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One Critical Financial Housekeeping Task Everyone Should Do Yesterday

One Critical Financial Housekeeping Task Everyone Should Do Yesterday

2012-03-27
Source: Debt Reckoning

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Raise your hand if you conduct most of your financial business online. Me too. The invention of online banking has made what used to be the laborious, time-consuming chore of financial reconciliation fairly easy. In fact, there exists a number of tools, such as Mint.com, that practically automate the task altogether.

Privacy issues aside, this reliance on technology has left us with a very big risk – the risk of losing financial data in a SHTF scenario. It is not difficult to imagine such an event that may take down the electrical grid and the financial services sector along with it. Remember the scenes from 9/11 when thousands of financial statements and paperwork rained down in the aftermath of the attack on the World Trade Center? Imagine the loss of servers, data centers, backup tapes and electronically stored data in that single event alone.

To mitigate the risk losing our financial history presents there is one bit of financial housekeeping everyone should practice, and tax season provides the perfect opportunity....





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