Running & Investing – What my family should know?

Runners love empty roads; hence they start their runs quite early. I have seen runners starting as early as 3 am! Starting early gives a feeling of calmness, empowerment, joy, focus and so on. 

But running alone can also be scary or even unsettling at times. 

I run three times in a week with weekend being a long run, say around 90 mins to 120 mins and I don’t carry mobile while running.  

So, in this case what should my family know?

  • Run route (have shown them most of my run routes)
  • Approximate time I’ll be gone
  • Who I am running with (My spouse has phone numbers of all my running friends)
  • My user id & password for running based apps (These apps show maps, thereby one is aware about running route) 
  • Live tracking (My family can track me live while I am out for my run) 

The investments we carry out in our lifetime is aimed towards giving financial security to our immediate family. In my interaction with many families, I have observed that while embarking upon the journey of creating financial assets or investing for goals, the onus of decision-making lies with only one of the spouses, the other spouse concentrates on other activities of the family life.

The ongoing pandemic has thrown open the pitfalls of not sharing information related to financial matters. So, when an unexpected event happens with the decision-maker the whole family is caught off guard. The burden of not knowing where the investments were made is terrible. 

Some of recent situations which I came across when the decision-maker was affected:

  • Family unaware about medical coverage
  • Family not aware about investments carried out 
  • Family not aware about outstanding liabilities (credit card bill, personal loan etc.)
  • Not knowing about receivables 
  • Nomination missing in investments and in bank accounts
  • Will/Succession planning not done

So, how can one eliminate these pit falls? 

Simple communication coupled with involvement of immediate family and introducing them to your advisor may be a considered as a starting point to build the bridge around investment related matters. 

So, in this case what should my family know?

  • Investments; tangible and intangible both made during lifetime
  • Details pertaining to bank account, locker, PPF & EPF, investment account, insurance policies with user id and password 
  • Coordinates of lawyer & financial advisor
  • Details of liabilities & receivables; formal & informal both
  • Will or succession planning 

These are some of basic hygiene factors which one should keep in mind as, life is uncertain and it is crucial that unexpected demise of person should result in seamless transition of assets & wealth to his/her family. 

Talk – Communicate with your loved ones today. 

Content – Ajeeth Kaushal

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