This is Jeff Rose, Good Financial Cents with another great Good Financial Tip for you. Today's financial tip is for all the ladies out there. Can I hear ya ladies? Today's financial tip is actually regarding a meeting I just had. If you are a lady, if you are a spouse and you have no idea what is going on with your investment or financial situation, it's time to stop. You need to know what's going on.
I just met with a lady whose husband did everything. They were married for a number of years, and he was the investment guy. He was the finance guy. He did everything. She had no clue on what they were invested in, where things were at; it was all on the husband.
It Could Never Happen to You: Think Again
Unfortunately her husband came down with a very rare and serious cancer, and it took his life in a short amount of months. Now she has been having to dig through files, dig through records, just trying to find out where everything is at and I've been helping her every step of the way. I can see the emotional strain that she has gone through. She is drained because it's not easy trying to locate all this stuff, all this information. If she had some idea on where things were at it would have been that much easier.
If you are currently a spouse or a lady and you have completely relied on your husband to do it all, Stop! It's time to stop. It's time to have a change.
Have The Talk
With my wife, we always have a conversation so she knows what's going on. The information that I don't give her she is always on me, asking me, making sure that she knows what is up and what's going on with the money situation. I love her for it. Make sure you ask those questions and make sure you know how it's set up, just so you can know where to get it.
One other quick tip that I'll add to this: If you have a binder or a file folder that just keeps everything, if you do everything on line, make sure the spouse knows the passwords to find the stuff. Have an Excel spread sheet too that shows all this stuff just so they're not having to dig and find all this stuff on their own. I promise you they will thank you for it and you'll thank me for sharing this Good Financial Tip for you.