Why Keep Records

Family history matters.

It will give you insight into how to arrange your estate distribution. Not everything has a number value. Sometimes there are things that just feel right.

Take some time and reflect on how your non-money assets connect to your family. Some matter because of their history in use. You need to know. You might need to ask.

Not all family history is easy.

I have played with my family history for nearly two decades. I have learned quite a lot. Today I learned that I have an eight great grandmother who was the first full blooded native to marry a French immigrant. Could be true I suppose.

The good stories always have an element of plausibility.

Another thing I have learned is most rebellions begin near a pub. I doubt it is a coincidence. Strong opinions and strong drink are an exciting combination.

Record keeping is a habit. 

Financial records can help us learn from mistakes. Realistically that’s the only way we learn. You cannot review what you don’t have. It is the first of the 3Rs. Record.

My father’s family is primarily Irish. There are few records of the Irish. I know little prior to 1750. The Irish had a hard go with governments and did not trust them enough to tell them anything.

My mothers family is French Canadian. Came here in the 1600s. The French keep meticulous records. Given time I think I could trace her family back to the first lungfish that crawled out of the ocean.

You can find evidence of what a particular person was doing on a day a thousand years ago if someone recorded it. My wife’s family has an example of that.  A participant in a jousting match 980 years ago.

Records matter for learning. 

Much of who you are and your strengths and weaknesses come out of your history. Keep good financial records and pay attention to your family history. Both help you understand who, what, and where you are.

It gives you perspective and that is a valuable asset in any context.

Don Shaughnessy arranges life insurance for people who understand the value of a life insured estate. He can be reached at The Protectors Group, a large insurance, employee benefits, and investment agency in Peterborough, Ontario. 

In previous careers, he has been a partner in a large international public accounting firm, CEO of a software start-up, a partner in an energy management system importer, and briefly in the restaurant business.

Please be in touch if I can help you. don@moneyfyi.com  866-285-7772

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