We can many cases where one spouse has no clue about finances. This is sad and almost stupid. Humorous if not so sad.
Families should make these four documents Regularly:
- Balance sheet
- Goals Statement
- Income and Expenditure Statement
- Budget for the year
Let me assume that the H is the person handling the money and the W does not participate in the finances. What are the things that she should be asking him:
- Why are you using a financial planner?
- How did you choose a financial planner?
- If he is a financial planner how do you ensure that there is no conflict of interest?
- Why have you got ULIP and Endowment plans?
- Why do we have 17 mutual fund schemes?
- Can we afford the kids studying abroad, or should we tell them that they cannot go abroad?
- Will you sell your father’s house to pay for your mother’s medical treatment?
- Who will pay for the children’s higher education and wedding expenses?
- Why is our mutual fund portfolio doing so badly?
- Why do you have so much in debt mutual funds?
- Do we have enough for our retirement?
All this will take some complex answers.
Make sure you write it down so that every 90 days he is consistent in his replies.
Insist on attending meetings with the Financial Planner.
Make sure you talk to the Chartered Accountant and know how the returns are being filed.
What you should see on a regular basis:
- Your net worth should increase
- You should have SENSIBLE diversification
- You should get good returns from debt funds and very good returns from non debt returns
- YOU SHOULD LEARN TO EXPECT LESS going forward in all fund schemes
- You should know the nominees in all the investments
- You should know whether all the assets are kept in one place
- EVEN women who are not interested should buy/sell/ redeem once in a while
Do not run away from the responsibility of money management. It is BORING, tiring, etc.
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