EP 134 | Widows and Wealth: How to Recover Financially

EP 134 | Profit Boss® Radio

Welcome to Episode 134 of Profit Boss Radio. Today’s show covers a more serious and somber topic about financial recovery after the loss of a spouse. While none of us wants to imagine life without our partner, it is a possibility for all of at some point in our lives, especially as we age.

Therefore, please join me as I have this serious conversation with my guest Kathleen M. Rehl, Ph.D., CFP®, CeFT® , widow and author of the multi-award-winning book, Moving Forward on Your Own: A Financial Guidebook for Widows. Kathleen shares her personal journey after the loss of her husband and how she now lifts other women to navigate through the foggy and complex financial reality that often awaits widows and on the other side of loss.

Hear about ways you can prepare your finances preemptively in the event of loss and the most common financial missteps to avoid immediately following a spouses death.

What you’ll find out in this episode

  • Kathleen’s personal story about personal loss and tremendous grief
  • The average age of a wife who becomes a widow
  • The three stages of grief: grief, growth, grace
  • Statistics about
    • the number of women who become widows in the United States in their lifetime
    • How many women will be widowed at the time of their death vs men
    • How many widows vs widowers remarry at different generations
    • How secure widows feel financially after the death of a spouse
  • Financial planning steps you can take now to set yourself up for success no matter what the future holds
    • Update your wills & trusts
    • Update all beneficiaries and executors (very important!)
    • Know primary sources of income and amounts
    • Know passwords and PINs for various financial accounts
    • Know where your investments are held and why
    • Have adequate life insurance if appropriate
    • Know what is in the safe deposit box and how to access it
    • Have a household manual for how to fix/maintain the things your spouse took care of
    • Make sure to have a good relationship with your fee-0nly, fiduciary financial advisor
  • What widows can do when surviving family members try to come in and control finances after the loss of a spouse
  • What’s possible in the phase of “growth”and what financial matters are often addressed in this phase
  • Kathleen’s story of grace and how she entered a new life after her husband’s death

 

About Kathleen M. Rehl, Ph.D., CFP®, CeFT®

Kathleen M. Rehl, Ph.D., CFP®, CeFT® wrote the multi-award-winning book, Moving Forward on Your Own: A Financial Guidebook for Widows. Having experienced widowhood herself, Dr. Rehl now empowers widows financially™ and inspires their advisors. Her work has been featured in the New York Times, Wall Street Journal, AARP Bulletin, CNBC, USA Today, U.S. News & World Report, Journal of Financial Service Professionals, Journal of Financial Planning, and many other publications. Rehl owned an independent financial planning firm for 17 years before retiring to her “encore career”—speaking, writing, mentoring and researching widow’s financial issues.

Ways to Connect with Kathleen

Resources and Related Profit Boss® Content Mentioned in this Episode

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Call for Listener Stories

Hey Profit Boss® Radio listeners! If you reach a financial goal you’re proud of, tell me about it! I will continue to share listener win stories throughout 2019. Remember, the Profit Boss® community is here to support you and that includes celebrating with you when you accomplish something incredible.

  • If you crush a specific financial goal, I want to hear from you.
  • If you’re thankful for something that has happened in your financial life or career, I want to hear from you.
  • If you are making big financial or career plans, I want to hear from you!

Your financial success is possible and so many of you are already making that a reality! So, don’t keep your wins to yourself! Share them with me so that I can air them throughout the year on Profit Boss® Radio.

Email your audio clip to [email protected]. And we’ll be in touch if we plan to air your story. Thanks, ladies!

#AskHilary

And let’s not forget that this show is powered by you and your stories and questions. Every month I’ll be doing an #AskHilary episode where I answer listener financial questions.

  • So, what’s that top of mind money question that’s been pinging around in your brain?
  • Where have you been stopped?
  • What have you been arguing with your spouse or significant other about?
  • What tip or tool aren’t you sure about?
  • Do you have questions about saving? Spending? Budgeting? Investing?

Pick up your mobile phone right now. Yes, right now. And open your voice recorder app. Yep, go ahead and open that app and record yourself asking me that question. Just say your name, first name only is okay, and then what city you’re from, and then ask away.

Anything you want to ask. And once you’re done recording, export that beautiful little recording and email it to [email protected].

I can’t wait to hear your questions!

 

Disclaimer

Hendershott Wealth Management, LLC and Profit Boss® Radio do not make specific investment recommendations on Profit Boss® Radio or in any public media. We also do not feature testimonials or endorsements about our services.

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