Danielle Miura is the owner of Spark Financials, a fee-only financial planning firm. Danielle is passionate about helping sandwich generation families achieve financial happiness. As a CERTIFIED FINANCIAL PLANNER™ professional, she specializes in comprehensive financial planning, financial education and tax law research.
Those who don’t have enough savings for assisted living may have other options to help cover costs.
“In most cases, seniors who are moving into an assisted living facility will no longer need a home,” said Danielle Miura, a certified financial planner and founder of Spark Financials. “Downsizing by selling a home can help cover the cost of the senior living home.”
Medicaid can also provide financial help for qualified seniors. Low-income seniors over 62 may also qualify for subsidized housing by applying for the HUD Section 202 program. Income limits vary based on your state and county.
“This program allows low-income elderly to live independently while providing home-care assistance,” Miura said.
If you already have three to six months of expenses saved in your emergency fund, financial planner Danielle Miura recommends preparing to put an extra month's worth of expenses in that account. "It can give you the protection you need so that you don't have to worry about gaining extra liabilities in a recessionary period," says Miura.
Miura says that might not be the best idea since continuing to invest in your retirement plan will help you reduce the average dollar per share in your portfolio. If you work for a company that matches 401(k) contributions, you definitely shouldn't stop contributing.
"In the long term, your contributions will greatly benefit you," says Miura. "It is essential that employees continue to take advantage of employer benefits and make an effort to grab free money where you can."
While it might not be something we think about often, financial planner Danielle Miura says that women are often paying more for personal-care products than men are on an everyday basis. According to a study by the New York City Department of Consumer Affairs, products marketed for women cost 7% more than similar products for men. "In general, women pay more for skin products, hair products, personal-care products like razors and deodorant, and clothes," says Miura.
Rather than immediately saying yes to your child’s financial request, Danielle Miura, CFP and founder of Spark Financials, recommends parents have an honest conversation about their financial situation with their adult children.
If a parent cannot afford to financially help an adult child, they may provide nonfinancial requests. Miura said these may include helping the child create a budget or connecting them with a financial professional.
“Healthy money lending is when there is clear communication about the expectations, there are respectful boundaries and the parents are not compromising their financial situation for the sake of their child,” Miura said.
Miura said parents should have an idea of when they want to gradually limit the amount of money or the frequency they give to children.
A certified financial planner with Wealth Tender and founder of Sparks Financials, Danielle Miura, had this to say about teaching teens about investing. “One of the easiest ways for high school students to gain financial education is TikTok.” However, she does caution, “It is key to find a well-educated TikTok influencer. Some of the most well-known and recognized designations within the financial industry are CFP®, CFA, or CPA.”
‘Are they actually doing anything to help my money grow?’ My financial adviser is mostly investing in index funds. Is there work he’s doing to make me money that maybe I don’t see, or should I ditch him?