What is it that is important to you? What are the relationships, the interests and goals that bring you joy? These elements, when placed at the center of a financial plan, can have a profound impact on one’s motivation to participate in financial conversation, decision making, and investing. When we can articulate what matters most, suddenly there is purpose in why we spend, save, invest, and protect. When we have purpose, we are far more likely […]
For those who are single today, they are most likely already planning for their current single state. That is an advantage. You see, they are already planning to overcome the financial challenges that are the realities of being single. One person to earn an income, one person to pay the bills, the mortgage, and to save. One person who may or may not have a pension in retirement. One set of government benefits. Financially, they are […]
“If you die without signing your will in this country, you leave chaos behind you. The lack of clarity intensifies bereavement and pitches family members into a cauldron of legal dictates. Bank accounts are frozen, cards unusable, cash inaccessible. If your partner dies intestate, it makes normal life almost impossible to retrieve….” Danae Brook Danae Brook is a widow whose husband died without a will. And while she is referencing the laws of the United Kingdom, […]
Do you know the feeling of being overwhelmed? So many things to do, so many choices – should I do this, or perhaps that would be better? Many times, it is during times of uncertainty, of change, that we can become overwhelmed. And it is preciously in times like this, that people are at risk of making regrettable decisions that can lead to the loss of money, relationships and even future possibilities. That is why it […]
“Portion” – it might just be the most important word when it comes to money matters. Especially to the topic of how couples should organize financial ownership. I’m often asked things like, should all our accounts be joint? The subject of joint accounts is always a hot topic in focus groups and interviews I conduct. Always single, single again, partnered, it doesn’t matter, everyone has an opinion. Some advocate for merging everything, others have strong opinions […]
Merriam-Webster’s dictionary defines financially secure as “having enough money to live on and not having to worry about money.” Financial security is based in confidence. Confidence that our cash flow (earned or from investment) will be for your lifetime sufficient to maintain a comfortable lifestyle, regardless of how your life may change, is essential to financial security. Confidence that any debt is manageable and on track to being paid off. Having confidence in our ability to […]
Set yourself up for financial success. In this video, you’ll see a presentation from Leslie McCormick, author of Bank on Yourself – Why Every Woman Should Plan Financially to be Single, Even if She’s Not. Excerpt: My first interview related to the book Bank On Yourself: Why Every Woman Should Plan Financially To Be Single Even if She’s Not was with a personal finance columnist with a leading national newspaper. The question he asked was don’t […]
My husband and I both love and dread home renovations. We have lived through multiple renovations.. literally lived in the house through them. I even have a picture of our daughter when she was just 9 months old crawling around on a subfloor with power tools (not plugged in) nearby. The dust, the noise, the disruption. And we can handle all that just fine. What we dread is picking the finishings. He doesn’t like the colours […]
I was speaking with a neighbour recently. She and her husband retired within the past few years and they are looking forward to winter this year with apprehension. Usually, they would participate in some social winter sports. But, due to COVID, where they usually play their sport of choice has canceled its season. Usually, they would be preparing to go on a trip right about now, and then go away again at the end of January. […]
Whether you are single for your entire retirement, or for part of your retirement, there are several challenges that the financially single woman faces as a result of being single. With proper consideration and some advanced planning, these challenges can be mitigated, and even overcome. Solo Decision Making: On the plus side, you largely can make decisions to please yourself and your needs. You don’t need to compromise with someone else about things like, where you […]
When it comes to planning for retirement, there are the risks everyone faces, the risks that married / committed couples face and the risks single people face. Funny thing is, the financial community typically just focuses on the first set of risks – those that everyone faces. And yet, by completely ignoring the risks that martial status brings to the table – they fail to address a significant set of risks that everyone faces. An individual’s […]
Many couples streamline their spending as they prepare to move into retirement. That’s a good thing. And sometimes leads to one of the biggest mistakes couples make. The enthusiasm for ditching many unnecessary expenses accumulated over their family years can diminish the thought about what to keep. And high on the list is life insurance. The kids are grown and gone, college is paid for. You have a career’s worth of savings accumulated. Why keep it? […]
When it comes to the finances of committed couples, what works for both of you also needs to work for each of you. And sometimes there is conflict between the two.
It happens all the time. You go through career changes, family changes, changes with income, health, housing, and friends, there are ups and downs along the way, but you are working towards eventual retirement and the goal is simply to be able to retire. But you arrive on the doorstep of retirement, perhaps you sit down with an advisor and they start asking questions about what it is you want to do in retirement, and you […]
I was the guest speaker at an event for a ladies group and, as I always do, I took time for questions at the end. One of the participants we will call Abby, bravely shared her story with the group. She was in her mid-60s, had divorced many years ago, and raised her children as a single parent. Abby told us that as soon as her pension plan allowed, she decided to take her reduced monthly […]
Eight percent more of income every working year in fact. TIAA, a Fortune 100 financial services organization, studied the gap in savings needed for men and women and in their Gender Retirement Gap report. They found that from graduation to retirement, for men and women to retire as equally well off as one another, men need to save 10% of their income, while women need to save 18%. Women need to save almost double their male […]
“If I’d known I was going to live this long, I would have taken better care of myself.” Eubie Blake, Composer If only we knew how long we would live. How long we live is one of the critical pieces of information for retirement planning. The longer we live, the more years we need to financially plan for and the more money we need to have saved. Fortunately, or unfortunately depending on your perspective, it simply […]
There are very few decisions in life that don’t have a financial impact, whether that impact is on your income, your expenses, your assets (what you own) or your liabilities (what you owe). Have you ever regretted a financial decision? Was that decision made based on your expectation of a short-term trend continuing into the future? Perhaps it was an investment of some sort such as during the .com era where anything with a .com was […]
Most women talk. Put a group of women together at a table who have never met one another before and in no time, conversation is flowing and soon, new friends are made. I host an event each year, a Ladies Tea, and the first time I held this event, except for just a few of my guests, no one knew each other. Starting with that first event, diverse conversations were held, connections were made, shared interests […]
By aiming for the heart, romance scams are hugely profitable for fraudsters. It is believed that only somewhere between 5 and 15% of victims of fraud report it.
Safe. I’ve been thinking about that word a lot lately. It’s probably one of the most commonly used words these days. Emails and conversations now end with wishes that you “keep safe”. Companies no longer advertise their products or services, but rather what they are doing to keep their customers “safe” as they encourage you to come back. Webster’s Dictionary defines the word safe as being: “Free from harm or risk: unhurt”. Safe is appealing. Safe […]
Have you ever felt overwhelmed by too many decisions, ideas, or “to-dos” running through your head? Life changes like retirement can bring big decisions like moving. Selling a business may lead to decisions like starting another company, going to work in another capacity, retiring, buying a new home, or relocating. Other major life changes that require decisions include divorce, widowhood, winning the lottery, an athlete signing a pro contract, or receiving an inheritance. Even with something […]
Financially, there are upsides to being single – if you want to spend it, it’s yours to spend. You don’t need to consider someone else’s preferences. If you want to retire in a certain area, you can choose to do so. If a better job opportunity presents itself across the country, you don’t have to consider the impact on someone else’s career. There are also risks. When it’s all on you there is less room for error as there isn’t someone else’s savings or income to fall back on.
While of course, couples want to plan happy healthy active to at least 95 (and that is how most financial plans are run), the reality is, very rarely do both parties in a relationship live the same length of time.
Working to improve women’s confidence in their finances is one of the goals of PlanSingle.com. To that end, any insights on what confidence is and how to improve it gets my attention. This year’s Special Report, 2020 Investor Research written by Julie Littlechild for the Investments & Wealth Institute, made a very astute insight for advisors about the financial confidence of their clients. The report states that “Confidence is not only a reflection of what is […]
The wild fluctuations in investment markets may have thrown you off balance. The value of your investments has likely changed (in both directions) significantly in the past two months. How do you figure out if the ups and downs in your accounts are in line with what you should expect or if you should make some change? Everyone needs some form of counsel. Some have successful friends or relatives who can be that independent opinion. Others […]
Well, its starting to happen. In many places things are slowly starting to reopen, or at least talk about reopening. A lot has changed in the world around us and it will be interesting to see what in the future becomes normal. Personally, while there are lot of things I am looking forward to returning to normal, there are a number of things that I hope don’t. And I am not alone. I spend my days […]
Your financial plan should work for you even if your circumstances change and everyone, especially women, should have the confidence to act on that plan. That’s our mission. So we have a natural affinity for organizations like Money Smart Manitoba, a place where Manitobans can grow their financial knowledge. Leslie McCormick, the co-author of Bank On Yourself and the driving force behind the Plan Single community, spoke at a book launch event that was captured for […]
What are the circumstances that might impact your financial future? Done right, the financial planning process considers risks given your personal circumstances and risks that are common to everyone. That said, it is probably fair to say that a global pandemic virtually shutting down the global economy was not one of the circumstances you planned for when you did your financial plan or retirement income plan. And yet, it happened. While it is impossible to plan […]
Was it really just a month or so ago that our world instantly changed? Transitions in life can be hard when you see them coming, let alone when they come completely out of the blue. And few, if any, foresaw the real threat to health that COVID-19 was and is. Now, the very steps that are being taken in an attempt to protect everyone’s health are causing significant financial stress and hardship for millions of people. […]
Throughout history there have been distinct clear points when life changed. Empires have fallen, World Wars fought, and now, a near total shut down due to a global pandemic. Whether COVID has touched you directly or not, our lives have changed. And while the world will open up again, we can create a new normal. While the circumstances and the unknown are scary and there are many people who are paralyzed by that fear, I am […]
We are truly living in a strange new world. Not only have our societal interactions been greatly limited and our daily routines thrown out the window, but two very important elements that are at the heart of our security and well-being are under attack at the same time – our health, and our finances. For some people, your income from work or business may be at risk, or has been greatly affected. But not only is […]
In one way or another, virtually all households have been, or will be, impacted financially as a result of the economic shutdown caused by “The Virus”. No doubt some people know what the impact is and others are concerned about what the impact may be. Fortunately, this week has brought more clarity around the supports available for those who need it, whether that is from different levels of government or companies. We have compiled a list […]
We are all struggling to adjust to the new realities of dealing with the pandemic. Many families will need to make adjustments including financial ones. Whether or not you have both been actively involved in the family finances, this situation presents an opportunity to work together, keep a handle on where you are financially, and jointly make decisions as you navigate your way. Here are a few ways you can work together through the crisis that […]
Too many people consider money a taboo subject. The result is generation after generation at risk of repeating the same mistakes, or getting behind because they didn’t have the guidance to get ahead. Those who have conversations about money with their kids realize that talking about money and teaching them how to make sound financial decisions provides some of the most valuable life lessons. There is a golden opportunity when kids are in, or bound for, […]
When I first started working as an Advisor in Wealth Management, someone gave me a list of the number one reasons why not to invest each year from 1934 (The Depression) to 1999 (Y2K). Throughout my career, this list has probably been the single most important piece of paper anyone has ever given me. It puts things into perspective. It’s what helps me keep my head when emotions run high when markets fall. In fact, it […]
It can be hard saying no. As hard as it is to deny ourselves a want today, it can be even harder to deny someone else who wants or needs our financial help. Saying no is a hard thing to do. Unfortunately, saying “no” is often essential to ensuring our financial security. In her article “How to Stop Being the Family ATM and Learn to Say ‘No’” published in USA Today, Liz Wetson defined financial enabling […]
Let’s come together to share our common experiences, work together, learn from one another and set a course of action. Together we can manage! Those in attendance will receive a free copy of McCormick’s and Harrison’s book, Bank on Yourself: Why every woman should plan financially to be single even if she’s not. Don’t forget to register to reserve your seat.
It’s that time of year in Canada where we are inundated with advertisements and reminders to make your RRSP (Registered Retirement Savings Plan) contributions. But is making an RRSP contribution the right thing for you? While saving for tomorrow is always a good idea, depending on your personal circumstances, saving into your RRSP may not be the best (or only) place to save. In the book Bank on Yourself – Why Every Woman Should Plan Financially […]
The wage gap costs women – it costs women today and it costs us long term. It is a major hurdle we need to overcome as we work to achieve a lifetime of financial independence. While we could sit back and wait for society to catch up, we could also choose to be proactive. Being proactive means effectively communicating your worth and navigating difficult conversations. Here are 5 tips to properly prepare and set yourself up […]
While general financial planning principles apply equally to men and women, the circumstances we face are different. One of those circumstances is the wage gap. Across all education categories, fields and experience levels, women earn less than men. On many levels this hurts. I remember early in my career, very quickly I was given more and more responsibility as the organization I worked for went through a restructuring. When I shared my expectation of a raise […]
Let’s face it, if there is one area of life that we simply have no interest in talking about, it’s the end of life. And while we may not wish to discuss the topic, advancements in modern medicine and its ability to help us live longer, means more issues to consider, decisions to make, and room for serious unintended consequences. The result of burying our heads in the sand about end of life topics can lead […]
Letters to the Personal Finance Editor are often great opportunities for us to learn from the mistakes of others. Unfortunately, too often these letters aren’t just mistakes, but tragedies. This week a letter to the editor at Market Watch caught my attention. Its title: ‘What did he do with all the money? My dying husband cashed his $700k life insurance and emptied his bank accounts. My adult children and I are devastated. We have literally lost […]
Let’s face it. Real estate mistakes are expensive. 5% (or so) real estate commissions, land transfer taxes, lawyers, movers, new décor, let alone the cost of renovations you may do to make it your own. Regretting your move and having to move again in a short period of time isn’t just a lot of work, effort and upheaval, it can be a financial disaster. If you are contemplating a change of real estate, especially for retirement, […]
Hear from Co-author of the book, Why Every Women Should Plan Financially to be Single, Event if She is Not, Leslie McCormick Are men more financially literate than women? Whether you are a single woman, in a committed relationship, or an advisor that works with couples, you need to listen to this episode. Hear an interview with the co-author of the book, Why Every Women Should Plan Financially to be Single, Even if She is Not, Leslie […]
Have you ever regretted a financial decision that was the direct result of pressure? The pressure sale is truly an art and for generations has proven to be highly effective… for the salesperson. But for the consumer trying to avoid financial regrets, remember my mother-in-law’s wise quote: “The Devil’s biggest lie is that this is your last chance”. Think about it, how many times have you seen a “last call” type sale where you can get […]
Sometimes we truly are our own worst enemy. Have you ever made a mistake? One that you kick yourself about, it keeps you up at night and quite frankly, makes you scared of making another mistake? What about a financial mistake? Perhaps you took on too much debt or made a really bad investment. It is far too easy to beat ourselves up about what we may have done wrong, but it can be really really […]
Last week’s blog talked about having a vision for your future and how linking your New Year’s Resolution to taking a step to turning that vision into your reality will significantly improve the likelihood of you successfully keeping your resolution this year. For many people, this step will involve reformed spending, paying down debt or saving more. All of these actions are good, and any one of them will contribute to the improvement of your financial […]
In the busyness of our lives, and most definitely the holiday season, it can be hard to actually stop and think of anything beyond the full calendars, the shopping and wrapping that needs to be done and the meals to prepare. But soon after comes New Years, and for many people with the New Year comes a New Year’s resolution. Many people will make their resolution a financial one, perhaps spending less, paying down debt, or […]
There I was, before anyone else was up, sitting on the balcony overlooking the water, enjoying my morning coffee, checking emails and following the news as is my normal routine on vacation. Just about to put the phone down, I checked the email one last time… and am I ever glad I did. There in my inbox was a notification that something had been changed with my online banking and the encouragement to call in the […]
Your divorce settlement is finalized, you know what your support payments are, you’ve settled into your living arrangements and set your budget, time goes by and suddenly you receive notice that your former spouse intends to renegotiate support payments. Failure to recognize that support payments don’t typically go on forever and not doing anything to prepare for the day they may change or go away, can leave you in a precarious financial position. To protect yourself […]
The biggest expense in most Canadian’s lifetime is their tax bill. In fact, it can exceed the combined costs of your mortgage, children’s education, travel and cars. As a result, it is incredibly important to manage your tax bill, not just today, but also with a view of your taxes tomorrow. You see, when couples retire, they are far better able to manage their tax bill than during their working years. It is a very important […]
If you have anxiety about the performance of your investment portfolio, you are not alone. Many people wonder if they are making the most of their investments, but there is a good chance you’re in the dark about how to know if your portfolio is performing as it should. There are a lot of metrics and moving parts; and depending on who you’re talking to, you might be getting conflicting messages or advice. When your neighbor […]
The adage that “opposites attract” can lead to some serious problems when married partners disagree on the fundamentals of how to manage their household finances and investments. Maybe you grew up in a frugal household where thriftiness and the value of saving money were emphasized. Meanwhile, your partner was raised by big-spending parents who racked up lots of debt. The result? A fundamental mismatch in values about the role of money. While money may represent safety […]
If you are someone who considers yourself responsible and prepared when it comes to your finances, you have likely worked with a financial planner, lawyer, accountant or other financial professionals in an effort to properly manage your assets and financial legacy. However, even the most careful planners can’t prepare for something if they aren’t aware of its importance. Whether for yourself or for aging parents if you have not received guidance on vulnerability planning, you are […]
Whether you are single, engaged to be married, or celebrating your 25th wedding anniversary, you need to have a detailed financial plan in place to achieve your long-term goals. But establishing a financial plan is not a “set it and forget it endeavor.” Just as you should get an annual physical examination to ensure your physical well-being, you and your partner should revisit your financial plan annually to ensure your financial well-being. A financial plan is […]
Compared to women who came of age in the 1950s or earlier, young women today have significantly more financial freedom. Women are graduating from university at higher rates than men are. They are also assuming more leadership roles in the workplace. While there is still more progress to be made in terms of pay equity and sexual harassment within the workplace, women today have more control over their financial futures than previous generations ever did. Despite […]
Any financial planner will tell you, cognitive decline can become a serious issue for their older clients. Sometimes it happens gradually over time, and for some people, dementia symptoms can hit suddenly and much earlier than expected. The fact is, most of us who are fortunate enough to grow older will experience some level of cognitive decline in our lifetime. Not only can this affect our health, wellbeing, and safety, it can also have an impact […]
You may have retained an estate attorney to help you draft documents to provide for your family and distribute your assets. In an effort to get your affairs in order, you might have a will, trust, and power of attorney reviewed, signed, and filed away. If so, you’ve done more than many people and you’re on the right track. But there is far more to estate planning than preparing the standard documents and checking it off […]
Is it possible to marry your “soul mate” but still find yourself clashing over finances and investments? The short answer is yes. In fact, disagreements over money are one of the leading causes of divorce. Because spending and saving habits are such an integral part of every couple’s daily and long-term interactions, there are many potential areas of disagreement, including: Different spending habits. Some people were raised to save as much as possible, while others may […]
Traditionally, many married couples combined finances and managed their money and other assets jointly. Today, some couples do that, but it is not uncommon for married or partnered couples to manage some or all of their finances separately. They may split payments down the middle, decide who pays which bills, or contribute to a joint household account while maintaining their own individual spending and savings accounts. They may even have their own separate financial advisors. But […]
There is a common misconception that men are savvier investors than women. Much of this stems from societal conditioning, as many people grew up in homes where the man of the house managed the money. However, as more and more women are putting themselves in the financial driver’s seat of their lives — either by choice or by chance — this sentiment continues, even among women who are saving and investing successfully. The belief that men […]
A 2018 study by financial firm UBS reveals that while a large majority of women will at some point be solely responsible for managing their own finances, 61% of them report not knowing where to begin when it comes to investing. The better the job you can do articulating those relationships, interests and goals that matter most to you, the more confidence you can have in selecting the right type of investments and portfolio approaches. The […]
Money is one of the most frequent topics married couples argue about. And disagreement over the substance of financial decisions is not usually the source of the argument. Is that surprising? Mutual respect is critical because as soon as people perceive disrespect in a conversation, the interaction is no longer about the content – it becomes all about maintaining dignity. Arguments happen when negative emotion gets involved. Otherwise, it’s just a discussion. Which is where most […]
To effectively PlanSingle you and your partner will need time to review your financial situation and work on long-term strategy. But juggling many of the short-term activities is what keeps many couples from finding the time for planning conversations. It also leads to dividing the responsibilities where one partner handles long-term and investment decisions and the other, usually the woman, handles the day to day. In a recent study by the financial institution UBS, a majority […]
“My world and my life as I knew it ended that afternoon” read Rhonda Shousterman from her victim impact statement this week[1], referring to June 22, 2018 when York Regional Police told her that her husband had been living with a coworker after a staged wedding more than two years before. “In addition to the emotional the trail, James impoverished to me… He not only lied and cheated but he dissipated our assets to make a […]
Make the time and take control. That’s the advice of 98% of widows and divorced women from a recent survey of 1,700 couples from financial firm UBS. The report, Own Your Worth, explores the myths and realities of women and money. In one clear message is those who did not have a role in managing the family finances regret not having been more involved. Eight in 10 women will end up alone and, therefore, in charge […]
After a divorce, your home may be a sanctuary or a ball and chain. If you start down the difficult path of divorce, many of the decisions involve how to divide the assets. And one of the more difficult and significant assets in many marriages is the house. Too often we see one spouse (frequently the woman) insist on keeping the marital home and suffering financially as a result. Holding on to the house is a […]
You deserve to have an advisor who values you individually whether you are single or part of a couple. Many couples divide and conquer. He takes the daughter to soccer practice and she takes the son to music lessons. He vacuums, she does the laundry. She does the grocery shopping, he handles the finances. And that’s fine. In some cases, the only way a couple has any hope of staying current with what needs to get […]
Fighting your own instincts, and possibly the advice of some professionals, to make a lot of decisions in the aftermath of losing a spouse may be your best financial decision of all. There are lots of decisions to make in adjusting to single life after losing a spouse. And being widowed is devastating. That combination can lead to some bad outcomes if not handled thoughtfully. Some decisions need to be made now but most are better […]
“I never realized mom had this much. I have never seen this much money before much less handled it. I have no idea what to do.” It is not a problem most people anticipate but many advisors hear something like this at least a few times in their careers. Receiving an inheritance can be a beneficial outcome associated with a great personal loss. And it can be the source of significant stress during an already stressful […]
PlanSingle means having a strategy that works for you whether you remain single, stay married, or find yourself single again. A key component in a successful strategy is having the right advisors. But many women are not happy with one or more of their advisors and many married women find one of their advisory relationships works better for her husband than for her. Widows benefit from finding new advisors more attuned to their needs but this […]
Give your kids a head start and help them take control of their finances earlier. You have taken the PlanSingle philosophy to heart. You’re working hard to make sure that you are in good financial condition and are well informed and will remain that way regardless of what twists and turns life has in store. And you want your kids to have the same security. Show your children how to be a good, active financial partner […]
Gerri and Fred had a wonderful marriage and were gradually moving into a retirement they had planned and looked forward to. She had been a writer and editor and he owned a business and was passing the baton to his son-in-law. Fred’s lapses of memory were just a part of getting older. They both had aches and pains they had not had when they were younger, and both chalked up the forgetfulness and occasional missed detail […]
If you have ever taken a cruise, you probably remember that the first ship-wide activity is to meet on deck for an orientation to lifeboats, personal flotation devices, and what will happen if there is an emergency on board. The cruise line wants to make sure that everyone will be okay no matter what happens. That’s the plan single philosophy. While the plan is that you sail through life happy, healthy and active to 95, Plan […]
Is it possible to make the world a better place while also saving for your financial future? The answer is yes, thanks to an investment discipline known as Socially Responsible Investing (SRI). Investors who adopt an SRI approach to investing seek to achieve competitive financial returns while also avoiding companies that conflict with their personal values. The term SRI is sometimes used interchangeably with “sustainable investing” and “impact investing.” No matter which term is used, the […]
Whether your financial baggage is a carry-on or steamer trunk, you will each now join or reconfigure your investment systems to fit your newly blended life. The vows are the easy part; the merging of his, mine and our money not so much.
Back in the days of 1950’s TV shows like Father Knows Best and Leave It to Beaver, women were often relegated to the role homemakers. Men were the primary breadwinners and managed the family finances. In some cases, women were only allowed a small weekly allowance for food shopping and personal expenditures. Today, more women are earning college degrees than men are and as a result, many women earn more than their husbands do. Of course, […]
Diversify. Diversify. Diversify. We’ve all heard that diversifying our investment portfolio is the number one risk management rule, right? A combination of different investments, Canadian, US, International stocks, bonds, GICs, Gold, real estate, even infrastructure, we put them together so that when one area struggles, another part of the portfolio will help offset, or minimize the losses to the overall portfolio. If diversification is your number one risk management tool managing your investments, why don’t we […]
The good—but not well-known—news is that women tend to be better at saving and investing than men are. These findings came to light in a Fidelity Investments study of eight million retirement accounts in the U.S.
A recent UBS survey found that 58% of the wealthy women around the world that they surveyed defer to the men in their lives on important financial decisions. Unfortunately 74% of divorced and widowed women they surveyed reported “discovering negative financial surprises after a divorce or death of their spouse.”[1] In many partnered relationships or marriages, it’s common for one person to act as the couple’s “chief financial officer.” This person often takes care of paying […]
In most long-term relationships, the partners divvy up the various responsibilities that go along with managing a household. Often, one person takes the lead on food shopping and cooking, while the other may manage the lion’s share of home maintenance and landscaping projects. But when it comes to managing investments, it’s more common for men to take the lead and for women to be left in the dark as to how and where the couples’ assets […]
When it comes to managing your investments, confidence can provide the power you need to overcome negative emotions that can hold you back from achieving your goals. Unfortunately, many women experience an “investing confidence gap” when compared to men. According to a study commissioned by Merrill Lynch, women tend to be highly confident about their ability to manage day-to-day financial tasks, such as paying bills (90%) and budgeting (84%). Conversely, among women who do manage their […]
That phrase ‘till death do us part’ slips under the radar when we take our marriage vows. We’re too busy looking lovingly at each other to wonder if ‘happily ever after’ will be as long we hoped. Yet life, even for the young and seemingly invincible, can have other plans. Losing a spouse is sadder, harder and lonelier than we could ever imagine. In fact, it’s considered one of life’s most stressful events, affecting everything, not […]
Mary and Dave Swan were happily married and looking forward to retirement. They had saved diligently and when Dave was offered a package to retire early, they were in great shape to be able to accept. Dave left his company, and he and Mary started enjoying their new life, being more active, spending time with friends and family, and planning an extended trip to experience a different culture. Before they could leave Dave was diagnosed with […]
90% of women end up responsible for their own finances later on in life. Whether married or on their own, part of every woman’s financial plan needs a scenario where she plans single. Now, before we go too far, let me be clear. This is not about planning apart. Rather, this is about planning for each other. It’s about caring for your partner’s long term financial well-being in the event you no longer have each other. […]
