Newsletter

Money Management Tips for Blended Families

How to Navigate Financial Dynamics When Merging Two Families into One
By Kathy Longo, CFP®, CAP®, CDFA
Wednesday, 12 January 2022

Money Management Tips for Blended Families

Preparing financially for marriage can always feel a bit challenging, and that can be an even bigger challenge for blended families, meaning families in which one or both spouses have been married before.

Today, about 40% of new marriages represent a second marriage for at least one spouse, meaning more people than ever before are facing the unique financial dynamics involved with blending two families into one. The money management tips for blended families below can help you navigate the hurdles you may face in your own blended family.

Three Financial Conversation Starters to Improve Your Relationship in the New Year

Resolve to Level-Up Your Finances and Your Relationship in 2022
Wednesday, 29 December 2021

Three Financial Conversation Starters to Improve Your Relationship in the New Year

Some of the most common New Year’s resolutions focus on the topics of love and money. Why not combine the two this year and resolve to have important financial conversations with your spouse or partner in order to strengthen both your relationship and your finances?

These discussions aren’t always easy, but they’re always worthwhile. Commit to making this important financial resolution and check out the three conversation starters for you and your significant other listed below.

Ask Your Aging Parents These Questions About Their Finances

Nine Topics that Can Provide You and Your Parents Peace of Mind
Wednesday, 15 December 2021

Ask Your Aging Parents These Questions About Their Finances

As your parents age, you may find yourself tackling new roles and responsibilities in your relationship with them. Perhaps you are helping them around the house, attending appointments with them, distributing their medication, or even managing their finances. In many ways, it may feel as if the parent-child role has inverted itself with you now in the position of caretaker.

Even if you are not yet in this position, you may be in the future as your parents grow older. Having a solid understanding of your parent's financial situation is critical if you are to ensure that they are going to be able to pay for their expenses and receive proper care in their later years.

Of course, this is no easy topic. Discussing finances can be tricky in any relationship – and it can be even more complicated as an adult child trying to broach the subject with your parents. Try using the nine questions below to cover the most critical aspects of your parent's finances, and you’ll be in a better position to provide care for them in the future, should you need to.

Understanding the Emotional Impact of Retirement

This new chapter of life can feel uncomfortable if you haven’t taken the time to emotionally prepare.

By Kathy Longo, CFP®, CAP®, CDFA
Monday, 26 April 2021

Understanding the Emotional Impact of Retirement

There is a significant connection between retirement and emotions, and many retirees are unprepared for it. This is why I often work with clients who struggle with the discomfort of being newly retired. This struggle occurs for those who haven’t given enough thought to what their life might look like when they leave their career. The challenges might be associated with identity, relationships, finding new ways to fill time, or maintaining frequent social interaction.

It’s also common for “money emotions” to impact new retirees. There’s the excitement of closing one of life’s chapters and starting another, and of spending more time doing things you enjoy. However, there is also sadness in closing a chapter of your life, especially if you enjoyed your career. There’s the fear of “turning off” your paychecks, and of unexpected illness or expenses that could cause you to run out of money. There are also feelings of great responsibility for filling an unknown amount of time with a finite amount of resources, as you hope you’ve planned well enough for the retirement you want to have.

Below, we’ll discuss how asking yourself tough questions before you retire is the best way to prepare for the emotional challenges many new retirees face.

Friends and Finances DO Mix: Here's Why

It's Time to Stop Shying Away from Having Money Conversations with Those Closest to You

By Kathy Longo, CFP®, CAP®, CDFA
Monday, 25 January 2021

Friends and Finances DO Mix: Here's Why

The following article is based on content covered in my book, Flourish Financially: Values, Transitions, and Big Conversations. If you’d like to read more, you may purchase a copy here.

If you grew up with the understanding that it’s inappropriate to talk about money in social settings, you’re not alone. A full 70 percent of people shy away from discussing personal finance topics with their friends. However, our friends are some of our greatest influences in life and I believe it’s important to have money discussions with those closest to you. Below I’ll share four reasons why I think friends and finances do mix, even if common etiquette tells us otherwise.

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