Real protective insurance isn’t just sold in a complex package by an agent or provider to protect your belongings and loved ones.
It also includes those that arenāt the beneficiaries or heirs of your plan.
Social isolation and loneliness have hit staggering rates and quadrupled during the pandemic. Angst, anxiety, crime, and concern are prevalent in todayās society across the globe.Ā
A 2019 survey found 61% of Americans consider themselves lonely. Prior to the pandemic, we were dealing with a mental health crisis and the pandemic only exacerbated it.
Unlike physical pain, thereās no one size fits all approach or overnight solution or remedy to our mental health. As therapists and doctors pronounce, āif it didnāt take a day to build, it wonāt take a day to solve.ā
Putting in the effort, time, stamina, and energy to meet someone after a long day can be draining for many yet as social creatures, we need each other to survive. We shouldnāt be deemed useful all the time and need to actually waste time.
As a personal finance enthusiast, although the principle of time = money is a staple in this field, itās important to remember that wasting time that YOU ENJOY wasting, isnāt wasted time. Luckily, with supplemental passive income streams, you should never be concerned since money is always working behind the scenes.
Going out to eat with an old friend or watching your favorite movie for the 6th time isnāt necessarily productive or efficient, but why should they?
Life is worth living becuase rest and play are not luxuries, they are necessities to grow and compound your wealth in hidden unexpected ways that a textbook or MBA program wonāt teach you.
When our basic needs of security, happiness, love, and economic security are met, we thrive.
The best education, insurance plan, and therapy you can give yourself is knowing others.
But above all what we really need is each other and these days, we need to prioritize it as most of us are hanging out or have fewer people in our inner circles than we did pre-pandemic.
Prioritizing people over productivity is essential. After all, in every walk and corner of life, itās not always about what you know, but who you know. Skills will get us through the door, relationships will keep us there. No wonder people trust relationships more than information. Get to know people and serve them to serve yourself for life.
Connected Protection
Friendships arenāt always top of mind on the to-do list as we age. Sadly many tend to fade over time since life such as dependents and responsibilities from each angle get in the way.
Although Iām 21, at times, Iāve found it increasingly challenging to maintain personal relationships, especially as my demanding schedule takes over.
Yet at the end of the day, what makes us most satisfied and grateful arenāt the number of hours we put in plopping our butts in an office chair or the number of Excel spreadsheets we color-coded, rather the people we can rely on and call at any moment when we just wanna talk.
As a student, the best ROI I can gain from campus is from my networks since everything else I can learn pretty much anytime. Itās the relationships that are cultivated that are priceless.
A network is an insurance policy money cannot buy for this reason but typically requires an up-front, quite hefty cost of ~$70k per year to be connected and have access to like-minded diverse individuals.Ā
From country clubs to mentorship sessions, the real price you pay is for the insurance and protection available once connected with these special individuals.Ā
The investment will be as high as your effort is in willing to keep in touch and keep the bondĀ strong.
As they say, keep your friends close and your enemies closer. This is a small world and those that you least expected to get anywhere, are blowing your mind today. In this case, quantity over quality and vice versa both work.
People from all walks of life must be prioritized in your circle and directory since no one will know that you want company if you donāt reach out. We all need it so take the hardest step in initiating the meet-up before you desperately need it.
If you donāt have someone in your life outside of family, run donāt walk but remember, as with every investment, it takes time, commitment, and oftentimes, capital, but not too much, to create these protective reliable bonds.
What comes cheap will turn out to be expensive later on yet you donāt have to break the bank to create lasting relationships with people, especially since the most priceless things are often the best things in life.
Insured?
The biggest misconception I see colleagues my age have is assuming networking should offer a return. Even worse, an immediate return. They seem to not realize that professionals and personal contacts in many ways are the same. They are people.
In the professional sphere, they view networking as an activity they must do only to earn more instead of an enjoyable connection with someone theyāre interested in learning more about. Thereās always a person on the other side of the conversation, not a robot.
They want to utilize their time as effectively as you do and want to know why they are special enough for you to meet with them outside of their role. Thereās so much more to life than handing out your business card and contact to only reach out to someone when you need something. Sooner or later you will realize the world doesnāt work that way and no one will want to help you then.
Insuring yourself with your connections means keeping in touch in a genuine, respectable, and timely way. Professionalism doesnāt mean not having any personality, character, or life. In fact, the opposite.
Instead, it means showcasing your authentic, relatable, down-to-earth, personable self by meeting someone and providing them a gift of your attention and presence because the best gift is giving while asking for nothing in return.
Your Kind of Protection
Unlike home insurance, life insurance such as universal, whole, or variable, this type of insurance takes real nurturing, not money thrown at the problem.
Your assets, portfolio, and stock holdings can be well insured but what about your relationships and sanity?
Planning for the worst, and hoping for the best is the most impotent step you can take to set yourself up on the best path in life and stay mentally sane. You can be rich and internally poor without people.
Rarely do successful people care about the brands you were a part of and instead want to know the people you are connected with and how youāve leveraged your connections to capitalize on more opportunities. Connections are the bread and butter of success. Working hard wonāt work on its own.
Whether it be someone to take care of your child when you are away on a solo trip across the Mediterranean or someone to help you out when you arenāt feeling great, having someone on speed dial or at least knowing to check in on you occasionally is precious.
But to be clear, to be most financially secure and flexible, donāt expect anyone to do anything for you. Being financially reliant and dependent on anyone is more dangerous than on your own. Get that prenup and emergency savings account in check. Everyone needs to support themselves, no matter how trusty of a pal you may have.
No one should be thought of as useful or a moneylender, rather a listener and supporter.
I have to say around 18ā23-years of age may be the most challenging time to keep in touch with people since our old pals grow, mature, and change so much during this period in life!
Their interests change, values differ, and for better or for worse, they become an entirely new person. Although I never take it personally, it can hurt when someone you were close with and helped out so much in HS all of a sudden ignores you once they head into college. You blame and question yourself when in reality, it is about them.
Luckily, nothing lasts forever and everyone will find their rhythm eventually and they will reach out once again for something! When someone ignores you, it is just the universe telling you you deserve better and they were insecure, not you.
Arguably, since Kindergarten teaches the majority of major life skills we all need from following directions to waiting to speak, itās a priority to get back that free time and sharpen your people skills. Theyāve gotten rusty during the pandemic so thereās no better time to meet someone new today.
Isnāt it fascinating how thereās always something someone knows that you donāt? Youāll never get bored that way.
Extend that Zoom meeting into a premium subscription, have a 2 hour Argentian lunch, and create those calendar invites on your calendar to meet outside of work.
Making connecting a habit, or as I call it a ritual, will allow you to feel more at peace that you have built a strong bond with people that want to help and listen to you.
Being productive and only allotting the weekend for hangouts can make you exhausted and unfulfilled later on. As an extroverted introvert, Iāve found a balance of connecting with people remotely and in-person is ideal without sacrificing cost and time, although they shouldnāt be measured.
As with any investment, you typically donāt see the return on capital until a few years down the line or at unexpected moments. Tame your short-term gratification and realize this is why the best investments and rewards require patience.
Last but not least, we are all more likable than we think. Donāt look for those with identical interests or people who can help pay off your mortgage. Rather someone stable, supportive, and a good listener to be there when you need them by your side for any of lifeās surprises is true protection.
Meaningful relationships arenāt supposed to be cost-efficient or productive. In fact, they are often the opposite just like with any investment at the start.
This isnāt about building a fortune or legacy, rather, a healthy relationship insurance bundle that can very well be the cure for high medical insurance and lower the cost of home insurance down the line.