I am resurrecting a sign and a theme I came upon while vacationing in rural Wisconsin several years ago that are still timely today. My husband and I drove by a “Man Sale, ½ Price” sign one June day and, out of curiosity, turned around to follow the sign and see what it was about. I guessed right, it was a tool sale. And just like many sales, the last day is discounted. It also reminded me why financial tools for women are so important.
Financial Tools for Women
There were men and women at the sale shopping for tools. It made me think of the tools I have designed for women to use: money tools for women to get their financial house in order. Ideally, they are for single women or married women (before a man in their life is gone, but also important to use after he is gone).
One of my favorite sayings is “don’t let a man be your financial plan.” I sound like a man-hater, but I’m not! I have three sons (plus a daughter) and have been happily married for 40+ years. But I am a realist. Women need to be comfortable using their money tools. So I guess I could say I have a Man Sale going on too, and my Mind, Money, Motion tools are always half price!
The Statistics as a Wake-Up Call
My passion for helping women get financially organized stemmed from this statistic: 90% of women will eventually be solely in charge of their household finances. When I learned that and thought about all the women I have met over my 20+ years in financial services, I was compelled to be a resource and an advocate to help women become more familiar with and comfortable with their financial lives.
As a CFP®, 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. Everyone seems to know what the statistics say: that women typically outlive men. I even know a pastor who wrote an article in the church bulletin to help the men in his parish get the message: “She’s Cute. She’s Funny. She’s My Future Widow.” He was begging the men in his church to help their wives, even after they are gone, by getting their financial house in order now.
The Incapacity and Death Question
Whether you are single or married, it truly does behoove you to think about what no one likes to think about: incapacity and death. Incapacity is the “will I need long-term care type of help?” question. And of course, death is the “what do you want to happen to your accounts and personal belongings after you’re gone?” question.
Having gone through both of those situations personally and professionally now several times with families, I cannot emphasize enough how wise you are if you take action in what I call “the calm before the storm.” We all think so much more clearly and make wiser decisions when our brains are not emotionally stressed.
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; hopefully, we never need those living arrangements. 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 (although that is extremely important as well, especially the Powers of Attorney). 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.
Time to Think and Act
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.
Marie Burns is a Certified Financial Planner, Speaker, and Author of the bestselling Financial Checklist books. Find Marie on Facebook or contact her at Marie@MindMoneyMotion.com.
This article was first published at 60 and Me – a community that helps women over 60 live happy, healthy and financially secure lives.