Ask:
There was a great segment on Good Morning America this morning about money. I took notes. Then I found the link.
Here is the link for the 3 Issues Every Woman Should Know About Their Money
Here is the link for the Financial Checklist
Some of the things that really struck me about the segment
*90% of woman at some point in their lives will be in charge of their finances.
* get an accordion folder for all of your financial information, statements, bank accounts, credit cards, retirement savings, life insurance. Keep it all together and know where it is.
* Know what you owe and what you own.
*Maintain your own financial identity with at least one separate checking account or credit card in case you need to re-establish credit at some point in your life.
*A typical woman in retirement has an income of $24,000, a typical man $40,000
* Have a spousal IRA if you are woman so that your retirement is secure.
And the quote I really liked ...
"Understand the business of your life so you could keep going if your spouse weren't there." (Mellody Hobson)
Answer:
Great advice! I already do all of it. If anything were to happen, it would be my dh in the dark. He doesn't want to take the time to understand all our financial business. I have all the information on all our accounts ( checking, savings, money market, cd's, bonds, mutual funds, ins. policies, mortgage, credit cards etc.) single and joint in my binder and on a computer file, this way at least he will know what we have ,where it's located and how to get to it, if needed.
Answer:
That's interesting. Another good reason for doing the net worth statement along with dh.
Answer:
Originally Posted by lvr4jbns
Great advice! I already do all of it. If anything were to happen, it would be my dh in the dark.
DH doesn't even know the password for our checking accounts. I primarily deal with our daily activities while he concentrates on the retirement/long term activities. However, I still know more about our finances than DH. Right before DS was born, we sat down and I showed him how to pay the bills and access the accounts online. He couldn't even tell you how much money we have in our accounts.
Answer:
These are great links. Thank you so much for sharing. I learned a lot of things that I'm going to try.
Answer:
I do most of these things now. Dh would be behind in figuring it out. I try to clue him in often but he just likes to have me do it. Retirement is something we need to work on.