The Talk’s Amanda Kloots on Lessons Learned From Tragedy

Financial and mental health are intertwined for many people. After all, money worries can weigh heavily. Planning for the unpredictable is a big part of preventing these moments from occurring, as the latest guest on SoFi’s YouTube series Richer Lives knows first hand.

Amanda Kloots danced her way onto Broadway and the Rockettes, launched her own digital fitness brand, and became co-host of The Talk on CBS. But the greatest challenge of her life, however, was dealing with the death of her late husband, actor Nick Cordero, who passed away at the age of 41 after battling COVID-19. Kloots shared her story with Brian Walsh, SoFi’s Head of Advice and Planning, and financial literacy advocate Vivian Tu, aka Your Rich BFF.

Preparing for Hard Times

Coping with the death of a loved one was hard enough. But, on top of her grief, Kloots had to deal with massive medical bills.

“Up until the day he passed away, I really thought he was going to make it,” she said. “I don’t think the financial magnitude really hit me until he passed away.”

Cordero was in the hospital for 95 days, Kloots said, and the ventilator alone cost at least $3,000 a day. With a four-year-old son, Elvis, to take care of, she turned to a financial advisor for help.

Because Kloots and Cordero were young, they had never talked about extensive estate planning. They did, however, take out a life insurance policy, thanks to the advice of Kloots’ father, who was in the life insurance industry.

“As a single parent, I was just like, ‘Thank God.’ I remember saying to my dad, ‘I love you.’ Yeah, so get life insurance, everybody.”

Planning for the Future

Now, Amanda sits down with her financial team for regular fiscal check-ups, sometimes as often as four times a year.

“I think that helps me feel like, ‘Okay, I’m planning for my future. I’m saving, I’m taking control of what I can.’”

Kloots tries to live below her means so she can feel financially secure and afford the things that really matter to her.

“If I’m going to spend my money on something, I love to spend it on travel,” she said. “I’d rather go have an experience and an adventure than a new handbag.”

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