Tony Steuer Recommends: The Get Ready List 9-5-2024

Here are the top 10 things that I learned this week. Hopefully these will help you change the way you think about money and be financially prepared.

1) What is the true cost of a car accident?

The True Cost of a Car Accident (Even When It’s Not Your Fault!) by Prudence Zhu, CPA/PFS, CDFA? . Even with good insurance, the true costs went far beyond just repairing or replacing the vehicle. Let me tell you—getting into an accident can cost you way more in time and emotional energy than you might think! Check out the article on LinkedIn (here ).

Note: It’s always important to look at the true cost of products and services. For example, when you buy a car, the true cost includes insurance, registration, maintenance, fuel, parking and more.

2) Are you ready for solo aging?

Change The Way You Think About Solo Aging with Cathy Sikorski, Esq. , Joy Loverde , Paul Nagle and Peggy Haslach, CFP?,CLU? and myself on The Get Ready Money Podcast. We discussed why money is the number one conversation that you need to have, the importance of having trusted people, resources and why community is vital. Check out podcast (here ).

The Cost of Solo Aging by Tara Law for Next Avenue . Married people tend to build wealth and avoid poverty better in old age than unmarried people, a new study finds. Divorced people also struggle more financially than those who have married, although ending a marriage has a bigger impact on women's wallets: divorced women had about 40% of the wealth of married women. Check out the article (here ).

3) What money moves should you make before a divorce?

8 Things to Do to Secure Your Financial Future Before You Start Talking About Divorce by Michele Cagan, CPA . Divorce Can Be Financially Devastating… Unless You’re Prepared. It’s the only way to protect your financial future and make sure you and your family have lasting financial security. Read the article (here ).

4) What are some common credit myths?

Credit Repair Unmasked: Debunking Myths with Christina Roman and Patrina Dixon, CFEI??, RFC?? on the It’s My Money Podcast. Practical strategies for improving your credit score. Check it out on YouTube (here ).

5) How have our money beliefs changed over the years?

What We Believed by Jonathan Clements for Humble Dollar. The older we get, the easier it is to see the progress we’ve made, both as individuals and as a society. Here are eight notions that were conventional wisdom half a century ago—but which today aren’t universally accepted and, in my estimation, ought to be discarded. Read the article (here ).

6) Interested in saving money for college?

Learn "How To Save Money On The Cost Of College!" Hosted by Vicki Vollweiler, MBA, CDC and College Financial Prep . College Planning, Financial Aid, Scholarships, Student Loans, Divorce & College Planning, College List Development, College Applications, Essays & Career Exploration. This is great information for all parents; married, divorced, widowed, etc. Register for free (here ).

7) What’s the winner between term life and whole life?

Term Life vs. Whole Life by Melissa Wylie for MoneyGeek . I shared insights on what are the main differences between term and whole life insurance, whether “Buy term and invest the difference” is a better strategy than permanent insurance and what are appropriate situations where whole life or other permanent insurance is more appropriate than term.? Check out the article (here ).

8) Can technology enhance the advisory process?

Algorithms to Empathy by Nicole Casperson for Fintech Is Femme . Technology, often perceived as an impersonal efficiency tool, is actually fostering more empathy and human connection in financial planning—while also expanding business reach. Read the article (here ).

9) Why is home insurance a problem for Americans?

Home Insurance is a Really Big Problem by Kyla Scanlon for Kyla’s Newsletter. A repricing of the American risk model. We can’t talk about building more homes without talking about home insurance. Home insurers are telling regulators - “Hey, listen, the options are no insurance, underinsurance, and more expensive insurance. So buckle up.” The reason that home insurers are doing this is because they are losing a lot of money. Also, an update to the American Dream risk model. Check out the article (here ).

10) Should you listen to money pros or finfluencers or self-help authors?

Finfluencers: Friends or Foes for Advisors? By Nigel Green for Advisorpedia . By striking the right balance—leveraging the strengths of finfluencers while safeguarding against the pitfalls of unregulated advice—the financial industry can embrace this new wave of influencers as powerful allies in the mission to improve financial literacy and help young people build brighter financial futures by working with a professional advisor. Read the article (here ).

Who is right about your money: traditional economists or self-help authors? By Spencer Greenberg and Amber Dawn Ace for Clearerthinking.org . The self-help industry is often criticized for spouting B.S. — can you trust it in the realm of personal finance? Economist and finance professor James J. Choi found that popular authors and traditional economic models sometimes agreed on what individuals should do to manage their finances, but at other times, they gave very different advice. It's up to you to apply discernment and a skeptical mindset in order to find what's helpful. Read the article (here ).

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Which recommendation was your favorite?

Until next week, let’s change the way we think about money.

Tony

P.S. If you are a financial preparedness/financial literacy advocate, check out my LinkedIn Group - The Get Ready Network (here ).