In many families one person handles the finances. In our case, I handle everything about our money from budgeting to investing. My wife has no interested in taking over this responsibility. And that presents a potential problem.
What would my wife do should I get hit by a truck? How would she handle our investments? Would she even know what accounts and investments we have?
These and other questions led me to create what I call the Money Binder. It's a binder designed to give my wife everything she would need to handle our finances should I be unable to do so.
The Money Binder
It's a simple 3-ring notebook that contains everything anybody would need to understand our investments, insurance, wills, trusts, and even passwords. It's intended to give my wife a complete understanding of our finances and how to handle them going forward.
It's more than just a list of assets and liabilities. The Money Binder walks through my investment philosophy and provides concrete steps on how my wife can