Hospital Bed is one place where strongest of the people turn out to be weak in front of the complicated health related problems. I never realised it until I faced it sometime back. My father who was considered a brave man throughout his life be it in terms of handling business related hurdles or personal. Being a small-time yet successful entrepreneur, it always uses to be a matter of pride for me when people looked up to him for his piece of advice.
The entire episode changed when last year he got admitted to the hospital due to the complexities in health and day by day his health started deteriorating. Initially, it wasn’t a concern on the financial implications as we had enough savings. But as the days passed by, the financial hit became major as there was no insurance cover to support the hospital bills. Frequent leaves from office started becoming difficult and to manage finances to continue paying the treatment bill was a big task.
Not that my father hadn’t done anything for savings, but the issue was that his health wasn’t allowing him to speak much and we were clueless on where has he invested and saved money. The bigger challenge was that we knew there are enough savings but where are they? Every day started becoming difficult due to the expensive treatment done by the hospital to save him. That was the time, I really wanted to go to the past and have a moment where I could ask him “Dad, where are you parking the investments and savings”? But I never took any interest as he was taking care of them in an efficient manner and now there was no option. This gave me a feeling like I know there is enough fresh water to quench my thirst, but can’t find it.
There are many cases like this where the person who was making investment is unable to take care of it anymore and that is the time family needs support.
5 things a must for your savings and investments
Organize your documents: Documents are normally not organized, it is extremely important to keep the documents organized, the need might arise anytime. If the documents are organized, it could be better tracked when in need.
Update your financial documents regularly: There are times when we do not update the financial documents regularly. Most of the times it has been observed that the last updating was done such a long back that the entire portfolio details have changed. For e.g., If you have made any additional investment, record it. There are many options to do so and one of the easiest is use the my FinPeace App which provides you evault where the data is completely encrypted.
Discuss with your family member: Make your spouse or a family member aware what you hold, this shall help them to know where the investments are and on any unforeseen event they will not be clueless on what you hold. Better way could be to use ‘Beyond Life Service’ by my FinPeace who shall help your family members in getting ownership of what belongs to them.
Invest in essential things: Insurance covers the risk of a situation where the person is unable to do so. Also, a service like Beyond Life, which not only helps you when you are alive to get you organize but standby with your family so that they don’t face the impact of the hassles to get ownership of assets after the death of the primary holder.
Speak your Emotions: Emotions are of no use unless expressed. There may be times when we are unable to express what we want to. Use a platform to record your emotions and keep for your loved ones. Remember, Mobiles don’t work in heaven.