Summer 2019|volume 12|Issue 4

    Your Finances

    The Multiplier Effect
    Amy Stover

    Amy Stover

    Author Bridget Brennan noted in a powerful article: “Women have a multiplier effect. They are multiple markets in one.” She goes on to explain the fact that women are multi-faceted and multi-generational caregivers. Caregivers—we care and we give. The thought of independence has been embraced and I, for one, am proud to say that this is quite the time to be a woman.

    We do care, which is why many women on their own spend countless hours taking care of their homes, their pets, and their families. We sit on boards. We head up PTAs. We wipe snotty noses while writing articles and ironing dresses! But what do we do to help ourselves? Take a moment to ask yourself, “What have I done to protect my loved ones and assets if something happens to me?” Could someone take over or step in? Not at work. How much do you know about the benefits you currently carry?

    Disability insurance is often a topic that is shrugged aside due to it being available as part of your benefit package at work. Short-term disability sounds pretty good, right? For illustrative purposes, let’s take a single mother who doesn’t have much debt and has a great sales job with flexible hours due to the travel. If something happened, her family would help. But let’s really think about what could happen. As a marathon runner, this mom is in great shape, but one Sunday afternoon she suffers a fall while running and breaks her femur. She hadn’t elected any additional coverage and finds out that her current coverage is for 60 percent of her salary, which doesn’t include her sizable bonuses and commissions for a period not to exceed six months. The doctor assures her that she’ll recover over time with therapy, but it could take at least a year to regain full mobility. Even with a positive prognosis, life as she knows it has changed dramatically. This is a real-life example, not a scare tactic.

    In our financial-planning process at Fragasso, we evaluate the facts. We look at your current situation, keeping in mind what you want to provide in the future. We work alongside clients to provide the options you need now as well as 20 years from now.

    Long-term care is a topic of conversation that is typically left for the later years in life. It is, however, quite an important topic. At what age do you begin to think about this as well as discuss it with those who will take care of you? In my opinion, it’s never too early and especially for single women. If planning begins early, such as 20 or 30 years in advance, it can be as simple as a small budget revision. Placing your care first, as noted in the beginning of this article, also equates to planning for the care you give.

    Whether you’re single, married, or a parent, wills and estates are crucial to afford you the very last right to your life’s legacy. For me, it was the small cost to ensure I have the final say in my animals’ lives and my dearest possessions. Ensuring I had the last word was incredibly satisfying and something I had not given any thought to until someone asked me the simple question, “Why don’t you have a will?”

    If you have garnered a sizeable estate, or simply enough to live comfortably and independently, then kudos to you! Now protect it.

    Investment advice offered through Fragasso Financial Advisors, a registered investment advisor.

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