We all have a pretty good idea about what it means to be physically and mentally well. While we may not be perfect physical specimens, aside from the typical periodic aches and pains, everything is working reasonably well and we are able to handle even the unpredictable events that each day brings. For some, being financially well could mean doing lunch with Warren Buffet on the Learjet next week. For the rest of us Financial Wellness could very simply mean…that we are prepared. And when you think about it, most personal money diseases occur because, for whatever reason, we are not.
The definition of prepared is, “made ready or suitable beforehand”. When I was younger and in Boy Scouts (their motto of course is “Be Prepared”) this always felt like I needed to be prepared for being lost in the woods and knowing how to start a fire with a piece of flint. No question, this is great stuff to know but I haven’t been in the woods too much lately.
As I moved through life, the concept of being prepared actually became linked to enjoyable events. For example, taking our kids to Disneyland was a lot more fun when we had the money for the trip in the bank, the family vehicle had been well maintained and ready for the 300+ mile drive and we had an ample amount of vacation days to keep our income flowing while away.
While the economic times that are upon us may feel for some of us like we are lost in the woods, it is a great time to assess our Financial Wellness. Were we prepared for the Wall Street curve balls of the least 12 months? Did our short and long term money plans hold up well under stress? In fact, are we in a position to prosper, potentially acquiring bargains when everyone else is headed for the exit?
Hmm… about that lunch with Warren.