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Women – be aware of the 4 D’s in your financial planning

Speaking to Sam and Africa on Weekend Brerafkast, Financial Fitness Coach Paul Roelofse shared 4 important financial aspects that women should be aware of when constructing a financial plan...

If the worst happened to Mom then how does this affect the family? Who looks after the children and the home.The cost of finding a child minder and keeper of the home needs to be factored into a life assurance policy. If mom is earns an income this too needs to be replaced.

Disability

The same applies should Mom become disabled. The provisions also need to include Mom and the cost of her disability as well.

Dependency

Build your own portfolio alongside your spouse to create financial interdependence and tax efficiencies. Instead of relying on your husband to provide in the event of death retire ment or disability you should balance the family portfolio between yourselves. This allows for interdependence as should a death, disability or even a divorce occur, the spouses will each have their own provisions in place to maintain thier lifestyles.

Divorce

In the case of a divorce, make sure that there is a policy in place covering the maintenance in the event of death and disability of the ex. Also ensure the policy is owned by you so that you are notified by the assurance company of any default on the payments. You should also ensure that you are the nominated beneficiary so that the proceeds of the policy are paid directly to you outside the estate.

Read more from Paul Roelofse at www.investforlife.co.za

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