When everything you know has been changed by the loss of financial support due to divorce, loss of loved one, or disability, you need some guidance to help you navigate through the process of rebuilding your financial future.
With a few easy steps you can be back in control of your financial future.
Step One: Review. Organize and value your assets. Prepare a Statement of Net Worth and prioritize your goals.
Step Two: Plan. Estimate your immediate needs. Develop a budget for current expenses and project a budget for future needs. This is the stage when you will start to build your picture of tomorrow.
Step three: Analyze. Understand and analyze your liabilities, while also understanding your future earning potential. Create “compare and contrast” scenarios to understand how one change could affect other things.
Step Four: Rebuild. Now it’s time to exercise your new-found control over your financial future. It’s all about overseeing asset transfers, setting up budgeting and money management systems. It’s time to review your risk profile and reallocate investments to meet your current needs, and keep you on track with your goals.
With the right guidance, you can take the financial pitfalls out of this emotional and challenging time and take control of your finances.
