What do we REALLY value–what are our priorities?
May 13, 2014 - Posted by: admin - In category:
Our priorities dictate where we spend our time, attention and money.
There are a great many things each day which demand our time, attention and money and, in the end, our priorities (what we really value and deem important) are the eventual recipients of such time, attention and money. I was reminded of this fact during a recent meeting with a married couple.
This was a very nice couple, married for many years and now retired and enjoying the fruits of their wise planning and saving. During the course of our conversation, they told me about some of their world travels, which had taken them to the corners of the globe. Although not specifically discussed, such travels certainly cost no small amount of money and also took considerable time in planning and execution. I enjoyed hearing of such adventures and seeing the satisfaction and joy in their faces as they talked. However, later in our conversation, when we discussed their estate planning options and my recommendations, they were hesitant when considering the time and expense required to undertake proper estate planning.
I have since thought about their situation and their priorities. Why was it that there was ample resources available for such world travels, but not so much when it came to undertaking estate planning? In the case of the latter–the estate planning–the required resources (both in time and money) were substantially less than just one of their world adventures. Likewise, the potential benefit of proper estate planning, both to them and to their posterity, would be much greater. In short, proper planning was a MUCH better investment of resources (both time and money), but somehow this couple did not see it that way. For whatever reason, proper estate planning was simply not a priority for them at this stage of their lives.
Unfortunately, none of us knows what life has in store. Whether young or old, rich or poor, events of life can happen to any of us at any time. All too often, such events catch us unprepared and we and/or our families pay the consequences of such lack of preparation. We would do well, therefore, to make proper preparation a priority in our lives.