With many tips on how to make good decisions when it comes to your health and wealth, experts also believe it’s important to point out common and avoidable health care and financial wealth mistakes.
Health Care Missteps
1. Not having a plan – not preparing for age-related health issues
2. Not knowing your or your family’s health history
3. Not having swift access to key medical records
4. Being passive or withholding questions during doctor visits
5. Ignoring lifestyle factors proven to affect health, vitality and longevity (e.g., smoking,
6. Ignoring symptoms, therefore preventing early detection
7. Allowing a busy professional life to prevent you from vital screenings (e.g., mammograms,
8. Getting only one opinion in the case of a serious diagnosis
9. Traveling without medical preparation
10. Being unaware of rapidly changing medical advances
1. Not having a financial plan until a crisis happens
2. Not having (monitoring) a good credit history
3. Not having a sufficient cash reserve
4. Letting someone else “take care of the finances” without your review or awareness
5. Inadequate, or inappropriate, health, life, disability, property and casualty insurance
6. Living beyond your means
7. Chasing the “hottest” investments
8. Improper beneficiary designations on retirement plans and life insurance
9. Not updating estate documents as life events occur
10. Not reviewing your income taxes annually
For more information on providing for your family and planning for your future, please visit our website at mtulegacy.org for free tools.
Northern Trust manages the Michigan Tech Fund endowment and other investments and offers this information as an educational service. This article used with permission from Northern Trust.