Local Financial Literacy Columnist Encourages The Community To “Get Your House In Order”
Local Financial Literacy Columnist Encourages The Community To “Get Your House In Order”
By Tia Carol Jones Bren Sherrif has been a financial services professional for more than 50 years. She has been a certified financial planner and has moved on to become a certified senior advisor (CSA). Through her new podcast show, her goal is to assist people with getting their financial affairs to a place where they are comfortable, so that they will not outlive their money.
People should begin making provisions now for their long-term care, so in the event they become incapacitated before making their transition. Sherrif writes a weekly column for the Citizen Newspaper entitled “Get Your House in Order.” The column provides valuable financial advice and includes a quiz for people so that they can enhance their financial knowledge.
Sherrif became an advocate for financial literacy after going through her own situation when her husband had a medical emergency. She had to start navigating financial planning and services. She said the things she did not know changed her whole life and she became dedicated to financial services.
“The things that I know now, would have made my life and my son’s life easier, through understanding that when a person makes a transition and they’ve been employed, and have insurance, what is portable and what is not portable; even, in getting those benefits, with an employer. I said, I don’t want anyone to have to walk a mile in these moccasins,” she said.
Sherrif said that it is important for Black people to take control of their finances sooner rather than later because of what they have, they need to ensure that they can hold onto it and they need to get better at leaving families something to start with. She said oftentimes, people don’t think they have enough financial resources to be concerned about. She said those are the people who need to be the most concerned when it comes to financial planning. She said planning early enables the families to establish their legacy.
She said that insurance is like the Swiss army knife of financial planning for people who want to start to create generational wealth for the future. She said insurance will enable families to give some part of generational wealth. She gave the example of someone starting an insurance policy that they keep up, it would earn interest.
“We don’t understand how money works, we know about working for money, and yet, we spend it on depreciating assets, we buy what we want, and we beg for what we need. That is one of the things we as Black people need to change,” she said.
Sherrif said a succession plan is extremely important. She said that a succession plan is more than what happens when someone passes. She said having a succession plan is essential for people who might not be able to take care of themselves. The person can customize it to their wishes, everything from care to burial. She said that by leaving written instructions, it can provide the family with a blueprint and can decrease the amount of dissension a family experiences when a family member becomes incapacitated and/or passes away.
Sherrif said that Black people can return to circulating their money back into the Black community by purchasing goods and services from Black people. She said for any goods or services that exists, there is a Black person who can provide it. She said if they do not know where to acquire Black people for services, ask family and friends.
The Get Your House in Order podcast began streaming this month. And it will be available on YouTube, Spotify, iTunes and iheartradio. You can also listen to the ‘GYHO’ podcast on the Citizen Newspaper website at www.citizennewspapergroup.com.
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