For your family

Recently, the Wife and I attended and graduated from the online version of FPU (Financial Peace University) put on by one Dave Ramsey. DR is the best-selling author of the Total Money Makeover and a nationally syndicated talk radio host. DR advocates a very common sense and patient approach to managing one’s money. This is by no means a “get rich quick” program. It takes time, patience, sacrifice, and dedication.

There is so much I could pass along about this program, it boggles the mind. It has truly changed our approach to Finance. Our children will never have to suffer through the financial issues we have. They will never be slaves to creditors. We can’t thank DR enough for putting us on the right track. We will be debt free (with the exception of our home) in a little less than four years. Paying off over $70K in that period of time blows my mind. The key to our success is sticking to an actual written budget, allocating our spending (every dime has a destination), and working hard to make some extra scratch (garage sales, OT, craigslist, etc).
After completing FPU, we joined the TMMO (Total Money Makeover) website. There, I found DR’s 30-day challenge. The challenge is this: set up a “Legacy Drawer”. I’ll let DR explain it…

If something tragic were to happen to you or someone in your family, would anyone know where to look for important information like a power of attorney or insurance policies? Would anyone else know how to access important places like your safety deposit box? Do you have everything you need to have in order so that if something were to happen to you, everyone could devote their attention to you and not the stresses of financial uncertainty?

Read about how important a legacy drawer is to your family.If you answered “no” to any of these questions, you need to begin putting together what Dave Ramsey calls a “legacy drawer.” A legacy drawer is a drawer in your home that contains all the important information that your family needs if something happens to you. It gets the name from the fact that you love your family so much that you get all your matters in order so that the information is easy to get to and understand.

It’s not just papers thrown together. It should be organized so anyone could quickly find a certain document within 20 seconds. Everything is clearly marked, in order, and easy for a grieving family member to find.

After the tragedy suffered by Joel and his family, I find the discovery of the 30-day challenge fortuitous, minimally. You don’t have to be a member of TMMO or even be a DR fan to see the benefit of having a Legacy Drawer. Things to include in the drawer are as follows:

I encourage and challenge all of you to get your affairs in order and have them in a place easy for loved ones to find and understand. I know I will sleep better in 30 days when I know if something should happen to me, there will be much less for the Wife to deal with because we took the time to get everything squared away before necessity dictated it.

Please note: I reserve the right to delete comments that are offensive or off-topic. Snark is encouraged. Being a prat is not.

9 thoughts on “For your family

  1. Our Association has a general order in place that allows officers to fill our an entire "worst case scenario" packet. The officer keeps both copies (one at home, and one in their locker or desk). If something happens, it spells out who should be the family liason, funeral wishes, bank info, etc. I highly recommend that everyone fill it out..It would benefit your family if a tragedy occurred.

    MC, if you want me to forward the blank document, let me know.

  2. El Presidente'…I have something that I think fits the bill through the TMMO website; however, I'd love to take a look at what you have and see how it compares!

    If you wouldn't mind sending it to my gmail?

  3. My parents were soooo good about this, they even wrote their own obits because they knew none of us would know where they worked when they were younger. Consequently, when my husband and I were in our early 20's, we already had a will, a living will, POA's and people picked out to raise the offspring should anything happen. The last one was my biggest worry, and it gave me great piece of mind when we had it all spelled out in writing.

  4. I love dave ramsey, My wife on the other hand……

    He is good and he makes sense. I try to follow his advice on a lot of issues. Good luck on screaming "We are debt free!"

  5. my brother and his wife did the TMMO by DR befoore they got married and it is working so well for them. He recommended the book for me and I got about halfway through it. I have used what I have learned so far and am slowly getting to the rest of the book. Congrats!!

  6. Very good post. With three little ones, we've had our wills and related stuff in a safe and ready for the last few years, but a few of those things on the list were things I hadn't thought of. We don't go out (just the two of us) very often but it's so true that you never know what's coming….and when.

  7. If you never follow any other advice – follow this bit.

    We were young, thought we had plenty of time. I was 33, hubby was 43, daughter was 10 months old, when I got the 6a.m. knock on the door. That worst nightmare can actually get worse with no will, and no life insurance.

Comments are closed.