Financial Planning and CFS

[Lieselotte]

Hi PR family,

I am looking into hiring a financial planner and meeting with a few because I don't really have the energy to manage what money I do have in my retirement fund to make it work the best for me. Some financially savvy friends have said to not go with an advisor bc of the fees, but I'm going to feel it out. I need to get the most of my money while I can still work.

I want to tell them that there is a possibility that I could get very sick and be unable to work....just so that they know that is a real possibility. Surely that would impact planning.
I want to bring it up, but I don't want to say CFS/ME because I don't want to have to explain and/or feel like the crazy person. Any ideas on how I can bring this up?

Also, any ideas on anything else I should bring up to them given the impact that this disease can make financially? Or any tips or pitfalls you've seen with advisors?

Many thanks

 

[Alvin2]

I've been wanting to write an article on financial planning for the disabled but my cognition is not there these days. If i get some good days i plan to attack it.
In the USA the available vehicles and tax sheltering is different so i can't gave any advice on that (i'm in Canada) but if you want to invest for growth then Index funds are very popular.

If your system is like ours then financial planners come in all sorts, from fund managers who just do investing (and often have selected funds with high MERs) to fee only financial planners who just offer unbiased advice.
And you can open your own accounts and do your own DIY investing where you can buy any US stock/EFT/Mutual fund, many of which have lower MERs.

 

[Lieselotte]

I've been wanting to write an article on financial planning for the disabled but my cognition is not there these days. If i get some good days i plan to attack it.

@Alvin2 If you can manage to do that, I'm sure it would be extremely helpful!

 

[Alvin2]

@Alvin2 If you can manage to do that, I'm sure it would be extremely helpful!

I have about a half dozen articles started but i find my ability to write comes in bursts.
But if you have particular questions i'm happy to answer.

That said i have one financial article written and posting a week from tomorrow (new article once a week) but its useless for your situation as its about applying for provincial disability benefits which won't apply to Cali.
Here is my website:
https://disabledincanada.wordpress.com/

 

[Treeman]

I manage the amount of money I have very well. I'm in the UK and my situation may not be applicable to you.

It depends on how much money you have, how much you will get and how much debt you have.

I have no debt, I paid my mortgage off (early saving me thousands)and only have on going bills.


The money I have at present is mainly in a interest account only paying a low percentage, but I have instant access. This may change in the coming months depending on future factors.

I also have a small amount linked to companies on the stock exchange which is running at about 5% which is a good return and probably about as good as can be found.

However, the Ukrainian invasion is destabilising markets so I expect that to waiver in the coming months.

hope this is of some help, I'm not involved in finance but just look around for returns with low risk, but the greatest saving I have done is to get rid of debt.

 

[Rufous McKinney]

I want to bring it up, but I don't want to say CFS/ME because I don't want to have to explain and/or feel like the crazy person. Any ideas on how I can bring this up?

I suspect if you just describe, very vaguely, your dealing with a chronic illness, and expect to have issues over time with handling finances. People rarely ask questions about such topics. So you just need to decide what to say- I sometimes mumble "chronic autoimmune condition"... nobody seems to want to know more. Who would dare laugh? If they did laugh you laugh right back: if only this was a Ricky Gervaise Joke.

Maybe you need a power of attorney eventually? Is that also an issue? Do you have any reliable children? Or relatives? (is there such a thing as relative and reliable?)

Cogntively, I mostly can't handle the money and I"m in charge of it here. My husband is older and understands even less. He never really entered the 20th century, now its the 21st.

I had to hire somebody to do my taxes as I screwed them up several years in a row, variously.

All ME-related.

So if you have cognitive issues, things happen like the Versateller machine isn't making sense. Or you decide your money maybe disappeared, and you tell yourself to calm down, maybe thats not true.

Or the CD folks never send a notice so you become very confused over who is it in Utah has this account?

So I got a CD with my car insurer, walk in, sit down real people, and they sold the bank to another bank. Cannot walk in any longer, where is the money?

I got this local guy at my bank to take care of me, with the appearance I have an almost financial advisor, and he moved back to NY. (many times zones)

I'll be just giving it to my daughter, and crossing my fingers. Because otherwise, somebody else will get it, as a bill at the end when you couldn't take care of yourself, for instance.

My mother's bill was over $800,000.

 

[Lieselotte]

So if you have cognitive issues, things happen like the Versateller machine isn't making sense. Or you decide your money maybe disappeared, and you tell yourself to calm down, maybe thats not true.

I did have a ME Moment a few weeks ago at the ATM machine. I put in my PIN number a few times and it kept telling me it was wrong. I thought, what if someone hijacked my account?!
I immediatley went home and checked my account online. I then realized I had juxtaposed two of the numbers in my PIN. Mind you I've had that same PIN for 15+ years. How could I forget that?!!! Ugh.

 

[Alvin2]

Just came across this link for figuring out your budget, might he helpful.
I'm going to write a short article on it.

https://itools-ioutils.fcac-acfc.gc.ca/BP-PB/budget-planner

 

[Rufous McKinney]

I had juxtaposed two of the numbers

ME brain is real bad for juxtaposition!

Like maybe you have two things, and they confuse you, so you go verify the differences between the two things, and briefly your not confused, but then later, confused returns as it was always there, and you still can't quite keep track and the issue remains- confusing. Then, you decide maybe you'll just live with the confusion for those energetic reasons.