Financial Advice for Solana Beach Women:

Can Your Finances Weather Life’s Major Events? PART 2

This four-part article series takes a look at the major life events women face and how they can

make plans and provisions to avoid their potentially negative financial ramifications.

Welcome to the second instalment of this four-part article series on the major life events faced by many Solana

Beach women: events that have the potential to deliver a severe financial blow if left unplanned for.

Previously, we looked at marriage and the importance of you and your spouse smoothing issues of wealth

management out prior to tying the knot. By ensuring you’re on the same page financially and in terms of saving

and spending philosophies, you can avoid many of the arguments that could ultimately lead to a terribly

fractious relationship.

Now, let’s take a look at that next life step and what Solana Beach LPL financial advisors typically

recommend in terms of planning...

Key Life Event # 2: Children

Whether your parenthood is planned or accidental, having children is a very long and very serious commitment

that requires a lot of financial planning. Ideally, you and your partner should discuss when you would be ready

to have children, which should be at a time when you’re in a good financial position.

However, not all of life’s gifts are well timed! Some of the things you may want to think about include:

Do you have the financial resources to feed, shelter, clothe, look after and provide medical treatment

for another person?

Can you afford for either yourself or your husband to take a few months or even a few years off from

work to provide your newborn baby with full-time care?

Do you have a financial plan or fund for schooling and college?

Are you prepared to cater to the needs of this child for at least 18 years if not more?

You have got to be ready and prepared for all the implications of having a child, because there are many! If you

are thinking about taking this step, it would be a good idea to consult with a wealth management expert, as he

or she might have some recommendations for medical aid, issues of inheritance and establishing a college fund,

for example.

Key Life Event # 3: Divorce

It may not be pleasant to think about divorce, but you should at least consider your “what if” options. What

would you do in the event that you and your partner decide to dissolute your marriage? If you look the divorce

rate in America – 50% - you may not be as above this as you’d like to think.

Given the uncertainty of partnership, even the strong ones, it is always a good idea for women to:

Maintain their own private savings account,

Know what assets you and your husband own,

Ensure that you have made provision for your own retirement,

Keep a finger on the pulse of your finances, rather than simply leave it in the hands of your husband,

Consider your job options if you are currently a stay-at-home mom.

You don’t want to wake up one day with all of these shocking realizations and questions to answer. Regardless

of how happy you are you should at least have a Plan B and, in the event of divorce, make sure you get half!

Key Life Event # 4: Widowhood

90% of all Solana Beach women will be alone at some point in their life and will need to take care of

themselves financially. In fact, according to statistics, female Baby Boomers will, in all likelihood, be widowed

by the age of 67 and remain financially alone for at least 15 years. It’s a sad prospect for most and it illustrates

the importance of having a good financial plan and retirement fund in place. You can’t rely on your husband to

make full provision for you. Book an appointment with a LPL financial advisor or retirement planner for

recommendations on how to get your wealth in order.

Stay Tuned for Part 3!

Coming Next Week: Career Turning Points and Caregiving

Living The Life You’ve Always Dreamed Of

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