Not My Priority - Investment Pointers
Not My Priority - Investment Pointers
Dennis Friedman May 22, 2019
SOME YEARS AGO, I had a health scare—and it taught me an important lesson about my relationship with money. My primary care physician wanted me to see a hematologist. “Your white blood cells have been trending lower for the last five years,” he opined. “We need to find out what’s causing it.”
After a number of tests, the hematologist thought I might have a rare blood disease. He said the test results were inconclusive, but I fit the profile. He wanted to confirm his suspicions by performing a bone marrow biopsy. He went on to say that there was no cure for the disease, but there were drugs that could extend a patient’s life.
The doctor’s comments shook me to the core. Suddenly, I faced the possibility that my time on earth might run out far sooner than I expected. I started thinking about the things in my life that are important to me. How do I protect, experience and enjoy them?
The following were the first things I did after leaving the doctor’s office that day:
I reviewed the beneficiaries on my retirement accounts to make sure the people who are important to me would be taken care of.
I reviewed my trust to confirm it reflected my current wishes on how my estate would be distributed to family, friends and charitable organizations.
I verified that the powers of attorney for my finances and health care were in order. I wanted someone who could oversee my affairs if I became incapacitated.
I checked my passport to make sure it hadn’t expired. I wanted to visit many countries and landmarks that I hadn’t yet had a chance to experience.
Looking back, I realized the things that were most important in my life during this stressful time—besides my health—were my family, friends and life experiences. What I didn’t care about: buying a new car or how my investment portfolio was performing. Before the health scare, tracking the stock market and my investments were an everyday ritual. I now realized those shouldn’t be my life’s main focus.
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