When my husband died it was unexpected and we were not prepared. No will, no life insurance, and debt that still needed to be settled. It was a mess. I am sure there are many of you that have become young widows that can relate to this experience.
I am so thankful for the trusted financial advisor that I had who cared enough about me to provide education, and sound advice on what I could do. It was because of that I was able to come out of what seemed like a financial nightmare amid all the grief and loss and turn it all around for my benefit in the end.
Here are 5 Lessons I learned from my financial advisor, and through acting on the things he shared with me.
- UNDERSTAND THE LIFE YOU WANT TO LIVE: Most have no clue what they want on a good day, never mind after a loss of this magnitude. Understanding what type of lifestyle, you want to live will determine how much income you will need to generate each month.
- KNOW YOUR NUMBERS: As a widow your income goes down significantly. When you figure out what you need each month to live, you may be surprised to realize you do not need as much money as you think to live comfortably.
- LEVERAGE YOUR ASSETS: In this case my biggest asset was my matrimonial home. I moved out of the city, lowered my expenses, and secured a mortgage I could manage on my own with a single income.
- SPEND MONEY ON THINGS THAT WILL GIVE YOU A RETURN: I learned how to make my money work for me instead of the other way around.
- INVEST YOUR MONEY: Truth is folks may have money just sitting around not growing and not working for them. I started to learn the possibilities of being an investor.
As a widow, financial security is huge. We must do what is necessary to create a legacy for ourselves and family. That is what I learned with the help of the team at ShaCole Brokerage.
What are some lessons you have learned about money after the loss of your husband?