There are as many different kinds of loss as there are people on the planet. Sometimes, it happens fast. Other times, it’s excruciatingly slow. Sometimes it’s a complete surprise. Other times, you can see it coming a mile away. Either way, life still goes on. You need to get up in the morning, go to sleep at night, and do a lot of things in between. The emotional roller coaster may make it difficult to do even the most elementary of tasks.
During these difficult times there are financial changes. The decisions you make (or don’t) can impact your lifestyle and financial future for years to come. The trick is to figure out what to do, when to do it, and how to do it, all at a time when the best advise from a true adviser could be to breathe, to eat, and to sleep.
So, if you or a friend is dealing with a recent loss, here are some simple things to keep in mind:
• Focus on yourself: Your emotions, your family, your health and you.
• Do not make big decisions.
• Accept the help of relatives, friends and advisors you can trust.
• If you have to do things yourself, stick with the basics (bills, deposits, etc.)
When you are ready (and only you can determine when you are ready):
• Take inventory of your financial picture including: income, assets, living
situation, estate plan, budget, insurance, etc.
• Enlist the help of advisors you can trust, who are sensitive to your situation
and can help you transition.
• Establish your life and financial priorities and goals.
• Establish a life and financial plan.
Just like the bereavement process, dealing with your financial life after a loss is different for everyone. It is a process that can take a long time to put the pieces together. If done right, dealing with the financial and life aspects of loss together can be incredibly helpful in supporting the bereavement and rebuilding process. You can create peace of mind, make good life and financial decisions, and establish a secure and bright future.
Dr. Newman is a licensed financial adviser who is uniquely suited to help individuals and families transition through major life-changing events.
For more information, please contact Rick today at 661-310-0322 or email rick@financial-change.com . You may also visit www.Financial-Change.com .