(Important) Where You Save Your Financial Investment Information?

128°
Deal Lieutenant
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I am Very much Curious to know that where people use to save their Financial Investments Information.

Example - You are the head of family and You do all kind of financial investments for your family. You Have < 3 Bank accounts With Net Banking Facility… Also You Have Demat account for Stocks… You have Some Amount in Mutual Fund too… So where are You Storing all these logins Passwords and details? Or Do You share it with Your Mother/Father/Wife? Suppose Something Happens to You suddenly, How would Your Family Come To know All these details to Get benefits?

Sorry For My Bad English 

11 Comments  |  
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Good old red dairy and informed family members to access it only when necessary

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just write down in some dairy or print an excel document with usernames, mobile & email used and hit of the password.

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Write in diary and stick the pages together using cello tape on all 3 sides. This way no one can access it without you coming to know that its been accessed.

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Sorry to say, all advice are wrong. DO NOT write down the passwords

Whatever the emergency, They will not need your demat/mutual funds/ netbanking passwords overnight.

So, what should be done?

1. Have Nominee in each of the investments you have, with proportionate shares you prefer good. (Yes, If something happens this is the best thing to have) [Most Important]
2. Make sure the nominated person knows where to find (i.e. where files are present) insurance papers/investment accounts/bank accounts [They wont need any passwords] [They do not need to know the balance etc.]
3. Issue a add-on credit card on each individual who do not have enough money in their bank accounts for any medical emergency (PIN will be know to him/her or he/she will keep where he/she thinks suitable, other may not know the passwords (kids/teenage getting passwords can be risky, more in case of debit cards) [Not because he uses, but he might click pictures and upload to fb being un-aware of theft etc]


4. If you have some offline / non – regulated investment. It would be very difficult for the family members to get it back even if they know it. So, be cautious on that

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Excel with Password. Dm me if need a sample.
The only password needs to be shared with family members and rest all inside.

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An humble suggestion which I follow:
__________

  • Print out of Account details only (Policy No./Demat no/fd no/ epf no/ PPF no etc..), kept in some known drawer
  • A monthly updated excel in my dropbox with further details of valuation etc. 2 known friends know about this excel.. but do not have access to the excel. However if they want they can ask/guide my family members to get to the excel.
  • Family members have addon cards which they can use in need.
  • Passwords are mostly saved in a secured password manager. Which can be accessed physically via my mobile + password saved in the excel.

I know a friends family member who lost his memory due to an accident and was in coma for quite sometime and his family members had no access to his funds even for his treatment. Banks and everybody was very helpful and sympathetic, but it was very tough. Nobody knows what can happen.

I know I shouldn’t say this, but the person died resolving all these issues sad

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My password = Ex Gf name cry

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Brother Just Use, INDMoney App/Website! The best in the Industry it tracks your Portfolio of Shares/Mutual Funds,PPF,NPS,Insurance and Bank Account Even Loans and much more and also,i have never seen such a security because its a SEBI Registered Licensed Company for Financial Security Purpose also here you can add your family members details for tracking there portfolio!

I am using it,you can try just dm me for more info!
I just loved it everyday you dont need to go at every platform where it combines all your networth!

The Founder of INDMoney is Ashish Kashyap was the first country manager of Google in India. In 2011, Kashyap co-founded ibibo Pay, a payments platform, which was later branded as PayU and sold to Naspers in 2014. In his second innings, 45-year old Kashyap launched a wealth management startup named INDmoney, SO YOU CAN TRUST IT

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