061: Creating a Financial First Aid Kit with Will Doty

03/15/22 • 26 min

Everybody knows that life can be unpredictable, and anything can happen at any time. Out of nowhere, we may lose a loved one, fall ill ourselves, or end up living through a natural disaster–and the last thing you want in these trying moments is to be in financial distress.

This is why disaster planning is a critical part of retirement planning. Many people fail to make several necessary arrangements for end-of-life planning before disaster strikes, and it can lead to massive expenses, a conflict that tears families apart, and nasty court battles.

Today’s episode is all about how to create a financial first aid kit. You’ll hear from CERTIFIED FINANCIAL PLANNERTM Will Doty about the documents and resources you need to have ready if you’re dealt with a worst-case scenario event.

We’ll also talk about why it’s so easy to put these planning decisions off and the simple steps you can take to protect yourself in the short term without becoming a full-on survivalist.

In this podcast interview, you’ll learn:

Why disaster planning is critical from a financial perspective.
The critical components of a catastrophe plan–and why having just a will is not enough.
The importance of having a team to help you settle your estate when you lose a loved one.
Why naming a child as a successor trustee can be a double-edged sword.
How Will coaches clients to be better prepared for natural disasters.

Get Today's Show Notes

To get a full recap of today's conversation, including the biggest takeaways, transcripts, and links to all the resources mentioned, visit GuidedRetirementShow.com/61

Learn More about Retirement Planning

Find out more about retirement planning and Barber Financial Group, by visiting BarberFinancialGroup.com

We’ll also talk about why it’s so easy to put these planning decisions off and the simple steps you can take to protect yourself in the short term without becoming a full-on survivalist.

In this podcast interview, you’ll learn:

Why disaster planning is critical from a financial perspective.
The critical components of a catastrophe plan–and why having just a will is not enough.
The importance of having a team to help you settle your estate when you lose a loved one.
Why naming a child as a successor trustee can be a double-edged sword.
How Will coaches clients to be better prepared for natural disasters.

Get Today's Show Notes

To get a full recap of today's conversation, including the biggest takeaways, transcripts, and links to all the resources mentioned, visit GuidedRetirementShow.com/61

Learn More about Retirement Planning

Find out more about retirement planning and Barber Financial Group, by visiting BarberFinancialGroup.com

Previous Episode

060: The Ins and Outs of Property and Casualty Insurance with Sarah Askren

Whether you’re just getting started or well into your retirement, having an adequate amount of insurance is critical. It’s an essential tool for risk management and a major piece of a well-crafted financial plan. It’s also extremely complex.

People of all ages find themselves underinsured or have purchased the wrong products, and these can lead to significant financial setbacks at any stage of life.

Joining me to talk about this is Sarah Askren. Sarah is a property and casualty insurance expert at The Miller Group. With over 20 years experience in the field, she’s passionate about making sure that her clients protect their loved ones and have access to the resources they need.

In this conversation, Sarah and I discuss the ins and outs of property and casualty insurance, what you should be looking for when you shop for insurance, and how to avoid being sold insurance products you don’t need.

In this podcast interview, you’ll learn:

Why insurance plays such a crucial role in everyone’s financial life.
How insurance needs change as people age.
The big mistakes that Sarah sees in clients’ property and casualty insurance coverage.
Why a risk management review is important and how they work.
The things everyone should be aware of when working with insurance agents.
What you need to know to effectively file an insurance claim to get paid quickly.

Get Today's Show Notes

To get a full recap of today's conversation, including the biggest takeaways, transcripts, and links to all the resources mentioned, visit GuidedRetirementShow.com/60

Learn More about Retirement Planning

Find out more about retirement planning and Barber Financial Group, by visiting BarberFinancialGroup.com

Next Episode

062: Navigating Health Care Costs in Retirement with Taylor Garner

Health insurance costs in retirement are a big deal to just about everyone. So many people transitioning into retirement find themselves frustrated by their Medicare coverage, enrolled in the wrong coverage, and stuck with unnecessary expenses that fail to cover their medical needs.

After Taylor Garner’s father went through this experience, he focused his career on making sure it wouldn’t happen to other people. As an agent at American Republic Insurance Services, he works tirelessly to help his clients make informed decisions about their futures–and helps them to save money with custom insurance programs that meet their unique needs.

In today’s episode, Taylor and I talk about the traps and challenges of the healthcare industry that affect countless retirees, why the right plan can bring down your healthcare costs substantially, and how to put the many different forms of supplemental coverage to work for you.

In this podcast interview, you’ll learn:

Why so many insurance agents sell misleading and confusing insurance products.
How a lack of education in insurance creates so many problems.
Why Medicare Supplement plans are necessary, why they’re so confusing, and why it’s so easy to pay the wrong price for coverage.
How Taylor educates clients and helps them confidently choose the Medicare coverage to address their healthcare challenges.

Get Today's Show Notes

To get a full recap of today's conversation, including the biggest takeaways, transcripts, and links to all the resources mentioned, visit GuidedRetirementShow.com/62

Learn More about Retirement Planning

Find out more about retirement planning and Barber Financial Group, by visiting BarberFinancialGroup.com