When it comes to our finances, I’m more engaged than Micah is. Growing up in a family which lived from tiny paycheck to tiny paycheck stressed him out about money. But I enjoy feeling like I have some control over it. It works for us…we have discussions periodically about the everyday stuff and always before I do something big.
This is all well and good so long as we’re both around. Supposing, however that I were abducted by aliens, would Micah have all the data necessary to take immediate control of our financial lives?
He’s a smart guy and I know he could figure it out after a while. But why make it hard for him? Lynnae mentioned the idea of an “alien abduction manual” which I think sounds like a good plan.
I’m going to be doing a series over the next few weeks on some of the various topics the manual will cover.
Here are some of my ideas:
- Our bank account numbers (he can get those from the statements, but it’s easier) and online banking information.
- Our investing information and a short philosophy of investing to help him invest in the future. A simple explanation of asset allocation and indexing. Also some suggestions for his Roth IRA or 403(b) (since he’ll probably be working for a college or university).
- Information on our insurance, when it needs renewal, list of things that should be insured and suggestions for coverage, deductibles, and the like.
- A short overview of the debt snowball (to be updated periodically with information about our own debt snowball).
As I said above, he’s smart but I don’t want it to be hard for him. This isn’t his area of interest and personal finance can be pretty simple once you get your head above water. Also, consider making a copy to leave for your executor in case you and your spouse die at the same time (or if you’re not married/partnered).
Why not put your alien abduction manual together along with me?
And today’s question for the readers…obviously security is an issue for some of the information here. Do you have ideas for the best way to put together and hide confidential information in a way that would still be useful? Any more ideas for sections in the manual?