Bess's Story
Charlotte's Story
Born in San Antonio in 1930, Bess moved to Houston when she was seven years old and has lived here ever since. While attending the University of Houston, she met and fell in love with Harry. The couple married and started their own small business. For 40 years, Bess was at her desk at a quarter to seven, six days a week. She still gets up every morning at 5 am and reads the paper. "I'm a very active person, always thinking ahead of what the day holds for me," Bess says, "Because I think staying busy mentally and physically leads to a more productive life."
In 1997, doctors diagnosed Harry-who had never been sick a day in his life-with brain cancer. At that point, Bess quit work and devoted all her time to caring for him. "We all think we will live forever," said Bess, "He was 69 and I was 65 when he was diagnosed. I had a lot to learn." Harry passed away nine months later. Since then, she has continued to live with verve and look ahead to her future. An avid baseball fan, Bess loves going to ball games. She also fundraises as a member of Hadassah and the Beth Yeshurun Sister Group. And she has made two trips to Italy and visited the Caribbean. Bess attributes much of her lifestyle to the financial and legal plans she and Harry made.
Q: Tell me what you think about the statement: Financial and legal planning keeps you in control.
A: "It's 100% true. Harry and I always thought about the future. We never said, 'When the time comes, we'll worry about it then.' We prepared for the future-and thank goodness. I'm in control of my finances, and that keeps me very relaxed. Now I just have health problems. But you have to be financially prepared to deal with your health in the correct way, as well."
Q: What challenges have you met along the way while planning for your finances?
A: "After my husband passed away, we had to deal with estate planning and government and legal papers. That first year was really hard, knowing what you had to get done and get to the government on time. But my husband had a will already and I had the will executor, an attorney and my CPA to help me."
Q: If you could go back and change something, what would you do differently?
A: Travel. I have always wanted to go to London and never have made it yet. We never traveled much in those 45 years of owning the business. That was a mistake.
Q: What advice would you give someone looking to make legal and financial plans for their future?
A: It's never too early to think about your financial future. And you are never too young to start, even if only on a small scale. You can't depend on anyone else to take care of you financially. That is your responsibility and you have to be independent. Being educated is so important.
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Charlotte, an upbeat person who does not allow herself to get down, was born in 1928 in central Illinois. She met and married her husband there, and it's where the couple started their family. As a result of a job transfer, the family moved to Dallas, and soon after, to Houston, where Charlotte currently resides.
Charlotte and her husband raised their five children in a large house, in which they continued to live long after their children had left home. Some time before her husband passed away four years ago, Charlotte and her husband downsized from the large house to an apartment. That was a smart financial move for Charlotte because she now has the money from the sale of the house to fall back on and for extras like trips back to Illinois.
Charlotte feels confident in her financial future because in addition to her income, she has some savings: "If I didn't have the money from selling the house, I'd be really worried."
Q: Tell me what you think about the statement: Financial and legal planning keeps you in control.
A: "I agree that financial and legal planning does keep a person in control. You have to watch your finances. I always planned carefully, so now my finances more or less take care of themselves. I have an income and live on my retirement, and that has definitely helped, otherwise I'd have to dig into my savings."
Q: What challenges have you met along the way while planning for your finances?
A: "My income was cut in half after my husband passed away, so to save money I moved from the two-bedroom apartment I had shared with him to a one-bedroom apartment. The apartment I live in is not too expensive and utilities are included in the rent. I want to spend less money now, so there will be more in the future."
Q: If you could go back and change something, what would you do differently?
A: "I am very satisfied with the way I have handled my financial affairs. I have always been sensible and have watched the status of my money. I don't do the high-class stuff when nice is good enough. "
Q: What advice would you give someone looking to make legal and financial plans for their future?
A: "You have to know what your financial situation is to determine how to plan ahead. It's really easy to get in over your head. Everyone should look at their finances and ask the question, do you want to live in a fancy place, or do you want to enjoy life?"
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