Wellness as a Financial Strategy

Wellness as a Financial Strategy

 

I work with clients to create plans for spending, saving, investment, taxes, insurance, estate, and all the other items that, if managed, can lead to financial security and peace of mind.  Often, after all the planning, I get the question: What else can I do to help my financial situation?  While a good plan can help mitigate the ups and downs of the markets and the economy, it still can lead many to feel like they have little control over their situation.  This question often stems from a sense of not feeling totally in control of your financial situation because of volatile markets, the economy—and recently, a global pandemic.

One area I have started to introduce to my clients as a financial strategy is to consider doing an evaluation and plan for their physical and mental health.  The estimated average healthcare costs for a couple in retirement is $285,000.  This figure can include Medicare supplement premiums, deductibles, drugs, co-pays, dental, vision, counseling, and other care services.  Over the past 30+ years as I have been working with clients, I have seen firsthand how these costs are becoming an increasing burden to retirees as inflation in the healthcare industry is very much outpacing increases in incomes.

For many, chronic conditions like high blood pressure, high cholesterol, diabetes, obesity, heart disease, and auto-immune diseases are a big burden physically, mentally, and financially.  My story was typical of a lot of people I see.  Busy family life, high pressure jobs, and the stresses of life slowly add up.  Late in my 40’s, I was diagnosed with high blood pressure and started taking medication.  I thought I was in pretty good shape and didn’t give it much thought as my mom had high blood pressure all her adult life, and I thought it was hereditary.  As I got into my 50’s, my cholesterol and triglycerides started steadily increasing to unhealthy levels.  Like many, I ignored the slow decay of my physical and mental health.  Denial was strong.  I would get flashes of trying to stem the aging “tide” but would eventually fall back to poor exercise and eating habits.  There were always more important things to do than focusing on my health. Between feeling the aches and pains of nearing 60 years old and waking up to the knowledge of the effect my health would have on my retirement finances, I became acutely aware that I needed to seriously focus on my health.  My motivation of wanting to feel better physically and mentally was boosted by the fact that I wanted to use my retirement savings for better things than healthcare costs.

In late 2018, I got to work.  First, I did an inventory of my state of health.  To do this, I consulted with professionals, gathered tools and health data, and did a deep dive into educating myself about nutrition and mental wellness.  I also examined my consumption of food and alcohol, my utilization of exercise, and my stress levels and other facets of improving my emotional health.  Second, I set aside feelings of ego, guilt, and pride to create a realistic road map to improving my health.  One of the main things I learned right away is that there is no quick fix.  To reverse years of poor habits and choices, it takes a long period of time.  It definitely is a marathon and not a sprint, as to do it the right way involves lifestyle changes and not diets or boot camps.  

I’m eating less with mostly plant-based meals, exercising consistently, and addressing the stresses I face on many fronts.  It has been fabulous!  My energy levels are much higher, and I have a much more positive attitude about life in general.  For many years, I felt anxious about the state of my physical and mental health and that I couldn’t get the motivation to execute a good personal healthcare plan with consistency.  I’m glad the added boost of seeing improved health as a financial strategy has motivated me to create and execute the beginnings of a sound personal health plan.

We all live with the genetic lottery, and predicting our future health is difficult, but it would be ridiculous for me not to do everything in my power to live healthily and potentially not spend my hard-earned money on healthcare.  I encourage everyone to create and execute a health and wellness plan to feel great physically and mentally.  It also is a good financial strategy.

Crafting A Family Legacy Letter

Crafting A Family Legacy Letter

 

As we’re experiencing such a strange and challenging time, many people find themselves wondering what their families did in the past to get through difficult economic times. We may remember little snippets of stories told by our elders or passed on through our family, but often wish we knew more.

As wealth advisors we know firsthand the importance of legacy planning through legal documents and also believe in the value of sharing the essence of who you are for future generations to come. In this document, we provide ideas on how to craft a Family Legacy Letter to share your life story, personal values, beliefs, and advice for future generations.

Now is a great time to pass on your values and share experiences with your heirs.

 

Why Downward Dog is Greater Than Wine

Why Downward Dog is Greater Than Wine

New Year’s resolutions – they’re the annual ritual of racking your brain to come up with the perfect, attainable goal that will make you a better person. They also represent the annual cycle of contemplation, excitement, early success and often, failure.

Over the years I’ve struggled to come up with a “good” resolution – one that I’ll stick with after the early part of January when I’m tired of the overcrowded gym and avoiding desserts. Like most people, I have given up on almost every New Year’s resolution that I made, until this year. (more…)

Living Fully with Merriman CIO and Portfolio Manager Dennis Tilley

Living Fully with Merriman CIO and Portfolio Manager Dennis Tilley

Since 1999, Merriman CIO and Portfolio Manager Dennis Tilley has been on a journey to help our clients make wise investments. While certainly an important job that he takes very seriously, Dennis believes making smart investment choices is only a means to an end of being able to live the life our clients want. Dennis knows maybe better than anyone else that Merriman’s mantra, “invest wisely, live fully,” is all a matter of balance.

When Dennis was growing up, he watched his father work hard and save so that he could reach his long-held goal of retiring early. When his father reached that goal, Dennis saw firsthand that an early retirement could be more a curse than a blessing. While his dad enjoyed retirement at first, over time he was left asking, “Now what?” (more…)

How You Can Leave A Lasting & Meaningful Legacy

How You Can Leave A Lasting & Meaningful Legacy

I recently heard a TED Radio Hour story on NPR about Lux Narayan, an entrepreneur and data analyst. His organization spent two years analyzing the obituaries in The New York Times, looking for threads of commonality between the people who were featured. Then, his team created a word cloud of the text to show which words turned up most often.

One word showed up in large, bold type is help, because these people made a positive impact on the lives of others. They helped. (more…)

What JJ Watt Teaches us About Philanthropy

What JJ Watt Teaches us About Philanthropy

As football season is fully underway, many of us get swept up in the weekly excitement of watching our favorite teams take on their rivals. Maybe you’re closely watching the ups and downs of your Fantasy Football team and strategizing about who to start each week and what the most beneficial trades may be. It’s an exciting time of year for many fans. Let’s take this opportunity to highlight the work one football player is doing off the field. (more…)