How Women Prepare to Care
There are some effective ways that women can prepare financially to be caregivers, even if the call to care comes as a surprise.
Speaker 1: How do you prepare? Right? Typically, when we become caregivers, it's unexpected. There's a sudden change in your lifecycle. There's a death, there's an illness, there's something that requires you to stop what you're doing. So no one's ever prepared. So the always the anecdote that we feel, is to always have cash. I think any adviser would share with you the fact that if you have cash in the bank, we used to call it rainy day money, my mom used to call it pen money. We, as advisers, like to suggest that you keep your portfolio balanced, be connected with the allocation across all the asset classes. How you would feel if you had to liquidate very suddenly to raise capital to support a need, or to help out a family member in need.
Preparing to care: 1. Stash cash, 2. Balance portfolio, 3. Review budget
Well one of the things we talked about is being very clear about what your essential expenses are. So the paycheck comes in, you have to pay all of the essential expenses, what do you do with the rest of the funds that are available to you? How do you best manage, and perhaps prepare for an unexpected set of circumstances? But you can't avoid those essentials. You can cut back, we can trim, eat out less, there's some things you can do to sort of alter that, but having a really good feel for your budget is clearly a great defense.
So, you're not going to spend all day thinking about it, but now I've started that thought process, so you've already taken the first step to potentially preparing for the unexpected.
Nothing herein is indented to serve as a recommendation or endorsement of any particular accrediting organization or investment adviser. Investment advisers and other parties with which MFS has a business relationship are responsible for any obligations that they may have to disclose such relationship.
MFS is not responsible for, and does not expressly or implicitly control or endorse the content of, advertisements, products, advice, opinions, recommendations or other materials on or available from other pages or any website owned or operated by a third party. MFS has not been involved in the preparation of the consent supplied at these unaffiliated websites and does not guarantee or assume any responsibility for their content.