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If the Worst Happened…

As usual, I kissed my husband goodbye last week before he headed off to work and said “drive safe”.  Then, since I have no control over my sleepy mind, it hit me that if Mr. BFS got into a fatal accident on his way to work in really cruddy Houston traffic, not only would I emotionally shut down and be lost to the outside world, but financial life as I know it would crumble too.

We both have life insurance through our jobs – enough to cover a funeral, paying off the rest of the house, and about a year of living expenses.  We also have an emergency fund, retirement accounts, and stock invesments that could cover another 2-3 years.  We also never had or needed to get out of credit card debt and have no other consumer debt either (but if you have debt, look into the debt snowball).  So if one of us died, the other one could very easily survive, BUT most of our financial decisions are made with long-term goals in mind.

Those goals would just vanish overnight.

I’ve been with my husband since I was 18 years old.  We have made all of our financial plans in life with each other on our minds.  Even our investment strategy is couple-minded.  Think about the goals I’ve mentioned before:

  • Funding a 2nd Roth IRA – I couldn’t and wouldn’t do that if I was alone.
  • Renting out our house when we move into a larger one – I’m not sure if I’d even want to keep our house.  I’d cry every time I saw anything at all since we arranged and picked everything out together.
  • Early Retirement – I personally only want to retire early since Mr. BFS is going to be retired as well.  I don’t want all that time on my hands by myself.  I know that life would go on, I may find a new partner, I would have my friends and family, BUT those scenarios would still entail having different dreams.

I don’t even know how to think like a single person anymore.  I personally LOVE that, but it does mean that Mr. BFS can never die.  Ever.  Now if I can just make sure he knows that.  🙂

Anyway, after having all of this flash through my mind before I was even out of the shower, I can honestly say that I am truly thankful for the life we have now.  I can also say that last Wednesday morning was a little depressing but I feel much better now.  I got to thinking that one good thing about traffic is that it doesn’t allow for very fast accidents, lol.

With some luck, Mr. BFS and I will be able to live into our old age as planned and I’ll never have to readjust my financial outlook by myself.

I usually have a question or two to ask all of you, but anything I come up with just sounds sad.  Feel free to share your worries below or a funny joke to deflect, lol.  🙂

FYI:  I worked at a dead end cubicle job from 2005-2011 for about $30,000 per year.  I went self-employed in July 2011 and make between $70,000-$90,000 through blogging, professional pet sitting, hubby's reffing, and our rental home.  If you’d like to start your own site (link to my free step-by-step guide), I highly suggest checking out Bluehost (my referral link with a nice discount for you, PLUS a free custom header banner from me!).  Please contact me any time at budgetingfunstuff*at*gmail*dot*com with questions or just to brainstorm! I’d love to help!
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19 thoughts on “If the Worst Happened…

  1. I’ve recently thought about how my wife would survive if I passed away. We are still young and have only been married for a year and a half, but I am mainly the “finance guy”. I handle all the bills, the investments, and the future planning.

    So, last month I made sure that my wife was able to carry out our budget, pay our bills, and pay off our debts. She did great!

    I also just applied for a life insurance policy that should pay for all our debt, plus another 10 years of expenses. It makes me feel much better about a possible uncertain future.

  2. We too have couple plans and make our decisions thinking if it’s also good for the other. Basically, financial decisions are taken as a team. And I love this team! So I understand perfectly what you are saying. As in many couples, Mr. is the one who brings back most of the money. But Ms. is such a good player in this team that they’d have to die together or live forever! Our big concern is making sure that the other could at least live a year without even worry about the house, kids and all other expenses. Loosing the loved one is such an ordeal that one should not have to think about financial issues for a moment.

  3. Man, it’s like you’re reading my mind. Though every day is like that for me… not just one day in the shower! I’m constantly praying he won’t get hit by a truck. And financial dependence wouldn’t be worth doing without him.

    We do come together on the finances at least once a year at tax time so we’re both on the same page with everything. We just ordered a waterproof/fireproof safe for our will.

  4. Sounds like you have your priorities straight. And it sounds like your husband is lucky to have a wife who cares about him so much.

    And give yourself more credit. I’m sure you’d find a way to be happy if he suddenly wasn’t there anymore. He would want you to be happy, and I’m sure you could do it.

  5. Thinking about the worst is literally the worst. Unfortunately it’s something that we must all be prepared for, and I admittedly am not. The amount of life insurance that I have right now would wipe out my debts, leave a little left over for a funeral (or something) and nothing else for my loved ones.
    I guess I’m going to need to look into that sometime in 2011. Ugh. no fun to think about, but even worse to think about if you end up unprepared.

  6. @LifeAndMyFinances, sounds like you have your bases covered! I hope it is not ever needed!

    @DoNotWait, exactly. We have more than a year covered no matter what, but I really hope I die first when we are both sooooo old…I can be selfish that way, right?

    @Nicole, I understand, I actually have thoughts like these pretty regularly. I just pointed out my most recent bout, lol. It’s hard to think about my whole life as a partner changing in a heart beat…

    @Kevin, I know he’d want me to be happy, but in general, I am a drama queen when it comes to my core group of loved ones. He knows that and better dang well not die on me. 🙂

  7. @Jeff, we only got the extra life insurance coverage last year, so I know what you’re feeling right now. I hope you find an awesome rate next year and feel a little more secure!

  8. The other day I told my husband that he needs to memorize our bank accounts in case I get hit by a bus. I do all budgeting and money handling. So, if I drop dead, he will have quite an issue to deal with. LOL

  9. My husband needs to keep me alive because he is CLUELESS about the finances. I do have everything written down in a folder and such, but he has no idea when the mortgage is due either.

    We have a lot of life insurance on both of us. I would have to be incredibly strong for the sake of the kids, but I am sure I would feel awfully hollow inside.

  10. Knock on wood! I don’t plan on dying, but I tell my girlfriend that it’s important we look at life insurance, since if the worst does happen, we don’t want the other to be left out in the cold…

  11. @Everyday Tips, yep, Mr. BFS is clueless on all the due dates too. I would survive, but you hit the nail on the head with “hollow on the inside”.

    @Invest It Wisely, I highly suggest getting enough life insurance to AT LEAST cover all debts and 1/2 year – 1 year of living expenses if you both work. Good luck working out the details – it’s a pain…

  12. @Crystal, yes you can be that selfish girl! 😉 But wouldn’t he be miserable without you? I continue thinking we’d have to die together, as old as possible… maybe like in The Notebook movie, in our bed, during our sleep! Hope nobody planned watching it for the first time today… Sorry! 😛

  13. Well you certainly succeeded in scaring me as well. My husband and I have been together for 3 years, I just turned 27. We do not have life insurance yet. Actually I haven’t even really given it much thought until I read your post. I’m just confused, why do you need life insurance to cover paying off the rest of your house after you die? I hate having those day dreams or dreams in general, thoughts of your loved ones dying. It really does make my stomach turn. However, reading about how someone else works there finances really makes me think about taking some initiative in the household and possibly funding a second Roth IRA as well.

  14. @DoNotWait, the book ended differently. 🙂

    @Natalie, I’d want to be able to pay off all our debt (which is just our house) simply since living on my income alone would barely make it if I still had the mortgage to worry about too.

    We currently spend a little less than $40,000 a year on everything – house, cars, utilities, fun, dogs, etc. We make about $65,000 after taxes. The extra $25,000 (pretty much my take home pay) goes into our savings goals.

    If I had to live on my $26,000 of take home pay alone, I’d need to cut all $25,000 of savings and $14,000 of bills.

    I’m currently making about $500 a month from blogging, so that would take care of at least $6000 a year. Not having to worry about $11,000 of mortgage payments would help. I’d also have to cut out our $1000 of cable, $1600 for the biweekly housekeeper, and $3000 of groceries. All of that would mean I could survive and still be able to save $8600 a year and never have to dip into savings, stocks, our Roth IRA, or my 401(k).

    Paying off the mortgage means I can keep the house and still live pretty much like I’m living now (just no cable or biweekly housekeeper, which are luxuries anyway).

    We are also working to open up and fully fund another Roth IRA for this year. I like the idea of having as much padding all over the place as possible. 🙂

    I should have just written another post, lol. Maybe I will next year…

  15. If the worst happened, Mrs. 101 C and the kids would be taken care of. I have enough life, supplemental life and AD&D coverage through my work that any income needs if I’m hit by a truck will be met.

  16. Ummm, great article? 🙂 But seriously, not the happiest topic, but something that can’t be ignored. I’m the finance guy of the house and we make decisions as a team, but next year I may have to get the Mrs. on the same page in terms of running the ship, in case something happens. Better safe than sorry. Thanks!

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