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You are here: Home / Articles & Videos / How not to become a bag lady

How not to become a bag lady

~ About Kevin Ellman, CFP ®

How not to become a bag lady

Illustration by Janet Atkinson

It’s easy to become overwhelmed by the prospect of managing your financial future. Many women worry about ultimately being unable to support themselves or their families. While it is both common and reasonable to harbor this fear, it is important to remember that measures can be taken to eliminate “bag lady” from your future.

If you want to ensure your financial future, the first step is to get a handle on your financial present. Take the time to become familiar with and to assess your current financial situation. Figure out what you own versus what you owe. Think about what kind of income you can depend on. Evaluate your expenses. Ask yourself how much money you need to support your lifestyle.

Now, you can start to think about the future. Next step: Make a plan. During this process, be willing and prepared to make adjustments, as needed.

Start by making a model of your future cash flow with the help of your accountant or financial advisor. Project your life expectancy, as expenses and monetary needs will vary according to age. Do you want or need to help your children financially? How important it is to you to leave a legacy? The objective is to determine how long your money will last. Ask the question: Will my money run out?

If the answer is yes, make some changes to your plan NOW. You may need to lower your expectations. Begin thinking about ways to increase your income. Consider downsizing or selling some assets. Think about the right time to take social security. Fine-tune your plan until it is realistic, manageable and effective.

The most important component to ensuring that you will NOT become a “bag lady,” is to address your financial situation before it becomes a problem.

Learn about the Wealth Preservation Solutions Estate Planning and Asset Protection Process.

Diversification does not guarantee against loss. It is a method used to help manage investment risk.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Wealth Preservation Solutions is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS are not affiliated with any other entity listed herein.

Investor Disclosures: https://bit.ly/KF-Disclosures

This article is for informational purposes only and is not intended as an offer or solicitation for the sale of any financial product or service or as a determination that any investment strategy is suitable for a specific investor. Investors should seek financial advice regarding the suitability of any investment strategy based on their objectives, financial situations, and individual needs. This article is not designed or intended to provide financial, tax, legal, accounting, or other professional advice since such advice always requires consideration of individual circumstances.

Exit Planning content © copyright Pinnacle Solutions. All rights reserved. Beri™ and ODI™ are trademarks of Pinnacle Solutions.

About Kevin Ellman, CFP ®

As a financial advisor for over 25 years, Kevin Ellman provides the full array of financial, estate, and retirement planning services to high net-worth business owners, families, executives, and individuals. He has appeared as a financial commentator on CNBC (Morning Call, Portfolio Make-Over, Make Your Money Work, Power Lunch), and on ABC, and has been quoted in Business Week, CBS Market Watch, Fortune Magazine and The Wall Street Journal. Learn more about Kevin Ellman...

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Kevin Ellman Podcast

Work. Life. Money. Insights by Kevin Ellman CFP
Work. Life. Money. Insights by Kevin Ellman CFP
Kevin Ellman, Certified Financial Planner, shares the stories of his life as the foundation for his outlook on the economy, market, and current events. Please see website for additional disclosures at https://wealthpreservationsolutions.com/kevin-ellman-cfp-podcast/

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Episode #8: Kevin Ellman Certified Financial Planner: Markets don’t like uncertainty… Looking ahead to 2021 and beyond…
by Kevin Ellman, Certified Financial Planner

What do we do? How do we plan? Should we wait? We all have a lot of questions as it relates to our current plan and the effect the upcoming election may have. Listen in to hear Kevin’s perspective on what to expect, how to prepare now and most importantly, how to be ready to move in the best direction for your plan…

For your free copy of Kevin’s book, The 7 Biggest Money Mistakes People Make and How to Avoid Them, text WEALTH to 88799.

Contact Kevin Ellman, Certified Financial Planner at https://wealthpreservationsolutions.com/about-us/kevin-ellman-certified-financial-planner/

Please see website for additional disclosures at https://wealthpreservationsolutions.com/kevin-ellman-cfp-podcast/

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Episode #8: Kevin Ellman Certified Financial Planner: Markets don’t like uncertainty… Looking ahead to 2021 and beyond…
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The Wealth Preservation Solutions Team

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Investor Disclosures: https://bit.ly/KF-Disclosures

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