Caregiver’s Corner: 5 Things I Wish I’d Known When I First Became a Financial Caregiver

This week we have a special article on finance from family caregiver and top financial advisor, Michael Lewis. Here are the 5 things he wishes he had known. Enjoy!

When I first got the call to step up as a caregiver for a loved one, I was completely lost. It was a mix of love, duty, and a whole lot of “where do I even start?” As a financial advisor who now guides family caregivers, I’ve spent years figuring out what I wish someone had told me back then. That’s why I created this community—to share those hard-earned lessons so you don’t have to feel as alone as I did.

Here are the 5 things I wish I’d tackled first to build a stronger foundation and cut through the chaos:

1. The Money Picture Matters More Than You Think

I didn’t realize how fast caregiving costs—like travel, medical bills, or missed work—could pile up. I wish I’d started by mapping out my loved one’s finances (bank accounts, insurance, debts, income) and my own. A clear view would’ve helped me plan instead of panic. Pro tip: A spreadsheet works wonders—if you're not experienced using them, leverage AI tools like Numerous.ai or GPT Sheets that allow you to describe what you want to accomplish and it creates the spreadsheet and necessary formulas for you to make life easier.

2. Legal Power Isn’t Optional

I stumbled through decisions I wasn’t even sure I could legally make. I wish I’d checked for a Power of Attorney, healthcare proxy, or updated will right away—or pushed to get them set up with an estate attorney. Knowing I had authority would’ve saved me so much stress when time was tight.

3. You Can’t Do It All Alone

I thought I had to carry it all myself—huge mistake. I wish I’d built a team early: a financial advisor who gets caregiving, a tax pro, doctors, a friend or family member to lean on. Even a support group would’ve helped. Our community proves it—a solid crew keeps you grounded.

4. Your Finances Need Protection Too

I didn’t see how caregiving could drain my own wallet until it was happening. I wish I’d built an emergency fund (3-6 months of expenses), adjusted my budget, and checked work benefits like leave. And oh, how I wish I’d known about a financial caregiver agreement—a written deal laying out tasks, hours, and pay (even as family). It could’ve safeguarded my future and dodged family tension.

5. Help’s Out There—Go Find It

I had no clue about resources like Medicaid, Veterans benefits, or local nonprofits back then. I wish I’d dug into those options—or even asked about long-term care insurance—from day one. Knowing what’s available would’ve eased the load on my time, money, and nerves.

You Don’t Have to Figure It Out Solo!

Looking back, these 5 steps would’ve given me footing when I felt adrift. Now, I share them so you can start stronger than I did. To the caregiving pros out there—what do you wish you’d known at the beginning? What got you through? Let’s swap some wisdom—I’d love to hear your story.

📰 This Week in Dementia News 📰

• U.S. Dementia Costs Approach Trillion Dollar Mark (ScienceBlog): The hidden financial tsunami of dementia will crash across America with unprecedented force this year, reaching $781 billion in total economic burden.

• Alzheimer’s Disease Facts and Figures — 2025 (Alzheimer’s Association): this week, the Alzheimer’s Association released their annual report on dementia facts and figures for 2025.

  • 2025 Alzheimer’s Disease Facts and Figures Report [PDF] (Alzheimer’s Association)

  • Special Report: American Perspectives on Early Detection of Alzheimer's Disease in the Era of Treatment [PDF] (Alzheimer’s Association)

• When They Don’t Recognize You Anymore (KFF Health News): how do we cope when we become a stranger to the people who know us best?

• Care Home Fulfils Wish For Dementia Resident To Be Involved In Community Arts At Bournemouth University (TheCarerUK): enriching activities can take many forms when we focus on the possibilities rather than the restrictions.

• ApoE4 Alzheimer's Alliance Launches to Advocate for ApoE4 Patients, Urges FDA Action (StreetInsider): Individuals with the ApoE4 gene are at a significantly higher risk of developing Alzheimer's disease, often experiencing earlier onset, rapid disease progression, and limited therapeutic options.

🌟 Featured this Week: Chaotic Composure🌟