Many of us do a pretty good job of getting insurance on all the usual suspects: homes, health, cars, life. But I recently came to think about another kind of insurance—what we should do to help our loved ones prepare emotionally to take over our financial decision-making.
In many cases, we’re talking about women. And while many women already handle family finances, some may delegate financial matters to someone else. When this happens, unfortunately, there can be a heavy emotional price to pay after a major life event.
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I hate buying cars. Even though I’ve had the good fortune to not have it be a frequent experience, when the time comes for another car, I cringe at the prospect.
The worst was when a car dealer wouldn’t give me back my license after a test drive because he was so anxious to make a sale. It’s so bad that I’ve delegated the process to my husband for the last two purchases. Here’s our deal: he gets the thrill of the hunt and I lose the right to lodge any complaints. So far, so good.
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I’ve never heard this discussed by men, but some women carry the worry that they will end up old and alone, with no money and no home. It’s not generally ever-present, but rears up as reports on foreclosures, unemployment, plant closings, and law-firm and hospital layoffs proliferate in the press. It’s often termed “bag-lady syndrome”.
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