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The Financial Woman article of the week is about money lessons for women learned from Mary Todd Lincoln. It addresses preparing women for being on their own financially as a result of divorce or death of a spouse.
Studies have shown that over 90% of women will be in sole charge of their money at some time in life, yet so often women are caught off guard when they lose a spouse.
Once again, we read that many women fire their financial advisers soon after their husband’s death since they have not been involved in the relationship with their adviser….but why haven’t they been?
The U.S. News article from money savvy Kimberly Palmer states:
It’s a crisis many women in the 21st century face, too. Becoming a widow often means learning how to manage finances on your own, experiencing a decrease in income and, of course, facing debilitating grief at the same time.
Financial Woman Money Lesson
I especially love the suggestion to have a “trusted person” involved with your finances. When my mother was ill, it made life so much easier to have set up her accounts in advance so that I could access and take action on them. The last thing you want when a family member is ill is to hassle with financial issues.
Some day never comes. It’s so easy to put off those “Important But Not Urgent” tasks. Make time this week to add that trusted person to your accounts, and ask other family members to do the same. Write it on your “to do” list, get it done, and check it off; then breath a little easier.