Home

Protecting Your Financial Windfall

Making Sound Financial Decisions in the Wake of Sudden Money

The last word that comes to mind when you think about receiving a large sum of money is "shock". Indeed, the very notion of being the recipient of a financial windfall brings about feelings of extreme relief and jubilation, but the term "shock" to many, sounds a bit extreme. The reality, however, is that people can and do experience Money ShockTM that can negatively impact their decision-making while in financial transition. Stress, grief, panic, fear, and distrust are just some of the negative emotions that can come with new wealth. Those, coupled with feelings of excitement, relief, and joy, plus the potential for underlying family dynamics can lead to a mix of emotions that can lead to sleeplessness, confusion, clouded judgment and lack of thought clarity among other things. But there is a light at the end of the tunnel.

Continue Reading

Print Email

Mars, Venus, and Maintaining Good Communication in Retirement Planning

Communicating with your spouse when it comes to finances and planning for the future can have a positive impact on, not just your financial well-being, but your relationship.

According to the National Endowment for Financial Education, 31% of Americans admitted that they have lied to their spouses about finances. Financial infidelity can lead to a lack of trust in a relationship and can diminish open communication about other things beyond finances. When creating a strategy for long term financial plans it is paramount that couples share the responsibility and maintain an open dialogue with each other and their financial advisor.

Continue Reading

Print Email

The Gender Gap in Financial Well-Being

As women, we see, perhaps in sharper focus, what women do to provide emotional, spiritual, and financial support for those they care for. Women often take lower paying positions in business in order to have more time with their children. Sometimes savings are sacrificed in order to pay for education and childcare. As their parents age, more often, they become the primary caretaker of the family.

When it comes to finances, women often put others before themselves when they address the equation. While the altruism in this is commendable, it has led to a great disparity in financial well-being between women and men. In Financial Finesse's most recent Gender Gap in Wellness reportreport the key findings were:

Continue Reading

Print Email

Divorce after 50? – Be Prepared Emotionally and Financially

Recent studies have shown that one in four divorces are being filed by spouses over the age of 50. This shift has become a cause for concern for scholars and financial professionals because they are seeing the impact that it can have on these generations both emotionally and financially.

When nearing or in retirement a divorce can put a significant burden on assets and finances since there is little or no time to recuperate the losses incurred due to a divorce settlement.

Continue Reading

Print Email

Mind the Gap: Overcoming an Income Gap in Relationships

Navigating relationship challenges when you have accumulated or earn more than your spouse or significant other.

Historically, fiscally unequal relationships have tipped toward the man having or making more than the woman in a relationship. In many cases, this also meant that men had more decision making power in relationships. But a rising trend since the late 20th century has been fiscally unequal relationships where the table is turned.

Continue Reading

Print Email

When it Comes to Decisions, Emotions Lead

Have you ever made a financial decision and felt one way about it at the time but felt differently about it a few days, weeks or months down the road? In a research study published in the Harvard University Annual Review of Psychology, this type of a flip-flop is common and scientifically supported as part of the human condition.

Continue Reading

Print Email

Envisioning Your Future

Pilot Your LifeSuccess, Well-Being and Prosperity in the coming year

As we embark on a new year, many of us make resolutions in the effort to improve something about our circumstances or lives. Though some resolutions are kept, many of us find that, come March or so, we have modified or altogether done away with the resolution; then, come 2018, rinse and repeat.

Continue Reading

Print Email

Prediction Season

prediction-seasonIn the coming weeks, investors are likely to be bombarded with predictions about what the future, and specifically the next year, may hold for their portfolios. These outlooks are typically accompanied by recommended investment strategies and actions that are aimed at trying to avoid the next crisis or missing out on the next "great" opportunity.

Continue Reading

Print Email

Empty Nest? | Organize Your Finances to Pursue New Interests

Robin NestHaving a child is a life changing event. So is having a child leave home. Being mindful of what you are feeling and the impact that it is having on your mood and your day-to-day activities is important during any major transition. Finding positive and healthy ways to manage your time like exercising, taking a class or simply doing something that you love can help improve your mood and allow you to make the transition with greater ease.

Continue Reading

Print Email

Overcoming Challenges and Creating A Legacy Plan

Sunset Dock

Recently, we came across this article from Financial Advisor Magazine, written by Robert G. Kuchner, entitled When is and Inheritance Too Big? At the outset of the article Mr. Kuchner outlines three legacy scenarios from real people. All three scenarios seemed well thought out, but only two turned out to be the right choice. In the third story, the woman who had passed away had established a trust for her son, but wanted her husband to be able to redirect a portion of her assets so that he would have financial options. Unfortunately, he was successful, due to this clause, in effectively nullifying the entire intent of her will and excluding his own children from the trust.

Continue Reading

Print Email

Recently Widowed: You have choices when it comes to your spouse's IRA

Woman-walking-dog-faceforwardIn the aftermath of losing a spouse, it can be challenging to know which choices to make, when to make them, and sometimes, whether or not to make any choice at all. Identifying the opportunities that you may have in order to develop a framework for moving forward in a more positive direction in your life will help you to gain clarity through your transition. When you are grieving a loss and going through a major life change it can be extremely challenging to address the more practical aspects of your loss and it helps to have a trusted advisor who can help position you for a financial future with peace-of-mind and confidence.

Continue Reading

Print Email

More Articles ...