How We Can Help Care for Widows with Valerie Hogan

FaithFi: Faith & Finance | Oct 10, 2024

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Show Notes

“Learn to do good; seek justice, correct oppression; bring justice to the fatherless, plead the widow’s cause.” - Isaiah 1:17

Widows are often unprepared to face a range of difficulties, including grief, social isolation, and, of course, financial challenges. Valerie Hogan joins us today to discuss some ways we can help.

Valerie Hogan is an attorney, a Certified Financial Planner (CFP®), a member of Kingdom Advisors, as well as the co-author of Wise Women Managing Money: Expert Advice on Debt, Wealth, Budgeting, and More with Miriam Neff.

Helping Widows Build Financial Confidence

More than 60% of married women outlive their husbands, and over one million new widows are added in the U.S. every year. Caring for widows is not just a societal need but a biblical mandate found in James 1:27, where God calls us to look after widows in their distress.

So, how can we help a widow gain financial confidence?

1. Respect the Time to Grieve

Grief is deeply personal, and everyone experiences it differently. We should respect each widow’s unique process. Some may grieve privately, while others are more open, but either way, it’s essential to allow them space. During the grieving period, it's advisable to hit the pause button on major financial decisions. While some decisions must be made immediately, delaying non-urgent matters can prevent unnecessary stress and mistakes.

2. Be Aware of Public Financial Vulnerability

Widows, especially those who receive large life insurance payouts, may be targets for fraud or manipulation. Valerie pointed out that the public nature of some financial settlements makes widows particularly vulnerable. Protecting them by creating a safe environment is crucial. This includes ensuring that the widow is surrounded by trustworthy advisors who have her best interest at heart and are okay with hearing the word “no” from her as she processes her financial decisions.

3. Understand the Emotional Impact of Finances

Widows often feel financially vulnerable, whether dealing with new-found debt or suddenly managing a large sum of money. The emotional weight of making financial decisions without their spouse can be overwhelming. Offering encouragement and empowering the widow to make decisions at her own pace is critical. Advisors and loved ones should simplify financial conversations, avoiding overly technical terms and ensuring the widow fully understands her options.

4. Offer Help, But Respect Autonomy

It’s natural for family members or friends to want to step in and help immediately, but it’s essential to offer help when the widow is ready to receive it. Giving the widow space to express what kind of assistance she needs, as everyone’s journey is different.

Rather than rushing into action, it’s better to gauge the widow’s readiness and provide support based on her preferences.

5. Choosing the Right Financial Advisor

A widow should feel seen and heard by her financial advisor. If she worked with an advisor while her spouse was alive, she should assess whether that advisor truly understood her goals and concerns. If a change is needed, it’s worth interviewing several advisors, including those with faith-aligned advice, such as Certified Kingdom Advisors (CKAs).

Finding the right advisor is crucial for the widow’s financial future and well-being.

6. Empower Her to Say "No"

Widows are often bombarded with advice from well-meaning friends and family and potential financial offers. Helping a widow say "no" is critical. Whether declining to sell her house or refusing a product offer, she should feel comfortable making decisions in her own time without pressure. People with her best interests will respect her choices, even if they don’t align with their suggestions.

7. Equip Her for Wealth Transfer and Estate Planning

Widows often play a crucial role in wealth transfer, even if they were not previously involved in the family’s financial planning. Advisors should ensure that the widow is well-prepared to handle this responsibility. Rather than focusing solely on the next generation, the widow’s role in the financial plan should be prioritized, giving her the tools and knowledge to steward the family’s wealth.

Helping widows gain financial confidence is a deeply rewarding and biblically rooted responsibility. Whether you are a family member, friend, or financial professional, offering support during this challenging season can make a lasting difference. It’s about empowering widows to make decisions on their own time and helping them navigate the challenges that come with grief and financial vulnerability.

For those looking for trusted financial advisors, consider a Certified Kingdom Advisor (CKA) through FaithFi.com, where you can find faith-aligned professionals who understand the unique needs of widows.If you’re a widow, check out Widow Connection to join a supportive network that has helped over 10,000 women move forward with confidence and hope in this next chapter of life.

On Today’s Program, Rob Answers Listener Questions:

My son was told in a financial class to borrow against rentals to buy more rentals, even though other courses say to pay off debt. Is that biblically correct?
My father-in-law offered to loan us $30,000 from his retirement account to make repairs on the house we live in with him. But he said we'd have to help pay the taxes on that withdrawal. Is that a better option than getting a regular loan for the repairs?

Resources Mentioned:

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