Don't Fail. Start Now to Grow Your Unique Financial Wellness
The field of wellness has so many faces. Nutrition. Fitness. Mental health. Rest. Creativity and learning. Mindfulness and growth. Purpose and solidarity. It can be overwhelming. It’s far easier to pick an area and focus on one aspect of wellness at a time.
Tucked inside growth is Financial wellness. Financial health takes planning. While I was always good at staying out of debt, planning for a long-term nest egg was much harder. I found it challenging because I’ve seen it done wrong so many times.?
Many people struggle to find financial wellness
My Mom knew she needed a plan for long-term finances. So, she invited insurance representatives into her home to guide her. I think they could tell Mom had no clue what to do.
“Judi, can you help me?” Mom asked when I visited with her.?
“I’ll try. What’s the problem?”
“I have these insurance policies, but they tell me I lose them if I don’t do something.”
“Really? Do you have some paperwork to help me make sense of that?”
Mom got up, leaning on her walker for support, and headed for her bedroom. She returned with a giant, fat, manilla envelope a few minutes later.
“They’re all in here,” she said as she handed the folder to me.
I took the bulging folder and peeked inside. It was crammed with papers. I pulled out a handful and flipped through, noting the dates. Some were current. Others went back 20+ years.?
“Could I take these home with me and look them over?” I asked, trying to keep the angst out of my voice.
“Sure, that’s fine. I just get so confused.”
I nodded. I could see why.
“I used to have another policy, but they said the money is gone.”
“What? How could that happen?” I could hear my voice tone raise an octave.
“I was having some problems making the payment, so I called my agent.”
I nodded, listening carefully.”Okay, what did he tell you?”
“He said not to worry about it. They could take the premium from my paid-in fund.”
“How long ago was that?”
“I’m not sure, several years ago. Then I got a notice that the policy was gone.”
Anger at the company and the misdirection she had received surged, but I made every effort to keep calm. Names for scoundrels like that didn’t fit in a conversation with my mom, whom I’d never heard say a swear word.
Why hadn’t he offered her an option to cash out and at least get back what she paid in? Now it sounded like she was going through the same thing again.
Sure enough. She lost two different policies when she ran into financial challenges, and the sales rep, to save his commission, depleted what she had paid in and left her with nothing. That felt like a very unethical way to treat a senior on a fixed income.
Mom had no plan for long-term care, only those policies which weren’t worth the paper they were printed on. No wonder she fought going into an assisted living center.
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Other types of financial wellness issues
I’ve also had bad experiences myself, though not the same kind…
“You need to go and sell that stock right now before the price drops,” snapped my ex, Charlie.?
“I need to leave for work now, or I’ll be late,” I pleaded.
“No, you need to go sell that stock first.”
“I’m sorry, I don’t have time. My computer’s not even turned on,” I retorted defensively.“You never pay attention and don’t focus enough on your trading,” he stormed and headed back to the stock market on television.
Charlie was a day trader. Some days he did well.?
I obviously didn’t have that mindset.?
I managed a home, worked full-time, and ran a business. There wasn’t enough of me to go around. It didn’t help that things hadn’t been going well between us for a long time.
Finally, without saying anything, I made sure all my stocks were sold and moved my remaining money into a savings account that I nicknamed Escape. It was well-named and predicted the future.
Three years later, and single, I started exploring what I should do with money from a business sale. I learned about managed funds and found one that the investment firm managed I’d buy it from - one of the big boys.?
It had no annual fee, no transaction fees, and a good reputation for performance. I shared what I’d found with my accountant.
“That’s the fund I use,” Katie responded confidently. “I’ve had it for several years. I’ve been pleased with it. I especially like the fee structure and reliability.”
I still have that fund, which has helped me grow my nest egg and financial wellness while I’ve been busy growing and taking care of my business.
Financial wellness considerations...
I learned that you have to find what works for you as an individual.?
You have to do your homework to evaluate your options. First, consider what’s happening in the world around you. Then work toward decisions that best fit your individual needs.?Today you can find financial wellness support in many places, your bank, investment advisor, or local university.
Like running a business, you periodically need to re-evaluate and make sure you’re still on course. Focus on the big picture, don’t micromanage.?
Consider your strengths and weaknesses. Then, lean into your strengths and outsource weaknesses to experts.?
That’s exactly what I do when I work with my clients. They focus on their strengths, and I help them with marketing content and strategies. Message me if you’re improving people’s lives with wellness, coaching, or personal development.?
Let’s discover how I can solve problems and increase your web traffic, leads and sales. More money in your bank. I do that.?judith@judy
Here are some resources on the pillars of wellness. And retirement financial wellness.
Previously published on www.jcpwellnesscopy.com