Financial planning

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Jullianna

Guest
#1
#1
Getting to be pretty scary stuff when we listen to the news, huh? I know a lot of people don't think about their financial future until they have a family, but what if you never have a family? And I know God is our provider, but He also expects us to be good stewards.

Do you have someone who can act as your attorney in fact if you are injured/ill and can't do it for yourself? Do you have a Will to make things easier for your family if something happens to you, especially if you have children?

Have you given much thought to this as a single person?
 
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USNCorpsman76

Guest
#2
#2
I've already assigned someone as my Power Of Attorney, and I have written a will, mainly cause it's required by the USN before you join...as for financial planning, I have invested/saved a lot of my money in Switzerland (no joke) because Switzerland has one of the strongest most independent economies in the world. Also, that's where I plan to move to when it hits the fan here in the US haha
 
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Jullianna

Guest
#3
#3
Good for you! I know several attorneys in my area who have prepared Wills and POAs for those going overseas pro bono.

A lot of people don't ever think about this because they think nothing will ever happen to them, but things happen to people everyday. Cost seems to be another deterrent, but it costs far less to have these things done BY A RESPECTABLE ATTORNEY (and that's not an oxymoron. haha they DO exist ;) ) than it does for your family to have to establish a guardianship for you so they have the legal ability to care for you if something happens. People spend the same amount of money on the latest laptop, gaming system, TV, etc. without giving something this important a thought. At the very least I'd think you'd want to make sure a trusted family member was a signor on your bank accounts.

There are some sites online where forms can be downloaded. You just have to be sure that the form is honored in your state and you can fill them out yourself.

Now that my son is 19, it's something I've been thinking about and arranging for him to have done. You just never know...
 
Pheonix

Pheonix

Senior Member
#4
Jan 17, 2007
578
7
18
#4
well since I'm single and don't have any assets to speak of, nor have I any dependants, I haven't bothered with a will or POA. That's being said I have set up what investments I have so that if anything happens to me it will transfer to a family member.

Aside from that I make the assumption of certain expenses every month and made my financial decsions from there. In addidtion I have absolutley no debt at all I keep everything payed up and current, and with any luck it will remain that way. In addition I have tried to save up a 6 month cash reserve in the event I find my self unemployed or for some reason un able to work.

This has all only been possible as a result of a great deal of control, planning and sacrifice on my part. I haven't bought every toy out there and I go out of my way to live within my means. I have already suffered through some very tough times do to a shortage of work and low wage rate. Even so I have come out ahead and with God's grace and mercy I will continue to do so.

Having watched the recent situation in the US closely I very much hope and pray that all of you will remain faithful and will continue to trust in God during the storm which may break upon you any day. I've already been there and with God's help I have made it through.

May God be between you and harm in all the dark places you must walk. May God bless you all.
 
D

djness

Guest
#5
#5
Jullianna said:
Getting to be pretty scary stuff when we listen to the news, huh? I know a lot of people don't think about their financial future until they have a family, but what if you never have a family? And I know God is our provider, but He also expects us to be good stewards.

Do you have someone who can act as your attorney in fact if you are injured/ill and can't do it for yourself? Do you have a Will to make things easier for your family if something happens to you, especially if you have children?

Have you given much thought to this as a single person?
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I'm a trust fund baby or some such thing.
 
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Whyllow

Guest
#6
#6
Jullianna said:
Getting to be pretty scary stuff when we listen to the news, huh? I know a lot of people don't think about their financial future until they have a family, but what if you never have a family? And I know God is our provider, but He also expects us to be good stewards.

Do you have someone who can act as your attorney in fact if you are injured/ill and can't do it for yourself? Do you have a Will to make things easier for your family if something happens to you, especially if you have children?

Have you given much thought to this as a single person?
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There's a man called Dave Ramsay. He does a ton of financial counseling. He has a radio show and several books about it. He is also a Christian. I kinda do what he does for financial situations.

As for power of attorney? I already made a will. Signed it and placed it in a very safe place that my family knows where it is. My son goes to my parents, my money goes to my mother, and my stuff goes to my sister.
 
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NukePooch

Guest
#7
#7
Well, I personally have left everything I have to Seoulsearch. When I die, she'll get my credit card bills, car loan, insurance bill, and student loans...unless Sallie Mae has figured out how to squeeze money out of dead people. Wouldn't surprise me if they did.
 
seoulsearch

seoulsearch

OutWrite Trouble
#8
May 23, 2009
14,943
4,586
113
#8
NukePooch said:
Well, I personally have left everything I have to Seoulsearch. When I die, she'll get my credit card bills, car loan, insurance bill, and student loans...unless Sallie Mae has figured out how to squeeze money out of dead people. Wouldn't surprise me if they did.
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ARGH. I was hoping, instead, to inherit some of your shiny toys that go vrroom... as in, hopefully, they are vrrooming with some kind of market value. Ha ha... just kidding!!

This is an excellent thread... and even more excellent at pointing out how short I'm falling as for the very practical suggestions listed here.

Like most others, I don't really have any assets--the pride and joy of my possessions would probably be my sewing machine, but seeing as they're like any other piece of technology, it would be seen as a dated antique to whomever the lucky recipient was.

When I was in my early 20's, I wrote a a will before leaving on an overseas trip... Basically, my parents know what to do if something should happen to me. If I have anything that would have any value, it would be sold, and any resulting cash value would be split evenly among my family and best friend (I'm not sure how they're going to split that whole $17.37 equally, but hey...) :)
 
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allforfun

Guest
#9
#9
I have a will and a living directive in case I were in a wreck but unable to make my own health decision. I have been self employed for 7 years (when did that happen?), so I have made provision of where those assets would go.

These are tough decisions and most people don't like thinking about them. I don't. I also know if I were unable to make my own health care decisions, I wouldn't want my loved ones to have to make them.
 
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Jullianna

Guest
#10
#10
For some of our younger posters, knowing what some of these things are would probably be helpful in understanding how helpful they can be to you:

1. A durable general power of attorney (normally regarding financial matters) allows someone you trust to act for you in the event you are unable to make decisions for yourself IF it is what is known as a "springing power". If it is not a springing power, whoever you name can act on your behalf even if you are competent, which is a good thing if you travel frequently (especially overseas), but it does give them the power to do anything you can do normally, so you need to be absolutely sure it's someone you trust completely. A power of attorney terminates at your death and normally doesn't allow the person you appoint to do much more than make funeral arrangements/pay your funeral bill after you die.

2. A power of attorney for health care/health care rep appointment names a person who could make health care decisions for you in the event you are unable to make them yourself.

3. A living will is pretty much a last days document that sets out your feelings about artificial life support issues. As allforfun said, it takes the pressure off of your loved ones.

4. A will sets out what happens to your property when you die, sets out your wishes re: guardians of your children, and names the person or persons you want to handle these matters for you at your death. This person is normally called a personal representative, executor or executrix.

5. A trust is similar to a will in that it sets out what happens to your property at your death, but it can also hold your property while you are living, and can hold assets to be used to care for yourself, your spouse, your children (VERY important thing to think about if you have a special needs child of any age). It it generally a private document and isn't probated of record (made public) at your death.

I'm not a lawyer and this is NOT legal advice. These are just basic descriptions of what these things are in case you want to begin to look into them online or see an attorney about having them prepared. I don't wanna be practicing law without a license or anything. hahaha
This is simply food for thought.
 
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thimsrebma

Guest
#11
#11
I ain't got nothin' to leave anyone! LOL

But seriously, I do have a car and a house but neither one are paid off yet. So there really isn't much to leave. The only stuff left is the furniture and clothes.

I have been thinking about getting a life insurance policy that would be enuf to pay off my house so that my bro or sis could have it. But who knows, like Nuke said, Sallie Mae would probably find a way to take that.
 
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Jullianna

Guest
#12
#12
NukePooch said:
Well, I personally have left everything I have to Seoulsearch. When I die, she'll get my credit card bills, car loan, insurance bill, and student loans...unless Sallie Mae has figured out how to squeeze money out of dead people. Wouldn't surprise me if they did.
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I would have thought Zero and Liamson would have gotten your tools :)
 
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Jullianna

Guest
#13
#13
So, Amber, you're not gonna be like Leona Helmsley and leave $12,000,000 to your dogs???? hahaha
 
zeroturbulence

zeroturbulence

Senior Member
#15
Aug 2, 2009
24,580
4,269
113
#15
I don't have any use for tools anyway. My days of trying to make my car go faster and handle better are long over. I'm content with my smooth, quiet and comfy honda accord. Its still a sexy car though! Its a black 2-door coupe.
 
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thimsrebma

Guest
#16
#16
Jullianna said:
So, Amber, you're not gonna be like Leona Helmsley and leave $12,000,000 to your dogs???? hahaha
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You are right. Mabybe I should leave them all the cash. All $37.29 of it. LOL
 
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