6 Tips to Better Financial Health

A few weeks ago, I went to a financial literacy program. Let me rephrase. I helped organize and run the National Coalition of 100 Black Women’s Inaugural My Sister’s Keeper Economic Empowerment Luncheon. That’s a mouthful. The program informed attendees of various tidbits of information, many that I was not aware of. The event seemed to be beneficial to all those who came and I just wanted to share those tidbits with you. Since I was partially running the program, I was quite busy, so please consult your financial advisor for more details.

Prudential ~ Insure the SAHM!

Remember that study that comes out every year that puts a price on everything a stay at home mother does? If you were to lose your spouse, that figure changes from theoretical to actual, and you will be expected to pay for that immediately.

Wouldn’t I love this paycheck?

Paycheck

Calculate your own paycheck here

Morgan Stanley ~ Be Honest

As much as you want to fib to your finance guy, it doesn’t do anyone any good. Progress only comes when you tell the truth, so they can help you with your current circumstances, not fictitious ones.

“If at first you don’t succeed, follow what your financial planner said in the first place.”

Each of us earns a social security benefit. After ten years, you can claim your spouse’s benefit, with or without their knowledge. Multiple exes can claim the benefit.

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Northwestern Mutual ~ Don’t Underestimate Retirement

With people living longer by taking care of themselves and help of medicine, you have to take a serious look at your retirement age and how long you will live thereafter. Retiring at 65 may mean 20 YEARS of managing retirement finances.

HBW Insurance ~ Claim Life Insurance before Death

Did you know that there’s a life insurance benefit that you can claim before death? Neither did I. He didn’t go into detail, so all I can say is ask your financial advisor.

 

Allstate ~ Get a Joint IRA

A joint IRA allows you to pass along your income to your spouse. I didn’t know joint IRA’s existed, so I’m going to look into this immediately.

 

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24 comments on “6 Tips to Better Financial Health”

  1. Robin Rue (@massholemommy) says:

    My husband is an accountant, so he is all over our finances. I am lucky to have him!

  2. Tammy says:

    This is SO important for anyones future and I hate to see younger people just blow this stuff off until its too late. I waited to start my IRA at 40 and I wish I had started 20 years before then. Your statement of don’t under estimating your retirement is so true. You have to plan so far ahead. Great post

  3. Oh the mom paycheck that would be great if we really got those dollars. LOL I didn’t know about the joint IRA I need to look into that!

  4. kungphoo says:

    We have diversified accounts, I do not like having all my eggs in 1 basket..

  5. 6 tips what a great idea on finances. Joint IRA pass along income form your spouse will share with friends.

  6. Catherine S says:

    These are all great tips. I had no idea that you could claim a life insurance benefit before death.

  7. Mariana says:

    I didn’t know a lot of this information, so thank you for sharing it. I could really use that paycheck!

  8. Nothing new here. All great advice. It’s too bad most people don’t pay attention to it.

  9. Jeanine says:

    a mom pay cheque… don’t I wish! However I knew before I had babies that it was a free job and I still love it! This is all such good advice, I’m usually on top of all finances and keep good track of it all, so I’m glad for that!

  10. aimee fauci says:

    I wish I got paid for being a stay at home mom. It sure would help to keep me motivated to clean those base boards.

  11. Liz Mays says:

    This is really helpful. The financials of working at home for a second household income are probably overlooked a lot of the time.

  12. Pam says:

    My husband does most of our finances. I help him with our life insurance though.

  13. mburbage says:

    This is always a headache worth of information. really there’s so much to learn and know about it . So important to set things up for the future

  14. Michelle Hwee says:

    Wow how insightful! I definitely did not know about this at all. Thank you for sharing your tips with us!

  15. Amber NElson says:

    I would love that paycheck for sure. These are great tips.

  16. coolchillmom says:

    My paycheck would be fat and hefty! Maybe I should start claiming one 🙂

  17. Valerie says:

    These are great tips. I think there are a lot of people who could benefit from your advice here! Thanks for sharing.

  18. manuela W. says:

    I really needed these tips. Financial health is so important and can alleviate a whole lot of stress. Stress is bad for your health.

  19. Elizabeth O. says:

    These are great tips. It’s great to know that you can claim before death from Life Insurance. I should check mine.

  20. Great tips! As a growing family, it’s so important to know about information like this.

  21. mykidsguide says:

    These are great tips. It is important to take charge of finances and get the right insurance

  22. Tamara says:

    I never knew the life insurance bit at all! You always have great tips. I also sometimes wonder what all that I do would translate in money terms.

  23. CourtneyLynne says:

    My hubby is all Into numbers and is obsessed with keeping everything dealing with money in order. I trust him to make the right decisions… I think 😉

  24. Dhemz says:

    oh, my! look at those figures….my husband can’t afford me! LOL. I should show the list to him.

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