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  • Surviving Cancer and the Money Hierarchy Cake

    Money CakeSince my book was published, much has happened as the months have ticked away.  You may have noticed that my blog posts have been rather sporadic.  It was my intent to at least connect with you monthly, but as we all know, life happens.  The day that I receive the first copy of MoneyBags in my hand, during my celebratory lunch, I received a call from my doctor who informed me that I had several worrisome abnormal lymph nodes in my chest.  This did not come as a large surprise, since the doctor had been running several test on me to find out what was causing my weak vocal cord, which in turn, caused my voice to drop down to a whisper.  As she ruled things out, it finally became clear that I had Lymphoma.

    After I was diagnosed, I took a step back and was grateful for all the insurance (ingredients) I purchased on myself for such a scenario.  Chapter 7 talks about the Money Hierarchy Cake.  Level 2 is the Ingredients Level, which is where you pick up insurance.  I immediately began taking an inventory of my insurance.  Not only did I look at medical, but also life, and disability insurance.  It should be no surprise to you, but I am also glad that I have my “old lady insurance” (i.e. long term care) in place too.  Working in the insurance industry, it is hard for me to comprehend that my health went from super preferred nonsmoker (the best health rating) to uninsurable (not eligible for coverage) over night.

    Like everyone else, I don’t like dishing out the money to pay for the insurance premiums, thinking I would never use it.  However, logically I knew it was better to pay the premiums than to have something happen and no coverage in place. 

    As I reviewed all of my policies in detail, I can tell you that I had peace of mind knowing that if I had to walk away from being a financial advisor and unknown author, that financially, I was going to be just fine.  Furthermore, I looked at what would happen if I were to die.  Sadly, I don’t have kids, it was not in the cards for me, but I do have a substantial amount of life insurance on me for many reasons.  I always joke with my clients that if I die young (when my insurance premiums are cheap) that someone should win the lottery.  When I review the beneficiary designation on my life insurance policies, I think about what an impact I can make on where I decide to distribute the money.  Even though my parents don’t need the money, I can ensure that they will not need money if I am gone.  I have some charities that I allocate to as well as people who are important to me. 

    Gratefully, I am happy to report that not only am I now cancer free after six rounds of chemo therapy, but I also have regained my voice.  Going forward I have a lot of ground to cover.   I am looking forward, with your help, in helping parents teach their kids about money, by spreading the word about MoneyBags!

    Here is to filling your MoneyBags!!!

    Wendy


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