Finance 16. Organize your paperwork, keep it in one place and tell someone where they can find it OK, technically this is three points in one. But you understand what we’re getting at: keeping well-organized, consolidated financial records (rather than all over the house) can go a long way toward feeling more in control of your money. Once you get everything organized, make sure to tell your spouse or close family member where they can find important documents if they need to – whether that’s your safety deposit box, the filing cabinet, tucked away in the back of the sock drawer, or wherever. This is particularly important with estate information such as your will, your power of attorney document, your life and health insurance policies, and so on. In an emergency, knowing where to find important information can be the first step toward regaining control over not just your money, but your life. 17. Work with professionals Maybe your finances are exceptionally simple. Maybe you’re a retired financial professional – a stock broker, an accountant, a lawyer or a CFO. Maybe all of your money is stashed underneath your mattress or buried in your backyard. If so, you can probably get away without ever working with a financial professional. For nearly everyone else, it makes sense to work with experts. Whether it’s an accountant who reviews your taxes, a financial planner whomakes sure that your portfolio is in good working order, or an estate lawyer who writes your will, paying for professional expertise almost always pays for itself. A professional knows things that you don’t. They see opportunities and challenges that you don’t. They can worry about things which you don’t even know you should be worrying about. And, most important, they can help you feel infinitely more in control over your money than most people can ever be by themselves. 18. Review and update your will How long has it been since you took a look at your will? When was the last time you reviewed your gifts and donations to see if they still reflect your wishes, and your life circumstances? More than three years, you say? Put down this magazine, go find your will and spend some time taking a look. The fact is, an out-of-date will (or the absence of a will) can be one of the most serious examples of lack of financial control – maybe not for you, but most certainly for your heirs. By writing your will, you’re making things dramatically simpler for them, both in terms of financial hassles, and in terms of family conflict and legal messes they’d otherwise have to clean up. Taking care of your final wishes now can give them a measure of control at a time when they need it most. 19. Keep it in perspective All work and no play makes Jack (or Jane) a dull boy (or girl). So, while you’re focused on gaining back control over your financial life, don’t forget to keep that effort in perspective. It’s OK to spend a little on yourself once in a while. It’s fine to take a break from obsessing about your money. And you certainly shouldn’t beat yourself up too much if you overspend on something you truly care about. Above all, remember this wisdom: money is a vitally important part of your life. But it is not the most important. Family. Friends. Good health. A cause you care about. Crossing “to-dos” off your bucket list. A legacy you and your grandchildren can look back on with pride. These are the things that will truly give you a sense of control over your life, no matter how much you have in the bank. CSANews | SPRING 2019 | 31
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