I maintain a document named “Where is our money?”. This document captures everything I want my family to know about money if I were to be in a position not to tell them—maybe because I am dead or in a coma or prison—or something more pleasant, like being in a Vipassana camp.
About the author and article: This is written by James Pandu, a member of the Facebook Group Asan Ideas for Wealth. It was originally published as a post there in early Jan 2024. The group owner, Ashal Jauhari, suggested publishing it as an article in freefincal. The post is reproduced below with minor edits with the author’s permission.
Contents of the document
This is a Google document shared with every adult in the family who may need to manage money. The document starts by linking to a Google spreadsheet that lists all our financial accounts.
The ‘bank accounts’ sheet has columns such as account holders, IFSC, account number, nominees, purpose of the bank account, minimum required balance, bank customer ID, etc.
The ‘insurance’ sheet has columns such as insurance type, what/who is insured (life/vehicle/etc.), sum insured, annual premium, premium due date, insurance company name, insurance scheme name, policy number, validity, beneficiary, from which credit card or bank account premium is auto-debited, etc.
Join over 32,000 readers and get free money management solutions delivered to your inbox! Subscribe to get posts via email!
🔥 🔥
The ‘mutual funds’ sheet has these columns: names of the folio holders, AMC name, folio number, purpose of the folio, default bank account (to which redemptions go), and nominees.
The ‘retirement accounts’ sheet has columns such as what type of account this is (EPF, 401k, etc), account number, employer associated with, etc.
The ‘small savings’ sheet has columns such as account holder name, account type (PPF, SSY, etc), account number, maturity date, bank where the account is held, etc.
The next section is about emergency funds. It introduces what an emergency fund is when to use it, emphasises the need to replenish it, etc. After this, it goes over the bank accounts and mutual fund folios where this money is kept.
Then, the document talks about insurance policies one by one. Describes the policy (such as “health insurance top-up for parents”) and links to the policy documents in Google Drive—a folder for each policy containing policy schedule, insurance cards, etc.
In the same section, I also gave some directions on what to do if there are issues with life insurance claims. “After three years, an insurer cannot deny a claim according to Section 45 of the Insurance Law.” “Reach out to this agent if you need assistance.” Etc.
The next section is for long-term investments. Here, I describe the different platforms where we invest; I link to the investment plan my advisor created, etc.
I save regularly for 15 different short-term needs. I also have a spreadsheet for tracking these (I like to be organised).
The next section is my financial advisor’s contact information. I have written here that my family should contact these people if they need help, emphasising that I have paid the advisor for help. This removes any hesitation about contacting a third party for help.
The last section is called ‘Account credentials’. Here, I have included my phone’s passcode and the master password of my password manager. I have also listed the email addresses to which financial institutions send emails (since this is where OTP codes are sent).
What is not included in the document?
I have not included liabilities (loan EMIs) since I have none. People with active home loans, car loans, education loans, etc., may also want to include those details. You don’t want to miss EMIs because the connected bank account has no money.
Updating the document
Now and then, whenever circ*mstances change (such as opening a new mutual fund folio, closing a bank account, etc), I try to update the doc and/or the relevant spreadsheet. But once every year, I make it a point to review and update everything. Once the update is done, I download the document as a PDF and send it as an email attachment to all adults in the family who may have to bear financial responsibilities. In the same email, I also link to the Google doc so they can view the most up-to-date content. (The redundancy safeguards against Google freezing my account or something.) May our families never need to use such a document, especially not in unpleasant circ*mstances!
Do share this article with your friends using the buttons below.
🔥Enjoy massive discounts on our courses, robo-advisory tool and exclusive investor circle! 🔥& join our community of 5000+ users!
Use our Robo-advisory Tool for a start-to-finish financial plan! ⇐ More than 1,000 investors and advisors use this!
New Tool!=> Track your mutual funds and stock investments with this Google Sheet!
Podcast: Let's Get RICH With PATTU! Every single Indian CAN grow their wealth!
You can watch podcast episodes on the OfSpin Media Friends YouTube Channel.
- Do you have a comment about the above article? Reach out to us on Twitter: @freefincal or @pattufreefincal
- Have a question? Subscribe to our newsletter with the form below.
- Hit 'reply' to any email from us! We do not offer personalized investment advice. We can write a detailed article without mentioning your name if you have a generic question.
Join over 32,000 readers and get free money management solutions delivered to your inbox! Subscribe to get posts via email!
Explore the site! Search among our 2000+ articles for information and insight!
About The Author
Dr. M. Pattabiraman(PhD) is the founder, managing editor and primary author of freefincal. He is an associate professor at the Indian Institute of Technology, Madras. He has over ten years of experience publishing news analysis, research and financial product development. Connect with him via Twitter, Linkedin, or YouTube. Pattabiraman has co-authored three print books: (1) You can be rich too with goal-based investing (CNBC TV18) for DIY investors. (2) Gamechanger for young earners. (3) Chinchu Gets a Superpower! for kids. He has also written seven other free e-books on various money management topics. He is a patron and co-founder of “Fee-only India,” an organisation promoting unbiased, commission-free investment advice.
Our flagship course! Learn to manage your portfolio like a pro to achieve your goals regardless of market conditions! ⇐ More than 3,000 investors and advisors are part of our exclusive community! Get clarity on how to plan for your goals and achieve the necessary corpus no matter what the market condition is!! Watch the first lecture for free! One-time payment! No recurring fees! Life-long access to videos! Reduce fear, uncertainty and doubt while investing! Learn how to plan for your goals before and after retirement with confidence.
Our new course! Increase your income by getting people to pay for your skills! ⇐ More than 700 salaried employees, entrepreneurs and financial advisors are part of our exclusive community! Learn how to get people to pay for your skills! Whether you are a professional or small business owner who wants more clients via online visibility or a salaried person wanting a side income or passive income, we will show you how to achieve this by showcasing your skills and building a community that trusts you and pays you! (watch 1st lecture for free). One-time payment! No recurring fees! Life-long access to videos!
Our new book for kids: “Chinchu gets a superpower!” is now available!
Most investor problems can be traced to a lack of informed decision-making. Wehave all made bad decisions and money mistakes when we started earning and spent years undoing these mistakes. Why should our children go through the same pain? What is this book about?As parents, what would it be if we had to groom one ability in our children that is key not only to money management and investing but to any aspect of life? My answer: Sound Decision Making. So in this book, we meet Chinchu, who is about to turn 10. What he wants for his birthday and how his parents plan for it and teach him several key ideas of decision-making and money management is the narrative. What readers say!
Must-read book even for adults! This is something that every parent should teach their kids right from their young age. The importance of money management and decision making based on their wants and needs. Very nicely written in simple terms. - Arun.
Buy the book: Chinchu gets a superpower for your child!
How to profit from content writing: Our new ebook is for those interested in getting side income via content writing. It is available at a 50% discount for Rs. 500 only!
Want to check if the market is overvalued or undervalued? Use our market valuation tool (it will work with any index!), or get the Tactical Buy/Sell timing tool!
We publish monthly mutual fund screeners and momentum, low-volatility stock screeners.
About freefincal & it's content policy. Freefincal is a News Media Organization dedicated to providing original analysis, reports, reviews and insights on mutual funds, stocks, investing, retirement and personal finance developments. We do so without conflict of interest and bias. Follow us on Google News. Freefincal serves more than three million readers a year (5 million page views) with articles based only on factual information and detailed analysis by its authors. All statements made will be verified with credible and knowledgeable sources before publication. Freefincal does not publish paid articles, promotions, PR, satire or opinions without data. All opinions will be inferences backed by verifiable, reproducible evidence/data. Contact information: letters {at} freefincal {dot} com (sponsored posts or paid collaborations will not be entertained)
Connect with us on social media
- Twitter @freefincal
- Subscribe to our YouTube Videos
- Posts feed via Feedburner.
Our publications
You Can Be Rich Too with Goal-Based Investing
Published by CNBC TV18, this book is meant to help you ask the right questions and seek the correct answers, and since it comes with nine online calculators, you can also create custom solutions for your lifestyle! Get it now.
Gamechanger: Forget Startups, Join Corporate & Still Live the Rich Life You Want 
This book is meant for young earners to get their basics right from day one! It will also help you travel to exotic places at a low cost! Get it or gift it to a young earner.
Your Ultimate Guide to Travel
This is an in-depth dive analysis into vacation planning, finding cheap flights, budget accommodation, what to do when travelling, and how travelling slowly is better financially and psychologically, with links to the web pages and hand-holding at every step. Get the pdf for Rs 300 (instant download)
