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“From birth to age 18 a girl needs good parents; from 18 to 35 she needs good look; from 35 to 55 she needs a good personality, and from 55 on she needs cash!” —Sophie Tucker, Singer

There’s an important relationship between money and happiness. Keeping it in proper perspective is the tricky part.

Money may eliminate some forms of unhappiness, but will it create happiness? Money’s an important piece of reality and necessary to survival. Yet, how much money we need for happiness is difficult to quantify, but we all need some.

If you agree with Sophie Tucker, the most fortunate have good parents, good looks, personality and cash! Well, mindset and attitude certainly influence personality, which sets the stage for where our lives take us.

Luckily, these things we have control over. We don’t have control over volatile markets, inflation, gas prices, divorce, and health care expenses. Health care expenses are just one of the wild cards that can turn your world upside down. Emotional upheaval may be devastating, especially if money becomes a concern too.

Pete and I have friends up North who are going through such an upheaval. This couple is family to us; they were there when Pete asked me out on our first date and a few years later she was my matron of honor and her husband walked me down the aisle (actually he walked me down the staircase since our wedding was at home in the backyard.)

He’s facing cancer surgery next month. We’re heading to Vermont for a long weekend to give them both lots of hugs and hopefully a few good belly laughs, the kind that only occur between lifelong friends. When life gets this real, it’s testimony of how important proper financial planning can be. Money won’t make a bad situation go away, but it may make it a bit easier to withstand.

Women live longer than men, and often marry older men. Half of all marriages end in divorce. Being prepared to manage your own finances is a wise idea since you may end up living on your own someday. Living beneath your means today allows you to set aside more to help reach your long-term financial goals. If saving more is the answer, then the 64 million dollar question must be “how do I become more frugal?”

Discipline and good decision-making is a start. There are many ways to cut down on expenses and save money. What are some of yours?

Managing our own financial lives is an important job. Take inventory to know where your retirement plans and other assets are located, and know what they’re worth. It’s just good common sense to have this information and if your partner becomes ill or incapacitated, or if your marriage ends you’ll be a few steps ahead of the surprises that are sure to come your way. We can’t control the future.

Whether you’re a multi-millionaire or a “regular” person, each of us share these concerns:

Running out of money

Managing investments

Taxes.

A volatile market and reductions in your investment assets may send you back to work or you may need to cut-back on your life style. Determining and prioritizing goals is important if you’re interested in maintaining or ultimately increasing your current standard of living. Consider that you may live 30 percent of your life in retirement.

When retirement plans fail it is generally for one of these reasons:

-- No prior planning for tax advantage withdrawals from retirement assets, choices are irrevocable and a mistake can be expensive

-- Loss of principal from investments or too aggressive withdrawals

-- Taxes. Everyone’s situation is unique.

-- Not seeking professional advice when necessary.

Be prepared to manage your own finances, even if it never happens. If you have tips on how you save money and are frugal, don’t be shy! E-mail or forward your suggestions. A list will be compiled and presented in an upcoming column for everyone to share.

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Darcie Guerin is a financial adviser and branch manager at Raymond James & Associates Inc. at 606 Bald Eagle Drive, suite 401, Marco Island. Contact her at Darcie.Guerin@raymondjames.com, 389-1041 or toll-free (866) 343-0882.