Personal Finance 

BVC #7 – Financial Network Map [VIDEO]

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It’s very important that you draw a financial network map and in this video, I briefly discuss why it’s important and some pointers on how you should be drawing this map.

Remember, this map should be designed to give you and your loved ones a clear picture of how your finances are set up and interconnected. You can use whatever conventions you feel are most intuitive and remember to provide a legend!

{ 9 comments, please add your thoughts now! }

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9 Responses to “BVC #7 – Financial Network Map [VIDEO]”

  1. dmeanea says:

    Here’s the link to the discussion of the firewall:

    You can also search for “firewall” (the search box is in the top right corner of the screen) to see the several places Jim refers to his financial account firewall.

  2. GJ says:


    Great concept, as the primary money manager in the family, this is very interesting to me and is a great way to supplement our current financial documentation. Quite frankly, I don’t currently have interrelationships very well documented, so I appreciate that you identified this shortcoming.

    I’d love to hear some discussion on password safes or other ways to securely document account numbers, IDs, passwords or other sensitive data that may need to be handed off in case of an incapacitation.

    We really enjoy the site. Keep up the good work.

    • Jim says:

      Thanks for the suggestion, we should use password safes (of some kind) but at the moment we don’t. My wife knows my passwords (and I know hers) and it’s a matter of just writing down the small piece that identifies the password.

  3. Carole says:

    I’ve recently started using a program called RoboForm that stores sign on names and passwords so I don’t have to remember so many or look them up on my cheat sheet.

  4. Deep says:

    Great explanation. It seems such a simple idea but it can be very helpful not only for the other people who need to know about the money flow but to the person doing the exercise also. I guess the power of the idea is in it’s simplicity. Great job!!!!

  5. Maureen says:

    Loving the video blogs. Definitely an easy way for me to get my advice for the day.

    I started creating my financial network on paper and it’s a great idea. I’m always looking for ways to be prepared financially so this is ideal for any of my loved one because I’m about to graduate in a year’s time plus I’m unmarried, no kids so my family aren’t that much in the loop as to my financial situation should I become incapacitated. I also don’t have a will yet because I’m 20 and trying to be optimistic! As soon as I get a full time job after graduation, believe me, I will write one.

    So as I was constructing my map I found it useful to also note which accounts had a card attached/telephone banking. Also whether there was no access or penalties for withdrawing such as with regular savings accounts (UK citizen hence I’m not all that clued up but it’s maybe the equivalent of a CD in the US?). Similar to the idea of bills pointing to the primary bank account I also listed standing orders that come out of that account.

    How do you define your primary bank? Sorry it’s a silly question perhaps but I’m not sure how I’d pick mine because I use my ‘primary bank’ for my student account which entitles me to an overdraft but most of my funds are elsewhere in better savings accounts because my primary bank is rubbish for that.

    Maybe state where the emergency fund is if it’s kept in an account.

    Maybe state which banks you have overdrafts with for emergencies also.

    I also named my bank providers. Obviously on your video that thousands of people watch you’re not going to write that much detail but on mine I put the names.

    These are just a few things that I was considering putting on my financial network map.

    Cheers for the idea. I’m having fun constructing mine.

  6. Maureen says:

    Another idea!

    State which currency the accounts are in if you also have overseas accounts. I say this cos I’m abroad at the moment using euros as opposed to my usual dealings with the pound.

  7. uptempo777 says:

    One thing that I’ve found valuable with the Financial Network Map is to indicate WHY you have each account. Sometimes I open up a bank account because there’s a cash bonus for creating an account or sign up for a credit card because there’s a 0% balance transfer. That will help later when you look at your map and wonder if there’s a need for that particular item on your map anymore.

    • Jim says:

      Yes, this is a great idea. I don’t annotate the map with that information, I have a separate excel spreadsheet with account information that includes why that account exists, but that’s useful to include on the map.

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