The best way to predict the future is to create it.” – Abraham Lincoln
Thinking 5, 10, or 20 years into your future is super helpful. Because when you think about what you want your life to look like, you can take steps today to set you on the path to the future you desire.
This is a great way to make positive changes in your life right now to create the life you dream of.
But here’s what I’ve learned.
You can plan out the years of your life, set your goals, and check all the boxes. You can have it all mapped out and follow it to a T. And I can almost guarantee you, in one way or another, life will have other ideas at some point along the way.
But that’s an even better reason to work toward financial independence. Because when you have your finances under control – with less debt and more savings – you have more choices. And when life throws you those curveballs (it will), options and flexibility are precisely what you need.
Stay committed to your decisions, but stay flexible in your approach.” – Tony Robbins
Choosing your money or your life (literally)
I don’t think about our life as all that different from others. But, recently, Alan overheard a conversation that demonstrated just how different life is for us versus those struggling to make financial ends meet.
We were sitting in a waiting room at Mayo Clinic for the 8th time in 2 years. We didn’t plan on being back so soon. But, as I mentioned earlier, life doesn’t always go the way you plan it.
A little backstory: Long story, short, I have a genetic disorder that causes deep-seated, plexiform neurofibromas, or nerve tumors, to grow on the nerve sheaths in my right leg (we don’t know if they’re anywhere else in my body). I can’t see them, but I can certainly feel them.
Late November of 2018, I discovered (via pain) a new tumor on my calf that was growing. My disorder is associated with an elevated risk of malignancy, so it’s a little jolting when you have a change like this. (It turned out to be the largest tumor I have – that I’m aware of – and I had it removed mid-January.)
Back to the waiting room…
Alan overheard a conversation from the couple sitting beside him. The husband was waiting for a CAT scan his pulmonologist ordered. Here’s an abbreviated version of what was overheard from the wife:
“We have to miss your doctor appointment tomorrow. We have to get home. We’ve been here for two days already. If I can’t see patients, we don’t have any income, and we won’t be able to pay the bills.”
There was more, but you get the idea. There were animated phone calls to the office and plans in the works for the husband to see a doctor closer to their home.
The choice between money and health, when both aren’t an option
Having a major health issue is stressful enough, but not having the financial backing to deal with it makes it
You might fear taking time off work. The thought of paying the medical bills makes you panic. You worry about travel expenses to get to the clinic you need.
You’re more likely to skip appointments and necessary care.
You’re also less likely to have your partner along to support and help you when you need it most.
As I sat in the waiting room, as I laid on the MRI table listening to the clunking of the metal coils, and as we waited for the results, I couldn’t imagine being there without Alan. His presence and support made a stressful situation much more bearable.
His support that day (and throughout it all) was – yes I’m going to say it – priceless.
But we also didn’t have to worry about paying our deductible (several thousand dollars). And we didn’t have to worry about missing work – and pay. We didn’t have to worry about the cost of the hotel room and other travel expenses.
We could focus on the important things.
Double whammy: Finances affect health, health affects finances
Like it or not, health and wealth are connected.
As demonstrated by the couple Alan overheard in the waiting room – when finances aren’t under control a health issue can be a double whammy.
Not only is there the financial stress associated with medical bills, time away from work, and other related expenses – there’s the stress and anxiety of not being able to take care of medical needs.
Some people will choose to restrict treatment when money is an issue, leading to further problems. Not to mention the effects the stress has on relationships and family.
Even those who choose to put their health first could face thousands upon thousands of dollars in debt after treatment. Along with the debt comes even more stress from credit issues, loss of wages, possible bankruptcy, and delayed retirement.
Focus on what you can control
Depending on circumstances, there are limitations to how much each of us can control our financial situation. But there is probably something you can do, no matter how small, to start building wealth.
As far as what you can control – spending less and saving more are the first places to focus. After that’s in the bag, you can focus more on investing and earning more.
Having an emergency fund can make all the difference when a medical emergency arises. Liz offers the perfect example – check out what her family did when they went into crisis mode.
When it comes to health, healthy habits are mostly within our control. Money and time can be limiting factors, but for the most part, we can choose what food we put in our body and how much we move. We can choose not to take harmful drugs, smoke, or drink too much.
Unhealthy habits cost you. Unhealthy lifestyle habits increase health care costs over time (not to mention a decrease in quality of life). But there are even more financial implications when you lead an unhealthy lifestyle.
According to Rutgers, unhealthy habits, like smoking, poor nutrition, and lack of exercise, also affect wealth accumulation, insurance costs, and earnings.
When you take charge of the habits you can control – to create a healthy lifestyle and build wealth – you are more equipped to deal with a health issue. Or any other unforeseen thing life throws at you.
You can’t control everything
While health insurance/health care is a hot topic in the FI community, I’m not going to get into the ins-and-outs of that here.
But, there is one point I would like to make.
Staying healthy by leading a healthy lifestyle – eating well, exercising, and sleeping enough, to name a few – is well worth the time and effort.
But you can’t control everything.
I didn’t have symptoms of a neurological disorder until I was an adult. And I didn’t seek a diagnosis until I was 41. I eat
Like anything in life, sometimes health issues are outside of our control. To me, it’s always better to play defense.
And that’s Why We Money, friends. Paying down debt, saving more, and working toward FI creates options. Those options help us deal with the unexpected things life brings our way – and allow us to focus on what’s important when they do. 🙂
Deanna says
Great post & great attitude. I’m glad you are okay but ugh. I’m sorry you have to go thru that. Yep, I agree one cannot go wrong in saving for FI.
Amanda says
Thanks so much for the kind words, Deanna! Saving for FI has been one of the best things we’ve ever done. It’s allowed us to make decisions without worrying about money so much.
And as far as the tumors and diagnosis go…I’ve started seeing them as a blessing. They’ve changed my life for the better. They’re annoying and the disorder isn’t going anywhere, but it’s changed the way I make decisions and spend my time (for the better, I think). No more taking time & people & life for granted. 🙂
Minimal Millionaire Mom says
I agree! We haven’t had serious medical issues, but when my son broke his arm it wasn’t a huge deal financially. Before pursuing FI it would have been more significant. Pursuing FI makes one more financially responsible and capable.
Thanks for sharing your story. You have a great attitude!