Wednesday, August 1, 2018

Thrifty Thinking: Keeping Your Family Financially Prepared

Dave Hanley is CEO and Founder of Tomorrow, the first-ever mobile app helping families manage their money better - for free. When Hanley lost both of his parents unexpectedly, he wasn’t ready for the difficult financial and legal processes that came next. Realizing the importance of ensuring your family’s financial future, Hanley wanted to make it easy for anyone to be prepared in case the worst happens - which is why Tomorrow combines important legal, finance and insurance goals into an online app. 

“We believe every family deserves financial security and a plan for caring for our greatest assets: our children,” says Hanley.

I had a chance to interview Dave to learn more.

  • What steps do parents of young kids need to take to make sure everything is in order should a tragedy occur?
The first priority for young families should be assigning a guardian. This person acts as your child's caretaker, should the unthinkable happen. This guardian can be a family member or trusted friend.

A close second priority is having a life insurance policy in place that guarantees adequate coverage to replace lost income, college for the kids and give the family financial peace of mind while getting through difficulty of a tragedy. This is important not only for a spouse left behind but the providing financial security for the guardian.

The vast majority of families either do not have life insurance, or not enough to cover financial needs. For the cost of a monthly Netflix subscription, many families could have coverage that suits their family's needs.

  • At what age should kids start to be involved and be more aware of financial issues?
Getting kids comfortable around finances and money is so important to their development and education. Money shouldn't be a scary topic that is approached negatively — instead, focus on the value of money and the energy/time it took to make that money.

Even toddlers can be introduced to the value of saving and spending mindfully. As soon as they start asking for things (candy, toys, etc.) you have the opportunity to introduce choice and patience. For example, before taking your kids to the grocery store, you can give them a small amount of money for a small task “help daddy walk/feed the dog” and let them spend it in the store vs them asking and you giving the item.

Kids knowing about college savings can shape their lives forever.  Research shows that if a child knows they have a college savings account (funded with as little as $20) they are much more likely to enroll in college than a child of the same socioeconomic situation.   So clearly making good decisions, then sharing those decisions with children can make a real difference.

  • What features does Tomorrow have that help families be more prepared?
The free Tomorrow app helps families create a will, living trust, and get life insurance — all from their phone or computer. Our flagship product, the free Tomorrow will, is completed by most families in under 15 minutes; and is integral for assigning a guardian, executor, and more.

Over 60% of Americans do not have a will in place and most of those are out of date. One of the benefits of creating your legal will on your phone is that you can update as your life changes - new child, different house, inherited heirlooms - are all reasons to update your will and with Tomorrow, you can do that without going to an attorney.

The Tomorrow Will is free because we believe every American family — regardless of income — should have a will.

Dave Hanley, Founder and CEO, Tomorrow
Dave Hanley is CEO of Tomorrow, whose flagship product helps individuals and families become financially secure through its app. Prior to founding Tomorrow, Dave founded Banyan Branch, a leading social media marketing agency, which was acquired by Deloitte Digital. Prior to Banyan Branch, Dave was VP of Marketing at Shelfari, the social network for book readers, which he helped grow to more than 2 million members in 18 months, before it was acquired by Amazon. Earlier in his career, Dave worked in economic development with NGOs and banks in Asia and Latin America that were implementing and assessing microcredit programs, including time as a Fulbright scholar. Dave was selected to the prestigious World Economic Forum Young Global Leader program, where he is an active participant and advisor.
Founder video: com/open? id= 0B10lhngcLONcRTk1RGlhejd0dHc

Company overview:
Tomorrow, the first mobile app to combine a will, trust, and insurance into one unified experience, is on a mission to bring financial security to millions of American families. With Tomorrow, users can easily create a legal will and trust aligned with state laws, purchase affordable term life insurance to cover financial needs, and choose guardians, executors, and trustees -- all with just a few quick taps in the app.

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