I wonder about the many coaches, counselors and motivational speakers who tell us to “write our own story”. Have you ever heard one ask you to write your final chapter? Your Final Financial Chapter? Have you started to even think about your Final Financial Chapter? It’s time to start.

The AHA Moment.

A few weeks ago, I heard another financial advisor mention he asks his clients to “write their financial future story and don’t forget the final chapter”. In the United States there are 135,000 financial professionals. But only 3.3% of Americans have a “financial final chapter” written into their retirement plan. Granted, it seems that the whole idea is a rather large task for a mere 135,000 people to achieve a better percentage, but we can only count the ones with active licenses. We have others that write books, sell webinars, exploit captured audiences, but they aren’t licensed. But still, they aren’t stupid, and yet only 7.5 Million people in our country of 300 million have actually thought how their last days should be paid for, who makes decisions and how they actually wish to end. Then took action to make that last chapter happen.

How many times have we heard this request? How many times have I actually sat down and drawn out my “next ten years”? How about five years? What about 20 or 25 five years? But no one has ever requested me to “write my final financial chapter”. Seems to me that might be the most important and affecting chapter of my whole story. Especially if I want a “Happily Ever After” story.

Have you ever thought about your “last year”? I’ll bet a dollar that no one has EVER asked you to write your “last year” financial or health story. I know that it has been on my mind quite a bit lately. Since 2019, my parents’ stories have come to their final chapters. One prepared, and the other dragged feet. I’ll let you guess who wanted to be financially prepared. I’m happy to say that the one who prepared benefitted from their thoughtfulness. And so is the one that dragged their feet.

The parent that is left, well, getting what’s left…and stuck with it. No way to change, no other pathway, no wiggle room. With Alzheimer’s, if one doesn’t understand, well, they just won’t ever understand. My brother and I spend time on the phone each week planning on “how to deal” with the next step of care. We spend time chuckling at the exploded eggs on the ceiling, talking about his junior high best friend like they just played ball yesterday. We even find joy in hearing about the wonderful dog, Abe. He’s perfect and can do no wrong as he steals another sandwich off the counter. If it hadn’t been for my mother’s careful planning, my father would live in a home, in a room, with no dog, no car, and literally losing his mind along the way. He’s very lucky, and so are we. Because of mom, we are dad’s kids. Family.

Personal Experience

Even with a care giver, my dad is still hard to keep safe, secure, healthy and happy. Having experience with two parents and now a third (mother-in-law), I can tell you that caregiving is not only hard on the body (most of us “adult” children are over 50), but the emotional toll is also devastating. Exhaustion is probably a better term to use. To be the adult in this situation is humbling. My brother takes dad to the Doctors’ office, I read the medical reports. My brother deals with the aggravation, loss of memory, petulance, and unacceptable behavior from dad. He tells me what happens and then I get the medical reports. How can I be upset when the documents literally say my father is dying a slow death of kidney and heart failure? I share them with my brother and we both slow down and really talk. We talk about what mom did for us, and we are grateful. We even talk about our final chapters, what we would want, who we would want to make decisions and how and when to be made.

Creating the Conversation

Going back to the Final Chapter…here is what I would have in it.

1. Who is in my life?
   • Who is now in charge of my life
   • Who makes the decisions in my life
   • What defines my life
   • Where am I in my life
   • When is my life defined by needing assistance
   • Why are these people helping me in my life
2. What does my life look like?
   • What age am I
   • Where am I living
   • Active or sedentary
   • Working or Retired
   • in debt or financially free
   • Financial liquidity in my life or fixed income
3. Why do I have this plan
   • Financial security
   • Peace of mind
   • Family solidarity
   • connection
   • Focus on the happy, not the confusing or sad
   • Enjoyment of those who stick around.

The biggest “thing” in this conversation in my own head is Fear. Most people know me as going full steam ahead into the unknown with enthusiasm. But the last and final chapter will happen any moment. Knowing that it won’t be me charging into the unknown, but someone else charging forward on my behalf, I think I would like them to have some tools to make great decisions for me. The Fear of making decisions for another is quite imposing on a person’s conscious. IF I can take away the Fear of where the cash is to pay for such decisions, where my person is supposed to go, when to pull the plug and to whom do the left assets go to, I think I will have a solid advocate making decisions based on my need, and not my check book.

The (Your) Ending

I have discussed the importance of having a financial plan for your final chapter. I have shared my own personal experience with this, and I have also provided some tips for creating your own plan.

I hope that this article has inspired you to start thinking about your financial plan for your final chapter. It is not something to be afraid of, and it can give you peace of mind knowing that your loved ones will be taken care of.

Here are some key takeaways from this article:

• It is important to have a financial plan for your final chapter. This will ensure that your wishes are carried out and that your loved ones are not left to make difficult decisions without any guidance.
• It is natural to be afraid of the unknown, but it is important to remember that we can’t control everything. The best we can do is plan for the future and make sure that our loved ones are taken care of.
• When creating your financial plan for your final chapter, you should consider the following: * Who will be in charge of your finances? * Who will make medical decisions for you? * Where will you live? * How will you pay for your care? * What are your wishes for end-of-life care?
• It is important to talk to your loved ones about your wishes and make sure they are aware of your plan. You should also consult with a financial advisor to make sure your plan is sound.
• By taking the time to plan for your final chapter, you can give yourself and your loved ones peace of mind.

I hope this helps!

To Think About

Have you written your “Final Financial Chapter”?

What would you add?