(This article is also available on www.moneycontrol.com– https://www.moneycontrol.com/news/business/personal-finance/your-money-documentation-of-investment-is-as-important-as-breathing-is-to-life-2511889.html)
The most common worry we all live is in what will happen tomorrow? We all save and invest for the family’s better tomorrow, be it for children’s education or a bigger house or any other event which needs financial power.
Would you get extra time from GOD when you are asked to leave everything you have and go to him? Can you convince him for a few more minutes if not days?
Life of an individual revolves around work, family, and worry for future. Be it changing lifestyle, peer pressure or zeal to have more, people have forgotten to live in the present but live in the future by carrying the weight of stress and worry. The most common worry we all live is in what will happen tomorrow? We all save and invest for the family’s better tomorrow, be it for children’s education or a bigger house or any other event which needs financial power. You might have various schemes, advisors to get you more returns. But have you taken enough steps to ensure your savings reach your family when you are not there? Have you shared all such investments with your loved ones? Do they even know what all you own and where have you kept the documents?
When the time comes to leave the world and board the flight to heaven you might not have time to say last few words to your family what you did and how it could help them. There might be desires and wishes you would want to express but it might be too late. We all come with an expiry date which is not known to us. A responsible family oriented person saves for tomorrow but ignores the fact that his family might be alone to handle the financial world’s complexities.
Don’t go under prepared, be organized, ensure your family gets all what you leave for them. Work towards a plan which will ensure that your family gets to know what you own. If you have some things to share with your loved ones, have a mechanism to express when you want to.
5 mantras towards financial peace:
- Documents: Keep your documents safe and organized, you never know when the need arises.
- Nominations: Have nominations in all your assets, having a nominee simplifies the process.
- Let your spouse know whom to bank upon when you will not be there
- Give your spouse basic knowledge on investments
- Make your spouse a part of important financial decisions
By making your spouse / family aware of financial decisions you made, you will empower them. This will make them realise how a transaction is done and what are the parameters required for it. Earning and saving is important, but be sure they are not left alone when you are not there to take care of them.
A trusted hand should be there to guide them and help them to get all the assets transferred in the right hands.