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WEALTH-IN-TIME ( AKA VALENTINE)
Posted By: Admin
Happy Valentine’s day.
It is the celebration of love. In my opinion, we should all love our beloved 365 days, but this is one day that recognizes that love we have for each other.
Valentine's Day, also called Saint Valentine's Day or the Feast of Saint Valentine, is celebrated annually on February 14. It originated as a minor Western Christian feast day honoring one or two early Christian martyrs named Saint Valentine and, through later folk traditions, has become a significant cultural, religious, and commercial celebration of romance and romantic love in many regions of the world.( Source : Wikipedia)
Although Valentine’s day is a very western concept it has found its roots in India as well.
While Valentine’s day is about expressing one’s love for one’s beloved, the love finds expression in various forms such as concerns for the beloved in the form of health , wealth & Happiness. While all the three are important.
In matters relating to wealth, while we do a lot of planning for our wealth while we are present, we do not do enough to transfer our knowledge to our beloved. If there is need in the future they find it a challenge to take charge and go forth and manage money successfully on the family’s behalf. Isn’t that really the purpose of creating wealth so that it is available to our beloved and families in times when it is needed.
While discussions relating to one’s investments and insurance can hardly be termed as romantic, I do believe that just because we love someone not everything we talk to them needs to be romantic.
So I have presented a quick checklist of conversations about your investments that you must have with your spouse.
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1. Write down in a sheet of paper and explain to your beloved your investment rationale , why you do – what you do ? make a summary of all your different types of investments with investment amounts, current values as on a particular date ie Balances in different bank accounts, Investments in Mutual Funds, Shares in Demat accounts, Life Insurances, Bonds & other types securities including jewels held in bank lockers, loans to friends, private investments in unlisted securities etc.. |
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2. Share a document with the passwords of all your email Accounts, digital accounts including online bank accounts, demat trading accounts, Mutual Fund accounts etc… |
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3. If you hold physical documents like original bonds, property documents original, Share certificates ( Physical if any),Life Insurance policies, keep them in secure location and identify the same to your spouse; |
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4. If you are above the age of 50 years, you must have a will in place, it is simple document to create, need not be registered although registration is preferable. If you want to know more about wills, please click this link…(Click here to watch the video) to watch the episode on legal aspects to know more about wills. Do an audit to ensure you have either a second applicant or a nomination on all your financial documents from bank accounts to Mutual Funds.. |
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5. Make sure you close all irrelevant accounts including bank accounts which are not in use, destroy all papers relating to investments that you have already closed and realized your funds, as such all papers that are not relevant to be had.. it gets confusing later to know if something is due and people spend inordinate time to chasing things that could be avoided. |
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The above actions will be not jazzy or the kind that one normally associates with Valentine’s day. But believe me that True love is about ensuring that your loved one is taken care irrespective of your presence or absence.
Isnt that the oath you took at the altar ?
“to have and to hold from this day forward, for better, for worse, for richer, for poorer, in sickness and in health, to love and to cherish, till death us do part”
So this Valentine’s day, let us spend a little time to ensure that it is also a WEALTH –IN – TIME for our beloved.
So Call us today to help you celebrate your Special day with your valentine or as we call it WEALTH-IN-TIME!
+91 91592 69900
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Category Finsherpa | Tags Financial Freedom
