It has far-reaching implications on various aspects of an
individual’s life and financial well-being. The interconnection between good
health and wealth creation is evident through several key factors.
Good health directly impacts an individual’s ability to
pursue and succeed in value-creating activities. A healthy person is more
likely to be productive, maintain a consistent work routine, achieve
professional success, and realise financial prosperity.
Physical and mental wellbeing are critical contributors to a
longer and more active life, enabling individuals to engage in long-term
financial strategies, investments, and wealth-building activities over an
extended period.
Maintaining good health is crucial for entrepreneurs and
business leaders to drive business initiatives successfully. Good health
enhances energy levels, cognitive function, and overall resilience to face the
challenges of business ownership.
A healthy entrepreneur is better positioned to establish and
grow a successful business, a crucial component of multi-generational wealth
creation.
Good health also extends an individual’s ability to remain
in the workforce for longer, contributing to a consistent income stream. This
prolonged work life facilitates ongoing wealth generation and provides the
resources necessary to support future generations.
In addition, health influences an individual’s ability to
participate actively in the stewardship of their wealth. Being in good health
allows individuals to engage in decision-making, implement estate planning
strategies, and pass on financial wisdom to successive generations,
contributing to preserving the family’s wealth legacy.
Good health acts as a buffer against unforeseen risks and
challenges. Individuals in good health are more resilient in the face of
unexpected setbacks, such as economic downturns or personal crises, allowing
them to navigate challenges without compromising the family’s financial
stability.
Health challenges, if unaddressed, can become significant
risks to the entrepreneur’s ability to run the business and the enterprise’s
financial stability.
For these compelling reasons, a deliberate plan regarding
one’s health is critical for growing and preserving multigenerational wealth.
Multigenerational wealth preservation requires a holistic approach that
includes the entrepreneur’s well-being.
A focus on health ensures the entrepreneur can actively
participate in wealth management strategies, make informed financial decisions,
and adapt to changing economic landscapes, contributing to the long-term
preservation of family wealth.
Entrepreneurial success often aligns with the values and
vision of the entrepreneur. A health plan reinforces the importance of
well-being within the family, fostering a culture that values physical and
mental health. This shared commitment to health becomes integral to the family
legacy, influencing future generations’ approach to personal well-being and
financial stewardship.
Moreover, a health plan is integral to comprehensive
financial planning involving health insurance coverage, emergency funds, and
estate planning. Adequate coverage and financial preparedness can prevent
unforeseen health expenses from eroding the family’s wealth.
Demonstrating a proactive approach to health sets an example
of responsibility and foresight for future generations. It establishes a
precedent that emphasises the importance of planning for business success and
personal well-being, contributing to the sustainability of the family’s wealth
legacy.
Perhaps a more compelling reason to prioritise health as a
strategic consideration while building wealth is to avoid regrets down the
road. It would be unfortunate to work tirelessly to achieve success only to be
unable to enjoy the rewards due to health challenges that they could have
mitigated with a little more attention to their well-being.
As individuals enter old age after a lifetime of hard work,
there is a natural concern about maintaining control over one’s health and
well-being. A significant fear among ageing parents is the potential for
unsatisfactory healthcare decisions made on their behalf by well-meaning but
uninformed family members.
This can include inadequate hospital choices, premature
withdrawal of life support, or a lack of seeking second opinions. To mitigate
this risk and assert their autonomy, parents can proactively create a power of
attorney for healthcare that clearly outlines their directives should they ever
become incapacitated. This legal document allows them to clearly outline their
preferences for medical treatment, including hospital choices, life support
decisions, and seeking second opinions. By proactively addressing these
concerns, parents can assert their wishes and guide their healthcare proxy,
ensuring their health and well-being align with their values and beliefs.
A power of attorney for healthcare is not a one-time
document; it should be regularly reviewed and updated as circumstances change.
Changes in medical conditions, personal preferences, or family dynamics may
warrant adjustments to the directives or the choice of a healthcare proxy.
Regular conversations with family members and healthcare
providers can help ensure that the document accurately reflects the parent’s
wishes and provides relevant guidance to the appointed proxy.
While a power of attorney for healthcare is legally binding,
it is also crucial to have open and honest conversations with loved ones about
the parent’s intentions and desires for their medical care.
Discussing end-of-life preferences, treatment options, and
personal values can provide invaluable insight to family members and ensure
everyone is on the same page.
Such conversations can help alleviate anxiety and foster a
deeper understanding of the parent’s wishes, strengthening the family’s ability
to support and respect their decisions.
Staying in control of one’s health through the highs and
lows of business and more deliberately in old age, is a habit that can be
prioritised. After all, you can replace a CEO. You can change an office. But
the human body? It has no spare.
Ojenike is a Family Wealth Advisor at Meristem Family
Office.