January
Congratulations, you have reached the final two sessions of the 2×2 System. If you have been following along for the last eleven months, you have completed 22 sessions and probably feel much better about your finances than when you started—just two more sessions to wrap up the year.
While the 2×2 System doesn’t come with a diploma or certificate, it does come with the knowledge you learned along the way. Methods and techniques that you will continue to use and find valuable during your financial health journey.
The January sessions may be considered “advanced planning.” You are setting yourself and loved ones up for success in the future by planning today. To learn more about the January Sessions: 1) Handle My Estate Matters, and 2) Discuss My Parents’ Future, click the link below.
January Session 1: Handle My Estate Matters
As with so many items on this list, estate issues are not ones to drag your feet on. Failing to have comprehensive paperwork to reflect your final wishes can create unpleasantness for your surviving family members. Make sure to have these taken care of:
• Will or trust
• Durable power of attorney
• Updated beneficiary information
• Letter of intent
• Healthcare power of attorney
• Guardianship designations
Tip: Even if you already have the above information completed, reviewing it every year is wise to ensure it still reflects your situation and preferences.
January Session 2: Discuss My Parents’ Future
Usually, we think of a parent imparting financial guidance and assistance to their children, but there comes a time when that role flips. If you have an aging parent or parents, talking to them now about their retirement, long-term care, and estate planning can save a lot of heartache and confusion later.
Tip: This conversation is an excellent opportunity to make sure there are clear understandings about the future living arrangements for your parent(s). “I just assumed we would move in with you” is not something you want to be surprised with later.
If you want to continue to work on your financial health, we have a new program for you—The Freedom 30. The Freedom 30 program is designed to provide a schedule of weekly money well-being mini-projects to complete on your way to greater financial freedom by the end of the year. For more information and to get started, check out the Freedom 30 article in the newsletter.