Much of financial planning involves preparing for the unpleasant and unexpected. Almost half of United States couples go through a divorce at some point in their lives - and it’s a difficult process both financially and emotionally. Although money may be one of the last things on your mind right now, there are a few steps to take that can help you to line up your finances when divorce is imminent, and after you go through proceedings.
If you’re a single woman without children, you may be wondering whether estate planning is something you need to be concerned about. The truth is, estate planning is something that everyone should consider, at least to some extent. When putting together your estate plan, there are two key things you need to consider:
Life expectancy is still steadily increasing, with no signs of slowing down. Women, in particular, have seen an extending lifespan in recent years. Right now, women have an average lifespan of 81 years! As biotechnology improves, it’s very likely that people will live well into their 90’s - or even past 100 years of age. While this is an exciting thought, it does require more detailed financial planning.
The beautiful thing about retiring in today’s world is that there are no traditional expectations. As women, we are presented with countless, incredible retirement lifestyle options.
Whether you yourself are currently experiencing widowhood, or you know someone who is - I want to take a moment to acknowledge your strength. When you lose a lifelong partner, there are moments where it might feel numb, as though moving forward and creating a next-steps plan is outside of your capacity. That’s completely understandable.
In most cases, there’s a motivator beyond ourselves that keeps us on track to achieve financial success: our family. We want to make sure our spouse or partner, parents, kids, and grandkids are well taken care of. More than that, we want them to experience the financial freedom to chase their goals, and to achieve big, exciting things with their lives.
You might even have an estate plan in place that provides generously for your kids, grandkids, or great grandkids. But you know what they say about best laid plans of mice and men.
The last thing we want to think about after a loved one passes away is identity theft. No - I’m not talking about someone stealing your identity. I’m talking about someone stealing the identity of your recently deceased loved one.
It’s upsetting to think that someone out there would actively be taking advantage of vulnerable families who have just lost a spouse, a parent, or child. Unfortunately, it happens to approximately 800,000 people each year. Identity thieves troll through obituaries and Facebook notifications and strike quickly while grieving family members are still getting the deceased’s estate in order.
A financial advisor is a professional who helps you manage your finances and investments, teaches you about important options and aids you in making smart decisions toward your overall financial goals. But did you know that in order to maintain their license, your financial advisor must pass a rigorous national examination and complete ongoing educational requirements annually? Certified Public Accountants (CPAs), Chartered Financial Analysts (CFAs) and Certified Financial Planners (CFPs) must adhere to a strict code of ethics and work in the best interest of their clients, disclosing any conflicts of interest. These advisors must act as a fiduciary, and typically are paid solely from client fees and do not sell products. They truly value their relationship with you, the client.
If an elderly family member was experiencing financial abuse, would you know it? In 2016, Allianz Life Insurance Company of North America completed a Safeguarding Our Seniors Study and found that 40 percent of seniors experience financial abuse more than once. Victims of elder financial abuse lose on average $36,000. Consumer Reports estimates that Americans lose up to $30 billion a year to elder financial abuse. Many of these crimes go unreported, because victims are ashamed or unable to speak up for themselves.
You’re scrolling through social media when you see an image of those big-eyes and sweet face that says “pick me!” Before you know it, you’re heading into the local animal shelter or breeder to find your newest family member. Those who know me know that I am a committed and incurable dog lover. We have a pack of four rescued dogs and one foster dog at this time, and can’t imagine life without them!
Falling in love with a new pet is easy. They can provide a lot of joy to you and your family. However, making the decision to adopt a pet shouldn’t be taken lightly. While pet ownership is extremely rewarding, it is also a big responsibility both in time and resources. Here are some things you may want to consider prior to pet ownership.
Most people understand that becoming a victim of identity theft can lead to credit problems and financial woes, but there are many more ways identity theft can impact your life than you might realize. According to the 2016 Aftermath Study conducted by the Identity Theft Resource Center, identity theft creates more than just financial problems; it can also negatively impact employment, housing, medical treatment, etc.
So, how many of you have run into the following issues? You established a money jar system for your kids to learn how to budget their allowance — only to realize you never remember to get cash out of the bank (because who uses cash these days?). You sit down to discuss financial responsibility and savings only to find them bored and itching to get back to playing Roblox or Minecraft on their device. If this sounds familiar, you’re not alone. So why not give the old school piggy-bank system a digital upgrade. Use an app to teach your child about financial responsibility.
Thinking about purchasing a home but worried you can’t afford it due to student loans? You aren’t alone. According to a study by American Student Assistance, “55 percent of student loan holders said their debt is causing them to put off homeownership.” Most of them believe their student debts would make purchasing a home impossible. The reality, however, is that owning a home is possible even with student debt. Here are some tips on how to purchase a home while still paying off student loans.