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When life takes an unexpected turn, financial decisions may seem overwhelming, especially in times of sorrow. On a recent episode of the Podcast “Women & Money”, an expert in personal finance Suze Orman Answer a widow faced with a difficult question: should she sell her dear family home in order to remain financially afloat?
The listener, 71, wrote to share that she had recently lost her husband, a doctor, after 46 years of marriage. With his disappeared income, his finances are very different.
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Its current mortgage payment in West Los Angeles is about $ 7,100 per month. On the other hand, its income – mainly social security and unemployment benefits – total about $ 4,000. To fill the gap, she plunged into her savings.
In addition to the figures, there is an emotional link with the property. She and her late husband renovated the kitchen only five years ago. It has become the heart of her personal project: an Instagram page focused on cooking where she shares recipes inspired by her cultural origin. This creative outlet, she explained, was a source of healing.
However, with her exhausting savings quickly, she wondered if it was time to sell.
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Orman’s first advice was clear: wait. She explained that after losing a loved one, it is important not to make major financial decisions for at least six months to a year – ideally, even longer.
“I do not think you are quite ready to sell the house,” said Orman, stressing the importance of giving himself space to cry and adapt. She suggested putting aside savings aside to cover at least six more months at home, even if it requires $ 40,000 to $ 100,000.
The objective, explained Orman, is to create stability for an unstable period. By keeping her house and her kitchen project, the widow could continue to find comfort while dealing with her loss.
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Orman also encouraged the listener to rely on his five adult children. She said that children would probably establish themselves and help contribute financially to help their mother stay in the house.
