Women in Transition, Get your Financial Life Back In Order
No one really is aware of how disruptive life may be, better than women. Despite that it is a divorce or widowhood, job losing, moving out o into a house; women in transition are ready for life’s surprises. Addressing the finances after a transition is mandatory as you cannot afford to sit frozen for years or even months as it can hurt after a transition. Here are a few expert advices for women to get financial life in order.
Women feel compelled in transition to act, but it is better not doing anything right away. Investing and emotions are a dangerous mix. Recognizing ability of having emotional reaction is powerful with money. Women in transition should slow down, take time, allow the emotions to settle, and then try to handle investments.
Set a timeline
There is a need to set a timeline for everything. This may be an opportunity risk allowing the investment to remain as some strategy. You should, ideally attend the investment after the transition within a year. In case, you are not in the right emotional state to make financial decisions in the long-term, consider short-term strategy, so that you also get time to amass your bearings.
Avoid signing anything right away
Do not get committed for a new contract by the time you are not clear regarding the time you will take to resolve from the transition. In case you lock yourself into some seven-year contract, find divorce to pay up tomorrow, you will be hit with withdrawal early penalties. Give a year to understand the financial implications and to get 2020 Medicare advantage plans comparison on http://www.medicareadvantageplans2020.org
obligations of your transition prior to committing to anything new.
Position priorities in order
It is always nice to maintain a schedule, but that does not happen with everyone. On getting hit more than once, determine that should be prioritized. Get it with a deadline, so that you can hand at work a buyout package to review. However, divorce can take back burner. After a divorce, you can jump fast, end up with tax implications.
Be clear where you stand
The financial puzzle needs to be figured out for women and the place you stand legally and financially. What are the new liabilities and assets you need after dust has settled what you will receive. If you inherited a house, enjoy a new asset, though it may also come as a new liability such as the house may have a HOA or mortgage fees to pay. You may require meeting a financial advisor to get things straight and to consider investment strategy.