should be fluent in French in written and oral forms. This suggests that the format of the educational systems of different countries is drastically revised, and bets are placed on the in-depth study of the English language. This decision of the French government and representatives of the French educational sector is also caused by disappointing statistic data: France ranks the last among the other European countries by to the level of English proficiency among students, and prospects to move in this direction are disappointing, grim, after analysis, the French concluded that even Spaniards, previously considered to be the most backward European nation in terms of language knowledge and proficiency in English, have overtaken the French people in the context of the overall “Anglicization”.

Teaching English is conditioned by the need to meet global standards, that would control the run of the global trend towards generally accepted civilization standards. Globalization of the world community in all areas of development requires the active use of the English language in all areas of cooperation between countries. Active exchange of students, migration flow of labour migrants indicate to establishment of single and convenient communication between all nations, diplomats, religions. The English language firmly established itself in educational, scientific and cultural development of the whole mankind.

For some time past, the greater part of the world community was convinced that the past Franco-English language war ended half a century ago – after the World War II, when the United States had gained considerable political influence around the world and English had become a means for business and diplomatic communication in the West, and later throughout the world. The English language had put out French and other languages from the position of “international” even more than a century ago – since the aggrandizement of the UK, so the extension of influence of the United States and Britain had only strengthened English language expansion. Fight for world language domination all over the world led to the victory of the English language form of communication. Even huge efforts of France failed to ensure its success in the colonial territories. In contrast to the Americans and the British, who did not force the spread of English worldwide, while just using their conquests in the new territories, the French at one time spent billions on propaganda and spread of their language in French-speaking countries of Africa and the Atlantic coast. The French government invoked and applied even punitive measures against publicly funded institutions that used in the work of Americanisms or English phrases that have a French equivalent. But this approach had not given the desired result. As English was perceived more effectively and optimally by local population than the French language. So clear is the negative reaction of France at the rapid soaring of popularity of the English language, which is quite understandable – because the United States would hardly liked, if they had to learn French or Chinese to be understood abroad. However, the total negation of the world linguistic trends threatens to turn into trouble only for France, already so severely lagging behind its neighbours – Germany, Holland and Spain – in the field of language education. This can seriously injure the competitiveness of France in international business.

Analyzing and evaluating this situation, the government and the educational institutions of France, leading experts in the field of education supported the idea of teaching English in schools, provided that it will not be the only foreign language being learnt in this study period. Such approach is also shared by other countries that are tightly involved in the world economy. In case of absence of the English language development programme in the country, this in the future will affect the country’s economic potential, its ability to integrate into the global community. At this time, in all countries, the most popular courses are English language courses. At such courses. Millions of people around the world study at such courses, that creates a powerful base for further advancement of the language around the world. Now all the modern technologies are described in English, that provides their fast promotion throughout the world and this trend is increasingly growing. Many people watch movies, read books, communicate in English. All this enables much faster inclusion into communication in English. Employment abroad for good job is possible only subject to knowledge of the English language, that is why so a great many migrants try to attend an English language course, and children are referred to specialized English-language schools, which will give a basic knowledge on the level of conversation.

At current, proficient knowledge of the English language provides a person with a competitive advantage in today’s world that allows him/her to orientate quickly at the hugest rhythm of this world. Providing oneself with the knowledge of the English language, many countries have changed over time their cultural life and way of life, where the influence of English was the most significant factor in the life activity of population. Physicians, teachers, engineers, coming to third countries, all of them had knowledge of the English language, that stimulated the local people to its study. Thus, immigrants-specialists introduced the English language into the local culture, laying the fundamental importance in the local customs and culture. Books and educational materials were massively imported, making study of the English language more accessible to the public. This period in the English language can be called missionary.

In its turn, the Catholic Church had also made a very significant contribution to spread of the English language. At one time, the Church, just on the level with Latin, used English and missionaries going worldwide with their faith also carried the new language of communication, that was very important to Catholicism. Converting whole nations to its Catholic faith, the Church also converted them into the English-speaking environment, allowing to spread the English language with a great speed, that gave its results. Missionaries brought their culture and actively promoted their teaching in English, they were physicians, teachers, priests and engineers, allowing to conquer other nations by own culture and knowledge. The English language became a symbol of the civilization progress for all nations. English entered the world of business, technics, innovations, as well as religion, so that it means too much for English-speaking people, as at that their culture and ideology are brought. The concept and strategy of development of the English language have not been changed with time, they just transform in accordance with the current circumstances, but the goals and objectives remain the same – it is a complete expansion, and replacement of indigenous languages with English, that will allow complete domination of English-speaking countries in the world.

Development of the English occurs rapidly, and this process will not stop, as a great number of countries and areas have been involved in this global process of changes. Continuous entrance of English into our world modifies and changes its qualitatively, that is ensured by communicative and innovative state of the English.

If you want to create a good impression of yourself, it is vital that your writing shows the best work you are capable of achieving, and Essay Proofreading Services, will help you to do this.

Source by John Smith

For Sale By Owner Marketing Generates Mortgage Leads

One of the best ways to generate mortgage leads is through working with home sellers

who are going it alone as For Sale By Owner or FSBO.

The key to FSBO marketing is creating partnerships with home sellers. Since almost

every buyer needs a mortgage, you provide a necessary service that will enable

a seller’s home to be sold. Real estate agents traditionally refer buyers to loan

officers during the home-selling process, but with FSBOs, there is no agent. That

means the seller assumes the role of referring buyers to loan officers and that’s

where you come in.

Most sellers are not very familiar with the process of selling real estate and won’t know that they should require interested buyers to be pre-qualified prior to accepting an offer. Helping sellers understand that you can save them oodles of time by pre-qualifying their potential buyers is a literal gold mine. You could also prepare a flyer on a variety of loan types and payments for a mortgage on that seller’s home. FSBOs want to sell their home and, therefore, they will give your business card to everyone that comes through. That means fresh mortgage leads for you, whether for this property or another one.

The most effective way to secure relationships with for-sale-by-owner sellers

is to offer more than pre-qualification services. FSBOs need marketing help like

a free ad on a for-sale-by-owner website and promotion to buyer lists. They also

need sample contracts and disclosures, industry contacts like title companies

and appraisers, yard signs, and even home flyers. These items can be bundled together

into a “for-sale-by-owner kit,” which can be offered to sellers in exchange

for the opportunity to pre-qualify all buyers showing interest in the home.

You can use a variety of sources to locate FSBOs in your area, including:

  • Local Newspapers
  • Yard Signs
  • Paid service that scours websites and newspapers every day

Some of the popular methods of contacting FSBO sellers are:

  • Phone
  • Direct Mail
  • Door Hangers
  • Web Links

Most FSBO sellers will be very enthusiastic about the services you can offer them and will gladly refer buyers to you. Additionally, the sellers themselves will most likely need a loan to purchase their next home, and, having established a professional relationship of trust with them, you put yourself in a great position to provide that loan. That’s another mortgage lead.

Source by Nate Garin

How PEST Analysis Compliment SWOT Analysis

PEST Analysis is a short form for “Political, Economic, Social, and Technological analysis” and it describes a framework of macro-environmental factors used in the environmental strategies. PEST Analysis would be able to complement the SWOT Analysis in a Strategic Planning Process.

Below are my interpretation of the four factors of PEST Analysis:-

1) Political

It deal with governmental policies which has a great influence to the economics in a country. It is a macro aspect of an analyse which key changes to the policies making. The policies have great influence to the business sectors and confidence of investors.

Example: Reduction in import duty of floor tiles for ceramic industry can have its fair share of influence to the industry. It is viewed as positive to the local ceramic manufacturer as imported tiles are more costly. However, it is negative impact to an importers such as traders of such a product

2) Economic

The economic is an area in a macro economic environment. It can affect the business outlook and its competitiveness. Some key factors of macro economic are economic growth, exchange rate, interest rate, etc, All these factors have an effect to the profitability and cost of doing business in that business sector..

Example: Unstable bank interest rate affect the stability to the cost of a business and it can viewed as a Opportunities and / or Threats to do business.

3) Social

Social factors reflects the cultural aspects of a population in the country. It affect the workforce management which influence the productivity and cost of a business.

Example: Job preference from heavy to light industry changes the skill developed by any company

4) Technological

Technological factors is visible and can be validated easily as it is more tangible. It can be in a form of incentives by the government such as such as Research & Development incentives, automation reinvestment, high capital setup.

Example: Changes of consumer preference toward higher end product which can be produced with higher technology.

In conclusion, PEST Analysis can be used to explore Opportunities and Threats and it can channel to use as the external factors of a SWOT Analysis template.

Source by Dr LM Foong

How Long Do I Need to Keep This? – A Guide to Receipts, Statements and Financial Clutter at Home

In most homes, paper causes clutter. And it seems to mysteriously multiply by itself. But just how long do you need to keep all those receipts, bank and credit card statements and other financial papers? Below is a handy In most homes, paper causes clutter. And it seems to mysteriously multiply by itself. But just how long do you need to keep all those receipts, bank and credit card statements and other financial papers? Below is a handy reference that you can use for dealing with your home paper trail.

Toss after One Month

ATM and bank deposit/withdrawal slips

  • keep in a file folder until monthly statement received
  • reconcile with your statement to ensure that charges and payments have been properly processed
  • if for major purchase with warranty, staple receipt to the owner’s manual and file for the term of the warranty
  • if for major purchase without warranty, keep receipt if item replacement cost is higher than the deductible on your homeowner’s insurance policy
  • if for minor purchase without warranty, shred

Cash purchase receipts

  • enter into your chequebook or computer software to ensure that you are accounting for all your purchases
  • if for major purchase with warranty, staple to the owner’s manual and file for the term of the warranty
  • if for major purchase without warranty, keep receipt if item replacement cost is higher than the deductible on your homeowner’s insurance policy
  • if for minor purchase without warranty, shred

Credit card receipts

  • keep in file until monthly statement received
  • reconcile with your statement to ensure charges and payments have been properly processed
  • if for major purchase with warranty, staple to the owner’s manual and file for the term of the warranty
  • if for major purchase without warranty, keep receipt if item replacement cost is higher than the deductible on your homeowner’s insurance policy
  • if for minor purchase without warranty, shred

Toss after One Calendar Year

  • Bank/Financial Institution monthly statements (unless needed for home business)
  • Brokerage/Mutual Fund Statements (Monthly/Quarterly)
    • reconcile with your annual statement
  • Credit card monthly statements
  • Credit reports
    • you should request your credit report annually to ensure that all information is accurate and up-to-date, especially with regard to accounts you have closed in the course of the year
    • requesting this file annually helps to prevent identity theft, so you can see who has requested the report and for what purpose
  • Monthly Mortgage Statements
    • reconcile with your annual statement
  • Pay stubs
    • shred after reconciling with your W-2 or 1099 (US) or T4 (Canada)
  • Telephone/Utility bills

Keep for 7-10 Years

  • Any T4 Forms – including T4E, etc. (Canada)
  • Annual Mortgage Statements
  • Supporting documentation (cancelled cheques/receipts/statements) for tax returns including but not limited to:
    • donations
    • retirement account contributions
    • child care receipts
    • alimony/child support paid or received
    • medical expenses
    • mortgage interest
    • property tax payments
  • W-2 or 1099 Forms (US)
  • Year End statements from Credit cards (if provided)
  • Year End statements from utility companies (if provided)

Keep Indefinitely

  • Adoption Records
  • Auto/Home/Life Insurance policy information
    • keep purchase records for as long as policy is in force
  • Automobile Records (ownership certificate/registration)
    • keep for as long as you own your vehicle
    • if annual registration required, keep only current registration paper
  • Birth Certificates
  • Business Income Tax returns, and supporting documentation, if self-employed
  • Death Certificate
  • Divorce Agreement/Child Custody Court Orders
  • Investment records clearly showing beneficiary information
    • purchase records
    • sales records
  • Marriage Certificate
  • Medical records
  • Immunization records to children
  • Military service records
  • Pension Plan records
  • Receipts for major home improvements/renovations
  • Receipts for major purchases that have long life expectancy (refrigerator, stove, freezer, vehicles)
  • Religious records
  • School/Education records
  • Tax Returns
    • In the US, the IRS has 3 years to from the date you file your tax return to examine your return for errors and up to 6 years to audit your return if they suspect that you have underreported your gross income by 25% or more. There is no statute of limitations on an audit when deliberate fraud is suspected.
    • In Canada, CRA advises you to keep your tax returns, Notices of Assessment, and all supporting documentation for 6 years from the date of filing your personal income tax return.
    • NOTE~I recommend keeping these indefinitely because they take up little space and can often be a valuable resource if there is any dispute over such things as income tax paid, child support/alimony paid or received and pension plan benefits.
  • Will and/or Power of Attorney
    • should be kept securely in a fire-proof home safe or safety deposit box at your financial institution
  • Year End Investment account summaries

Now what?

Now that you know what to keep, where are you supposed to put it all?

Set up a simple home filing system to cover the basics, and invest in a couple of sturdy cardboard or plastic filing boxes for the information you should keep log-term or indefinitely.

And a final caution – when you decide that you no longer need to keep certain documents, make sure you shred them and DO NOT put them in the general trash or recycling. Sensitive financial information or personal information should always be DESTROYED to avoid any chance of identity theft that could lead to headaches greater than you can imagine.

Source by Jill Chongva