Keys to Survival During Times of Financial Stress

If your spouse passed away would you be able to pay your bills? If you were divorced would you be able to pay your bills and take care of your family? If your parents passed away would you be able to pay your bills?

Are you getting married soon? Several of my former students have just gotten married and next month another former student will be marrying his sweetheart. Whether you are single, married, divorced, or your spouse has passed away you need a plan in place for your financial future to protect you and your family.

When I was engaged to be married, my Momma, Romayne Leader Frank, a lawyer specializing in Family Law and Real Estate, was getting ready to give a speech to the local Women's Club on "Financial Success". Mamma had clients who were widowers, widowed, divorced, and single who suddenly had no money or credit in their own name. The credit card and bank accounts were in their deceased spouses name, their divorced spouses name or in their parents name which meant they did not have any money or credit in their own name and were unable to pay their bills and take care of themselves and their families.

My Momma asked me to listen to her speech to see what I thought of it! Momma spoke of the need for women to have credit in their own name, not in their spouse’s name, their former spouse’s name or their parents name but in their own name.

On that particular day Momma was talking to the Women’s Club. When she spoke to other organizations she said “Everyone, meaning both men and women, should always have their own separate checking, savings and credit card accounts in their own name so they would never find themselves without a way to support themselves and their loved ones.

I have over the years called our families’ accounts yours, mine and ours. The same name as the Lucille Ball and Henry Fonda Movie "Yours, Mine and Ours." In the movie the title referred to children though not to money. Over the years, I have shared my Momma's wisdom with many others. Her speech was well received by me and the Women’s Club and has stood the test of time.

What are the secrets my Momma, Romayne Leader Frank taught for women and men to be financially independent?

1) Open a bank account in your name at a secure bank that is insured by the Federal Deposit Insurance Corporation and start immediately to put your money in it for your nest egg.

2) Open a checking account in your own name and put your money in it.

3) Get an American Express and or Visa Card at a very low interest rate in your own name and begin to use it immediately and pay your bill as soon as the statement comes in to establish your credit.

4) If you buy a house make sure your name is on the title and before purchasing your house have a professional title search done to make sure there are no liens or prior owners of the house.

5) If you are paying a mortgage on your house pay the bill on time. If the interest is too high, talk to the holder of your mortgage and get it moved down. Always get a fixed mortgage rate.

6) If you buy a car make sure the title is in your name. If you are paying the car off each month pay the monthly charge on time. If the mortgage on the car is too high, talk to the mortgage company into lowering the rate. Make sure you have a locked in fixed rate.

By Dr. Madeline Frank

Madeline Frank, Ph.D. is an Amazon.com Best Selling Author, sought after speaker, business owner, and concert artist. She helps businesses and organizations discover ways to “Tune Up Your Business”. Her innovative observations show you the blue prints necessary to improve and keep your businesses successful.

For more information about booking Dr. Madeline Frank at your next event email her at mfrankviola@gmail.com ,call 757-599-3575 or visit http://madelinefrank.com/