{"id":7382,"date":"2015-05-18T11:00:12","date_gmt":"2015-05-18T05:30:12","guid":{"rendered":"https:\/\/blog.fundsindia.com\/blog\/?p=7382"},"modified":"2015-05-27T10:59:55","modified_gmt":"2015-05-27T05:29:55","slug":"fundsindia-features-a-family-that-invests-together-grows-together","status":"publish","type":"post","link":"https:\/\/www.fundsindia.com\/blog\/personal-finance\/fundsindia-features-a-family-that-invests-together-grows-together\/7382","title":{"rendered":"FundsIndia Features: A family that invests together, grows together"},"content":{"rendered":"

This article is a part of our new series \u2013 \u2018FundsIndia Features<\/strong>\u2019, an initiative to educate our customers on how best they can take advantage of their FundsIndia account to build better investment habits. In this post, we discuss ‘Family Accounts’ with FundsIndia, and the need to invest together as a family.<\/div> <\/em><\/p>\n

\"family\"<\/a>In any conventional household, the \u2018man of the house\u2019 manages the savings of the house. Even if the wife contributes to the income of the household, she rarely participates in savings-related decisions. We have data all around us to corroborate this statement. Just ask your friends, colleagues, or better still, analyse how investments and savings-related decisions are taken at your house. You\u2019ll find the answer right there.<\/p>\n

Vidya Bala, Head \u2013 Mutual Fund Research, FundsIndia.com, says, \u201cInvestment decisions often do not translate to optimal wealth creation when they are managed by one person in the house. If a family takes savings decisions together, everyone understands why and how the money is being saved. This reduces conflicts, which often arise when there is no clarity on the \u2018whys\u2019 and \u2018hows\u2019 of savings. If decisions are taken together in an inclusive manner, everyone, including children, become more responsible towards money, leading to greater synchrony and harmony in the house.”<\/p>\n

There are innumerable benefits of investing together as a family. Some of them are:<\/strong><\/p>\n

1. Clarity is critical<\/strong> \u2013 Your spouse might know that you are saving money for your family. But does he \/ she know where and how much you\u2019ve saved? Talking investments with your partner is not just critical, but also crucial, especially in times of a crisis. If your spouse doesn\u2019t know the details of your investments, how can he \/ she claim them during an emergency? Insurance companies and investment houses DO NOT handover your savings to your spouse \/ other members of the family if they are just listed as nominees for your investments. It is important to show vital proof while claiming the investments; proof that you must have disclosed and shared with them at an earlier date.<\/p>\n

What can you do about it:<\/strong> Get your family on-board your FundsIndia account! It\u2019s that simple. FundsIndia promotes the concept of investing by allowing you to integrate your account with that of your family members. To do this, you just have to:<\/p>\n

i. Add your family members to your account with the \u2018Add Investor\u2019 option<\/strong> \u2013 You will find this option after you login and select \u2018My Accounts\u2019 from the top menu. Once you select the type of investor (Resident Investor, Minor, etc.), you just have to fill-in the details of your family member, and complete the registration process by sending his\/her ID and address proofs.<\/p>\n

ii. Make investments separately for every member<\/strong> \u2013 The simple interface of FundsIndia.com allows you to make investments separately for every family member. Every time you select an investment, you can choose under whose name the investment has to be made from a drop-down menu. <\/p>\n

iii. View portfolio performance of different members together \/ separately<\/strong> \u2013 Once you login to your account, by default, you will see the portfolios of all your family members listed in your Dashboard. If you like, you can choose which family member\u2019s portfolio performance you\u2019d like to see separately by selecting his \/ her name from a drop-down menu on the top right corner of the page.<\/p>\n

With your FundsIndia family account, you don\u2019t have to worry about multiple login IDs \u2013 you can maintain one login ID for the entire family, enabling ease and convenience like never before.<\/em><\/strong><\/p>\n

Open<\/span> a FREE Account Now! <\/span><\/a><\/div>\n

2. Money matters too<\/strong> \u2013 You aspire to give your kids the best education in the world. But did you know that a very important, yet oft-ignored part of this education is teaching your kids the importance of money and its management? Money management is similar to swimming in two ways:<\/p>\n

\u2022 You can\u2019t learn it just by reading books, or even worse, you can\u2019t acquire the skills when suddenly pushed into the deep side of the sea (real life).
\n\u2022 If you don\u2019t learn it, you may just end up drowning (in debt), or even worse, finding yourself in shark-infested waters (credit sharks).<\/p>\n

When you don\u2019t discuss money with your kids, they grow up without any idea of how it can be managed effectively. Many a times, young adults who just begin earning an income burn their hands several times before they realise the right way to manage their money. The fault isn\u2019t entirely theirs. Their money management lessons should have begun early at home.<\/p>\n

What can you do about it:<\/strong> Prepare your kids for the road ahead. Teach them important lessons on money. Involve them when you plan the monthly budget of the house. Even better, go one step ahead and open a \u2018FundsIndia Minor Account\u2019 on their name (if your kids are below 18 years of age), invest for them, and when they get to their teens, discuss their investments with them. That way, you will not just be investing for a financially secure future, but for a well-prepared future for your kids.<\/p>\n

3. It takes two to tango<\/strong> \u2013 We can\u2019t say this enough but you have to talk investments with your spouse. Give your partner the gift of liberation by allowing him \/ her to make an investment decision and save for it. <\/p>\n

What can you do about it:<\/strong> Open a joint investor account with them. When you speak to your investment advisor, make sure your spouse is also present. That way, both of you will be able to appreciate your investments more.<\/p>\n

Don\u2019t just be an ‘investment planner’ \u2013 be an ‘optimal wealth planner’ of your house. When you do that, you\u2019ll give life to the adage \u2013 \u2018A family that invests together, grows together.\u2019<\/p>\n","protected":false},"excerpt":{"rendered":"

In any conventional household, the \u2018man of the house\u2019 manages the savings of the house. Even if the wife contributes to the income of the household, she rarely participates in savings-related decisions. We have data all around us to corroborate this statement. Just ask your friends, colleagues, or better still, analyse how investments and savings-related […]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[294,66],"tags":[292,293,291,517,148],"yoast_head":"\nFundsIndia Features: A family that invests together, grows together<\/title>\n<meta name=\"description\" content=\"With your FundsIndia family account, you can maintain one login ID for the entire family, meaning convenience like never before.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fundsindia.com\/blog\/personal-finance\/fundsindia-features-a-family-that-invests-together-grows-together\/7382\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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