Financial Planning -

Creating a Spectacular Financial Future

Were you married and, while not exactly a silent partner, you allowed your husband or your employers to make most of the financial investment decisions? Now you're divorced and wondering how to plan your future financially as a single woman? Or have you been single and put off thinking about financial planning?

When I got divorced, about 10 years ago, my financial status dropped from middle class to barely making it. I walked away from alimony and most of the assets we had accumulated as a married couple. I just wanted freedom and that I got.

This year I inherited my mom's estate including her house, car and investments. It all adds up to not a lot of money by some standards but certainly more than I've ever had. However, I am not financially savvy. So now what do I do with it? How do I make it last?

Experts predict baby boomers will see the biggest transfer of wealth through inheritances in U.S. history in the next few years. But with people living longer, retirement costs rising, and the fate of Medicare and Social Security unsure, how long can our money last us? Almost 70% of baby boomers plan to work after retirement age. How long will I have to work?

This is the story of my financial journey - of taking responsibility, growing up and educating myself about how to take control of my financial future. I'll share with you the steps I'm taking to gain enough knowledge to make intelligent decisions for myself. Guest columnists will share their suggestions and we'll interview authors and experts for theirs.

First I'll gather all the information I can about the subject and share it with you. I'll read books, talk to friends who invest, look at online investment groups and then talk to the experts. When researching something unfamiliar, it's important to ask yourself what are the motivations of the people I am talking to? What pitfalls do each of these information sources have?

Books pitch a point of view they're trying to sell. Financial planners want you to succeed, of course, but usually they want you to succeed with their products. Always ask yourself what the source has to gain from their advice. Friends may have different financial positions as well as financial planning personalities. Part of how you plan financially depends on your age and your stomach for risk. Theirs may be different.

Together we'll explore how to create a financial plan: who to talk to, what to consider, what to stay away from. I look forward to hearing your strategies and plans. Ultimately, it's all about creating a spectacular life, isn't it?

--Ali