I am a lone parent, so how that differs from a single parent is that my children’s father is not involved in their lives financially or with his time. In that sense, I have had to support them by myself and, at times, have had to get creative to provide for them. I have gotten really good over the years at generating income from nothing, so now I’m teaching others the steps I took to figure out what they have to offer that can be monetized.

You talk about raising your daughter alone. Help me understand it better. What are some of the challenges of being a single mom?

The biggest challenge is financial.  I have always been able to provide for my family…at times when I didn’t know how I was going to make it, God always showed up and provided. Christmas was always stressful, I needed to earn extra money to provide a Christmas experience.  Some of the things I have done to provide Christmas are making 18 cases of homemade salsa and selling it, parking vehicles in my driveway for nearby events, and photography. The other challenge is getting time for rest.  There is no one else available to help pick up the slack…I’m the shopper, the laundress, the cleaner, the chef, the landscaper, the maintenance man (I have repaired and replaced my dishwasher myself), the snuggler, the tea party player, and the breadwinner.  Having a community around you for support is crucial.  I am grateful when a friend shows up at my house hands me my purse and my keys and tells me not to come back for 3 hours.

I love your pottery stuff. What inspires you to create and how did you get started?

Pottery was something I always wanted to try, it was on my bucket list.  December 2018 was a Christmas gift to myself to take classes.  I loved it. I learned quickly and had a natural talent for it.  Pottery has been a creative outlet for me as well as an outlet to get out of frustration…nothing like slamming some mud to work out aggression!

Do you have an online portal where you sell your pottery creations?

I sell my pottery mostly in person at hand-made shows and also have an Etsy portal: nicoleventurapottery.etsy.com

What does women’s empowerment mean to you?

Women stepping into the power they possess and not being afraid to take up space in a room.

Talk to me about the city you live in and why we should visit.

I live in Hamilton, Ontario.  I’ve lived here for 17 years.  I’m originally from a very small town in northern Ontario. Hamilton has that small-town feel of being a blue-collar city.  People here are real and don’t have an ounce of pretense.

How do you balance food, faith, finance, and family?

I don’t believe there is balance. However, with that, I believe that priorities are never in conflict so whatever the priority is at the time gets my attention.  My faith always gets my attention first, after that it is whatever the priority is.

Do you have any advice for my readers who are 25 years old?

Don’t wait until you’re older to not care what other people think of you…the sooner you realize that whatever they think of you has everything to do with them and nothing to do with you the sooner you step into your full power as a woman.

The post Single Mom With a Purpose appeared first on Four Columns of a Balanced Life.

Few events in life can be as profound and challenging as a divorce. It is one of the most painful and emotional experiences. You get angry, lonely, anxious, bitter, and desperate. Your identity is at stake and it can shake the very foundation of your life.

You have to deal with a number of issues: financial, emotional, professional, parenting, health, and spiritual. This article will deal with only the financial aspect of a divorce.

Legally this is a life-changing event. It is in your best interest to separate emotional attachment from strategic decisions.

Mediation, arbitration, litigation, and the collaborative process are some of the legal choices available. You need to educate yourself and see which is the most beneficial to you.

Mediation is a safe process provided by a neutral third party to help resolve issues that arrive during the divorce. It saves you money compared to going to court. You participate in the resolution.

Arbitration is a procedure in which a dispute is resolved by the agreement of parties to a binding decision by one or more arbitrators.

Collaborative Divorce is a family law process. It helps couples work with their lawyers in order to avoid uncertain outcomes in court. It best meets the specific needs of both parties and their children without the underlying threat of contested litigation.

Litigation is a process where your lawyer represents you in court. A judge makes the final decision. This can become a long, expensive, and cumbersome process. You should choose a lawyer that specializes in family law, and make sure you have a written fee agreement.

Have realistic expectations. A divorce will affect your lifestyle. Prepare a budget for yourself. Write down all your income minus your expenses. Differentiate between wants and needs. Try to stay away from debt.

Check your credit report. If all your credit cards were in both names, cancel the cards and order new ones in your sole name. Inform the credit agencies about your divorce.

Inform your bank and close the joint accounts. Open an individual account.

A house will be a major asset that belongs to both of you. Calculate the total carrying and operating costs to see if you can afford it on one salary. If not then you need to consider selling the house.

Check for beneficiaries on TFSA, RRSP, RRIF, LIF, and Life Insurance policies. Life insurance policies have an option of revocable or irrevocable beneficiaries. Remember to have your will updated.

Have the pension appraised. Some plans are easier to value and contribute. Others have a vesting schedule, defined benefits, and defined contributions.

Would you rather have a forty thousand-dollar BMW or a forty thousand-dollar GIC when dividing assets?   If you look at it from a depreciation point of view then the GIC is a better asset.

In the eyes of the Canada Revenue Agency, not all assets are equal. So, consider all the tax issues. A spousal RRSP cashed within the first three years will become income for the contributor rather than the recipient.

Make sure you have adequate health coverage. A visit to the dentist without coverage is expensive.

A divorce can put your best-laid plans to ruin. Focus on the future and make some good financial decisions.

Photo Credits: Eric Ward Bill Oxford Melinda Gimpel

The post Divorce From a Financial Perspective appeared first on Four Columns of a Balanced Life.