ST. CROIX INSIGHTS
A Life Lesson from Joe Biden
BY BRETT ANDERSON/ST.CROIX ADVISORS, LLC
I know what you’re thinking, but I’m not going there and neither should you. I’m not here to discuss politics, Democrat or Republican, conservative or liberal views. However, I’m going to highlight a very sensitive life lesson in which we all can learn.
Biden & Obama
I was watching the morning news, and I always enjoy seeing Vice President Biden on TV. He’s always so happy and positive. However, during this interview, he was asked about the death of son, Beau Biden who had been diagnosed with brain cancer. The Vice President shared that he considered selling his personal residence to help his son’s family because there was “nothing for them to fall back on, no salary”. He then continued on to discuss that he shared this with President Obama in one of their meetings.
The President told Mr. Biden not to sell his home, and that he, himself, would give him the money he needed. I mean this sincerely – we all need a friend like President Obama. How many of your friends are willing or even financially able to do that? Just give you the money? Chances are we don’t have friends or even family members with buckets of money that just show up to help us out in our time of need. And let’s not forget that once you give someone over $14,000 a year, it’s subject to gift taxes. Yes, there are some strategies around this, but the bottom line is, Beau didn’t have something to fall back on for himself and his family.
Financial Planning in a Difficult Situation
Cancer is all too common these days, and I suspect that you or someone you know has been affected by it. No parent should even have to worry or let alone experience the death of a child. I can’t imagine, and I can’t even relate. I can’t imagine their grief, but I wonder today, as they reflect over the past year or two from when Beau was diagnosed, has this experience changed their views towards how they plan for their financial future? How has the entire Biden family approached financial planning differently today versus yesterday? Have they addressed their gaps? What lessons will they pass or demand from the next generation?
Watch the interview here:
As a parent of a 25 year-old independent adult who believes he has it all together, I’m going to ask, and continue to ask again and again to make sure that he has the proper planning in place.
And I’m going to keep asking. Did I already say that? Yes, I did. I know he thinks and believes he makes up the 80% statistic that nothing negative will happen to him including a sickness or illness. He’s golden and healthy. After all, he is my kid. But, we need to do ourselves and our kids a favor: make sure they have their proper planning in place and don’t take it at face value. Dig deep and confirm! And, while you’re at it, hold that reality mirror up to make sure you’re not kidding yourself either.
A valuable and financially preventable life lesson from Joe Biden’s family that we all learn from.
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Ask yourself- can my portfolio support my lifestyle in my retirement?