Mother’s Day and your future role as Mom’s money manager

Depositphotos_6869353_s-2015By Josh Miszk,

Special to the Financial Independence Hub

Most of us will care for our aging moms at some point in our lives, but helping our parents maintain their independence as they grow older can be a juggling act, particularly when it comes to their finances.

Before we are thrown into the overwhelming responsibility of managing Mom’s investments, it’s important to do some advance planning. For many, starting the conversation with Mom is the biggest hurdle, and what better time than on Mother’s Day?

Whether it’s day-to-day or long-term investments, here are a few things to consider when helping Mom with her finances:

Get a holistic view

Start by getting a complete picture of Mom’s current and expected cash flow needs. Look at her sources of income (like pension and CPP) and her living expenses to get a better idea of any cash shortfall her investments will need to cover.

Next, get a holistic view of her investment portfolio, including what investments she holds and where. Continue Reading…