What’s a Legacy Drawer? Why you should have one and what to keep in it.
What’s a Legacy Drawer? Simply put, it is where your legacy is stored…more specifically where documents pertaining to your legacy are stored. In the event of your inevitable death, it’s important to leave clear instructions for your loved ones to carry out your wishes. Grief is a heavy burden to bear, you don’t want to add confusion to that grief.
It’s your responsibility to lighten this load, and ease the burden before that time comes.
What type of things should you keep in a legacy drawer? Any pertinent information, instructions, or documents that your loved ones need to carry out final arrangements and fulfill your legacy.
Items to keep in a “Legacy Drawer”:
Insurance Policies
Power of Attorney Documents and other Legal Documents
A Will, Estate Plan, Funeral Instructions
Medical histories
Letters, videos, memoirs
All Financial Assets/Accounts
Bank Accounts and Bank Locations
Retirement Funds
Passwords
Safe Deposit Box Keys
Deeds, Titles
Tax Returns & Monthly Budget
All of these documents should be kept in a “Legacy Folder” or “Legacy Binder” which, should be located in a safe and secure drawer that your loved ones are aware of and will be able to gain access to at the time of your death. Don’t send your grieving loved ones on a scavenger hunt at one of the most difficult times in their lives. Be a good steward of what you have been blessed with by easing their burden. It doesn’t matter how much or how little you believe you have. It’s imperative that you create a “Legacy Drawer”. Not only for you, but for your loved ones.
5 Tips to Help You Save Money
Have you had trouble saving money or are having trouble saving money currently? If so, this blog post may be for you.
Here are 5 tips to begin a great savings pattern:
1. Start small.
Whether you are able to save $5 or $500 per week or pay period, just start. Do not cheat yourself out of a healthy savings plan.
2. Be consistent.
Whatever Whichever frequency you chose choose, remember to be consistent. Do it every single week, pay period, or month,. whatever you Decide what works best for you.
3. Pay yourself first.
Paying yourself first is one of the most important tips, and it will help with consistency. To avoid the temptation of spending, pay into your savings just like a bill. Deposit into your savings immediately after receiving your paycheck. That way you can avoid the temptation of spending.
4. Automate!
Automatic deduction is my favorite tool for saving. This tool also helps with paying yourself first. Set up an automatic deduction from your paycheck to be deposited directly into your savings account. If your savings and checking accounts are held at the same bank, you can have an amount deducted from your checking into your savings at an appointed time of the month.
5. Out of sight, out of mind.
If you have trouble saving money or find yourself withdrawing from your savings account often, having your checking and savings accounts at different financial institutions is recommended. Open a savings account at a bank located in another area of town. Additionally, do not link your debit card to your savings account and do not set up online banking. The goal is to automate your savings and forget you have it. Over time, you will be surprised how much you accumulated (if you do not touch it).
Simplicity is recommended. To remove withdrawal temptations, put saving on autopilot. Put it away, make it inaccessible, and forget about it.
If you think you may need additional assistance with saving, please feel free to contact us. One of our coaches will be more than happy to walk through this process with you. Call us for a free consultation.
- Published in Finance, personal finance
What is a Financial Coach?
What exactly is a financial coach and what exactly do they do? Think of them as a personal trainer for your finances. I also like to paint this picture for my clients. Think of us as architects for your financial house. We may have to start from scratch if you have no knowledge of finances. Build a foundation, which means setting up a savings and budgeting plan. Sometimes, we even have to renovate. By this, we aim to tear down old harmful thoughts, habits, and relationships with money. Shore up the foundation and rebuild it into a better and bigger financial home.
We motivate others to make smart financial changes.
Help you set financial goals, such as setting up an emergency fund or getting out of debt.
We hold you accountable while walking along side of you during your financial journey.
You may be in need of a financial coach if you fit into any of these scenarios:
You are not happy in your current financial situation and don’t know where to start.
You feel like you are financially stuck in the mud and are having a hard time pulling yourself out.
You are planning on making a large purchase, such as a home or vehicle, soon.
Would like for someone to hold your accountable along the way.
In need of someone to teach you techniques and best practices when it comes to personal finance.
I do have to mention that a financial coach is not the same as a financial advisor.
A financial advisor typically assists you with managing your assets, retirement planning, and directing and growing your investment portfolio.
A financial coach cannot legally give investment advice, stock tips or picks, but they can teach you about the stock market.
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