Tim Regan

If you spend enough time on our podcast or blog page, you’ll probably end up with the question: What is the Two Comma Life?

At the simplest level, the Two Comma Life stems from the idea that there are two commas found in a million dollars (“$1,000,000”). 

However, we take the “millionaire mindset” far beyond the number itself here at PrairieView. For our clients, it’s about cultivating a perspective overflowing with autonomy and fulfillment.

Understandably, this is easier said than done. Let’s take a deeper look into what the Two Comma Life really looks like (and how you can take steps to get there).

What is the Two Comma Life?

Instead of feeling restricted by a scarcity mentality – where fear and financial limitations dictate your choices – the Two Comma Life encourages and fosters an abundance mentality. 

When you believe you have the resources (both financial and personal) to create a fulfilling life, it can open a multitude of doors to pursue your passions, contribute meaningfully to your community, or simply enjoy the freedom to travel the world. 

A big piece of the Two Comma Lifestyle is opening yourself up to new opportunities and learning experiences, which can feel overwhelming if you’ve grown comfortable with how things are. In that case, I encourage you to think of it like a goldfish in a tank. The smaller the bowl, the less area the fish has to grow and the narrower the perspective can seem. Give the fish a bigger tank and it has more room to thrive. 

But just like goldfish don’t always need a pristine environment to thrive, you don’t need a linear line of success. Remember that each step you take out of your comfort zone expands your abilities and widens your perspective, transforming what seemed like overwhelming aspirations into achievable milestones. 

Finding Abundance From Within: An Exercise in Self-Awareness

The first step in this journey is introspection. I invite you to take a moment (or a pen and piece of paper) and think carefully about the following questions:

• What does abundance mean to you? 
• Where does your energy and attention naturally flow when you feel most at peace? 
• What do you find yourself talking about regularly? 
• Where are you investing your time and money in your daily life?

Many of your answers can likely be found in your habits and rituals, and they probably look different than your neighbors’. Of course, if you’re struggling to find the answers, your schedule and expenses might be misaligned with your values. 

For example, that daily coffee shop run might be routine at this point, but is it still bringing you joy like it used to, or could those funds be better utilized elsewhere? We’re not saying you have to cut the caffeine if it truly puts some pep in your step, but we are asking, “Are your regular habits aligned with your long-term goals?” 

The goal of this exercise is to feel out whether your daily decisions are focusing your time and money in a positive way. This type of financial self-awareness ensures your present choices are paving the path toward your desired retirement vision – a.k.a, the Two Comma Life of abundance.

Building a Life of Purpose Beyond the Bank Account: 4 Strategies for Success

Financial security is undeniably important, but it’s merely a foundation to the Two Comma Life. 

Designing a fulfilling retirement is about living with intention in the present moment, while also creating a future you can’t wait to dive into (whether you’re celebrating your 20th birthday or your 80th). For many, that means focusing on the activities that bring you joy and a sense of purpose. In fact, Senior Living found 97% of retirees with a strong sense of purpose were generally happy, compared to 76% without! 

Here are some ideas you can use to start cultivating an intentional life:

1. Identify Your Values 

What truly matters to you? Is it financial security, spending time with loved ones, travel, or pursuing creative endeavors? Understanding your non-negotiable core values can help guide your decisions.

2. Practice Intentional Gratitude

Take a little time each day to reflect on what you’re grateful for, big or small. Finding small wonders will also help you become more aware of the things that strike your interest and spark joy, and the practice contributes to many positive cognitive health benefits!

3. Make Room for More

Just as physical decluttering creates space, mental decluttering allows you to focus on what truly matters. This clutter could include negative self-talk about your purpose now that you’re retired, anxieties about finances, or a lingering feeling of needing to be constantly busy. 

By letting go of these unproductive thoughts, you free up mental space to focus on what truly matters. What are your passions? What have you always wanted to learn or experience?  

4. Fall in Love with Learning

Whether it’s mastering a new language, whipping up culinary delights in a cooking class, or giving back through volunteer work, these activities enrich your life and foster a sense of purpose. 

But the learning doesn’t stop there; your wealth of experience can also benefit future generations and contribute to your legacy. Mentoring younger colleagues, volunteering as a youth program leader, or simply sharing your life lessons with family – these acts of knowledge transfer create a ripple effect, leaving a positive impact that extends far beyond your own retirement years.

By adopting a millionaire mindset (based around not just money but intentional living) and making small, consistent adjustments, you can design a Two Comma Life that’s truly rich in meaning and purpose.

Design the Retirement of Your Dreams

Ready to take the first step on your retirement journey? Schedule a free consultation with a PrairieView Wealth Partner today and discover how we can help you navigate the path to a fulfilling future.

[Disclosures]

PrairieView Wealth Partners, LLC is a registered investment advisor. Information in this message is for the intended recipient[s] only. Please visit our website prairieviewwealthpartners.com for important disclosures.

PrairieView Wealth Partners, LLC often communicates with its clients and prospective clients through email and other electronic means. Your privacy and security are very important to us. PrairieView Wealth Partners, LLC makes every effort to ensure that email communications do not contain sensitive information. If you are not the intended recipient of this communication, please delete and destroy all copies in your possession, notify the sender that you have received this communication in error, and note that any review or dissemination of, or the taking of any action in reliance on, this communication is expressly prohibited. We remind our clients and others not to send PrairieView Wealth Partners, LLC private information over email. If you have sensitive data to deliver, we can provide secure means for such delivery. Please note PrairieView Wealth Partners, LLC does not accept trading or money movement instructions via email. Please visit our website prairieviewwealthpartners.com for important disclosures.

Please remember to contact PrairieView Wealth Partners, LLC if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you want to impose, add, or to modify any reasonable restrictions to our investment advisory services. A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available for your review upon request.

The information provided herein is for informational purposes only and does not constitute financial, or legal advice. Investment advice in an advisory capacity can only be rendered after delivery of PrairieView Wealth Partners, LLC’s disclosure statement (Form ADV Part 2) and execution of an investment advisory agreement between the client and PrairieView Wealth Partners, LLC.

As a financial planning team, we do much more than just help you invest and compound your wealth – we also help you find ways to do more with the money you already have as you build your Two Comma life. Often, that includes figuring out a savings and budgeting plan built around your goals. 

Of course, financial planning isn’t one-size-fits-all, and we’re often asked some variation of the question: “What are some key components of successful budgeting?”

One answer that always springs to mind is budgeting for unexpected healthcare expenses. With that in mind, we’ve put together this quick guide to budgeting for unexpected health-related costs, including why it’s important, benefits you can expect, and six key steps you can take to get started. 

Related: Click here to listen to “What Does Health Look Like (and How Can You Be Healthy)?”

Why Should You Plan for Unexpected Healthcare Costs?

I know what you’re thinking:

I already have health insurance – so why do I need to plan for healthcare costs?

But even with insurance, a major illness or injury can have substantial out-of-pocket costs from your deductible, copays, medications, and any necessary specialist care.  All of us are at risk for a health emergency – which can easily throw your entire financial plan off track. In fact, the average 4-5 day hospital stay averages about $14,000!

Also consider that during the recovery time, you might not be able to work, thus lowering your income and adding financial strain to an already stressful time. 

With other factors like transportation or additional childcare added in, it can quickly become both financially and emotionally overwhelming. By taking a proactive approach, you can feel confident you and your family are taken care of and focus instead on getting well again.

Related: 5 Essential Healthcare Documents & Decisions for Retirees

Budgeting for Health Emergencies: 6 Tips for Keeping Your Wallet Well 

1. Be aware of your health risks

Consider the health problems you are most at risk for, and what kind of care or treatment you would need should those problems arise. This could be based on family history, a physically demanding job, or even lifestyle choices. 

For example, if your father and grandfather suffered from cardiovascular issues relatively early in life, it might be worth exploring preventative measures you can take now to reduce your risks, while also considering the costs involved with treatments, care, and recovery.

2. Consider your location

Where you live can have a big impact on your overall healthcare costs. While a hip replacement costs about $24,302 in Chicago, Illinois, it will run you closer to $19,766 in Omaha, Nebraska. 

It may be worthwhile to research average costs for procedures and hospital stays in your area to get a better idea of potential expenses (particularly for your top health risks or concerns).

Related: 10 Financial FAQs on Retiring in Indiana

3. Set a specific goal

Having a clear target will help you stay motivated and on track for your health emergency fund. A financial advisor can help you nail down an appropriate goal number, taking into consideration your entire life, finances, and family circumstances. 

Keep in mind that those who have several dependents will likely need to squirrel away more than individuals with no children or adult children. 

4. Explore budgeting resources 

There are plenty of resources available to help you on your journey, including:

• Free budgeting apps on your phone to help track your spending
• Online budget templates and calculators to guide your overall cash flow
• Automated transfers, which can be set up through your bank
• And more

Consider talking to your financial team, family members, and friends to see which tools they’re using that could make a valuable addition to your toolbox. 

5. Consider a tax-advantaged savings account

A Health Savings Account, or HSA, allows you to invest money for eligible health-related expenses with extra tax advantages. Contributions to HSAs are typically tax-deductible, and the funds grow and can be withdrawn tax-free when used for qualified medical expenses.

Note that to qualify for an HSA, you must be enrolled in a high deductible health plan (HDHP), not be enrolled in any other insurance plans, and not be claimed as a dependent. 

6. Ask the experts

Don’t hesitate to seek help from qualified financial professionals. A financial advisor can help you assess your individual health risks, understand your insurance coverage, and determine the appropriate amount to save for healthcare emergencies. 

They can also guide you on utilizing HSAs, Flexible Spending Accounts (FSAs), and other financial tools to maximize your savings and minimize the financial impact of unexpected healthcare costs.

Related: Click here to listen to “The Difference Between Social Influencers and Financial Advisors”

Budgeting for a health emergency might seem daunting, but with a proactive approach and the help of qualified experts, you can build a financial safety net that provides peace of mind. 

Build Your Budget with Confidence

Healthcare is an important piece of a healthy financial plan – but it isn’t the whole picture. If you want to build a wealth management plan that incorporates your goals and values, we encourage you to book a free consultation with a member of our team to get started.

 

[Disclosures]

PrairieView Wealth Partners, LLC is a registered investment advisor. Information in this message is for the intended recipient[s] only. Please visit our website prairieviewwealthpartners.com for important disclosures.

PrairieView Wealth Partners, LLC often communicates with its clients and prospective clients through email and other electronic means. Your privacy and security are very important to us. PrairieView Wealth Partners, LLC makes every effort to ensure that email communications do not contain sensitive information. If you are not the intended recipient of this communication, please delete and destroy all copies in your possession, notify the sender that you have received this communication in error, and note that any review or dissemination of, or the taking of any action in reliance on, this communication is expressly prohibited. We remind our clients and others not to send PrairieView Wealth Partners, LLC private information over email. If you have sensitive data to deliver, we can provide secure means for such delivery. Please note PrairieView Wealth Partners, LLC does not accept trading or money movement instructions via email. Please visit our website prairieviewwealthpartners.com for important disclosures.

Please remember to contact PrairieView Wealth Partners, LLC if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you want to impose, add, or to modify any reasonable restrictions to our investment advisory services. A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available for your review upon request.

The information provided herein is for informational purposes only and does not constitute financial, or legal advice. Investment advice in an advisory capacity can only be rendered after delivery of PrairieView Wealth Partners, LLC’s disclosure statement (Form ADV Part 2) and execution of an investment advisory agreement between the client and PrairieView Wealth Partners, LLC.

Have you ever worried about what would happen if you fell seriously ill or became incapacitated in old age? Perhaps you’ve discussed what you would want to happen with your spouse, or pondered who would make decisions about the care you would receive. 

Accidents, illnesses, and age-related health concerns can all arise unexpectedly – and even become more likely as we age. 

And while stressing about the unknown is largely unhelpful (and often counterproductive), planning for your future healthcare is a key piece to having a complete financial life plan in place. By having key documents and decisions prepared now, you can:

• Feel empowered that your wishes will be respected even when you might not be able to communicate them yourself.
• Reduce potential stress on your family members by clearly stating your wishes.
• Protect you and your loved ones by planning for possible healthcare costs in advance.

Let’s explore five ways you can proactively take control of your health-related decisions, from creating an advance directive to appointing a medical power of attorney and more.

5 Documents and Decisions that Keep You in Control of Your Healthcare When the Unexpected Happens

1. Create an Advance Directive

An advance directive is a legal document that allows you to express your wishes for medical treatment in situations where you are unable to make decisions for yourself and require some sort of care or treatment. Think of it as a list of instructions your doctors, healthcare providers, and family members can use to guide any decisions that may need to be made.

An advance directive often includes your living will – which is different from the “will” you use to bequeath your assets. Instead, a living will outlines your specific preferences for medical treatment like, for example, if you want life-sustaining treatments like artificial respiration or feeding tubes.

2. Appoint a Medical Power of Attorney (POA)

Another document that often comes attached to an advance directive is a medical power of attorney (POA), which is used in case a scenario occurs that isn’t covered under your living will. 

Essentially, your medical POA is an individual you choose to make healthcare decisions on your behalf. When choosing a medical POA, it’s crucial to consider who you trust to stay calm under pressure, honor your values, and be willing to take on the role. 

Keep in mind that the role of a medical POA can be emotionally demanding, and the person you choose doesn’t have to accept the role – so it’s a good idea to have the conversation now. 

Related: Click here to listen to “Health and Wellness in Retirement: How to Maintain Good Physical and Mental Health As You Age”

3. Put a “Just in Case” Medical File Together

A well-organized “just in case” medical folder can make a world of difference in the event that you need sudden care and there simply isn’t time to track down all your various medical records or healthcare planning documents. 

We recommend you put together your:

• List of doctors and providers and their contact information.
• Your medical history, including any significant illnesses, surgeries, allergies, and chronic conditions.
• Any medications you are taking.

You can also store copies of your advance directive, living will, and medical POA here if you feel so inclined. Once you have your folder compiled, be sure to store it in a safe but easily accessible place and let at least one trusted person know where it’s located. 

4. Consider What Type of Long-Term Care You’d Prefer

Maybe a sudden health emergency requires round-the-clock care. Maybe you simply need additional assistance with things like bathing, dressing, or eating. Whatever form it takes, recent studies show that roughly 70% of us will need long-term care (LTC) at some point in our retirement years.

As you create your healthcare plan, think through how and where you would ideally like to age. For 92% of seniors, “aging in place” – or within the comfort of their own homes – is the top choice. If that’s no longer a possibility, consider what kind of nursing home or assisted living facility you would be most comfortable living in.

If there are any particular facets of LTC facilities you want to avoid or any that are a “must” in your mind, be sure to discuss them with your loved ones and add them to your healthcare planning documents.

Related: Click here to listen to “How Can You Stay Active in Retirement?”

5. Take Care of the ‘Two As’ for All Your Accounts

When it comes to your healthcare and personal accounts, you want to make sure that at least one person has the two As:

1. Awareness
2. Access

If your loved ones don’t have access to an account (or don’t even know about it), then taking care of it could be a huge headache. Maybe you save your logins somewhere, maybe you make them admins on your accounts, but whatever you do, make sure someone is aware and can access those accounts.

You might want to include the following, as well as what company the funds are managed by:

• Medicare plans or other health insurance plans you are enrolled in
• Long-term care insurance plans you have purchased
• Your Health Savings Account (HSA)

Remember, your financial planner can help you review your accounts and figure out the best plan of action for you specifically.

Related: At What Age Do I Qualify for Medicare?

By taking the time to create key documents, discuss your wishes with loved ones, and explore your long-term care options, you can ensure that your voice is heard and your wishes are respected, even when the unexpected happens.

Create a Financial Plan for Your Life

We can help you navigate healthcare planning decisions and integrate them into your overall financial strategy. Click here to schedule a free consultation with a member of our team today.

 

[Disclosures]

PrairieView Wealth Partners, LLC is a registered investment advisor. Information in this message is for the intended recipient[s] only. Please visit our website prairieviewwealthpartners.com for important disclosures.

PrairieView Wealth Partners, LLC often communicates with its clients and prospective clients through email and other electronic means. Your privacy and security are very important to us. PrairieView Wealth Partners, LLC makes every effort to ensure that email communications do not contain sensitive information. If you are not the intended recipient of this communication, please delete and destroy all copies in your possession, notify the sender that you have received this communication in error, and note that any review or dissemination of, or the taking of any action in reliance on, this communication is expressly prohibited. We remind our clients and others not to send PrairieView Wealth Partners, LLC private information over email. If you have sensitive data to deliver, we can provide secure means for such delivery. Please note PrairieView Wealth Partners, LLC does not accept trading or money movement instructions via email. Please visit our website prairieviewwealthpartners.com for important disclosures.

Please remember to contact PrairieView Wealth Partners, LLC if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you want to impose, add, or to modify any reasonable restrictions to our investment advisory services. A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available for your review upon request.

The information provided herein is for informational purposes only and does not constitute financial, or legal advice. Investment advice in an advisory capacity can only be rendered after delivery of PrairieView Wealth Partners, LLC’s disclosure statement (Form ADV Part 2) and execution of an investment advisory agreement between the client and PrairieView Wealth Partners, LLC.