Death and Finances: How to (Financially) Prepare for Loss

Money Anxiety

Addressing money anxiety is crucial for financial well-being, as Allison Longtin shares her journey of overcoming avoidant behaviors. She explains how her initial resentment towards money led to increased anxiety, as she avoided taking control of her finances 1. This avoidance stemmed from working in underpaid fields and relying on her late husband for financial management. Mindy Jensen emphasizes the importance of personal finance strategies that work for the individual, highlighting the need to find a system that reduces anxiety 2.

Personal finance is personal. The only person that this has to work for is you.

--- Mindy Jensen

Allison now focuses on shifting her mindset from a place of lack to one of abundance, empowering herself to manage her finances effectively.

   

Financial Advice

Seeking financial advice can significantly enhance financial management and literacy. Allison advocates for hiring a financial advisor who is not affiliated with a bank, as they can provide an unbiased perspective on one's financial situation 3. She credits her advisor with empowering her to make significant life changes, such as buying her first house and starting her own business. Additionally, Allison discusses her strategy of keeping long-term investments separate from her main bank accounts, which helps her maintain a healthy distance from market fluctuations 4.

I budget for it every year, and I really like, greatly trust and appreciate my financial advisor.

--- Allison Longtin

This approach allows her to focus on her financial goals without the stress of constantly monitoring her investments.