133 – The Financial Impact of Becoming the CEO of Everything

My guest on show #131 was Victoria Ryce, co-author, with Gail Vaz-Oxlade, of a new book, CEO of Everything: Flying Solo and Soaring, that deals with how to cope with becoming suddenly single.

On that show we talked in detail about the emotional aspects of becoming separated, divorced, or widowed, and Victoria had a lot of practical advice for either the person who is now single, or for people who have loved ones who are suddenly single. Click here to listen to show #131.

In many relationships, one person manages the money while the other is happy simply being kept in the loop or ignoring the money completely.

This is very common, so one of the challenges when you become unexpectedly single is that you are now in charge of everything. Your first priority will be to "take stock" and make sure you have access to funds for day-to-day living.

But what's the next step? What if you get a life insurance payout, or a divorce settlement? What should you do with the money? Victoria has some surprising advice: the correct answer, initially, may be to do nothing. On today's show Victoria explains doing nothing, and the steps necessary to be financial secure when you become suddenly single.