I learn from my clients as much as they learn from me and what I’m seeing is scary. Lately, the majority of my senior women clients don’t have a handle on their finances. They could be widowed, divorced or in a situation where their spouses/partners can no longer handle the task of daily money management.
What is important here from an administrative and legal standpoint is that all women should know where their money is. So, if you share a home or bank accounts with another and suddenly that person was gone or incapacitated, or even if you wanted to leave them, would you know not only where everything is but how to get to it whether in paper or digital format? Do you know what should be in your name too and where the passwords are?
I wrote this ezine during the week between Christmas and New Year’s Eve. One of the things my husband and I do during this holiday time is go to our Safe Deposit Box and review anything that needs to be updated between the firebox in our house and the box at the bank. We also review life insurance, medical insurance and budget info for the following year. Sexy it is not, necessary it is for our peace of mind.
I recently read David Bach’s Smart Women Finish Rich and highly recommend every woman read this, Davidbach.com.
As a young woman, I was never interested in money. But now that I am in the middle of my life with bills, homes, teenage children, looming college tuition, health concerns, investments and retirement around the corner … you can bet that I have bumped up the priority of “Show Me the Money, Honey”.
One of the recommendations David Bach says in his book is to ensure you get yourself a trusted financial planner. I’ve always had a financial planner, but now when we meet, I am an integral part of the meeting.