Several years ago, during a trip to rural Wisconsin, I encountered a sign that read “Man Sale, ½ Price.” Intrigued, I followed the sign and found a tool sale, which sparked a realization about the importance of financial preparedness for women. This experience led me to develop financial tools specifically designed to help women manage their finances effectively.
As a Certified Financial Planner™ I have seen firsthand the critical need for women to be financially independent. The statistic that 90% of women will eventually be solely in charge of their household finances is a stark reminder of the importance of financial literacy and preparedness. Whether you are single or married, it is crucial to be proactive about your financial future.
The Importance of Financial Independence
One of my favorite sayings is “Don’t let a man be your financial plan.” This phrase is not about man-hating but about empowering women to take control of their financial lives. I have been happily married for over 40 years and have three sons, but I am a realist. Women need to be comfortable using their money tools to secure their financial future.
My passion for helping women get financially organized stems from the numerous women I have met over my 20+ years in financial services. It is not uncommon for me to visit with couples and hear the husband say they are looking for someone to help his wife after he’s gone. This reality is a wake-up call for many women to start thinking about their financial future.
Planning for the Inevitable
Whether you are single or married, it is essential to think about incapacity and death. Incapacity involves planning for long-term care, while death requires deciding what happens to your accounts and personal belongings. Having gone through these situations personally and professionally, I cannot emphasize enough the importance of planning ahead.
The classic example I see over and over is the care decision. Would you rather decide where you need to move to from your hospital or rehab bed when you are told you cannot go home? Or from the calm comfort of touring several places to make that decision before there is ever a need? Most people choose the first option because it will never happen to me or it’s too negative to think about.
More than Estate Documents
The risk of incapacity is an unknown, but the risk of dying is an absolutely guaranteed event. So do you want your family to thank you or to curse you after you are gone? Will you leave them in comfort and clarity or chaos and confusion? To prepare, I have numerous tools to help families. There is so much more you can do than having estate planning documents in place and current.
I’m hoping the Before and After Loss checklists or the Suddenly Single Course are helpful to many. Remember, anything you do in organizing to make everything findable and creating a financial inventory with correctly titled and beneficiaried accounts will be so important! It’s helpful to you now and to your family later. Prepare now so there is less to repair later.
Taking Action
What steps have you taken to love your family after you’re gone? Or to decide your next best living arrangements in case that is needed? Or to get your financial house in order? Let’s have a discussion. It’s time to think and act proactively about your financial future.
