Today’s Mission:

Financial planning is more than just spreadsheets and dollar signs. It includes a lot of tough decisions and emotions that need to be communicated to your loved ones and advisor. Are you avoiding these awkward conversations when it comes to your finances?

[spp-player url=]

(Click the featured times below to jump forward in the episode)

Strategy Points:

There is a reason people don’t want to talk about money and their financial plans. It may feel awkward or morbid or uncomfortable. But some of these important conversations should not go undiscussed. Talking about it may feel awkward now, but it will hopefully save everyone a lot of pain and guesswork later.

If you’re married, do you know what happens after the first spouse dies? Like it or not, someone will go first. So, what does you plan do for the other spouse? Or, what happens when someone needs to go to a nursing home? Sometimes your final years are spent needing care, so who will provide the help and care needed? How will you pay for that?

What if you have planned for decades to retire by a certain time but as it nears, you realize you aren’t quite ready? Sometimes it means adjusting your budget or working longer or changing your retirement plans. It requires a conversation and an understanding of what you’re doing.

When it comes to your legacy, have you talked with your children about what they should expect or what your intentions are with your estate? Are you more concerned about what is deemed “fair” or taking care of what is needed?

There is a lot of emotion around money and the decisions you make. Many of these conversations are more than just objective facts and figures, but about the relationships and feelings surrounding your choices. It’s important to have these conversations to make your intentions and motivations clear. 

But first, in the news, as presidential candidates vie for voters, many of them are proposing different health care plans, including Elizabeth Warren and her $20.5 trillion plan. J’Neanne talks through some of the different costs in health care that impact these plans.

3:37 – In the News: Elizabeth Warren proposes $20.5 trillion health care plan.

12:59 – Sometimes planning your finances includes awkward conversations.

13:26 – What happens after the death of the first spouse?

15:30 – What happens if nursing home care is needed?

18:57 – Do you need to work longer than planned?

20:17 – Do your children understand your estate and legacy plan?

22:32 – How do you separate from an advisor that is nice but not a good fit?

26:53 – Getting to Know J’Neanne: What presentation could she give right now? 

29:00 – Mailbag: The roller coaster of the market drives me crazy. Does that mean I should get out of the market and invest in a different way?

The Grand Plan:

[spp-tweet tweet=”It’s very helpful to have a conversation of “what ifs.” If this happens, what do you expect to happen next? What do you want to have happen next? Can your financial plan withstand it?  –Your Financial Mission“]

Related Content: 

Preparing for Retirement During Your Final Decade of Work

5 Holdups Stalling Your Financial Decisions


The Spy Kit:

Click the image to get a free retirement rescue toolkit.

More Intel:

The host: J’Neanne TheusContact – Call: (443) 718-6310