What actions can you take today to optimize your financial resources so you have the freedom to make meaningful choices in your next chapter, living a joyful, purposeful, and fulfilling life?
Our January program “Wisdom, Wealth and What’s Next” explores this exact question. The program is filled with insights to navigate financial and estate planning issues that we encounter in life – especially after we stop working full time or go through a life event.
Don’t miss the video replay and program takeaways below!
KEY PROGRAM TAKEAWAYS
Three financial essentials for women to set yourself up for success:
- Be the boss of your money – keep your seat at the table, especially when decisions are being made!
- Be deliberate in your actions – have a financial and estate plan to guide you.
- Look ahead at what’s next – as we age, there are new questions and many decisions to make.
Important future life and financial issues will surface, like how will I:
- Stay engaged, connected, and feel relevant,
- Remain mentally sharp, mobile, and self-sufficient.
And decisions, like:
- Where do you want to live? Who do I want to spend time with?
- Will I need to or choose to work?
- What legacy do I want to leave?
Two Actions We Suggest – Explore your:
- Primary Values: Complete this Values Worksheet: Living Into Our Values by Brené Brown (podcast and PDF with values and questions)
- Explore Your Legacy: Reflect and think through:
With whom do you want to share your wealth
What causes and organizations do you care about?
What do you want to be remembered for?
Carving out the time to do this and not getting caught up in the busyness of life can be hard, but it is important to avoid future regret.
EVALUATING YOUR FINANCES
The next step is where the rubber hits the road – the big question is:
Will you be able to sustain your desired lifestyle, generate a sufficient income throughout your lifetime, and not outspend your wealth?
THE VALUE OF A FINANCIAL PLAN
Getting clear on our purpose and what we want our future lives to look like will require us to determine if we have the financial resources to support our life goals and this transition. And this is not a one-and-done – Your plan evolves as your life evolves. Financial planning should be an ongoing process to monitor if you are still on track to successfully fulfill your life and legacy goals – and to adjust as needed.
Two actions:
- Make sure you have transparent and regular conversations about your life plan and finances when you and your partner/spouse are healthy and can make decisions together. And if you are unpartnered, it is essential to address important issues with trusted family/friends while you are still in good health.
- Use a holistic approach to managing your wealth, NOT silos: investments, taxes, estate planning, and financial plan. Work with a strategic wealth advisor who can manage these issues AND orchestrate with other experts when needed.
The wealth accumulation phase of life is straightforward compared to what follows. The question is: Will this same approach, and the tools and resources we use today be enough to successfully guide us through this more complex next phase?
ESSENTIAL OF YOUR ESTATE PLANNING
- Your core documents are a will, revocable living trust, and power of attorney for healthcare and property.
- Our speaker, Lindsey also shares the top mistakes or surprises that can occur to individuals and families with little or no estate planning; and what people who are doing estate planning or who are beneficiaries of an estate should know – and ask their attorney!
- Lindsey offered a complimentary consultation to anyone who had questions. She can be reached at lmarkus@chuhak.com or(312) 855-6417.
So, be sure to watch the video to gain more insights into the decisions and actions we highlight during the program so you can rest assured that you will be able to create and enjoy your desired financial freedom – and leave a legacy aligned with your values and wishes.
ADDITIONAL RESOURCES
Below are the resources we referenced during the program.
CAP STRAT
- Invest in Yourself. Reach out to us for a conversation –Contact us.
- CAP STRAT Website for financial education and market outlook
- CAP STRAT Women’s Forum website: programming, videos, podcast
- CAP STRAT YouTube Channel
Articles and Books
- From Strength to Strength Arthur Brooks
- How to Plan for Your Next Act: CHIEF 2021
- Three Phases of Making a Major Life Change: HBR 2021
- The Power of Regret, by Dan Pink
Ted Talks and Conversations
- How to Overcome Fear TED Talk with Trevor Ragan
- Build The Life You Want Conversation with Arthur Brooks and Oprah Winfrey
A FINAL MESSAGE
We hope this program inspired you to take ACTion to ensure you have the financial resources to live your best life into and through your what’s next chapter.
Contact us if we can help you talk through any of these issues and support you in moving forward with greater clarity, confidence, and peace of mind.
How you can reach us:
| Barbara Best Principal, CAP STRAT Founder, CAP STRAT Women’s Forum o. 630-318-0693 c. 312-952-9522 | Nancy Rizzuto Principal, CAP STRAT Founder, CAP STRAT Women’s Forum o. 561-260-5481 c. 201-602-8184
|
Please let us know if you would like to have a conversation with us. Email the CAP STRAT Women’s Forum with any questions at womensforum@capstratig.com! Or call us at 630.320.5100.
