A New Chapter: When Health Takes the Lead

Marcus, a 56-year-old architect from Miami, is at a crossroads.

• Net Worth: $2.4 million
• Mortgage Left: $150,000
• Current Situation: Serious health diagnosis that could return within two years

The Tough Question

Should he keep working and leading his nonprofit, or step back to enjoy life?

Financial Security

• Debt-Free
• Living Below His Means
• Wise Saving and Investing

Health Coverage

• Understand Insurance Plan: Deductibles, copays, out-of-pocket maximums
• Health Savings Account (HSA): Manage medical costs tax-free
• Long-Term Care Insurance: Consider for extended medical care

Family's Financial Security

• Update Will, Trust, Powers of Attorney
• Review Life and Disability Insurance Policies

Redefining Goals

• Financial Independence: Design life on his terms
• Priorities: Impact, experience, or peace?

Options for Marcus

1. Impact

• Scale Back Work: Become an advisor at his nonprofit
• Train the Next Generation: Keep his legacy alive

2. Experience

• Use Money for Meaningful Experiences: Travel, reconnect with loved ones
• Revisit Dreams: Pursue what was pushed aside

Spending Wisely

• Outsource Tasks: Free up time and energy
• Invest in Health: Prioritize well-being
• Create Memories: Focus on what matters

Paying Off Mortgage

• Smart Move: One less bill, one less headache
• Peace of Mind: Priceless

Purpose Budget

• Align Money with Priorities
• Safe Withdrawal Rate: 4% from investments (~$96,000/year)
• Fund Lifestyle, Experiences, and Mission

Protecting Loved Ones

• Joint Ownership or Clear Beneficiaries: Ensure financial accounts are secure
• Life Insurance Policy: Explore "accelerated benefits" for care while alive

Final Thoughts

• Wealth Isn't About Numbers: It's about living with purpose
• Protect What You've Built: Cherish loved ones
• Spend Time and Money on What Matters: That's real wealth. That's real life.