1. It's very important that all adult family members, including college-attending kids, become financially savvy, as any untoward mishap to the breadwinner-cum-investment handler could have financial repercussions, more so if he hasn't informed them about investments, nor left systematic records.
2. While they may not have the interest or full knowledge to be involved in decision-making, they should be aware about the family’s current monetary situation.
3. Their reluctance is often from not being able to contribute to it, but the breadwinner can manage this by giving them periodic financial information about the assets and investments, obligations like loans, and details about the family’s insurance covers.
4. A file could be maintained for all such documents, with current paperwork and passwords, by involving family members in it for greater sense of belongingness.
5. Next, he can start discussing with them the performance of his investments and the reasons that these have been selected, which will definitely be of interest to them and, over time, they will understand and get involved in the investment decisions too.
6. He can then make them comfortable with nuances of the investment processes, and how money has been invested, for dealing with them in his absence, which is essential to protect the family’s financial interests.
7. If the members are computer-savvy, all the information regarding salary, loans, credit cards, investments and insurance details can be put on a shared Google Drive spreadsheet, which will also help them in complementing each other’s investments.
8. By combining financial forces, a family can streamline its budget, reduce expenses, optimize investments, and also avail tax benefits through joint loans, HUF, trust, etc.
2. While they may not have the interest or full knowledge to be involved in decision-making, they should be aware about the family’s current monetary situation.
3. Their reluctance is often from not being able to contribute to it, but the breadwinner can manage this by giving them periodic financial information about the assets and investments, obligations like loans, and details about the family’s insurance covers.
4. A file could be maintained for all such documents, with current paperwork and passwords, by involving family members in it for greater sense of belongingness.
5. Next, he can start discussing with them the performance of his investments and the reasons that these have been selected, which will definitely be of interest to them and, over time, they will understand and get involved in the investment decisions too.
6. He can then make them comfortable with nuances of the investment processes, and how money has been invested, for dealing with them in his absence, which is essential to protect the family’s financial interests.
7. If the members are computer-savvy, all the information regarding salary, loans, credit cards, investments and insurance details can be put on a shared Google Drive spreadsheet, which will also help them in complementing each other’s investments.
8. By combining financial forces, a family can streamline its budget, reduce expenses, optimize investments, and also avail tax benefits through joint loans, HUF, trust, etc.