Manage Your Financial Life

Becoming a Couple

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Not only do couples need to be on the same page with respect to finances, but also behavioral finance studies have shown that people tend to make better decisions after discussing ideas with their partner. Explore the blog articles below for helpful advice during this stage of life.

Financial Advice For Women In Various Stages of Life

Family Office Approach

It was an honor to be part of the Evanston Literary Festival. I discussed managing your finances through life transitions. I was the first of three female authors featured that day as part of Piven Theatre’s Women’s Voices Project, a year-long initiative in tandem with Piven’s 45th anniversary. They noted that the financial advice found in my book as a “comprehensive resource invaluable–and you find yourself coming back to it again and again.”  Read the full review below. Nancy Doyle: Manage Your Financial Life Is it time to take control of your financial life? Nancy Doyle offers an objective and straightforward perspective based on a wealth of professional and personal experience. In Manage Your Financial Life: A Thoughtful, Organized Approach for Women, she shares a practical and easy-to-understand system for getting organized, analyzing your financial profile, educating yourself about investing, and putting your money to work. Whether you’re going through a transition–parenthood, home…

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Manage Your Financial Life Book Interview on WGN Radio

Get Organized

Steve Bertrand of the Wintrust Business Lunch on WGN’s 720 featured me to discuss my book. It’s practical advice for anyone but I’m really focused on women. Check out the transcript from my segment below. Steve Bertrand: This is the Wintrust Business Lunch on 720 WGN. Nancy Doyle is in the studio. She has a book called Manage Your Financial Life: A Thoughtful Organized Approach. Now the last two words Nancy are “For Women”. And welcome. Nancy Doyle: Thank you, glad to be here. Steve Bertrand: I’m here to argue with you though, that it doesn’t have to be just for women because I think this is the sort of stuff that we all of us should be paying attention to. Nancy Doyle: That’s true. The book really applies to both men and women. But for many reasons, I’ve decided to write it for women. Steve Bertrand: Because they’re smart…

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Financial Tip: Prioritize Building an Emergency Fund

Save and Invest

I was recently quoted in a blog published by US News on the importance of establishing an Emergency Fund. Investing your money starts with establishing your savings goals. Revisiting your savings goals is a great resolution for 2017. Prioritize your savings goals based on the different time horizons — near-term, long-term, and intermediate-term.  Establishing an emergency fund should be a top near-term goal.

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Financial Tip: How to Effectively Plan in Case of Emergency

Get Organized

Readers Digest quoted me on how to effectively plan in case of emergency. Emergency situations are challenging enough. Being organized in terms of your financial affairs can help to alleviate some of the stress. I recommend that everyone create an ICE – in case of emergency – file and plan. An ICE file contains important documents that are easily accessible to you or to someone acting on your behalf. An ICE plan includes key contacts and financial account information. Check out the full article below.

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How to Underwrite Yourself

Analyze Finances

Underwriting is what banks or insurance companies do when they evaluate risks associated with lending money or providing an insurance policy. To underwrite yourself, you need to take a close and honest look at your finances, ask yourself some questions, consider uncertainties and exposures, and evaluate your risk profile on many fronts. Analyze Your Sources of Income The first consideration is your income. Ask yourself these questions: Is your salary steady or variable? Do you rely on commissions or bonuses? Do you work in a cyclical industry? If your compensation is variable, you should not carry a lot of debt. Likewise, you should make sure to have an ample cash reserve. Evaluate Your Debt When you are thinking of buying a big item, consider if you can actually afford the item, not just whether or not you can afford the payment. Commit to paying off your credit card balances every…

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Personal Financial Statements

Analyze Finances

Evaluate your personal financial statements to gauge your financial health. When evaluating the financial health of a company, bankers and investors rely on three types of financial statements: An income statement, which incorporates income and expenses for a period of time A balance sheet, which shows net worth at a point in time A cash flow statement, which considers not only your household income, but also changes in savings and debt I’ll show you how to create each of them below. Income Statement:  Income – Expenses = Net Income How to create an income statement Add up your salary or other income Start with your after-tax take-home pay. Add any other sources of income from consulting or part-time work and rental or investment income (all on an after-tax basis). Add your partner’s after-tax take-home pay as well as any other sources of income. Subtract your expenses or obligations The main…

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Spring Cleaning

Get Organized

To manage your financial life better, start with a financial spring-cleaning. Just like when you go through your closet to determine what to keep and what to donate, you need to do the same with your financial life. Get ready A few things before you get started. Designate a room or an area of a room for your work. For online files, keep a log of what you have sorted through. Set out the key office supplies including:  a staple remover and stapler, sticky notes, pencils, paperclips and file folders. Bins for recycling Bags for documents that need to be shredded Gather your information Gather all documents and papers relating to financial, tax, legal, and health care matters, including things such as: Bank, financial, and credit card accounts Insurance Mortgage, car loans, student loans Tax returns Birth certificates, marriage certificates Wills, trusts, and powers of attorney All medical and school documents for…

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