How often does a personal finance guru check their money accounts?
“I sign on to my bank accounts every day,” says Jean Chatzky, CEO of Hermoney.com. “My investment accounts, once a month.” She says that sometimes it’s a better idea to look less often, as long as you’re “properly allocated.”
For those wondering what that means, Chatzky says it’s having the right investment mix for someone at your life stage and of your risk tolerance. “Generally, it’s just a split between stocks and bonds with a little bit of money in cash,” she explains.
Chatzky tells Yahoo Finance that although she is a finance expert, going through a divorce ignited an overhaul in her financial planning, as it does for most people. “I really felt like I was starting over…. I had to do a reset.” That included meeting with a financial advisor, and also sitting down with herself. Chatzky asked herself, “where do I want to be at 50 or 60 when I retire and how am I going to get there?”
She urges women going through this experience to take control, and allow themselves to see that their investments are working for them and that they’re doing a good job. “When you see that you have money saved and money invested, and it’s working for you, that’s a lot of fun.”
In her second marriage, Jean and her current husband keep their finances mostly separate, but they have a joint checking and savings account, and they use the same financial advisor. “That forced us to have the conversations about goals,” which Chatzky concedes is not always a fun experience, but it can really help couples stay in financial harmony.
Have you reset your finances after divorce? Do you want to get divorced but feel like you can’t afford it? Share your story with us at moneyquestions@yahoo.com.
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