dON’T BE AN OSTRIch, BE A SWANrolled over her old retirement accounts into a fixed indexed annuity, so
she’ll receive a guaranteed income for life to supplement her social se-
curity when she retires. Good things do come to good people; a modest
inheritance from an aunt allowed us to create a conservative managed
portfolio of income-generating investments – which we earmarked for
Long Term Care insurance. After refinancing the mortgage for a lower
interest rate, she is able to pay down the balance much faster. Oh, did
I forget to mention....she sold the engagement ring and gaudy necklace
he had given her after a “business trip” and used the money to upgrade
her life insurance so she would have something to leave the kids. One
of the most touching compliments I have ever received as a financial
advisor is when she told me that it was like God had sent her a Guardian
Angel – and it was me! She was a new woman, and would be just fine.
There are many more stories that I can share, but I think you get the
idea.
Women tend to put themselves last before family, friends and even co-
workers. We are great at multi-tasking, but our financial health is usu-
ally way down on the to-do list. When a transitional life event occurs
like a divorce, a death, an illness, or a job loss, this behavior can be a
recipe for disaster.
Fortunately or not, more and more women are having to learn this les-
son the hard way. You can change that. Here are some ways to become
a Smart Savvy Woman.
Become a SWAN...
- Know your numbers: You have to do the work. How much do
you need to meet your monthly living expenses? Be thorough.
Include the usual stuff like mortgage or rent, property taxes,
insurances (home, car, life, and health), utilities, cell phone
and Internet. Don’t forget cosmetics and beauty care (hair-
cuts, nails, etc.), food and grocery, car payments, credit cards
(hopefully not too much), gym memberships, subscriptions to
magazines & newsletters, travel expense (gas, tolls, trains or
buses). Don’t forget gifts for birthdays, weddings, showers and
holidays, clothing, shoes, accessories. What about that daily
Starbucks? Then there are bottles of wine or cocktails, ...and
entertainment expenses: meals out, movies, etc. It all adds up.