Put your wealth to work before you forget you’ve got it!
If you’ve read other pages on this site, you will know that wealth plays a major part in your health and aging. Your wealth or lack thereof could affect the care you receive when you are ill, so right now while you are still able is the appropriate time to discuss your wealth and your age. It is anticipated that a good portion of those landing on this site is in the 50 plus age bracket. If that is the case, you are probably getting around to at the very least contemplating what and where and how you will be spending your declining years. No matter where you are in the world the amount of money you have at your disposal will be one of the deciding factors.
Let me tell you a short but true story about health and money. There was a man who through a lot of hard work built his small courier business from one car to 45 cars. He eventually sold that business for over a million dollars. Quite a lot of money in 1998. Who would guess a one man with no education (he had quit school at the age of 14) could go so far. Sound great, right?
Wrong! Yes, he had a lot of money, but it had taken him a long time to get it and when he did get it he didn’t do anything with it. By the time, he was in his 60’s he was flat broke and his health started to fail. He had never thought to put any of his wealth into any form of investment or long-term health care insurance. Fortunately, he lived in a country that had a free health care system and while it may not be the greatest does have facilities for people that due to circumstance are dependent on the government for healthcare and housing. That was where he had to turn. It was sad to watch.
And that is why we include a caution here about looking after your wealth, however, large or little while you are still able. If you do not, even in a free healthcare system, your lifestyle will depend upon what the system deems appropriate to your situation.
If you have read other pages, you might remember the story about a man that had died at what was believe to be a young age given his family history. Well to some degree it could be said he was the master of his demise. He did not take care of his health or his wealth and at the end decided he no longer wanted to live in a subsidized nursing home. While he did have COP an illness he could not recover from but could live with if he had the will, he did not.
What about a wife, kids, or family you ask. Well, they are a whole new subject we will get into soon. The message here is to do whatever you can to get prepared. That brings to mind another adage of “expect the best, be prepared for the worst”.