Special Guest: Rachel Burns - www.truewealthfp.com
In episode 32 we are talking about major life transitions with Rachel Burns. Who is a CFP who focuses mainly on death and divorce situations. Our conversation today is very valuable and I hope there is someone out there who can gain from our conversation.
Let's cover the 3 main money talking points from the episode
Are we working together on our finances?
This question is really to get at the idea of working together while you are together. Who really knows if death or divorce is coming soon. You probably don't want it to happen but while you are still together you need to make sure you are working together with your finances.
Working together is important because it allows you to be on the same page. Whether it's death or divorce there is very likely going to come a time where someone in the relationship is managing the money without the other around. So being prepared now by working together makes that time all the easier.
What would we both need to know about our finances if one of us were to die?
This is a long-term planning type of question. But one to consider. One thing that I like to incorporate with our net worth tracking. Is a page that provides all of the information needed for my wife to contact whomever about our money. All the contact numbers or names of banks, insurance agencies, advisors, etc. Whoever my wife needs to get ahold of to get the help she'll need to handle the money if I were to pass away. The same goes for me. Even though I am primarily over our finances. If my wife were to pass away I would be too devastated to want to spend the time finding all the proper contact info. It makes everyone's life easier when you are prepared.
How can we both be more engaged in handling our money?
This goes back to the same vein that the first question addresses. Both people in a relationship need to be engaged in handling the money. Money problems lead to so many other issues. Tension, anger, resentment, and other things can emotionally damage a relationship.
Making sure that both partners in a relationship are engaged helps promote fairness, equality, and understanding, and fosters positive money relationships especially.
Rachel Burns CFP - You can find her online at www.truewealthfp.com.
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