#71 Dying Ain't Cheap: The Emotional & Financial Costs of End of Life Care
IS ANYONE THERE??? I ask because no one wants to talk about dying or end of life costs. Seriously, when do you bring it up? At a family dinner?? Maybe on your Saturday date night??? Most likely you only think about it when you see the devastating effects it has on someone you know.
The Emotional and Financial Costs of End of Life Care
I've learned a lot about the devastating costs of end of life care lately. Over the last year, there's been a lot of death in my family. Last year my sister, Barbara, passed away at age 51 and my aunt Nicola passed, too. Now, at age 96, my grandmother is tiring out and is in hospice.
When someone you love is dying, it takes a toll on everyone close to them. If you're not careful the emotional and financial toll can be devastating.
In this episode,
- How to manage the emotional cost of end of life.
- The role of family in end of life.
- The average cost of end of life care.
- The uncertainty of the end of life process.
- Ways to plan for end of life costs.
- The importance of good estate planning documents.
- How to write a family love letter.
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Great question! I struggled with this question, as well, and work with many owners that have the same issue. We business owners tend to be very confident in our abilities and company. Most business owners have the majority of their assets tied to their business. Makes sense, since typically the best return on investment is investing in themselves.
If we're not careful, though, we can become addicted to fueling our business and fail to diversify our assets outside our business.
- The difference between a cash flow business and enterprise.
- How to decide when to start diversifying your assets outside your business.
- The difference between wealth creation and wealth preservation and growth.
- The importance of not getting "addicted to the deal."
- How to separate your business and personal finances.
- The importance of "don't go broke" money.
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RESOURCES MENTIONED IN THIS EPISODE
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
3-video Series: 5 Minute Retirement Makeover
Roger’s Retirement Learning Center
The Retirement Answer Man Facebook Page