One of the most unfortunate financial consequences of widowhood is certain people will get the perception you now have extra money. They might think you have a lot of it (even if you don’t) and therefore think you are now a source of funds for their needs or wants. As a widow, you may be … Read More
In my last post, I talked about how budgeting is viewed with disdain by virtually everyone. I also mentioned that before attempting to work out a budget, it’s important (if not essential) to begin by tracking your expenses for at least one month so you see how you’re really spending your money. Today, let’s take … Read More
The “B” word. Budgeting. Uggggh! (slight shudder). Budgeting is probably one of the most hated words in personal finance topics. I can honestly say I have NEVER met anyone who likes budgeting. I’m not even sure I’ve met anyone who is lukewarm on the subject. If budgeting is seemingly universally disliked, it begs the question … Read More
Your success with managing money (success as in being proficient, not necessarily in being wealthy) has a lot to do with how you think about money. This correlation has been studied for decades and proven time and time again. If you want to get better at managing your money, if you want to remove financial … Read More
In my last post I talked about how, during the process of settling your spouse/partner’s estate, you’ll have to go through all of the financial and business accounts. While doing so, it’s a good time to take stock, tally everything up, and do a check of your own net worth. It’s also a good time … Read More
In my last post, I talked about the struggle a surviving spouse has when they realize that they are now on their own financially. I talked about how couples make their goals and plans with a “we” and “our” perspective and how difficult it is to adapt to flying solo. I mentioned that this adjustment … Read More
When I worked as an investment advisor, one thing that I saw widows struggle with after their spouse or partner passed way, was the realization that now they were on their own. I don’t want to imply that the surviving spouse was helpless at managing the financial affairs. Not at all. In fact, with the majority … Read More
In recent posts, I covered some of the basic elements of estate planning, including information on wills and executors. Another topic I get questions on is probate. When it comes to settling an estate, many people don’t understand what probate is and what it’s all about. The following general information will provide answers to common … Read More
In my last post, I talked about the basic concepts regarding wills. In this post, I’ll run through what an executor is, what the executor’s role is, how to choose an executor and how to work with an executor. What is an executor? An executor is the person or entity (when a corporate executor is … Read More
When I was an investment advisor, estate planning often came up with clients. The focus was on planning for the eventualities. Having an up-to-date wills, having an executor appointed, and how probate works were commonly discussed. In the planning process these topics feel more abstract because they pertain to an event that will happen in … Read More
In my last post, I discussed the benefits of having a financial “buddy” to help you over the 12 to 18 months following the death of your spouse. I highly recommend finding someone you trust to help you carry out some of the financial decisions that you’re going to have to make during that time. … Read More
Following the death of a spouse, there are a number of decisions and steps to take that need to be done immediately and some that will need to to be taken care of within a few weeks or months. And, still other decisions involving the settlement of the estate and making future financial plans will … Read More
