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Carroll S Golden
a book bubble about
How Not To Tear Your Family Apart
Parenting & Relationships
Author Insight
Figuring Out Finances
Aging-in-Place is now on everyone’s budget list. Affordability is a key, strategic element. According to an Association of Community Living article, updated February 18, 2020, the average number of years people who need in-home care is 2 years. The ‘average’ cost called out in the 2020 article is $62,000 per year. For most individual’s budget, $124,000 spread out of a couple of years would impact both their lifestyle and retirement plans, those of their spouse or partner, and those who may have to help provide for that care. Let’s note that the costs probably do not reflect the realities of caregiver and trained staff shortages that became evident during the pandemic. As indicated in my book, figure out financial assets or obligations in order to organize potential ‘can and cannot’ age-in-place scenarios for yourself, spouse, or parent. This except, with a fuller list of questions in the book, will kickstart creating an overview or help to fill in the blanks on a budgeting tool.
Book Excerpt
How Not To Tear Your Family Apart
Chapter 35
Figuring Out Your Financial Assets and Obligations
Like so many of us, life is busy, and we often do not readily have an overall picture of our financial assets and obligations. To help a young family (or any individual/family/partners) understand what they can currently afford and to plan for future affordability in selecting an option, a question-and-answer session may be helpful. Whether planning on your own, as a CPT member, or meeting with an agent or advisor, this exercise may reveal priorities and issues.
Answering questions/topics that apply to you should help you create a document or fill in an online budget tool to kickstart your path to a more solid understanding of your financial picture.
- Do you have a monthly budget? Do you usually stick to it?
- What kind of debt do you have?
- Credit cards?
- Auto loans?
- Student loans?
- Do you own a home or rent?
- Mortgage?
- Second mortgage?
- Lines of credit?
- Do you use layaway plans or periodic payment plans?
- Do you see yourself staying in your current residence?
- Are you planning to age in place?
- Are you planning to start a family or do you have a growing family?
- Will your children go to a neighborhood school or elsewhere?
- Are you responsible for the welfare or well-being of someone else?
- Will you want to earn a degree or professional designation? What is its estimated cost?
- What does your current savings plan look like?
- Do you pay someone to handle your savings and investments?
- Do you expect to receive an inheritance (money, property, jewelry, bitcoin, etc.)?
- Do you know if you are listed as a beneficiary of anyone’s life insurance or qualified savings plans (such as a 401(k) or IRA)?
- Will you inherit a family business? Is it a profitable business?
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