Ready to reduce your money anxiety? Here is some unconventional advice. [Read more…]

Can you believe we’ve filmed and shared over 100 episodes of Your Money Minute this past year? Thanks for tuning in, sharing and asking great questions. [Read more…]

The two most argued-about components of a divorce are kids and property. Compared to kids and money, health insurance is a subject that is often overlooked. Sometimes, it does not even come up until it is too late! Making a mistake on planning for post-divorce health insurance can cost you thousands of dollars in out of pocket expenses and fines. If you are currently getting your insurance through your spouse’s employer, after the divorce you will not be on your ex-spouse’s employee policy. You will need to get your own health insurance. The sooner you have the details figured out, the better.

What are your options? There are three ways to go. [Read more…]

“You’ve got to help us!” Those were the words from a College Station woman who came to me for financial advice years ago. She asked me to help women in divorce. She described the divorced neighbor in her apartment complex. This neighbor was the ex-wife of a doctor and to make ends meet, she was a house cleaner for her wealthier former neighbors. Back then I didn’t realize that divorce attorneys don’t give financial advice.

In September 2015, the Census Bureau reported that the poverty rate for women aged 65 and older is still 12.1% while the poverty rate for men is just 7.4%. Nearly twice as many older women than older men are living in poverty. A fair divorce settlement can be the difference between poverty and a financially secure life.

Getting good professional advice and taking an active role in your divorce process will go a long way in helping you avoid a reduced standard of living later in life. If you are a woman facing divorce, you need to get sound financial advice before, during and after your divorce. Divorce can be very complicated, especially in long -term marriages. Look for a CPA with gobs of experience helping women in divorce.

Hire a family law attorney with experience. You don’t need the most expensive lawyer and stay away from low cost lawyers. Your friends might give you attorney names, but their advice will likely be based on their own divorce and not on your unique needs. Your divorce is not your friend’s divorce. Like Goldilocks, you need the one who is just right. Contact me for my list of the most suitable Brazos County divorce lawyers for your individual needs.

Divorce is an intricate mixture of parting ways, moving forward, looking ahead and building for your tomorrows. The real trick is having a strong financial plan at the ready — and that’s exactly what I talked with Andrea Murad in her article about divorce and financial planning, which was published on Entrepreneur on July 10.

You can read the full article here — or hit the highlights in my summary below. Andrea gives five practical tips for developing solid financial plans amidst divorce, which include:

• Reviewing your financials and expenses
• Budgeting for alomony
• Planning your career
• Considering whether to downsize your home
• Remembering to consider health insurance

The key to planning effectively is taking stock of who you are and what you’re worth now, what you’d like to maintain moving forward, prioritizing your needs and wants, and deciding what steps will need to be taken to get there.

Andrea consulted with several professionals from across the financial planning spectrum, and all had valuable insight in how you can maximize your finances before and after your divorce. Give the article a read and let me know what you think.

Boomers who are considering divorce are typically worried about their long-term financial security. They  are starting to think about retirement and are usually concerned about whether they will have enough money to be happy in retirement. Here are some pointers for a happy retirement.

Contemplate your goal of retirement. Is it to have money and live in bliss? We need to think about what we will do during retirement to have life satisfaction.

Is money crucial to life satisfaction during retirement? Studies show the answer is yes. Money does make you happy in retirement. The wealthier spend more in retirement but not as much as you might expect. Some of them have been saving for so many decades that they do not feel comfortable spending money.

You might watch more television and sleep more during retirement. If you opt for less couch time and more active and social hours, you could live longer and be happier in your retirement. Stay healthy because it is a strong predictor of a happy retirement.