The Health-Wealth Connection Learn how to take a holistic approach to your total well-being and finances Jackie Carlin
For Jeannette Bajalia, money is personal. It’s not all about facts, figures and investments. It’s about integrating all aspects of your life into one life plan. It’s a lesson she learned the hard way. When she was just 26 years old, she found herself thrust into the role of primary caregiver of her newly widowed mother. Her father died unexpectedly at the age of 63, leaving her mother with a mortgage, no life insurance and a $542 monthly Social Security check. Bajalia stepped in to take care not only of her mother but of a great aunt, too. It would be a role Bajalia would fulfill for 33 years. At the age of 55, Bajalia retired after a successful career as a corporate executive and sought out retirement planning help and support. She was stunned by what she discovered. “I approached five financial advisers thinking that they understood the difference between planning and investing. And after the fifth financial adviser, I realized they didn’t know. They couldn’t differentiate,” she said. “The key to success in any retirement journey is having the appropriate plan to determine how much money you need to accomplish the lifestyle you’ve spent 30, 40 years dreaming about.” Those experiences in financial advisers’ offices, coupled with what she had learned taking care of her mother, inspired her to launch her company Woman’s Worth, which is dedicated to changing the way individuals and families approach retirement planning. “I decided there needed to be a transformation in how baby boomers were served by the financial industries,” Bajalia said. “I consider myself an integrated retirement planner. I’m a life planner. I believe in strategic life planning because you have to think of the future in the context of today.” She said there are some key things she wants everyone to understand: One of the greatest risks to retirement is the escalating cost of health care, both routine health care and long-term care.
The financial industry focuses too much on finances and not enough on total well-being. There is an epidemic of women 70 and older living in poverty due to stepping in and out of the workforce to care for children, spouses or parents. This can have dramatic implications on future Social Security earnings. One of the best things you can to do protect your future wealth is to start focusing on your physical health. It’s what we at Growing Bolder call the Health-Wealth Connection, and it’s an idea Bajalia supports. “You can have all the money in the world, and you could blow it in the health care system. And we don’t want that. You want to do the things that you’ve dreamed about doing,” she said. “When you’re planning for the future, you should be thinking about more than the money; it’s about total well-being. Total well-being integrates a multitude of disciplines.” Bajalia said it’s never too late to start planning for your health care; and to do that, start today to reduce your costs moving forward.
When you’re planning for the future, you should be thinking about more than the money; it’s about total well-being. “The top two preventative medicines are activity and socialization. Nothing is as powerful and effective. It’s the No. 1 investment that we can all make in our futures,” she said. Do your future self a favor and start integrating healthier habits into your everyday life. Better yet, invite a friend to join you; and together, you can start planning healthier futures for your bodies and wallets.
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