Money Matters.
As a family caregiver, the management of money and responsibility of making financial decisions for your loved ones is one of your jobs. These are skills that you must learn and sharpen often. As a caregiver, you need to be aware that you may need to be a little bit more careful when you are in charge of another’s property. Our next two parts of the Caregivers Financial Series will cover:
- How to keep good records
- Power of Attorney questions
- Common consumer scams
- Avoiding conflicts of interest
Our instructor for the fourth and fifth installments, Lisa Schifferle, is a Senior Policy Analyst in the
Office for Older Americans at the Consumer Financial Protection Bureau (You can read more about all the great work they do for the community below).
About the Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau (CFPB) is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives.
Wherever you are on your financial journey, you can prepare yourself to make informed financial decisions..
Source: Consumer Financial Protection Bureau, https://cfpb.gov
This series is free and designed especially for family caregivers.
Register through the links below
for each monthly instalment in this series.
View details about the series here: Caregivers Financial Summit – Series
August 2020 Financial Series: Credit Workshop with Nicole McGaha
September 2020 Financial Series: Money Management Workshop with Nicole McGaha
October 2020 Financial Series: What Every Woman Needs to Know About Her Financial Future with Sandra Bailey
April 2021 Financial Series: Managing Someone Else’s Money (part 1) with Lisa Weintraub Schifferle
May 2021 Financial Series: Managing Someone Else’s Money (part 2) with Lisa Weintraub Schifferle
RECAP: Wow, this webinar was so great! Sandra Bailey did a great job preparing our caregivers with things they need to know! She really went in depth on long term care and starting your financial planning right now, no matter your age. She gave every woman there a nudge in the right direction with the following tips:
7 Topics Every Woman Needs to Know
about planning their financial future
Financial Planning is a topic that a lot of women avoid. Hearing statements like: I don’t understand money. I have no idea what I’m doing. My significant other handles that. I’ll get started next week and so many other reasons. . ..
From meeting with many women and speaking at various conferences, these are the statements I’ve heard repeatedly: No one has explained it to me like that before. That sounds too good to be true. If I knew then what I know now. So let’s get started Now!
Here are seven (7) topics every woman needs to know about planning for your financial future.
- Pay yourself first.
- Pay yourself like you’re a bill. Like your life depended on it. If you don’t pay yourself, your utilities will be turned off, your car repossessed, and you could never go on another vacation, ever again.
- Always have money in the bank for emergencies.
- Begin to spend less… Save more… NOW!
- Contribute to your company’s retirement plan (401(k), 403(b), 457 etc.)
- Contribute at least up to the match
- Especially if you need to save on taxes now
- You can put off paying taxes on qualified money until age 72
- Rollovers
- At 59 ½, 90% of companies allow in-service distributions
- Rollover your qualified funds to an IRA to prevent losses prior to retirement &/or while in retirement
- Your IRA can be established for accumulation (continue to grow without any market losses) or
- Your IRA can be set up like a pension. NEVER run out of income.
- Implement a Non-Qualified Retirement/Savings Plan
- Earn stock market gains without market losses
- Tax shelter used by executives, bankers, and the wealthy
- Loans &/or withdrawals are available without penalty
- Great option to planning for your child’s college tuition
- Pay yourself back with interest instead of the loan companies
Please follow up with her directly for specific information on your retirement planning:
Sandra J. Quinn Bailey
Women Financial Power
info@womenfinancialpower.com
www.womenfinancialpower.com
Business: 901-67-1139
Direct: 901-831-0965