Funerals are never fun. They are emotionally draining and you are forced to endure the shock of knowing that your loved one will never be back in your life. In addition to the emotional devastation, you have to deal with the financial burdens of paying for someone to be buried. We all know that funerals are not free or cheap, and the last place you want to be cheap is when it comes to burying the person you love.
But there are ways you can keep the cost down. They say you can’t take the money with you, but someone who doesn’t plan for their death may be taking their relatives’ money with them to the grave. Here are some ways that you can bury on a budget: giving relatives dignity without creating financial hardship.
There is a funeral cost calculator on FuneralswithLove.com that helps you to figure out how much your funeral might cost and whether or not you’re going to be able to pay for it. Effectively, the cost estimator first determines your total resources from prepaid expenses, personal savings/investments, and death benefits. Once you know what is available to you, you have to determine how much you want to spend. Some of us want to go out in style and some of us figure that since we’re dead, our relatives should be the ones having all the fun.
I’ve always had mixed feelings about Federal Reserve Chairman Ben Bernanke. I feel that he is better than the previous chairman, Alan Greenspan, but the Fed Chairmanship (like the presidency) is almost never given to the right man. Just the fact that it is almost always given to a man is problematic enough, and the truth is that only white men need apply for the job.
Well, when you are limited in your option pool for the top job, bad leadership and flat out ignorance can sometimes be the result. While Fed Chairman Bernanke might know some nuts and bolts about economics, he appears to be shockingly misinformed about economic disparities between blacks and whites. His embarrassing and highly inappropriate statements at Morehouse College serve as a significant case in point.
In a recent interview at Morehouse, the Fed Chairman was asked what he felt to be the reason for the wealth gap between blacks and whites. In response, Bernanke said that the gap was due to a lack of "financial literacy" and "financial education" on the part of African Americans. That’s all he mentioned.
- Federal Reserve Chairman Ben S. Bernanke listens to businessmen following an address in Chatham, Mass., Friday, Oct. 23, 2009. (AP Photo/Charles Krupa)
Last spring when Federal Reserve chair Ben Bernanke visited Morehouse College, an undergraduate student asked him what accounts for the enormous racial disparity in wealth. Bernanke responded that the source of the problem was the lack of "financial literacy" and "financial education" on the part of blacks, particularly with respect to savings decisions.
He said nothing about the lack of access to inherited wealth, such as inheritances and other intergenerational transfers. Most wealth acquisition today takes place by such asset shifts. Even more astonishing, Bernanke never mentioned the notorious history of white violence that included the seizure, destruction and appropriation of black property.
Acknowledging this unfairness is not an excuse but a powerful truth; remedying it requires straightforward government action, rather than lectures on the value of saving. In fact, the racial wealth gap can be decreased – and without using a race-specific strategy of wealth redistribution.
We propose Children’s Development Accounts, an expanded and non-incremental version of what Manning Marable of Columbia University has called the "Baby Bond" plan. It would provide an endowed trust fund for all children born into families with a net worth below the national median, progressively rising to $50,000 to $60,000 for children whose families are in the lowest wealth quartile. The program could be structured like the Earned Income Tax Credit, which uses a benefits phase-out schedule.