Health as a catalyst for multigenerational wealth | The Guardian Nigeria News – Nigeria and World News — Opinion – Guardian Nigeria
Award for health Reporters. Photo: Vanguard
The ability to create and sustain value is closely tied to one’s well-being. This reality is captured in the common saying ‘health is wealth.’ Yet, because health decline is mostly gradual, it is easy to underestimate this fact. Maintaining good health is crucial for building and sustaining multigenerational wealth.
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.
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