21
Jun
  

Do You Have a Secret Stash of Cash? Here’s Why YOU Need One

Lisa Barr, Editor of GIRLilla Warfare: We are very excited to welcome our “Mompreneur” Jamie Kanner to the GIRLilla team. Jamie will tackle all aspects of finances & family — tips on business, parenting and juggling it all. She says: “Many suburban women work either part-time or full-time and the pressures of “appearing to have the perfect life” on top of needing or wanting to create an income can be daunting … I’m here to help women make more money, juggle the family and feel empowered.” Bring it on, Jamie … 

By Jamie Kanner

Do you have a “secret” stash of cash?

We all know someone who was caught blindsided by their spouse leaving, asking for a divorce or cheating on them. How many times have you heard “I never saw it coming”?

I have a friend who said, “If you would have asked if this would ever happen to my marriage, I would have said NO WAY!”

How can we protect ourselves?  Knowledge is power.

Here are 6 important financial facts you MUST  know:

1. Where are all of the bank and investment statements kept?

2. Do you have access to them?

3, What are your total assets and liabilities?

4. Do you read all the credit card statements every month?

5. Is your name on the deed to your home? I have one friend who had a husband who took care of everything. She found out in the divorce proceedings that the title to the house had been transferred into the business that her husband owned solely. Big problem.

6. What are your monthly expenses, what is in your checking account, and who is paying all the bills every month? If it isn’t you — GET INTERESTED IN KNOWING THE DETAILS NOW.

You need to know everything about your finances. This is not only important in a divorce situation, but also if your spouse should become incapacitated or pass away.

Here are the top 5 places husbands who want to be deceptive may hide money:

1. Stash money in a safety deposit box.

2. Under report income on tax returns or financial statements

3. Defer salary, commissions or bonuses

4. Set up a custodial account in the name of a child using their social security number.

5. Transfer stocks or investments to a family member. *(Miles Mason-Memphis Divorce.com).

So what is the savvy girl to do?

You need a stash, my friend. I am not suggesting in any way, shape, or form for you to be “hiding” money or using any of the tactics some men will use.

It is illegal to “hide” money. However, there are ways for you to protect yourself  AND earn some extra income while you’re at it. Here are some suggestions:

– Get a credit card and checking account in your own name.

– Open your own IRA or retirement account.

– Get a part-time job.

– Focus groups — companies are always looking for consumers to participate. Pay ranges from $75-$300 for an hour or two of your time.

– Join a direct sales company. Find a product or service that interests you and share it with others. You can work part-time and earn great commissions.

– Sell your stuff. How many of us have closets full of clothes, books, and toys from our kids that we could sell on Amazon or eBay.

These are just a few ideas on earning extra cash to build your stash. We would love to hear from you. Which of these suggestions will you be implementing? 

LB:  Jamie Kanner has four children, and has been happily married for over 26 years. She has worked part-time for 21 years, and YES, she  has a stash of cash that she uses for herself, her kids, and family vacations AND just for peace of mind. (Of course her husband knows all about it). You can reach her at :  or www.Jamie.myarbonne.com

 

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