Finances are an important part of life. We spend an enormous portion of our time building our careers and as we do, we develop our own personal values around how we manage the resources that God graces us to obtain. One might say there are stages of our financial journey. Each season of our lives requires different disciplines and decision making.
As the years pass, we all will at some point get to the last phase of our journey. As that day approaches, the level of importance given to the final stage gains greater and more significant purpose. Ultimately, how we finish is at least equal to each of the different seasons of our lives.
When to Begin
So, how old does one have to be to begin the process? Well, my answer might surprise you! I believe I was in my late 20’s when I first made decisions around what I wanted to occur in case something unsuspected happened to me. My goal: to ensure my family wouldn’t become desperate and forced to rely entirely on others.
Practically speaking, things like life insurance are best purchased as early as possible. The same holds true for establishing savings accounts and long-term investment accounts such as a 401(k) or IRA. As we welcome the joys of “middle age”, our planning often includes creating a will or trust and ensuring proper assignments and medical permission forms are completed and in place. Such planning requires much more energy and time.
Addressing Increasing Needs
As we head past our 40’s, the need for additional decision making arises with each passing year. Our finances are the most obvious. How will you distribute your assets at your passing? What will be the provision for your spouse, kids, grandkids, siblings, friends, family, and favorite charities? There are also other critical areas. If you own properties, how will they be handled? Is there debt for which your survivors will become responsible and at what cost? If you have ownership in a business, what provision has been made to address it?
Have you considered your other valuables? Possessions like automobiles, campers, sentimental or expensive jewelry. In what state is your picture collection? Is it organized at all? Are there pieces of furniture, antiques, or family heirlooms that would be best to designate to individuals now? I have witnessed far too many examples of the difficulties that arise when such things are left to your survivors.
As you look ahead to your later seasons of life, what provisions are there for where you will live and how your medical bills will be paid? Each of these weighty decisions is critical to the future of your family. Sadly, I’ve seen too many families torn apart because no plan was ever made around these critical life issues.
Aim for Excellence
At times, our culture settles for less than excellence in maintaining high values and even creates popular sayings to justify less than healthy decision making. Here are a few examples. “I took care of my kids, now let them take care of me”, “That will be their problem, or “They will just have to figure it out.”
Life requires a lot if we want to live it well. Some of the decisions we will have to make at the end of our lives are difficult. Nevertheless, they must be made. Friends, not taking responsibility or neglecting important decisions is never a good solution to any problem. The older I get, the more I hear from or meet those who are experiencing disastrous circumstances because their parents neglected to prepare well for their end of life. It’s important to add that we cannot assume or predict the end of our lives. Many do die at early ages. Therefore, starting and finishing the preparation is critical and essential.
Please don’t leave your heirs with a mess. Who of us would want the challenges we leave behind to result in arguments and disagreements among siblings, children, and spouses? My prayer is that the only grief I leave my heirs will be the grief of missing me. Processing the loss of a loved one is more than enough. Rather than causing greater sorrow, I want the way in which I have prepared for my departure to give my family reason to smile.
At Q4 Impact, we are very passionate about encouraging our listeners and friends to take the necessary steps to ensure necessary decisions are made so that loved ones don’t inherit problems they don’t deserve to experience. For many, this can seem overwhelming, which is why almost all of us need help. If you need legal or coaching recommendations, we would be happy to share those we have.
Being faithful in our finances is not a small thing, nor is it non-spiritual. God has so much to say in His Word about being good stewards and exercising diligence in managing the important parts of life (see Matthew 25:14-30, I Corinthians 4:2). Many of us are familiar with Benjamin Franklin’s quote, “If you fail to plan, you are planning to fail.” Please don’t neglect the attention this deserves and don’t put off this very important aspect of life. God will help you as you determine to please Him in this area.
