Create a Blue Book of Wealth for your Spouse and dependent it’s the best gift you can give them

Dr. Navin Punjabi, Assistant Professor & Director Placements H R College of Commerce & Economics, Mentor Board of Industry-Academia Partnerships (BIAP)

The view & opinions expressed in this article are personal and do not reflect the views of the authors employer or any other institution that the author is affiliated to.

February being the month of love and romance couples take a lot of vows to love, care & share. At the dinner table most couples love to discuss movies and the next holiday, personal finance is the most neglected of all. Every spouse thinks about the future of their family & dependents and make investments in Fixed Deposits, Mutual Funds, Equity, Life Insurance and Mediclaim. The biggest challenge is such decision are usually made in isolation from one’s spouse or are done at different points in time during the life cycle, which one may forget or may not have informed the spouse. For instance, one may forget that he or she has a life insurance cover for free linked to a subscription of a premium credit card. Or during a job switch one forgot to withdraw or transfer the provident fund money!!!

The idea is to make personal finance a family time just like in the old days where kids and parents used to play Monopoly, Snakes & ladders or Ludo. Investment should also be played like an educative game and parents discuss the do’s and don’ts of the game. Moreover, couples should share among themselves the investment made by them in different asset classes. The idea is to make personal finance collaborative and co-creation activity.

Families should take effort to make a ‘Blue Book of Wealth’ where they list all their accounts let say a dedicated page for writing all the Bank Accounts with bank account numbers, the holding pattern and the mode of operation say Single, Joint, Either or Survivor etc. One should also check and write if nomination is registered for their bank account by doing this the spouse or the family member is made aware of the banking details and in an eventuality the family member knows who can operate the account etc. Similar pages should be created for Mutual Fund Investment listing all folio no’s, holding patterns and mode of operation and also checking the nomination in the same.

A dedicated page on Mediclaim & life Insurance, health insurance with the telephone no of Third Party Administrator, Policy No and Cashless Procedure listed for the family members to refer incase a medical emergency arises.

One page on stock market investment like the Demat account no, trading client id, Nomination’s.

One may go ahead and write mobile number & contact details of Charted Accountant, Lawyer who made the will, Family Doctor, Stock Broker, Wealth Manager or Financial Planner, Insurance agent to facilitate ease of operation as one cannot ignore the personal touch in the financial services sector.

Usually many of us opt for a premium debit card or credit card which comes with a life cover option one may be want to list the details of such insurance covers.

The most difficult of all in small cash transaction which may occur for instance if you gave a small cash loan of INR 20,000 to a friend one should record it. Cash Transactions were a major concern for businessmen who were in business which had a lot of cash transactions, keeping track was always a concern and moreover in case of any eventuality the spouse of a business person is clueless what is the cash one owns or owes.

One may contemplate as to why do we call this “Blue Book on Wealth” well it’s the authors favorite color you can call it any color book or your book. The idea of this article was to sensitize the investor on the drawback of not sharing about finances with spouse or your loved ones. Moreover, the idea is to co-create and plan finances together which makes the spouse more responsible in taking financial decisions and creates more financial understanding between family members. The next article will tell you how to make investments for minors.

Please fee free to comment and share your views.The author can be reached at navin.punjabi@gmail.com you can follow the author at www.navinpunjabi.com

8 comments

  1. Col(Dr) Rajesh Bahal says:

    An interesting read, very genuine & valid point brought out by author which is the need of the Society & mankind as a whole. Excellent effort expressed in simple straightforward fashion, left a strong imprint as a food for thought.Sincere thanks to Navin Sir for the initiative taken.

    • Thanks a lot Col (Dr) Rajesh Bahal. The Blue book concept is more relevant in the army as entry of a solider happens as a jawan at the age of 17 and he is busy relocating to different regions and adjusting to different commands.My humble suggestion would be to encourage jawans and everyone to maintain such a book of their investments

  2. Dr. Kajal Bhojwani says:

    Good idea Navin sir… Well articulated…

  3. Ankush Talesara says:

    Maybe it is the time we get over chocolates, flowers, gifts and start making a ‘Blue Book of Wealth’. Need to discuss this with people who may benefit from it.

  4. Utpala Vanmali says:

    Financial planning done at the earlier stage of marraige will definitely help the couple in creating a corpus at quite an early age…
    Creating a ‘ Blue book of wealth’ is very much needed and will help the couple in actually identifying where and what the next move should be in terms of investments , also considering the uncertainties of life…

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