Wednesday, November 23, 2005

“Make sure your Lady Love is set”

Wallet Talk Wednesday: “Make sure your Lady Love is set”

Ok before anything else: It’s going to be Black Friday in a couple of days so pls. check these sites out for those in the U.S. if you’re going to go shopping:

Black Friday List
Online Coupons
Fry’s Electronics Sale

Ok Now back to my topic, statistically MEN will kick the bucket, be one with “God”, get popped, walk the valley of death, get touched by the grim reaper, be taken by Shiva – Rudra or to simply put it…..DIE earlier before their wife does. So if you’re like me and your married and you really really really LOVE and CARE for your wife then you have to make sure her retirement fund and future life without you is set and in check AND she should knows where and how to get to all the assets that you have. Also note that if you have kids you still have to make sure your wife is a PRIORITY because your kids can leverage working and getting a loan while they are young but if your wife is at retirement age then she doesn’t have any chance of getting back to the workforce to help herself if the finances are low. Women will live longer and will normally have less assets during retirement than men due to various reasons such as men earning more wages than women, men investing more than women, etc. etc. So couples should share and be aware of how their finances will be distributed incase of the inevitable death of the male character and how it will be liquidated for the day to day use of your partner.

If you are gay or a lesbian couple, um…. You can probably determine who will drop dead first by looking at your partner’s lifestyle, age, family history. etc. etc. does he/she smoke, drink, stay up late too much all the time, eat very unhealthy food, etc. etc. well I’m not aware on how domestic partnership finances works, but I’m assuming that it’s the same where either one handles the finances or it’s divided between the two but here are some sites for domestic partnership financial advise links that could be helpful:
Gay.Com Business
Gay Financial Network
Pink Finance.COM

Now here are what I’ve been doing to prepare for any event in the future:
I Make sure that we invest or save money for my wifey’s accounts.
I Make sure she has access to all our accounts and any information that she needs are available.
I Make sure to tell her where I invest the money in so subconsciously if she decides to invest or think about investing in the future that she knows how I think and where I would invest in so if my investments flop she just do the opposite, if they are a success then invest in what I would invest in. I do have a common sense approach to investing so it’s not hard to follow my thoughts.
I Make sure all my accounts will have her as the beneficiary if I die and other accounts joined with her so it will be easy for her to access them.
I inform her of my own retirement fund so she knows how much is in it and how to access it.
I told her not to liquidate everything so in my demise she can still pay for the other assets and liquidate them slowly so she won’t get taxed too much by Uncle Sam. It’s a common mistake to remove the entire retirement fund and sell any extra houses/assets because it could be taxed at a very high rate.
Tell her to consult a couple or maybe three FEE based financial adviser to make sure she has a plan on what to do with the assets and liabilities.

Live Life and Love your Wife
Make Sure Your Honey knows
Where You Put the Money.


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