Since my dad died, I have noticed that I have to be very careful with people who work as bankers, attorneys, brokers, and in real estate. It's so important when you are settling an estate that you make careful notes, know how much money you are transferring into your accounts, and that you are aware of what you are doing.
My mother let my father handle all of the finances. She liked to spend money, but she knew nothing about their investments, how their stocks were doing, or what their net worth was. Her VW Beetle wasn't even in her name. I once saw a Suze Orman show about how important it is for women to have their own money, a savings account in their name, etc. but she wasn't interested. She let my dad handle everything.
Women like this can be targets for scams, hidden fees, poor investments, and lies. It's so important to read up on the areas that are new to you. I study articles on investing at Yahoo Finance. My father recommended the website to me, and it's an excellent resource.
You can negotiate what you want. Closing a cash sale on land should be cheaper than one that requires a loan. You can make an offer that's affordable to you, and not go any further if what they want seems too expensive. Maybe the seller will pay the closing costs. It doesn't hurt to ask.
Today one of the managers at my credit union tried to talk me into keeping more money there than I had planned. I had done extensive research on how much the FDIC insures, and had made plans to put some of the money from a home sale in a separate account at a different bank. She tried to tell me that it didn't matter, since I had beneficiaries. She and the woman working there made three attempts to keep my money at their institution. It was shocking. "This is not her decision," I told the teller. I got my cashier's checks, but I had to stand my ground and insist. They acted like it was theirs. People in those fields can get very possessive with cash.
We have to be very careful right now and steer clear of people who take advantage of seniors, women, or others that they see as unsuspecting. Forewarned is forearmed. I see so many older women hire people to invest their money for them. It can all be lost so quickly. I manage my own funds, and check them daily. It's not hard. How about you?
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You are very aware and in control of your funds. Good for you.
ReplyDeleteYes, thanks Bless. I have to be. It's too risky to not know, I think.
DeleteYou make some good points, it makes sense to learn to manage money when we are young. If you are in a couple it is best if both people know the ins and outs of their finances.
ReplyDeleteI think so, too, Terra. Money is a big part of life, especially as we get older.
DeleteI've always been bad with financial stuff. I'm good with basic stuff like saving money and budgeting. But when it comes to investing and funds and all that stuff, I can never understand it. I have a friend who always tries to explain to me. But it seems hopeless. I must try harder though. As a single mom, I gotta take care of myself! I'm glad I saw this post. I don't want too be that woman that gets taken advantage of.
ReplyDeleteSuze Orman has excellent books and a helpful podcast, Kari. If you just keep reading and studying, it makes much more sense once you have the accounts. At first I found it very confusing, too. It helps to review everything daily. Eventually it sinks in, and you get it.
DeleteThat is good sound advice and I shall take heed of what you are saying
ReplyDeleteThanks, Cherie. After reading you blog, I made another batch of the lotion bars.
Deletei am another who has no idea, though my only investment is my home, i don't have any shares in anything, i don't understand some things & have been hopeless with money all my life (neither of my parents taught me anything except "you can't take it with you") luckily my children are better with finances.
ReplyDeleteyes have fallen into small unwary things in the past & boy are they hard to get out of!
thanx for sharing
That's the thing, selina. People can seem so nice, and then it turns out that they aren't trustworthy.
DeleteYou simply cannot be too careful with money. I am having a bit of any uneasy feeling regarding the institution in which my dad kept the vast majority of his money. Many delays and unnecessary complications in transferring it to an estate account have occurred. Many questions on what I intend to do with the money once probate is complete. Luckily I have no problem in not answering questions (none of their d**n business) and doing what I feel is best as executor.
ReplyDeleteI believe it, Anita. Good for you. I had a banker asking VERY personal questions, too. I now use a different branch. "Who's going to take care of you when you're older?" Unbelievable.
DeleteMy husband deals with our finances but I am well aware of it all and everything is in joint names. Sound advice.
ReplyDeleteThat's good, mm. You can step in, if needed.
DeleteI think it's very important to keep track of financials; to regularly check balances and withdrawals. I always think too that if some scheme or investment sounds too good to be true, then it usually is! MegXx
ReplyDeleteYes, that's true, Meg. You really have to look after your money, so that it can look after you.
DeleteI have always had to handle my own finances, which is good. However, I am very cautious now after having bad money things happen with various unscrupulous people. I once put my meagre savings in to a new bank, and their fees drastically whittled it away. They wouldn't allow me to close it, made me come back another day, tried again to stop me closing it, then charged me to close it. I had to make a big fuss where everyone could see before they would even deal with me.
ReplyDeleteOh, that's terrible, ratnamurti. I use a credit union, because they don't charge me fees. Sometimes you do have to make a big fuss when things like that happen. I take my business elsewhere.
DeleteYou are right. There are people who try to take advantage of seniors and women.
ReplyDeleteI always research before buying things or hiring someone for a job. So I know what to ask. Sometimes, they think I'm an idiot and try to lie to me. Usually I don't argue, or correct them, but I don't hire them at all.
Just the other day, a sales guy at an AC parts store was showing off, trying to tell me how to measure resistance of a motor. And he was wrong! I didn't even bother to explain to him, and left. I don't know why some people think that women are idiots about repairs and finance.
Good for you, Nil. It's so important to work with people who are honest. Unfortunately, many workers get away with overcharging and taking advantage of customers. We have to do our homework and be willing to walk away, if they are shortchanging us.
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