I had a visit from a client that I hadn't seen in months. She popped in my office unannounced and without an appointment. Before, I must say every interaction was consumed with confusion about how to conduct her finances and what to do next. In spite of repetition I continued to meet with her. I hoped that one day she would catch on and take my advice.She stated how much she trusted me, but she had a problem following my suggestions. She is an elderly woman that will continue to live life as she knows it. Whatever is defined by her standards.
She lost her husband of thirty plus years.
Where and how do you pick up the pieces from being with one person for a lifetime? They were together for as long as some people grace this earth. Although, he passed away in October today she was still consumed with grief.
She is grieving over his death, finances, and how to live...alone.
Her life insurance policy was only $100,000, which barely covered their debts. She receives $1758.00 monthly in income and has $3000.00 in monthly expenses. She wanted to discuss investments. Investments! Investments! At a time like this. I couldn't take her money or recommend an investment product. She had too many factors against her:
- the economy is horrible
- she has limited income
- she has no disposable income
- she wants to invest emotionally
- she can't ration her thought process at the moment
My responsibility is to make sure she is emotionally stable and can survive daily.
Death is inevitable.
Make sure your life insurance policy covers
- all your existing debt.
- supplement income to survive as though the spouse was alive.
- college expenses for children.
- emergency fund.
The last thing you want is to bury a loved one and have to continue to pay balances on one income.
Be inspired,
Bahiyah Shabazz
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