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Why do people purge or clean out their financial records instead of keeping every financial document they receive? << Read Less

Respuesta :

People purge or clean out their financial records instead of keeping every financial document they receive because not all financial records are worth keeping. Not all records are needed to be held for 5-10 years but other items do. Financial documents are important depending on what they pertain to completely.

Parrain

People purge or clean out their financial records instead of keeping all of them simply because those files lose relevance.

Financial records are important to be kept but some of them eventually lose relevance and so will no longer need to be kept around.

For instance, there are files that lose relevance after 3 years and some that lose relevance after 7 years because they will no longer be required by authorities or other stakeholders.

Examples of files that lose relevance after 3 years:

  • Bank deposit slips
  • Medical bills
  • Credit card statements

Examples of files that lose relevance after 7 years:

  • Banks statements
  • Insurance records
  • Expired leases

There are others that lose relevance even before 3 years.

In conclusion, keeping files that are no longer relevant is not important and so they can be cleaned away.

For more information, look at https://brainly.com/question/2297731.

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