When the Picture Changes: Gaining Financial Control after the Loss of a Spouse

By Matthew Moccio

Each year over the past five years, 38,000 women have been widowed in Canada. Matthew Moccio has extensive experience with widows and other women in transition. In this book, he uses that experience to help women begin to formulate a vision for their future. He then explains the key concepts of financial planning, investing, taxation and estate planning. With the information, readers will be more informed and feel more confident about dealing with advisors. This will help them gain control over their finances, feel more secure in their future and find peace of mind.

• Language: English
• Publisher: Matthew Moccio
• Release date: Oct 18, 2018
• ISBN: 9780463179857

Matthew Moccio

Matthew Moccio has been a Wealth Advisor in the Golden Horseshoe since 2004. He previously held head office positions with major financial institutions and has worked in both the pension and tax areas of the federal government. He has served on many community boards and committees in the Hamilton area. He holds the Chartered Investment Manager® designation.

Book preview

When the Picture Changes

Gaining Financial Control after the Loss of a Spouse

by Matthew Moccio

Copyright 2018 Matthew Moccio

Smashwords Edition

This book is also available in print by contacting: [e-mail]

Important Note to Readers

The contents of this book are for general information only. This book presents ideas for handling many situations that may require a professional advisor, counsellor or technician (an expert). This book is not a substitute for the involvement of an expert in your specific situation. Before applying general information to your own situation, always consult an expert with the qualifications needed in your circumstances. Failure to do so may result in harm. The author is writing based on his own experience. Applying the author's ideas and experience to your specific situation may produce results that differ from the author's results. The author takes no responsibility for actions taken or not taken, or decisions made, as a result of this book. Results may vary from person to person. This book is not intended to solicit the sale of any investment or financial or insurance product. The stories are inspired by real encounters, but the names and details have been modified to protect the identity and privacy of the women involved.

Smashwords Edition, License Notes

This ebook is licensed for your personal enjoyment only. No part of this ebook may be reproduced, distributed or transmitted in any form or by any means, electronic or mechanical, without the prior written permission of the publisher, except in the case of brief quotations embodied in critical reviews and certain other non-commercial uses permitted by copyright law. For permission requests, write to [e-mail]. If you would like to share this book with another person, please purchase an additional copy for each recipient. If you’re reading this book and did not purchase it, or it was not purchased for your use only, then please return to your favourite ebook retailer and purchase your own copy. Thank you for respecting the hard work of this author.

Table of Contents

Foreword

Preface

You're Not Alone

Creating a Vision for Your Life

Staying in Your Home

When You Need to Move

On Your Own but Not Widowed

Money In and Money Out

Ensuring Your Vision Is Sustainable

Making Risk and Reward Make Sense

What You Need to Know About Stocks, Bonds, Mutual Funds and Fees

Taxes

Planning Your Estate

Still With Your Spouse but Ready to Be More Involved

Acknowledgements

About Matthew Moccio

Praise for When the Picture Changes

Foreword

IF YOU ARE READING this book, you know that losing a spouse is one of the most stressful life events. Whether you had time to say goodbye to your loved one or you lost your partner suddenly, the impact on your life is far reaching and questions abound. Who will I be without my husband? How will I live day-to-day without him? When will I feel less overwhelmed? Your answers will be unique to you and your experience. There is no one way to feel when your spouse dies and no one way to move through this life transition; there is just your way.

There will also be financial questions. Some inquiries will need to be examined immediately but most can wait until the intensity of your grief subsides. One thing is for sure: having a caring financial professional on your side is invaluable. You may be experienced with investing and money management or you may be new to taking on this role in your family. Either way, it is helpful to have a guide to lead you through this uncharted territory and to explain what you need to know, what decisions you need to make and how you can eventually recalibrate your financial plan to meet your new goals as a single woman.

It isn't always easy to find a professional you feel comfortable working with. You may be okay with your current advisor or it may be time to make a change. It is interesting to note that roughly 80 percent of widows fire the advisor they used when their husband was alive within one year of his death. I believe the reason is that historically the financial services industry has catered to men and overlooked the needs of women. This trend is changing as women control more wealth than ever before and are using their voices to let advisors know when they are dissatisfied. When you are newly widowed, you don't need to take on this fight since you have enough to cope with. You do need to understand that if your gut tells you that your current advisor is not right for you, you should listen. There are plenty of caring, female-friendly advisors you can work with, so don't settle for less.

As an expert in the psychology of women and wealth, I speak in the United States and Canada and meet thousands of financial services professionals. All are well intentioned but few stand out. Matthew Moccio does. He is one of those advisors who consistently demonstrates a desire to serve his clients and better their lives. He understands the importance of the money–emotion connection and how to balance making financial recommendations with being there for his clients. With experience he realized that he could reach more widows if he wrote a book. As a fellow author, I can tell you that writing a book is a significant undertaking and that the underlying hope is that you will change the lives of your readers. After reading this book, I know he has not only achieved but surpassed his goal.

When the Picture Changes is a book all widows should read. It offers practical advice on when and how to make financial decisions after a loss and is based on Matthew's experience working with women in transition since 2004. Consider it your roadmap and Matthew your kind, caring and compassionate guide.

Kathleen Burns Kingsbury

Wealth psychology expert and author of Breaking Money Silence®:

How to Shatter Money Taboos, Talk More Openly about Finances, and Live a Richer Life

For more information, visit

www.BreakingMoneySilence.com.

Preface

THE IDEA FOR THIS BOOK came out of real life situations I encountered as a wealth advisor. A few years ago, I began working with several women who had lost their husbands and who struggled to get comfortable with the responsibilities of managing their wealth. For various reasons, their husbands had always handled the major financial decisions. These women were well aware of everyday costs such as the amount