“Being financially literate is not a luxury; it is an obligation to yourself and your family,” says Jill Faherty Lloyd of Evercore Wealth Management.
On average, women outlive men by about 5 years. Lloyd, who manages money for high net worth individuals and small business owners, says that women often become the financial decision makers for their families later in life.
While you are building your wealth and your family, it can be difficult to get the guidance you need. Lloyd has found that business owners and breadwinners are often so focused on expanding or managing their wealth and careers, preventing them from doing their financial housekeeping.
She says it is surprising how even wealthy clients do not have their financial information organized. Lloyd also says that money is such an emotional topic for people, and often carries the weight of identity, control, or childhood baggage. Families often put off important conversations until it’s too late, according to Lloyd.
I asked her how to approach these difficult conversations.
In order to avoid financial surprises after the death of a loved one, or any other big life change, Lloyd had a few quick tips:
- Communicate with your spouse about the financial future
- Make a spreadsheet with your account information
- Know where your assets are located
- Figure out the name on the accounts
- And as old school as it sounds, print out the information and put it in a home safe or a safety deposit box
