Preparing for a Rainy Day

Several years ago, when I was first called as a young Bishop, I visited a family whose husband was dying of cancer. Neither the woman, husband or son were members of our Church but the missionaries had visited with them and we as a Church felt that we could and should provide some assistance. For the next several months we brought in meals and many of us, including myself, visited on a nearly daily basis.

Over time the sick man regained some health and surprised us by asking to be baptized. I want to add that our motivation in visiting this family was not to add them as members of our Church but in the course of our visits we naturally discussed and answered questions concerning religion.

On Saturday afternoon, we held a small service in which we baptized the man and son. It was very touching and I was proud of how our members unselfishley provided service and care to this family. It is common for those dying of cancer to experience this renewal of strength before death. Often a day or two or even a few hours before death, the person has a surge of energy, wakes up, becomes alert, can sometimes eat or talk and can spend some quality time with loved ones. This is a very precious time because it normally doesn't last long, as most people become unconscious (unresponsive) hours or days before they stop breathing.

As death approached I again met with the wife to help discuss funeral arrangements. In the coarse of this discussion I was alarmed to learn that there was no life insurance or any savings. This couple was well into their 50's and I wondered how it was possible for people not to make even the basic financial preparations.

Today we met with our financial adviser. He lives in Denver but was in Utah for the weekend and came by for a visit. I don't want anyone to think that I am bragging or boasting but I have been saving and preparing for retirement for at least 20 years. Not that I want to retire but I wanted to be prepared when the time did come.

We are not rich people in the new measurement of assets but have mostly paid for things as we went and have been diligent in adding to our investments. I have never really been interested in money or finances. We never hit a financial home run but started early and consistently added to our investments through economic up turns and down turns. Of course, I have been blessed to have had a good and steady source of income for many years. Additionally, I have a sizable life insurance policy, long term nursing care insurance, health insurance and a disability policy. When I bought the nursing care insurance I thought that it might be a waste of money but now it appears that I just might use it.

As we discussed our financial status it became clear that my wife will have her future income needs met. It is a great comfort to know that money is the least of our concerns at this time.

As none of us knows what the future might hold, I would suggest that we all make some preparations. Minimally we all need some amount of life insurance. If you are young there is the possibility of remarrying but I would think that you need at least five years of income. Secondly, everyone needs to be putting away money for that proverbial rainy day. It will come. Frankly, if you do not have sufficient income to save 10 percent then you might be living beyond your means. Of course you need to make adjustments to this advise according to your position in life. Students and young married couples raising a family may find it difficult to save money. Still, you should council with your spouse and a competent financial adviser about a long term strategy and short term steps that you can implement.

I think life is like a Monopoly game. I feel that I was able to be in a position to win. But rather than take the risk of losing I just might have to get mad and take my game home.