top of page
Search
  • Kiena Lee

5 Most Important Money Decisions of Your Life

In this article series, I share excerpts from my book, Divine Secrets of Affluent Women: The Guide To Owning Your Wealth. I hope you enjoy this post — if you like to connect, you can reach me via email or connect with me on social: Instagram, Twitter, Facebook. Also, you can also find my book on Amazon — here is the link to purchase the Kindle version.




Aging with dignity and grace is all about planning for challenges that come with serious illness, disability, and aging. It doesn’t matter if you have a modest bank account or a small house or a lucrative business and a long list of assets, planning for the inevitable can be overwhelming and difficult. Yet planning for the inevitable is an unavoidable part of life. It is vital to put your affairs in order, especially as you age, so that you can be in control over what happens when that time comes.


Here’s a list of things to consider:


1. Do you prefer to live at home? There are many services, options, and helpful solutions available to help you stay active, happy, and independent as you age at home. Technology such as medical alert systems, medical tracking gadgets, medical dispensing gadgets, and home alarm systems promote security and enhance your daily life. You can hire in-home services to provide cooking, cleaning, housework, and running errands.


2. If you decide to live at home, you might need to make your home more age-appropriate friendly, such as adding a grab bar or a removable shower-head in the bathroom, a wheelchair-accessible ramp, an adjustable bed, scooters, stairlift, and a wider entryway. You can rent or purchase products to make daily chores and activities easier when your mobility is impaired.


3. Do you want residential care to live independently at home? If your health becomes an issue, you can hire a licensed home health nurse to provide the medical monitoring and therapy to main your health or recovery.


4. Do you want to transition to an assisted-living facility? Assisted living facilities provide room and board and some assistance with activities of daily living. They have medical professionals on staff.


5. Do you want to transition to a senior living facility? A senior living facility is a retirement community or senior housing community for most people age fifty-five and older. These living arrangements may not offer home care services but offer social connections and activities for seniors who do not want the responsibilities of living alone.


6. Do you want to sell your home? You may consider downsizing your home rather than deal with the challenges of home maintenance, or move closer to family members.


7. What is your Medicare strategy? Medicare is the federal health insurance program available at age sixty-five and older.


8. Do you want to continue driving? Driving gives you independence, freedom of mobility, and convenience, but there comes a time when you need to reduce or stop driving altogether. Public transportation, taxi, and Uber are cost-efficient alternatives. In some cities, you may be eligible for paratransit.


9. Do you have a preference for selling or gifting your vehicle?


10. Do you want to create a family wealth mission statement? A family wealth mission statement defines your values and your purpose for wealth. For example: “We want our financial decisions to allow family members to find their passion and pursue it with excellence.”


11. Who will take care of your pets?


12. In the event you become incapacitated, who will be your guardian? Think of a responsible, caring, and loving person who will take care of you physically.


13. In the event you become incapacitated, who will manage all financial assets, including paying your bills? Think of a financially savvy person.


The most important thing is to have a health care proxy in place so that someone like a trusted family member can make decisions on your behalf. That trusted family member will be your care coordinator who works with your caregiver and manages your resources, money, and taxes. Let him or her know in advance your care plan and a discharge plan in the event of a surgery.


Your golden years can be the best years of your life. How you choose to live will determine how much money you will spend. Maintaining a healthy and active lifestyle will determine how much money you will need for healthcare costs. Focus on the things you can do and enjoy. Age gracefully. Experience this chapter of life to its fullest.


Here are the five most important areas of your life and money decisions:


1. Earnings — These are your peak earning years. Maintain Savings and Investing discipline.


2. Spending — How can you more closely watch your spending so you can save and invest more money?


3. Investing — Maximize your contributions to various investment vehicles. At age 50, contribute an additional $6000 per year to your employer retirement plan and an additional $1000 to Individual Retirement Account.


4. Insurance — Proper coverage that protects you is imperative.


5. Legal Issues — You’ll want to have the right paperwork in place to be sure all your wishes around health, wealth, and quality of life are honored.

Time is of the essence. You are in charge of your own destiny. Plan your financial future now.

For more information, you can find my book on Amazon — click here to purchase the Kindle version.


1 view0 comments

Recent Posts

See All
bottom of page