A Check List For Every Phase of Life

Single Life

• Revisit the Big Four: Spending Plan, Debt List and Debt Repayment Schedule, Net Worth, and Financial Goals

• Have a spending plan that I hold myself accountable to 

• Put money in a savings account every month 

• Give money to a charity or philanthropy every month 

• Live below my means 

• Set up a retirement fund and begin saving 

  • Add money to it monthly 

• Work on improving credit status

• Pay off any acquired credit card debt

• Always have a cash cushion

• Begin writing my will 

• Know my standards for a partner

  • Know my goals for my future family ​

Pre-Marriage

• Revisit the Big Four with my significant other 

• Enroll in pre-marital counseling if necessary 

• Ensure both of us have paid off all credit card debt to start off fresh 

• Discuss money management plans with my partner ERA, Early, Regularly, and Aggressively 

• Share credit history and habits with my partner, have open communication with each other

• Make my future spouse the beneficiary on all my important forms such as 401K plans, IRA's, etc. 

• Schedule a monthly meeting with my partner to discuss finances 

• Discuss philanthropic interests with my future spouse and set aside time for them

• Show initiative both financially and philanthropically in the relationship 

Marriage

• Revisit the Big Four with my husband

• Update my will to reflect mine and my husband's desires for the future

• Build an estate plan early in marriage 

• Begin building a legacy that I'm proud of 

• Be in the loop regarding all financial documents and big purchases 

• Review all financial documents with my husband 

• Begin discussing a retirement plan

• Look into long term care insurance later in marriage around the age of 50 

• Save money for leisure events 

• Have an attorney look over forms such as power of attorney, living will, and trusts

• Manage credit with a good attitude 

• Don't merge student loans with my husband

• Discuss how we will manage assets

  • Joint ownership on some things and individual ownership on others

• Discuss philanthropic desires with my husband, such as leaving a trust to a nonprofit or charity in my will 

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Parenting

• Revisit the Big Four 

• Assess my savings plan, specifically to account for future children 

• With children in mind, decide if my household will live off of one paycheck 

  • Make sure this is a decision that my spouse and I make together

• Plan for college bills and savings now 

• Take advantage of family-friendly tax breaks 

• Discuss money expectations for my children with my spouse 

• Revisit my will to include my children if need be 

• Share my legacy, both financial and philanthropic, with my children 

• Pass along my money saving habits to my children 

  • Instill in them what it means to be "money smart​" and responsible 

Saving and Investing: ERA

• Revisit the Big Four and adjust as needed 

• Re-adjust my savings plan to donate to non-profit organizations each month 

• Continue to save money each month to provide a cushion for the future 

• Consider whether or not I should invest or pay off acquired debt 

• Go to a financial advisor, accountant, lawyer, etc. with any investment questions I may have  

  • Use this as a way to grow confident in investing ​

• Invest early (ERA) to take advantage of the time value of money 

• Look into low-cost investing options first 

• If I'm married, take advantage of each others strengths and weaknesses in investing to achieve our mutual goals 

• Revisit my 401(K) or IRA to ensure I'm making the right investments

• Remember if I make a bad investment that "Recovery is Key" and I can learn from the experience

Retirement

• Revisit the Big Four and ensure that it accounts for a 401K and IRA

• Open an IRA with the help of a financial advisor as soon as possible 

• Keep in mind that it's easier than you think 

• Save for retirement early, regularly, and aggressively

  • Your savings will grow over time which benefits you in the future ​

• Be educated on how much money I need to save to sustain my standard of living in retirement and work towards that goal

• Search around for extra money in mortgage insurance, car insurance, etc.

• Revise contributions in mine and my husband's accounts to even amounts

  • Make sure if we have a joint account that both our names are on it ​

• Assign my 401(k) or IRA to a charity or nonprofit of my choosing so that they can benefit from the earnings 

Divorce

• To avoid problems in marriage, I will educate myself early and communicate with my future spouse

• If divorce is on the horizon, educate myself on what I'm entitled to 

• Hire a divorce lawyer and have an emotional connection with them

  • They should speak for and fight for me ​

• Know the laws of the state I'm in

• If I don't already have my own checking and savings account, get one and start saving now 

• Decide if I should keep the house

• Revisit my retirement plan, social security, and estate plan 

• Change the beneficiaries on my insurance policies

• Make sure my children are aware of some of the details regarding the divorce (depending on their age),

  • Inform them just enough to keep them in the loop 

• Find a safe outlet to express my emotions 

Caregiving

• Prepare for caregiving before my parents need it, look into long term care insurance 

• Plan ahead for how I will pay for caregiving expenses, be financially smart early

• Divide my parents financial resources accordingly 

  • I should be first, then my parents, and my children should be last ​

• Discuss with my employer if The Family Medical Leave Act applies to me 

• Talk to my parents about long term care insurance and make sure they have it 

• To cut costs, get help from the IRS with tax deductions by claiming my parents as a dependent on your tax return

• Break the cycle of only women serving as caregivers and get my whole family involved

• Keep my parents in control and let them be as independent as possible

Widowhood 

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• Don't make any major financial changes for about 6 months to a year

• Revisit the Big Four and cater it towards my needs as an individual

• Contact my husband's employer and collect benefits 

• Contact my financial advisor and other members 

  • ​​​They can assist me with re-evaluating all my financial plans after my spouse's passing​

  • Revise my will, power of attorney, and insurance beneficiaries

• Don't do anything with my money immediately, review my investment plan and then decide where the money should go 

• Have a dozen or so death certificates on hand for the institutions my husband was in contact with 

• Most importantly, don't panic, take care of myself, take my time, and take advantage of helpful resources I have available

My Winning Planning Team

• Begin assembling my planning team early ​

• My team members should understand and have the same values as me 

• Have my family involved in my planning team 

• My team members should advocate for me and want me to succeed

• When forming a relationship with a charitable beneficiary, form a contract with them 

• Work together and communicate with my team members 

• Continue to evaluate my team members throughout my life 

• My role should be an active one 

  • Make sure that my voice is being heard ​

• When I have a change in circumstance, revisit the Big Four

  • My planning team is there to help me with this​

• Make sure I am making a plan that incorporates my legacy that I want to leave 

Women's Philanthropy Board Luncheon

• Utilize the Big Four throughout the rest of my life and re-evaluate it as needed

• Remember my passion for what I do daily 

• Make philanthropy a priority 

  • Donate monthly and ​have a trust in a charity's name in my will 

• Take the mantra ERA with me in every phase of life 

• Know that failure is okay and "Recovery is Key"

  • It's all about how yoIu handle a situation and knowing that when I recover I can do more good ​

• Work, give, live 

Being Philanthropic and Leaving a Legacy

• Remember and utilize the four pillars of philanthropy 

  • Values

  • Time ​

  • Talents 

  • Treasures

• Remember that being philanthropic is a process 

  • Start small and work my way up to bigger contributions ​

• Leave a legacy that not only I am proud of, but also my family, specifically my children 

  • They are the ones who may choose to continue my legacy