In the early hours of the morning, several days after my husband’s death in 2003 Sudden heart attackI woke up from breathing, and my heart race. Will my daughters be able to stay in their schools? Can I continue to pay the mortgage in our house?
When my husband accepted the first diplomatic mission abroad, I gave up my career. Once I came back to the United States, I started to rebuild my career slowly, but I was far from my peers in gaining strength and savings. However, I was not worried about our income and 403 with slow -growing. We were not savings. We had real estate loans, car loans and two Children in private schools. We relied on the assumption that Uncle Sam was our backs.
Insurance was for me during that time
Suddenly, with a basic salary of $ 42,000 a year, she became responsible for my teenage daughter, as a single child, my elderly mother. My husband was Good life insurance In his place (with his sick sense of humor, he was often joking about how “the case” when he died), which was a gift from God, but I needed to understand how our money is used efficiently.
Most financial experts say you must have enough money in Emergency savings fund To cover living expenses from three to six months. The lack of willingness is not aggravated if you are not used to moving in financial affairs. In my case, I was familiar with our position in general, but the big decisions, such as teaching our daughters and buying or selling a house or vehicle, were always shared.
As a beneficiary of my husband, I received federal life insurance. Early, I received incorrect information, prompting me to believe that I need to keep the insurance compensation I received in a low -interest settlement account. I learned that I was able to transfer him to an account that led to a higher return rate of stress. My primary priority was not to invest, but make sure that I have enough money to pay our bills. I chose to work with our credit union advisor to invest money in tools that will keep – and we hope to increase – my managers and provide an income flow to supplement my little salary.
I have developed a long -term financial plan
Investment advisers suggested that it help me achieve the goals we planned for our daughters. I was happy when I learned that I would be able to keep my younger daughter in narrow high school and enable my older daughter to stay in her current kidney. After that, I prompted some elements of high interests with part of the insurance funds, which led to a reduced burden on my humble income and a provision of a big tie from us Investment accounts. Later, I dealt with real estate planning issues such as updating my will and beneficiaries on all financial elements.
Although I knew how to access our payment programs and our banking accounts, the lack of real savings and the little pension plan due to the contributions of the ten years only that we returned to in the United States made me feel worried. The truth of planning for a possible individual retirement made me hope again to be more wise about personal savings practices. Soon after the tragedy strikes, many widows and widows accelerate to make them huge – sometimes uninterrupted –
Main financial decisions. Shortly after my husband’s death, I Consider selling our house. But the accountant’s friend advised me to wait until I was on a more stable emotional land. I am happy because I did that because the house appreciates the value, and I managed to secure a good price when I sold it after 15 years.
I learned a lot about financial preparation when she became a young widow
In my sadness support group, I closely saw that others have to sell homes or move with the family after losing the income of the husband or partner. I know that I was lucky because my husband insists on planning an unnamed future. Since securing my life has always been a benefit for my work, I bought additional insurance to ensure that girls will get some assets in the event of changing my financial position, or I could no longer work.
Although I learned a lot by becoming a Small widowI hope to know more about financial planning before the tragedy arrives. The compulsion to bear the weight of the financial and future present for the family only to the already fragile emotional states. At least, seeking professional and personal assistance and a dose of strategic planning has reduced one of the burdens that I felt as soon as my husband dies.
