.How To Plan For a Financially Secure Life in the Event of a Partner’s Death

Gabrielle Olya Sat, November 6, 2021

Today’s “Financially Savvy Female” column was inspired by one of our readers who asked, “Knowing that the life expectancy of women is greater than men, how do wives plan financially for a life without her husband in the later years of her life?” To help this reader out, we spoke with Hilary Fiorella, executive director of the Center for Women in Financial Services at The American College of Financial Services, and she shared her insights about how women can plan for a financially secure life in the event of a partner’s death.

Develop Relationships With Financial Professionals

If your partner is usually the only one who meets with the various financial professionals who he/she may consult with, start sitting in on these conversations now, and consider bringing more professionals into the mix if it suits your specific situation.

.The Nothingness of Money

By Lawrence Yeo

When I was in junior high school, I heard a riddle that blew my mind.

It went something like this:

Rich people need it. Poor people have it. If you eat it, you die. And when you die, you take it with you. What is it? Feel free to sit with the question for a moment.

Okay. Ready? The answer is… NOTHING!!

Even today, this riddle puts a smile on my face. But when I first heard it, I remember being floored after hearing the answer and funneling it through each statement.

Back then, I enjoyed the riddle for its cleverness.

But today, I enjoy it for its simple profundity.

.Why Money Is Hard

March 4, 2021 Financial Independence

.Struggling with money? Join the club.

As a personal finance blogger with nearly two years of writing and almost two decades of investing experience under my belt, I would expect to have it all figured out by now. The reality is, I am just scratching the surface – and so is the vast majority of us. Here are some of my musings on the reasons that make money so ** hard.

.You Shouldn’t Feel Bad About Spending Money — Here’s How To Avoid the Guilt

Last updated: Oct. 19, 2021 By Gabrielle Olya

You’ve worked hard for your money — so you should enjoy it. In today’s “Financially Savvy Female” column, we’re chatting with Dani Pascarella, CFP, co-founder of the financial wellness platform OneEleven, about how you can avoid feeling guilty when spending money.

Do a Spending Evaluation

“Start by understanding how previous purchases make you feel and why,” Pascarella said. “This is key to building your financial foundation.”

.The Other Form of Self-Care: 4 Steps To Improve Your Financial Wellness

Gabrielle Olya Wed, November 3, 2021,

A recent Ellevest study found that financial stress is actually making women sick. Nearly half of women (49%) say that money stress has affected their mental and emotional health, and nearly 40% have become physically ill due to money stress. That’s why it’s so important to practice financial self-care. To find out how to actually do this, we spoke with Kerry Keihn, financial advisor and director of operations of Earth Equity Advisors. Here’s what she recommends for improving your financial wellness.

The most important thing to know is that you are not alone in your struggle to understand your finances. It has nothing to do with your intelligence — the financial industry has basically crafted its own language to make things more difficult to understand.

.IRS Sends 430,000 Refunds for Unemployment Tax Compensation

Georgina Tzanetos Tue, November 2, 2021

Who Will Receive Roughly $1,189?

In its most recent press release, the Internal Revenue Service announced it sent approximately 430,000 refunds to those who paid taxes on unemployment compensation that is now excluded for the income tax year 2020 under the stimulus relief bill. The new provision, which falls under the American Rescue Plan of 2021, was signed into law in March and excludes the first $10,200 in unemployment compensation per taxpayer in 2020.

This amount is excluded when calculating one’s adjusted gross income — it is not the amount of the refund, the IRS stressed. The exclusion is available to individuals and married couples whose modified adjusted gross income is less than $150,000.

.Got a Fat Inheritance? Here’s What to Do With It.

Patrick Villanova OCT 30, 2021

Receiving an inheritance from a family member can create a large windfall of cash, and with it, new financial opportunities. What you do with the money will depend on the size of the inheritance, your financial situation and level of experience managing investments. But having a defined plan for the inheritance is vital.

A frequently cited study conducted by The Williams Group of San Clemente, California, found that 70% of wealthy families lose their fortune by the second generation and 90% squander it by the third generation. A financial advisor can help you make the most of your inheritance by taking stock of your financial circumstances and creating a plan for the future.

.What to Do When You’re the Executor

Sandra Block, Senior Editor Fri, October 29, 2021,

At some point in your life, there’s a good chance you’ll be tasked with acting as the executor of an estate. The designation is both an honor and an obligation. Depending on the size of the estate and your relationship to the deceased, performing the duties of an executor can feel like a second job, says Patrick O’Brien, cofounder of Executor.org, an online tool designed to help executors manage an estate.

O’Brien launched the tool after he served as executor of his father’s estate. Even though the estate was fairly modest, “I was shocked at how difficult and complicated it was,” he says.