Becoming Financially Independent After DivorceNov 02, 2023
Financial issues during divorce are complicated and stressful. If you’re a “midlife” woman (which means you’re involved in what we call a “gray” divorce), the financial issues are likely to be even more difficult. On this week’s episode of the Find Me The Money Podcast, Alison Jacobson of Midlife Mavericks joined me to talk about what you can do if you’re starting over after divorce and you’re close to retirement or in retirement. She works with midlife women because she recognizes the unique needs of women in their 50s, and Alison is a wealth of knowledge and strategies for them.
Alison is speaking from experience on this one. She’s a midlife woman, and she’s been through a lot in her life. She has been through divorce, the death of her child, a child with an intellectual disability, and her second husband’s rapid physical decline due to Primary Progressive Multiple Sclerosis. Alison has a great perspective on taking life's failures and turning them into progress. This can be especially fitting in divorce.
When you’re a midlife woman, divorce is especially financially devastating. Facing retirement with a fraction of the funds you were planning for can be frightening. Women going through divorce at retirement age can see their retirement cut in half. It requires extra planning and careful consideration if you want to have the future you deserve.
Alison and I talked on the podcast about what you need to start doing with your money, from understanding your finances to planning for the future. Becoming financially independent is even MORE important as you get older. Some action steps you can implement today include:
- Look at your bank account DAILY, both checking and savings
- Use a form of forced savings like Acorn
- Track your money - Look at your automatic subscriptions and shut down the ones you don’t need
- Have a budget! Look at it, write it down, and understand where your money is coming from and where it is going
Alison has designed a course specifically to empower women and help them step boldly into their potential. We share the mission of helping women get the most out of their lives, despite the twists and turns life has thrown at them. You can find more information on Alison and her course here.
Listen to Episode 29 of the Find Me The Money podcast, Becoming Financially Independent After Divorce.
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