Understanding the nuances of financial planning is crucial, particularly in the face of unexpected life events that can derail one's financial stability. This podcast episode features an in-depth conversation with Melissa Bane, CPA & CFP, who offers valuable insights into preparing for the unforeseen and protecting one’s financial future.

Our host, Wendy Green, opens up about her personal experiences with family emergencies and natural disasters, using these anecdotes to frame the broader discussion on the unpredictability of life.

Melissa stresses the importance of an emergency fund, recommending that individuals save between six to twelve months' worth of expenses to create a financial buffer. This safety net not only provides peace of mind but also empowers individuals to avoid relying on credit in times of crisis.

The discussion then transitions into the realm of insurance, where Melissa elaborates on the critical role it plays in a comprehensive financial strategy. She explains the different types of insurance, such as life and disability insurance, and how they can safeguard against unexpected financial burdens.

Melissa emphasizes that while it is essential to protect oneself, there must also be a balance when it comes to helping family members, particularly adult children who may be facing their own financial challenges.

The episode encourages listeners to think critically about their financial goals and the strategies they employ as they approach retirement. Melissa’s expertise shines through as she guides the audience through the labyrinth of financial planning, offering practical advice that is both applicable and actionable. This episode serves as a reminder that while life may be unpredictable, with the right preparations, individuals can navigate their financial journeys with confidence.

Takeaways:

• An emergency fund serves as a financial cushion for unexpected events, ideally covering six to twelve months of living expenses.
• Health issues and job loss are common unexpected events that can impact financial stability and require careful planning.
• Insurance plays a crucial role in protecting your nest egg from potential health and disability events that may arise unexpectedly.
• It's important to live beneath your means and save the difference to build a solid financial foundation.
• As individuals near retirement age, reducing risk in investment portfolios becomes increasingly vital to avoid financial strain during market downturns.
• Having conversations about long-term care preferences with family members can alleviate stress and ensure that wishes are known.

Links referenced in this episode:

• Greenwood Capital

Learn more about Greenwood Capital or find resources at www.GreenwoodCapital.com. Boomer Banter is sponsored in part by Greenwood Capital Associates, LLC. Greenwood Capital Associates, LLC is an SEC Registered Investment Advisory firm with offices in Greenville and Greenwood, SC. As a fiduciary firm, Greenwood Capital is obligated to disclose any potential conflicts of interest with this arrangement. The host of “Boomer Banter”, Wendy Green, is a client of Greenwood Capital, and her show “Boomer Banter” has been compensated for her testimonial through Greenwood Capital’s sponsorship. Greenwood Capital is a Legacy sponsor at the stated rate of $2,600 for the 2025 calendar year.

• Fit, Strong Women Over 50 podcast and The Becoming Elli community

This podcast uses the following third-party services for analysis:

OP3 - https://op3.dev/privacy