FINANCIAL ADVICE

Blog Debut!
Are You In Financial Transition?

I’m a financial adviser and CPA by trade.

Many years ago an associate, now deceased, lived like he would never leave this world. He had a residential construction business and significant real estate holdings, but did not maintain good records or clear title to deeds (i.e. he might have his ex-wife or one of his sons on a deed, etc). He also did not always pay his taxes on time, so it was not uncommon to have to negotiate a release of a lien on a property he might wish to sell.

Unfortunately, he was diagnosed with cancer and died within 8 months. Since he did not give power of attorney to his grown children and insisted on staying in control until the last few months of his life, it was very difficult to clear up the titles prior to his death. Eventually, a number of the properties had to be sold “fire sale” to handle loan pay-offs, estate taxes, etc.

What Should You Do When in Financial Transition?

Whether you’re going through a long-term illness, separation, forced/early retirement, job change or shift to the self-employment arena, ask yourself the following key questions:

  1. Will this change require me to change my spending habits?
  2. Who specifically will be affected? Will they accept/cooperate with this change?
  3. Will this event/circumstance cause me to have to re-tool to become more marketable or to network within a different circle?
  4. How will others, not directly involved, react? Will they have influence over those close to me? Will I have to build a new team?
  5. Do I have a written plan of how I will address key changes?
  6. Do I have enough money to handle these changes (i.e. will I have to borrow or cash out long-term investments)
  7. Do I know my net worth and current cash flow needs (i.e. when is the last time I wrote out a personal spending plan)?

Of course this is not a complete list, but it does provide some of the questions you will need to address immediately, if you are to assess the financial implications of your transition.

It’s been over 10 years since my associate’s passing. The estate has been resolved and the family is doing well. But my friends, don’t be like my associate. Take some action now to plan for the unknown.

Genevia Gee Fulbright, CPA is President/COO of Fulbright & Fulbright, CPA, PA, a business strategist, tax advisor and author of Make the Leap: Shift from Corporate Worker to Entrepreneur and most recent book Make the Leap: From Mom & Pop to Good Enough to Sell (Infinity Publishing). Her sound financial planning advice tips can be read regularly on www.urbanthoughtcollective.com. Visit Fulbright at www.makeleap.com.


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Comments

July 22nd, 2008 at 10:02 pm SweetSis says:

1111

July 22nd, 2008 at 10:03 pm Susan Kishner says:

Great Blog post. I am going to bookmark and read more often. I love the Blog template

July 22nd, 2008 at 10:07 pm Tawnie says:

I wish I had money to manage

July 22nd, 2008 at 10:09 pm SweetSis says:

Welcome Genevia

July 23rd, 2008 at 7:25 am lolalove says:

that is so sad - but we just never think we’re not gonna be here! its scary… but getting organized would be smart

July 23rd, 2008 at 9:19 am Nubian CoCo says:

Welcome! Lord knows my money is funnier than Dave Chapelle

July 23rd, 2008 at 9:28 am Philip Giddings says:

Time to get our houses in order - even if you in a studio apartment, start preparing for the future! Good blog Ms. Fulbright.

July 23rd, 2008 at 9:53 am Allison says:

These are some good facts. It is always a good thing to prepare for the future. you just never know.

July 23rd, 2008 at 11:05 am buttabrown says:

I swear UTC is making my life better!

July 23rd, 2008 at 11:25 am culturepop says:

Good to have this kind of advice on an already really helpful cool site! Welcome and I look forward to many more. Wonderful advice

July 23rd, 2008 at 12:38 pm ReNina Minter says:

Great Questions. It seems my life is in transition every few years. I can definitely use the advice. Welcome to UTC!

July 23rd, 2008 at 12:42 pm Big Ced says:

Money seems to run away from me!!! Welcome to UTC!!

July 23rd, 2008 at 1:34 pm Kenneth M. Young says:

Genevia,
Those 7 questions seemed to apply to me as well.
I am not wealthy by any means but am begining to prepare my Daughter to take over for me when my time comes. Thank goodness I don’t have that many prolems with my finances. I have a few things to to get ready for her take over. Your seven questions gave me pause to think, thank you.
Uncle Kenny.

July 23rd, 2008 at 1:45 pm thelma says:

CRUCIAL FOR THE BLACK COMMUNITY TO LEARN TO SAVE THEIR DOLLARS… INHERITANCE IS WHAT SEPARATES US FROM OTHER CULTURES! LET’S LEAVE OUR KIDS BETTER THAN WE HAD!

July 23rd, 2008 at 1:56 pm Frances Dyer says:

Good for you Genevia and congrats!! Now, let’s see how many actually take your advice as clothes, furniture and bills equal an “estate”.

July 23rd, 2008 at 2:31 pm Genevia Fulbright says:

Wow!

Thanks for the warm welcome, this the first day as a member of the UTC Family.

I feel at home here and hope to share practical information that you can use.

Feel free to post specific money topics you wish for me to explore in upcoming blogs.

I’ll try to get to those as soon as possible as well as other related questions and ideas fellow UTC associates have already asked for me to share with you.

Genevia Gee Fulbright
Only Money

July 23rd, 2008 at 3:55 pm I's N DA House says:

Welcome to UTC and great post. Looking forward to reading many more.

July 23rd, 2008 at 4:12 pm D. R. Hopkins says:

It certainly is sad that families go through this type of financial dis-orgnization.
Proper financial/estate planning is crucial no matter what your financial circumstance is.
My hope is all who read and/or comment on this blog, do your own financial check-up. We need to make personal financial assessments as often as needed, and set goal to do it at least annually.
Just some food for thought.

July 23rd, 2008 at 6:48 pm Destah Owens says:

welcome! this is right on time. Indeed it is never to early to have a plan.

July 24th, 2008 at 6:43 am Vic Williams says:

Sound advice Genevia. Thanks for leading this cause.

July 24th, 2008 at 9:25 am Jessica Hubbard says:

Money talks!

July 24th, 2008 at 10:22 am Denise says:

Great article! Welcome to the UTC family.

July 24th, 2008 at 11:15 am P. Gee says:

The artical was an eye opener for me. I am constantly putting off for a later date the key information needed for my love ones to handle my business when I am not able to take care of or at my death.

P. Gee

July 24th, 2008 at 11:34 am P. Gee says:

Hi Genevia,

I enjoyed the artical. It was a real eye opener. I’m going to act now to get my business in order.

P. Gee

July 24th, 2008 at 11:42 am La'Mont says:

I really appreciate the advice that has been giving on this blog. The issue of transitioning (i.e. death, retirement, job change) for our love ones is always a touchy subject but one that all of us will have to deal with at some point in our lives. It’s good to bring certain financial issues that may have an impact on our estate. I will make sure that I send a link to this forum to all of my soon to be married friends. Thanks A Million!!!!

July 24th, 2008 at 12:31 pm Al Sullivan says:

Great advice (especially for business owners). Thanks Genevia, I’ll be sure to share the link with others.

al

July 25th, 2008 at 10:37 am Alia says:

Amani forwarded the link to your blog. I’m glad she did. Great information. I will definitely share with others.

July 25th, 2008 at 7:37 pm TravLyrics.com says:

Hey Genevia,

Congratulations on starting the blog. You know we need it!

A structured plan is a beautiful thing when properly maintained. All your consulting and advice is doing us well here at the The Travlyrics Company LLC. We are making the leap. We look forward to reading more of your posts.

You should write a book. :-)

July 28th, 2008 at 5:34 pm Talitha Lewis says:

Thanks Genevia for the great advice! I am looking forward to hearing more about how to better handle my finances.
Thanks again!!!

July 28th, 2008 at 6:51 pm Tamara says:

This is great information. But, then, I always feel I can rely on Genevia for sound advice when it comes to money and business. Thanks.

July 29th, 2008 at 6:33 am Gwen McCane says:

Great Info Genevia. I will pass this on to my friends. I have a friend who can benefit from your advice. Keep it coming.

July 29th, 2008 at 8:39 am Kyle M says:

Interesting article. I believe we are all in some type of financial transition at any given time (critical or casual). These questions help to give perspective on what I should be thinking about ‘daily’. Thanks so much for the assistance.

July 29th, 2008 at 12:25 pm Pops McCane says:

Outstanding advice. African Americans have not ,in the past, been in a position to have a lot of money. We may have property left to us by our parents or grandparents, but not much cash. The assets we have we earned by working and saving. We need advice on how to manage what we have. Thanks for the advice Gee Gee.

August 5th, 2008 at 6:20 am Elizabeth says:

What a great way to get the word out! I’m so impressed with your using this medium to share your wisdom and passion. Looking forward to reading more.

August 22nd, 2008 at 7:39 am Lawanda Lee says:

I enjoyed this blog on “financial transitioning,” as well as, the other writings by Genevia. She is so informative and thought-provoking!!

I’m going to work hard to make sure that my documentation is “tight” ….for, we never know what tomorrow holds!

Lawanda Lee
http://www.WordsofEssence.com
author, poet & motivational speaker

August 23rd, 2008 at 5:02 pm Pauline L. says:

Hi Gee,

You have me thinking…really thinking.

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