Life Lessons from a Dimly Lit Office

I was 17, sitting in a dimly lit corner office of the bank with my father. I can still remember the smell of dusty 90s carpet and the faint chemical tang of ink pens—a scent that took me right back to my school classroom. My mother had just passed away at the age of 50 after a five-year battle with breast cancer, and there I was, inheriting $7,000.

To this day, I wonder how different life might have been if my parents had been educated on Critical Illness and Life Insurance. That $7,000 could have been closer to $340,000 (tax-free) after splitting it with my two siblings.

Here’s the reality: a simple term life insurance policy of $1,000,000 on my mother would have cost just a few dollars a month back then. But we didn’t think about the monetary value of a homemaker. When you break it down—daycare, grocery shopping, meal prep, laundry, home cleaning, driving to appointments, education, entertainment—all the things stay-at-home parents take care of save families a fortune. And more than that, they enrich family life in ways you can’t put a price on.

At the time, my father was the only one with term insurance. Critical illness insurance wasn’t even on our radar, but imagine if my mother had received a $100,000 (tax-free) lump sum while she was alive. She could have used it for alternative treatments, a family vacation, or simply the freedom to enjoy her final years on her own terms.

Back to the bank—my dad and I sat across from a representative who somewhat included me in the conversation. After all, the money was going into my account.

“Mutual funds?” my dad asked.
“Yes, a balanced, moderate-risk mutual fund,” the rep replied.

 And just like that, my inheritance was sent into the world of investing. I didn’t know much about what was happening, but I trusted my dad. At the time, he had just started learning about investing at the age of 50 (which, funny enough, now feels young). He’d spend evenings listening to Jim Cramer and calling out, “Lightning Round!” IYKYK.

A year later, we looked at my returns—6% annualized. “Pretty good,” my dad said proudly. At the time, it felt like a win, but over time, we realized there are different types of investments that could have offered better returns or been more aligned with our goals.

A couple of years after that, we discovered ETFs, REITs, alternatives, single stocks—the whole universe of investing opened up to us. My dad has never been a great communicator, so I was still mostly on my own in these endeavors, but there’s something to be said about the old saying: “It’s not what you say, it’s what you do.” I think I learned the importance of investing through osmosis.

Looking back, had my parents had a trusted advisor to guide them through estate planning and wealth preservation when we were just a young family, things could have been very different. Not that I’m unhappy with how life turned out—I’m the type of person who believes in making the best of the hand you’re dealt. And I have so much to be grateful for.

But these life experiences fuel my passion for having these conversations with others.

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