Smart Mom, Rich Mom by Kimberly Palmer

Author:Kimberly Palmer
Language: eng
Format: epub
Publisher: AMACOM
Published: 2016-04-14T16:00:00+00:00

SMART MOM, RICH MOM

ACTION STEPS

1.Organize existing paperwork related to your income and your household—financial accounts, estate planning documents like wills, tax-related receipts, health insurance documents, and mortgage information—in a clearly labeled binder that contains only up-to-date account information. Include relevant contact information so that if someone else had to suddenly take over management of the accounts, they could. Shred older paperwork that’s no longer needed. If you store account information online, be sure that a trusted person, like your spouse or another family member, also has a copy of the information stored in a secure place.

2.Put your essential documents—including birth certificates and Social Security cards for every family member, marriage certificates, documentation of assets like your home and car, and copies of passports and driver’s licenses—in a safe file folder or storage box that is in a secure, private location you can easily find quickly when needed.

3.Review your current insurance policies, including for health insurance, life insurance, dental insurance, homeowners or rental insurance, car insurance, and umbrella or liability insurance. Do you need to increase your coverage in any areas? Insurance calculators at LifeHappens.org, SmartAsset.com, and Bankrate.com can help you figure out whether it’s time to consider updating your policies with more coverage.

4.Take steps to protect your digital afterlife. Do your current social media accounts, including Twitter, Facebook, and any blogs or websites that you control, reflect the legacy you want to leave? Do they reveal any personal information, like your birth date, that would make it easier for a scam artist to break into your financial accounts? Make sure your online identity is protected in life and death. You can also refer to the “Legacy Checklist” in the handbook at the back of this book for an overview of estate planning preparation.

5.If you can, sit down and talk with an older woman in your family or a friend who has experienced loss in the form of divorce, death, or a partner who was unable to work because of a disability or illness. Ask them how they managed and learn what you can from their experience. Ask yourself if you would be prepared to handle your finances solo if you had to. If you’re not ready, take steps to become more prepared. Review your finances with your partner, work with a financial professional, or take a class or workshop on money management.

You can also read memoirs by women who have survived these experiences to help with this thought experiment: Alexandra Fuller’s Leaving Before the Rains Come, Barbara Stanny’s Sacred Success, and Liz Perle’s Money, a Memoir are just a few of my recommendations. Susan Gregory Thomas’s In Spite of Everything and Stacy Morrison’s Falling Apart in One Piece are also powerful and thought-provoking. While she faces different financial issues than most moms, Sheryl Sandberg’s poignant Facebook posts after her husband’s unexpected death bring home the reality of grief and moving forward.

If you are already faced with the challenge of losing a partner, Alexandra Armstrong and Mary Donahue’s On Your Own:

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