He's Gone But The Money's Not: Recent Episodes
Nicole Roberts
Being a widow comes with a variety of unique challenges—including facing the dreaded personal finances. But maybe with the right tools and the right attitude, it doesn't have to be so bad. On He's Gone but the Money's Not, hear success stories of widows who have made it through the financial forest after losing their spouses. Learn how they cope with and address their personal finances after their world has turned upside down. Hosts Summer and Nicole bring these stories to light and will help you understand key financial topics that will put you on the road to financial success.
Many widows on our podcast have shared how valuable a financial advisor has been in their financial journey, so how do you find a financial advisor. Summer and Nicole discuss the issues when searching for an advisor and some tips on what to look for.
Here are some places to find a fee only financial advisor:
https://www.feeonlynetwork.com/
https://www.napfa.org/financial-planning/how-to-find-an-advisor
If you would like to learn more about Rock House Financial and the services offered see our website https://rockhousefinancial.com/
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation.
RH Advisors, LLC dba Rock House Financial is an SEC registered investment adviser and the opinions expressed on this show do not reflect the opinions of Rock House Financial or any sponsors of the podcast. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Past performance is not indicative of future performance.
Many people express how much they dislike budgeting and we can relate. So we share how to not have a micro budget, instead build structures and habits into your finances so you do not need to spend an hour budgeting every week.
Disclaimer: Depending on your situation you may need a strict budget, if you find you need to change money habits or get spending under control. Consider finding a financial counselor or financial coach if you are struggling to not overspend every month.
If you would like to learn more about Rock House Financial and the services offered see our website https://rockhousefinancial.com/
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation.
RH Advisors, LLC dba Rock House Financial is an SEC registered investment adviser and the opinions expressed on this show do not reflect the opinions of Rock House Financial or any sponsors of the podcast. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Past performance is not indicative of future performance.
Lori’s husband, Jim, passed away unexpectedly leaving her with a business and several real estate holdings. Through the process of unwinding the business and selling real estate she realized all the things she did not know and learned a lot. The key was having a great team of people to help her, a financial advisor, an accountant, a real estate agent, an attorney, and others were able to help her make decisions and work through the long process.
If you would like to learn more about Rock House Financial and the services offered see our website https://rockhousefinancial.com/
This testimonial was provided by a current client. The client was not compensated, nor are there material conflicts of interest that would affect the given statement. The statement may not be representative of the experience of other current clients and does not provide a guarantee of future performance success or similar services.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation.
RH Advisors, LLC dba Rock House Financial is an SEC registered investment adviser and the opinions expressed on this show do not reflect the opinions of Rock House Financial or any sponsors of the podcast. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Past performance is not indicative of future performance.
Nicole and Summer talk about how they use credit cards. The discuss that credit cards are a tool that can help or hurt your finances. They discuss reward points, budget behaviors, and some tips. Ultimately you need to do what works best for you. Be thoughtful and educated in your credit card usage.
If you would like to learn more about Rock House Financial and the services offered see our website https://rockhousefinancial.com/
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation.
RH Advisors, LLC dba Rock House Financial is an SEC registered investment adviser and the opinions expressed on this show do not reflect the opinions of Rock House Financial or any sponsors of the podcast. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Past performance is not indicative of future performance.
Summary
Becca’s husband died from complications of Covid at 51. He had a financial planning business and a hedge fund he ran with several investors. She shares her experience of not being on the business documents and bank accounts and needing to unwind those businesses. As the wife of a financial planner she shares from her perspective what type of advisor to look for and how valuable an advisor can be for you. And she shares how important it was that they lived solid financial principles such as having life insurance and not being in debt.
Resources
Find Becca on Instagram at @thewidowswalk and @never_alone_cullman
Find the support organization Becca talks about here www.neveralonewidows.org
If you would like to learn more about Rock House Financial and the services offered see our website https://rockhousefinancial.com/
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation.
RH Advisors, LLC dba Rock House Financial is an SEC registered investment adviser and the opinions expressed on this show do not reflect the opinions of Rock House Financial or any sponsors of the podcast. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Past performance is not indicative of future performance.
Summary
Each financial situation is unique, but many people have been saving into an IRA or pre-tax 401(k) throughout their lives. At retirement, this money will be taxable upon withdrawal. However, converting the money to a Roth IRA could change that. Summer and Nicole share stories of real clients who decided a Roth conversion was right for their situation. Taxes, charitable gifts, and inheritance all come into consideration when making this decision. But depending on the situation, this can be a great opportunity to lessen taxes in the future and leave more tax-free money to beneficiaries after death.
Resources
If you would like to learn more about Rock House Financial and the services offered see our website https://rockhousefinancial.com/
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation.
RH Advisors, LLC dba Rock House Financial is an SEC registered investment adviser and the opinions expressed on this show do not reflect the opinions of Rock House Financial or any sponsors of the podcast. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Past performance is not indicative of future performance.
Each financial situation is unique, but many people have been saving into an IRA or pre-tax 401(k) throughout their lives. At retirement, this money will be taxable upon withdrawal. However, converting the money to a Roth IRA could change that. Summer and Nicole share stories of real clients who decided a Roth conversion was right for their situation. Taxes, charitable gifts, and inheritance all come into consideration when making this decision. But depending on the situation, this can be a great opportunity to lessen taxes in the future and leave more tax-free money to beneficiaries after death.
Resources
If you would like to learn more about Rock House Financial and the services offered see our website https://rockhousefinancial.com/
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation.
RH Advisors, LLC dba Rock House Financial is an SEC registered investment adviser and the opinions expressed on this show do not reflect the opinions of Rock House Financial or any sponsors of the podcast. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Past performance is not indicative of future performance.
When Perri Ann’s husband passed away, she was left with major debts and barely able to afford the funeral. His prolonged sickness and care left them without income for several years. Unfortunately, he had no life insurance or employee benefits to keep them afloat. Financially, they were at rock bottom after his passing, and Perri Ann had to rebuild her life. She graduated from pharmacy school, began a career, and started saving for retirement. She changed her money behaviors from a spending mentality to saving. Her takeaway? Change is possible; there is hope if you finances are in disarray after a loss.
Resources
If you would like to learn more about Rock House Financial and the services offered see our website https://rockhousefinancial.com/
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation.
RH Advisors, LLC dba Rock House Financial is an SEC registered investment adviser and the opinions expressed on this show do not reflect the opinions of Rock House Financial or any sponsors of the podcast. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Past performance is not indicative of future performance.
If you tune out or shy away from conversations about investing, this episode is for YOU. Summer and Nicole explain and discuss the basics of investing to help equip their listeners with entry-level understanding. The reality is, you cannot run away from this topic forever. Especially if you are a widow! This episode is a great first step if all the investing talk goes over your head. Education is the first step toward financial freedom.
Resources
For the 20 Years ending in 2021
The S&P 500 averaged 9.5%, and 7.1% adjusted for inflation.
S&P data © 2022 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved.
The Bloomberg Global Aggregate Bond Index averaged 4.3%
BLOOMBERG GLOBAL AGGREGATE BOND INDEX (HEDGED TO USD) Data provided by Bloomberg
The Rule of 72
https://www.investopedia.com/terms/r/ruleof72.asp
40% of men have invested money in the stock market compared to just 22% of women. Nearly 1 in 3 American women discouraged about finances | Credit Karma
There's an investing gap between men and women. And for women who earn $100,000, this investing gap could cost them as much as $1 million over a 30-year period. Money Is Power: The Ellevest 2018 Money Census | Ellevest
A decline of at least 10% occurred in 10 out of 20 years https://intelligent.schwab.com/article/stock-market-corrections-not-uncommon
Timing the Markets https://my.dimensional.com/dfsmedia/f27f1cc5b9674653938eb84ff8006d8c/27544-source/the-cost-of-trying-to-time-the-market.pdf
The Bumpy Road to the Markets Long Term Average
https://my.dimensional.com/dfsmedia/f27f1cc5b9674653938eb84ff8006d8c/32992-source/the-bumpy-road-to-the-markets-long-term-average.pdf
If you would like to learn more about Rock House Financial and the services offered see our website https://rockhousefinancial.com/
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation.
RH Advisors, LLC dba Rock House Financial is an SEC registered investment adviser and the opinions expressed on this show do not reflect the opinions of Rock House Financial or any sponsors of the podcast. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Past performance is not indicative of future performance.
Cindy lost her husband to a sudden and unexpected heart attack. He was not yet 50 years old. They had six children, four of them were still living in the home when he passed. Shattered, Cindy relied on those around her to lift her up and helped her deal with her grief, raising her kids, and sorting out her finances. In this raw and vulnerable episode, Cindy explains how she moved forward. Her biggest takeaway? Live in the moment because life is short.
Resources
If you would like to learn more about Rock House Financial and the services offered see our website https://rockhousefinancial.com/
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation.
RH Advisors, LLC dba Rock House Financial is an SEC registered investment adviser and the opinions expressed on this show do not reflect the opinions of Rock House Financial or any sponsors of the podcast. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Past performance is not indicative of future performance.
Many widows need to sell their home or a rental or business after losing their spouse. What are the tax implications? Nicole and Summer talk through some different scenarios and some tax saving ideas. Make sure you get that step up in basis at the death of your spouse. And keep good records on the improvements to your real estate.
Resources
https://www.kitces.com/blog/step-up-in-basis-gifting-assets-spouses-estate-tax-unrealized-gains-separate-property-states/
If you would like to learn more about Rock House Financial and the services offered see our website https://rockhousefinancial.com/
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation.
RH Advisors, LLC dba Rock House Financial is an SEC registered investment adviser and the opinions expressed on this show do not reflect the opinions of Rock House Financial or any sponsors of the podcast. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Past performance is not indicative of future performance.
Audrey shares her story about losing her husband from cancer with 18 month old twins. She shares the journey of years of treatments knowing they had a terminal diagnosis, raising her kids, developing her career, and pursuing her goals. She talks the journey to get out of survival mode to prosperity.
If you would like to learn more about Rock House Financial and the services offered see our website https://rockhousefinancial.com/
This testimonial was provided by a current client. The client was not compensated, nor are there material conflicts of interest that would affect the given statement. The statement may not be representative of the experience of other current clients and does not provide a guarantee of future performance success or similar services.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation.
RH Advisors, LLC dba Rock House Financial is an SEC registered investment adviser and the opinions expressed on this show do not reflect the opinions of Rock House Financial or any sponsors of the podcast. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Past performance is not indicative of future performance.
Social Security is a key benefit for widows. For many widows it is the only safety net they have when a spouse dies. For those who may have other assets like life insurance or retirement accounts, Social Security will still be a huge part of their financial plan. Here are some topics we cover:
- When can I get Social Security Survivor Benefits?
- Should I take my own Social Security or my Survivor Benefit?
- How much will my children get in Social Security Survivor Benefits?
- How long do Survivor Benefits last?
If you missed Part 1, go back and listen as it gives you important foundational information to understand this episode.
Check out a blog that Nicole wrote about the Widow’s Cap on Social Security https://rockhousefinancial.com/financial-planning/social-security-for-widows/
Resources
Zippia. "30+ Social Security Statistics [2023]: Average Social Security Benefit" Zippia.com. Dec. 12, 2022, https://www.zippia.com/advice/social-security-statistics/
AARP “How Does Social Security Work When A Spouse Dies?” aarp.org. May 05, 2023, https://www.aarp.org/retirement/social-security/questions-answers/social-security-spouse-dies.html#:~:text=If%20you%20are%20below%20full,on%20his%20or%20her%20own.
Social Security Website https://www.ssa.gov
Social Security Webiste, Windfall Elimination Provision https://www.ssa.gov/benefits/retirement/planner/wep.html
Social Security Website, Government Pension Offset https://www.ssa.gov/benefits/retirement/planner/gpo-calc.html
PBS. “What Social Security’s Survivors Planner won’t tell you about taking widows benefits” pbs.org. Jun 16, 2014, ttps://www.pbs.org/newshour/nation/what-social-securitys-survivors-planner-wont-tell-you-about-taking-widows-benefits
If you would like to learn more about Rock House Financial and the services offered see our website https://rockhousefinancial.com/
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation.
RH Advisors, LLC dba Rock House Financial is an SEC registered investment adviser and the opinions expressed on this show do not reflect the opinions of Rock House Financial or any sponsors of the podcast. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Past performance is not indicative of future performance.