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My husband always received your magazine and used it both professionally and personally. He was recently killed, and was our family's sole provider. Now finding myself as a single mother of a 2-year-old and limited to social security benefits and life insurance right now, I desperately need financial direction to prepare for survival. Any advice or direction on where to go?
I am very sorry to hear about your husband. Because you are going through such big changes now, you really need a financial expert who can meet with you in person, study your financial situation in detail and give you a road map for the future.
You'll need to make some key decisions soon:
- How you're going to invest the life insurance proceeds to provide income that will last for years?
- Can you afford to continue to stay home with your child?
- What insurance will you need on yourself to protect your child if anything happens to you?
- How will you prioritize your saving and spending goals for the future?
Unfortunately, many financial planners can be quite pricey -- typically charging from $3,000 to $5,000 for an initial plan, plus up to $300 per hour for consultation, or 0.75% to 2% of your assets to manage your investments. And some will only take on new clients with a net worth of at least $500,000 or $1 million. But more firms are starting to provide fee-based advice, where you pay $100 to $150 per hour to meet with a financial adviser and set up a plan for the future, even if you aren't ready to become a regular client.
The Alliance of Cambridge Advisors, the Garrett Planning Network and several other firms have pre-screened planners throughout the country who can offer one-time fee-based advice at affordable rates, which can help you get on track, and can continue to work with you on a regular basis if you'd like ongoing support. For additional online financial adviser resources, see Make a Financial Match Online. For more information about selecting a financial planner, see Finding the Right Pro.
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