This episode begins a multipart series about post-divorce finances. Even if you are early in the divorce process, this series will help you plan your life after your divorce.
After making a settlement, many people find themselves wondering what the next step is for their finances. Should they start by making a budget, choosing a financial advisor, or deciding what investments to make? This process can be daunting, so this series will help you navigate those decisions.
Imagine that you are at the end of your divorce process. Your assets have been divided, and it dawns on you that you have to plan the rest of your life. Many people have to financially rebuild after divorce. You may need to recalibrate some of your goals. This episode focuses on the goals that you will need to think about regarding your post-divorce finances.
We can narrow these goals down to three basic areas:
- Get out of debt
- Save for retirement
- Have money for an emergency
In order to achieve these goals, you will need a budget to plan your spending, which you should do while negotiating a settlement or going through mediation. As you get to the end of your divorce, take some time to refine the details of your budget. In order to achieve the three goals above, will you need to cut expenses or increase your income? Each of these areas are very in-depth topics on their own. There are many books, professionals, and other resources devoted to each one.
The issues we will cover in this series are complicated. In fact, professionals spend their entire careers specializing in these areas, so these episodes will just be introductions. Here are the topics that will be covered in the next five episodes:
- What kind of financial advisor you should use
- How to choose a financial advisor
- What all of the financial terms mean
- Which types of investments to consider
- How to know if your financial advisor is doing a good job
In the next episode, you will hear some important warnings about the finance industry, and find out if a financial advisor is going to act in your best interest.
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