‘A BIG PART OF FINANCIAL FREEDOM IS HAVING YOUR HEART AND MIND FREE FROM WORRY ABOUT THE WHAT- IFS OF LIFE’ – SUZE ORMAN
I personally came face to face with the ODD factor! No matter how prepared you are mentally, emotionally, it is still a jolt, and in that moment, one experiences shock, disbelief, fear, a sense of helplessness, distress and a lot more. These incidents take on a deeper meaning when the person effected is near and dear to us or when we are the ‘victims’ My active spritely 87-year-OLD mother suffered a stroke and seizure, was rushed straight to the resuscitation center of the hospital I spent 4 nights sleeping on a plastic chair in the hospital scared, anxious, stressed, prone to teary outbursts .
DISABILITY…She needed 24-hour care
Overnight life for my sister and I was turned upside down, we struggled (and I use the word deliberately) our business, work, income generation, deadlines all thrown into disarray. Additional expenses totally unforeseen keep creeping up. Sleep deprivation, fear, uncertainty we experienced all. We havespent lakhs and counting -hospitals, medicines, buying new equipment, round the clock nursing care. Initially my sister and I thought we could manage but after we both damaged our backs, endless sleepless days and nights we had no choice but to get help. 24-hour care costs a bomb!
I was just about coping and adjusting to these changes when I had to rush to the bedside of a close relative who was admitted to ICU with multiple organ failure. DEATH, First hand I experienced seeing a person on life support where I had to carry out decisions. Even though the directives were not mine I still had to ensure instructions were carried out and that was difficult. Death, up close and personal .
The ODD factor hit me in the solar plexus real hard and I admit it knocked the wind out of my sails .Yes, I know what you are thinking this will never happen to me well think again. I’m being pragmatic. You and I can be a ‘victim’ overnight we can become dependent on others for our physical welfare. Independent to dependent just two letters IN and we could be in a place where none of us want to be where our Self-respect ,Privacy ,Our likes/dislikes ,the physical, psychological trauma is unimaginable and compromises all round .
If anyone says to me you won’t need ‘this’ or ‘that’ much money when you are old I will punch them in the face. The fact that people faced with these challenges silently bear the financial burden and the emotionally/physically draining experience does not mean they are not affected in a negative manner.
Look into your finances RIGHT NOW even if you have planned well. If you have elderly parents who depend on you, all your financial plans can go for a toss. Medical Insurance for the aged is astronomically high, the ‘add ons’ can drain your financial resources .
- Income and Outflow
- Loans, debts, credit card payments
- EMI’s systematic savings plans
- Insurances, Health,Critical Illness,Life, Property etc.
- Do you have the appropriate insurances please review and update/upgrade
- Savings, Fixed Deposits, Investments, Real Estate
- Find out the costs for healthcare
- Wills, are they up to date? Have they been signed and registered?
- Who are the beneficiaries of the WILLS – Parents, Spouse, Siblings, children, Any amendments?
- Include all assets, bank accounts, shares, bonds real estate, investments
- Powers of Attorney Have you been give this by anyone? For what reason?
- Have you given a Power of Attorney to anyone for what reason
- Who are the nominees who have access to open your safety deposit boxes
- Who are the beneficiaries of your life Insurance policies
- What other documents should you and your family members be aware of
Please do not dismiss this article as
- Boring or morbid
- I have more important things to do right now
- Someone else is taking care of this
- This not my concern
Consider a Living will. A living will is a written, legal document that spells out medical treatments you would/would not want to be used to keep you alive, as well as your preferences for other medical decisions, such as pain management or organ donation.
Work with a lawyer, insurance agent and accountant to put your legal and financial affairs in order
Please meet as family, (on zoom if you are in different countries or cities) don’t wait to travel to meet in person.
Share, Discuss, Clarify ACT