Money Wisdom for the Suddenly Single

This is a special message for widows and widowers. Don't tune out if you don't fit this category. We have advice you may want to share with your mom or dad or other singles in your life. Besides, you may need this information someday, too.

You are a very special type of individual, at a very emotional stage of your life. Turn to friends, family and support groups for emotional support – you're entitled to let your emotions flow. But keep your money matters your own business. Sure, your friends and family will offer up financial advice. Thank them for their interest, but take their advice with a grain of salt.

As you plan your financial future, please make us three promises. Promise us that you:

• Won't make any major financial decisions for six months. When you're confused or unsure, it's best to do nothing.
• Will never buy a financial product someone you don't know offers to you over the phone.
• Will understand any investment before you put money into it.

Now, get ready for some facts that most bankers, brokers or financial planners won't tell you – and we tell you this from the heart.

All too often, some folks selling financial products will try to scare you into believing that you will outlive your assets if you don't take risks with your money. Not true. Using our conservative investment strategy may not skyrocket you from rags to riches, but it will provide safe, profitable investments for your future. Don't try to be a financial hero. "Steady as she goes" is a better way to forget ahead. We may take smaller steps, but we're always moving forward.

If you're very conservative, you should invest only in Treasury Bills and notes, CDs, money markets and short-term bonds. You can safely give your income an extra boost by diversifying among individual, AAA-rated bonds. Stagger your maturities among short and intermediate bonds of 2-year, 3-year, 5-year, 8-year, and 10-year maturities.

One caution: Don't buy bond funds. Bond mutual funds never mature and therefore you constantly risk losing part of your principal … construct your own portfolio of taxable/non-taxable bonds as appropriate.

Finally, keep in mind that even though you've lost your spouse, you haven't lost yourself. It may seem hard at first, but be strong and forceful. Assert yourself and don't settle for anything less than the best. You can do this.

Click below for more advice:

• 10 Simple Rules of Investing
• Finding Work After 40
• Smart Estate Planning Strategies for a Remarriage