Wednesday, August 28, 2013

Love, Marriage and Money

 Even when we are truly in love, we still need to talk about money.
I know it is the last thing you want to talk about before you get married.
You can sort all that stuff out afterwards right?
Think about it this way.
Have you ever cheated on your partner?
I mean with money.
Probably, I know I have.
You know the kind of cheating I am talking about.
The kind, when you buy a new outfit, you put it in the closet without mentioning it.
Or when you buy a new pair of shoes and you say you got them in the sale, when actually you paid top dollar for them. Maybe it’s not telling your partner how much you charged to your credit card when doing the Christmas shopping.

Did you know that money causes the most arguments and breakups in any marriage?
So before tying the knot be sure you are open and honest about finances.
Here are a few things that should be discussed beforehand.

Is There any Existing Debt?
Nowadays it is very common to leave college with debt, it is important to be honest about how much debt you are bringing to the marriage.  It has to be decided how the debt will be paid off and if you are going to pay it off jointly or separately.

Are there any Existing Investments?
This is obviously better than bringing debt to the marriage, but it is also something that needs to be discussed beforehand.  Will these investments now be held jointly, and if so how will this be done and how will you maximize these investments?

Don’t forget about insurance.
Life, health and home insurance.  All existing insurance needs to be taken into consideration possibly combining and reviewing, making sure that it is now in keeping with your new circumstances and that you have enough coverage as a couple.

What about Retirement.
Often this topic is best discussed with a Financial Advisor who can help you with the financial goals that you have as a couple, someone who can guide you to make the best decisions on how to invest and manage your money for your future retirement.

Estate Planning.
When entering into a marriage it is especially important that you do not neglect your Estate Planning, no matter how young you are.  If you already have some Estate Planning done you will have to have these documents updated to be aligned to your new situation.

Do I need a prenup?
Well a prenup probably doesn’t seem like the most romantic thing in the world, but it is a very important part of the planning.  As statistics show that a high percentage of marriages do end in divorce these days.  It is not just for the rich, it is for everyone.  It helps set the rules for situations like if one partner has more debt than the other or maybe if one partner is entering the marriage already owning a business.

Talk about it and be honest.
Money is a difficult conversation, but avoiding the discussion can lead to a lot of arguments down the road.  Don’t let small problems grow into unnecessary ones just because you felt uncomfortable about talking about your finances.  Seek advice from an expert to help you.

Are you planning to get married soon but haven’t yet spoken to a professional?  Don’t put it off any longer call my office today and schedule a free consultation.  Start your marriage of on the right foot.  239 288 0974. Karla White - Waterstone Financial

Wednesday, August 21, 2013

Retirement Roadmap for Women

 Is retirement planning different for women than it is for men?
Should women be thinking about using their own retirement roadmap when it comes to doing their retirement planning?
Women tend to live longer than men.  Which in turn means they will, more than likely spend more years in retirement than men?
All joking aside as to why women may live longer than men, can this really affect women’s retirement planning?
Are there other factors that require women to use a different Retirement Roadmap?
Here are a few essential things that women should keep in mind to help them avoid making any wrong turns with their retirement journey.
Women Live Longer.
As I already mentioned women tend to live longer than men, on average it can be as much as 7 years longer, which means that women need their retirement income to last 7 more years.  For a women retiring at age 65, this means that the investments where she is getting her income from will need to last her until she is about 97 years old.
Women Still Tend to Earn Less.
Even today with the equal pay law, women are usually still paid less on average than men.  This does therefore make it harder for women to save for their retirement.  With this lower income also comes the knock on effect of the negative benefits that it has on a woman’s social security benefits.
Women Spend Less Time in the Workforce.
Women typically spend on average about 12 years not working, usually when they take time out to be caregivers, raising their children and sometimes to take care of elderly parents.  This time out of the work force subsequently means reduced retirement savings which can affect the amount women are able to invest into their retirement plans and again into social security.  This can even lead to women having to delay their retirement.
Women Tend to Invest to Conservatively.
Statistics show that women tend to invest a lot more conservatively than men; more often than not women tend to choose “safe” rather than “risky” investments, which in turn can mean that their investments will not grow enough to support them through their retirement years.
Take Control to Avoid Bumps in the Road.
Women need to think about the future despite these obstacles that they are faced with.  Women can take control and plan for a safe and comfortable retirement.  By educating themselves to be able to understanding each individual obstacle that they face, this will allow them to plan and take control of their retirement.

Is it time for you to make retirement planning a top priority, if so contact me at 239-288-0977 to get the education that you need to give you the retirement roadmap that you need to make sure your retirement journey is safe and comfortable.

Saturday, August 10, 2013

For the Love of Money!

Do you love money?
What does it mean to love money?
Do you love to spend money?
Do you love to save money?
Maybe you even love to give it away.
Do you think there is even a difference between loving money and spending money?
I am not talking about having an obsession with money.
I am talking about the relationship that you have with your money.

I think it is important for you to understand the relationship that you have with money.  If you want to be successful with your money you need to come to terms with what it really means to love money.

You see along with money always comes the emotional feelings either positive or negative.
You will either love money or you will hate it.  When you think about money it will either bring you feelings of joy and excitement, making you happy and calm or it will bring you feelings of worry and fear, making you stressed and anxious.

I think for you to be able to reach your financial dreams and goals in life you need to be able to move away from the stress that your money brings you and be able to look at your money in a whole new way.   You need to know how to love your money and how to treat and manage your money in a way that is going to serve you better.  You need to have a better understanding of your finances in order to gain the positive outcome that you are looking for in your financial life.  For most this means you being able to partner with a specialist who will provide you with the right tools to enable you to manage your money better, which in turn will lead you to positive feelings towards your money, helping you let go of your negative experiences and lead you to a stress free financial relationship with your money.

If you feel like you need to partner with a specialist on how to love your money in a more positive way call my office today and schedule a free consultation appointment with me at 239 288 0977.