Weekend Reading: Your Health is Wealth Edition
I went to bed after a perfectly normal Wednesday and woke up at 3am with my heart racing. I got up, went to the bathroom, and tried to get back to sleep – tossing and turning for a few hours before getting up for good around 5:30am.
I felt okay(ish) and went downstairs for an easy 20-minute spin class. I came up to the kitchen to pour myself a coffee and make the kids’ lunches for school. Something felt off. I was lightheaded and generally not feeling well.
My wife came up from her workout, took one look at me and called 811. She spoke to a nurse who asked a bunch of questions – including if I thought I could stand up and walk across the room. I tried, but immediately felt the room spin. She told us to call 911.
Minutes later an ambulance pulled up to our house and two paramedics whisked me off to the hospital.
I was in atrial fibrillation (AFib).
A team of nurses and doctors swooped in and determined the best course of action was a cardioversion to shock my heart back into normal sinus rhythm. So that’s exactly what they did.
I woke up feeling woozy from the sedation, but the cardioversion worked and my heartbeat was back to normal.
AFib isn’t too common in healthy 45-year-olds, but it’s not unheard of either. It’s estimated that upwards of 40 million people worldwide are affected by AFib and one in four adults over 40 are at risk of developing the condition at some point in their lives.
While I go through a host of follow up tests and appointments to determine the cause of this episode and assess the future risks (AFib is progressive), the biggest change will be related to lifestyle.
Pots of coffee and bottles of wine will be replaced by a Single cup of coffee and an Occasional glass of wine (not that we’re big drinkers – just when we travel, it’s hard to pass up an Aperol Spritz or three on a sunny day in Italy).
I’ll keep up with my regular strength and conditioning routine, pledge to walk more, and cut down on the snacks (moderation, right?).
If anything, it’s a wakeup call that your health is wealth. While I can plan to live another 45 healthy years or more, I understand that tomorrow is never promised.
This is why I’m so insistent on balancing living for today with saving for the future. If you have too many someday, maybes on your bucket list you might find that someday never comes.
We all have money dials – categories of spending that we can turn up and down based on our preferences and ages and stages of life. I encourage my clients to turn up the dial on things they value (travel, hobbies, generosity, etc.). Have some fun with it. Experiment.
If you’re used to flying economy, staying at a Best Western, and only travelling for two weeks a year, what would it look like if you flew premium economy (or business class), upgraded to the Four Seasons, and travelled for four to six weeks a year?
Even as I cut some of the joy out of my life (like that second cup of coffee – or third Spritz), I can turn up the dial so that one cup of coffee is the best damn cup of coffee I’ve ever tasted, or that Aperol Spritz is enjoyed in front of the Duomo in Florence rather than on my couch watching Netflix.
I’m feeling good today, and hopeful for the future. I’ve spent the last few days learning about living with AFib – which is serious, but certainly not an early death sentence.
I know this is a financial blog, not a health newsletter. But what good is money without your health?
Be well.
This Week’s Recap:
On topic, I recently tackled the emotional side of spending in retirement.
Prior to that, I explained why RESPs are the hardest account to manage.
And on the last edition of Weekend Reading I walked through our decision to start drawing a salary from our business (a change from our dividend-only approach).
Look for some changes here in the coming weeks as we give the website a long overdue makeover.
What started as a personal finance hobby blog back in 2010 has now morphed into (primarily) a financial planning website with the occasional blog post. So we need the website to reflect that, and also highlight the fact that I don’t do this alone – my incredibly talented wife Lindsay is the first point of contact for all of our clients and is a big reason for the success and growth of our business, yet she’s largely invisible on this website. That will change with the redesign.
Promo of the Week:
Good news for parents (and grandparents). Wealthsimple finally has launched self-directed (family) RESPs. I’ve been waiting years for this, so I’ve eagerly opened an account and initiated an in-kind transfer from our existing RESP at TD Direct Investing.
Note that the RESP is in beta right now, so while I could open it and I can contribute new money to it, I couldn’t initiate the transfer on my own without contacting the Wealthsimple support team first (easy, it was done in five minutes).
RESPs are complicated, and there are weird provincial grants that aren’t always transferable across bank platforms, so this is completely understandable.
I expect the transfer to take place within a few days.
And, just because I’m sure many of you will ask about how Wealthsimple will keep track of contribution and grant history per beneficiary, here’s what they had to say about that:
During the transfer process from TD to Wealthsimple, information regarding contributions, grants, and beneficiary details is transmitted through a Form C.
TD will provide us with the Form C, which contains all relevant details concerning contributions, grants, and beneficiaries.
Upon approval of the Form C by Wealthsimple, they will proceed to initiate the final transfer of funds. This process guarantees that the appropriate amounts are allocated to each beneficiary.
I have nearly completed a complete transfer of our financial accounts to Wealthsimple (just waiting on dual-owned self-directed corporate accounts).
Join me on Wealthsimple and get $25 when you fund any account with my referral link (or code: FWWPDW).
Plus, you can get AirPods by moving $25,000 or more. Register first and learn more here.
Weekend Reading:
A brilliant piece from Nick Maggiulli on the mental freedom you get when you abandon fruitless stock picking for a mindless total market indexing approach.
I’m with Ben Carlson on almost everything on his list of things he’ll never spend money on (golf being the top of that list).
I love these little case studies by Fred Vettese – this one looking at aspiring retirees considering three strategies to make sure they don’t run out of money.
This is something I’ve encountered a lot in my planning practice – retirement with lots of home equity and not enough savings:
“A basic rule if you’re concerned about not having enough retirement income and own a home: Make sure you have a home equity line of credit (HELOC) in place before you leave the work force.”
A thought provoking video by Ben Felix where he says that, “people tend to assume that homes are great investments – they’re not, that mortgages are a wealth building hack – they help, but as much as some people think, that paying off a mortgage lowers your housing costs – it actually raises them, and that owning a home makes people happy – it might, but don’t count on it.”
Dear financial planners and advisors: Retirement planning isn’t just about the numbers — it’s about the person.
Russell Sawatsky writes – can annuities help the average retiree?
The Wealthy Barber David Chilton looks at two couples and one key difference in their spending – you guessed it, cars.
Finally, Preet Banerjee looks at the topic of financial influencers online and says, “while Canadian investors are distrustful of finfluencers in general, when they find one they like, they like them a lot. And that can cost them dearly.”
Have a great weekend, everyone!
Wow quite the scare. Glad to see you’re feeling better and best of luck navigating it long term. Health is most certainly wealth. A green tea cheers to your recovery!
Glad you are OK Robb
Hi Robb, very glad to hear you are doing well after what must have been a scary health experience.
As you say, health is wealth!
Glad to hear you are doing well Robb. Scares like that certainly emphasize the importance of our health and, as you noted, not to put every dream on hold until the perfect day that may not come. Balance and moderation in everything! Best of luck in your ongoing recovery.
Hi Rob, I have had afib since 1996 and am a 79 year-old man living a healthy life. Better lifestyle choices we all know to make are not difficult and are truly invigorating.
These are the comments I love to see. Thanks for sharing positive input.
Robb, so glad you’re okay. Huge kudos to your wife for recognizing something was off and taking quick action. Take good care.
Sincerely wishing you all the health and happiness, Robb. There’s three women that need you to be around for a LONG time yet.
Thanks for sharing, Robb. I fully agree with your perspective on life balances. As we Scots would say: Yer a long time deid. Stay well.
Hey Robb,
As a former ER nurse, a simple and easy way to track (I know you like spreadsheets) afib symptoms without it taking over your life is getting a tracker with optical sensors (Apple Watch, Fitbit Sense, etc.) and that way you can see if it is the 3rd Aperol or the fifth cup of coffee that sets the ticker off.
Sensitivity and specificity for Afib is 99% and 98% on these trackers – so very accurate.
Could be both, might be neither, but regardless good to know what you can and can’t tolerate.
Also thank you for sharing.
I’m a few years younger but wouldn’t consider us dis-similar health wise so good wake up call for me too.
Be well.
Glad you’re OK Robb!
Very wise advice in regards to health, enjoy yourself while you can.
True, but as my father used to say: “Sure, it’s better to be healthy and poor than sick and wealthy, but if you are sick, you’d better be wealthy.”
As one retiree with chronic health issues and lots of money told me a long time ago. IF YOU DON’T HAVE YOUR HEALTH then the wealth don’t matter. Glad you’re doing well.
How ironic. My friends brother in law passed away this morning and he was worth millions!!!
I am so glad you are well and thank you for sharing your story and for sharing your life and family story with us all. In particular your annual financial review has encouraged me to open up more to my family.
Stay healthy and keep up the good work.
Thank you for sharing Rob and delighted you are well now.
Keep it up!! Love your blog!
Glad that you recognized the signs and took immediate action, Rob.
Stay healthy.
You and your family have a quite few trips left to go on.
Hi Rob glad to hear things worked out fine for you.
The same thing happened to me when I was 48 years old.
In my case it was noted that one side of my heart had enlarged so the investigation when on. Turns out I had 3 holes in my heart that they assumed was there since birth. Hard to believe that went all these years without knowing this and now side effects showed up. Not saying this is your issue.
The holes where repaired with a septal occluder; non-evasive operation. In some ways was good not to have repair until later because of advancements in these things. No open heart surgery required.
I have been doing fine since, just started to have high blood pressure now but seems this is quite common since I’m 64 now.
Anyway just thought I’d throw that out there since situation seemed so familiar.
All the best to you and your family. 🙂
Glad you’re ok, but it is a wake up call to all of us that money is not the only thing that matters.
That’s a crazy story! Kudos to your wife for recognizing that there could be a real issue and taking action. And thank goodness we have good enough health care to rapidly give you the care you needed. And then, when the dust has settled, I hope you’ll give kudos to yourself for having all your affairs in order. How many people in your situation (or their spouses) come to the realization that if things had turned out worse, that they weren’t financially prepared? At least you can have confidence in the hard work you’ve done to set your family up for success. Next step: back to planning for happiness here and now! Including a focus on health. (Also, we highly recommend the Breville Barista line of home espresso makers. Lavazza has a nice line of beans you can buy, too…)
Hi Rod
I can relate to your AFIB experience. I’m significantly older than you however, I had my first AFIB episode in my 50s. Now, years later I have had 12 cardio versions and two catheter ablations and am living a full active life. Along the way, I eliminated alcohol and did my best to avoid stress plus renewed my commitment to exercise and healthy eating. I would say the key to my health plan was finding the right medical advice and committing to follow said advice . I hope that you are able to do the same.
Glad you are okay Robb! I had a similar experience back when I was working 🙂 Take care of yourself and continue with all your adventures!
Hi Robb,
That was quite a scare. I’m glad that you’re okay specially when you’re too young now.
Keep up the great work you’re doing.
What a fright for all of you! Well done to your wife for the swift action. Rest up, Robb
Glad that you are OK and thanks for writing about your experience. We all need to embrace life’s up and downs.
Robb, glad you’re in recovery and we’re able to get immediate help!! Thankful for our Canadian system. So true, what is wealth when there’s no health!?! Thank you for the reminder! Take care
Great article you wouldn’t have expected to write this time last week, I’m sure. Thankfully there’s a good ending, and it’s a reminder for all of us that our health (and life, for that matter) isn’t a given. Take care, Robb.
WOW Rob;
I’m shocked that you advise ramping up environmentally damaging our EARTH for your kids …and for all of our kids and grandkids:
“If you’re used to flying economy, staying at a Best Western, and only travelling for two weeks a year, what would it look like if you flew premium economy (or business class), upgraded to the Four Seasons, and travelled for four to six weeks a year?”
I’m of course a couple of decades older than you are… and I suffer from some other ailments associated with normal aging,
BUT I don’t want to increase the damages I could do to Earth and to most other co-habiting species on its surface ! We gave up wreck-reational travel tourism two decades ago… especially by high-GHG air travel to foreign lands. We recently donated our vehicle — after moving from our lovely rural village where it was essential for provisioning what we couldn’t grow for ourselves. We sold our fossil-fuel-heated house …and now live in a 1/2 sized energy-efficient apartment — with excellent public transit and safe bike lanes.
No one needs to self-indulgently spend more to accelerate Earth’s decline — the worst example being “Space Tourism” (if you have enough $$$) — but sipping wine at the Duomo or other similar “pleasures” — is neither sustainable nor socially “Just”. I can sip my own-made wine (@$4/bottle) while watching a video of the art treasures of the St. Petersburg Winter Palace and get a lot of pleasure from this — without causing significant environmental damage.
You have provided me (and your subscribers) with sound financial advice over the years — and that has been much appreciated.
I sincerely hope (not an “intelligent financial strategy”) that you could rescind your “live large” advice in this week’s post… and instead provide other more socially ethical and “Just” advice as to how to increase y/our dopamine pleasures as we all age towards our inevitable “dark night”.
Thank you for what you are able to do;
Toby
Toby, I am shocked that was the message you took away from my post.
I don’t sit here and proselytize to my readers about eating a plant-based diet to save the earth, but researchers in a 2018 Oxford University study said,
“A vegan diet is probably the single biggest way to reduce your impact on planet Earth, not just greenhouse gases, but global acidification, eutrophication, land use, and water use. . . . It is far bigger than cutting down on your flights or buying an electric car, as these only cut greenhouse gas emissions.”
I’m glad you were able to travel several decades ago. But having those experiences then, and telling people of a similar age not to do it now feels a little bit like pulling up the ladder behind you.
As soon as our elites do this, instead of taking a “do as I say” position and taking private jets every day, I’ll consider if I will follow suit.
Glad you’re ok! Parents always taught us if you don’t have health then you can’t enjoy the wealth.
Thanks for the kind words, everyone – I really appreciate this community!
Hey Robb – thanks for sharing this! As someone who has had “Paroxysmal AFIB” for about a decade now, I do think more awareness of the condition is in order (thanks for listing those stats too!). Fortunately, I have been well-treated with meds over the years, but did undergo an ablation, which reportedly went well, in Kelowna, just this past week. I do agree with many of the recommendations above – the Apple Watch has been a great tool for me and my care providers. Triggers are still unclear for me, but you are right, a healthy lifestyle, moderation in all consumption (including a good craft IPA for me on special occasions hehe ), and regular exercise is the right course. I believe it has worked for me! Take care of yourself – I know you will – and I plan to do the same, to fully enjoy the results of the financial plan you’ve crafted for us! :-).
Glad to hear you are doing better
Kudos to your wife for recognizing something was wrong
Health is wealth
Look after yourself and THANK YOU for all you do
All the best for your recovery. You’re lucky and have been given a practical lesson in “ tomorrow is not promised” and are around to apply that lesson now. I’m not going to write my story out, but let’s say since retiring a year ago with a plan, I have to create a new plan. An event like this is 100% related to finance and it’s great you write about it. Make sure you have wills and they’re updated. If you wanted to say or do something special with a loved one do it now, don’t hesitate. Make sure you have power of attorneys. Take that vacation you always dreamed about with your family. You just might not get a chance to do it later.
So shocked Rob when I read this! Steve and I are so relieved that you are ok! Take care of yourself.
Robb, we are very pleased to know that you were and are in good hands. We are also so pleased to know that Lindsay will take a more visible role in your incredibly helpful service. That, we are looking forward to!
Robb, we have almost completed our move from direct investing through a Canadian bank to Wealthsimple. The exceptions are our Granddaughters’ RESPs and a Spousal RIF. We just learned that, as Grandparents, we cannot open an RESP, to contribute or move funds to Wealthsimple…yet. Clients must be the primary caregivers according to Wealthsimple.
Robb, what a scare! Thank you for sharing your experience. I am so very happy you are feeling better.
Robb, glad to hear you are doing better, and I hope your health care professionals take good care of you.
A question about moving from TDDI to WS for the RESPs. Right now we are in the TD e-funds. Should I sell everything first and then let TD move the cash? Should I let them sell? Or should I sell and buy something like VEQT, let them move that in kind, and then do the reallocation once it his WS? I am thinking about time out of the market, but perhaps overthinking it a bit. For context it’s about 80K, and no additional contributions will be added this year.
Hi Daniela, you’ll have the choice to transfer the RESP “in cash” or “in-kind”, and you can simply select “In-kind” and TD will sell the e-series funds for you and complete the transfer on your behalf so you don’t have to sell anything manually.
That said, since there is no charge to sell e-Series funds you can certainly do it yourself and then purchase an equivalent asset allocation ETF – then initiate an in-kind transfer from WS. Now that I type that out, that’s likely what I would do.
An in-kind transfer is quicker and means you stay invested as your ETF units move across to another platform.
The only pain point is waiting for the e-series funds to sell and the cash to come available, which can take a few days.
Thank you so much for this! Really appreciate it. I will sell the e-series and buy VEQT before I transfer out, then re-allocate once it gets to WS.
Thank you for sharing…So glad you are feeling better
I had a similar experience about 4 years ago AFIB etc
I am in my 80’s now and have always been an active exerciser
but this caught me off guard
I eventually had a pacemaker put in as well as ablation
Managing quite well now ……
Good luck in the future
Thank you for sharing this personal update. Justin and I wish you a smooth recovery and all the very best as you navigate this new diagnosis. Sending well wishes to you and your family.
Rob, I can’t tell you how much I appreciate the message in this current post. Becoming aware of the importance of good health is a lesson we have learned repeatedly as our older relatives and friends have different health crises.
I’m glad you are on the mend but realize its an unwelcome surprise. My sister has lived with atrial fib for many years, but, fingers crossed, since having an ablation procedure a few years ago, has not had to have a conversion. You are the kind of smart and determined guy who will take this and do what you need to do.
I look forward to the blog update and seeing more of Lindsay. I also look forward to to starting our planning journey with you guys, later this year.
Just reading this article now….wow, glad you are ok!
Hello Rob. I’m very happy to hear that they were able to assess and treat you. Things like this give us great perspective to live a balanced life in regards to lifestyle and finances.
Thanks again, everyone! Appreciate the kind messages everyone has sent here and over email.
Just a quick update to let you know that initial test results have all come back very normal and positive, and so while we’ll continue to look for underlying causes for this AFib episode I’m feeling very good right now and hopeful this isn’t the start of some long-term issues.