Add faith, family, friends into balance sheet

Byron R. Moore, CFP®
The News-Star
September 4, 2004

Question: My father has recently had a lengthy illness that basically cost him his job. We think he will eventually recover, but this could financially wipe him and Mom out. I am barely out of college and have little money. What suggestions do you have to help my Dad get back on his feet?

Answer: Your father’s financial balance sheet will be most directly affected by another kind of balance sheet -- his "non-traditional balance sheet."

My friend Jim came home from a jog one day and noticed his leg twitching. By the end of the day, the entire left side of his body was experiencing involuntary spasms.

The spasms eventually went away but periodically returned. At times the spasms were replaced by temporary paralysis of a portion of his body. His energy was sapped. His health was failing and all the best doctors state-wide could not figure out what his problem was.

Jim eventually spent five days in a coma, near death. He told us that he was aware of everything around him, but could neither open his eyes, speak a word nor move a muscle. He was in a prison called his own body.

In addition to his health problems, his real estate holdings, which had long been a source of stable income, began to crater.

To top it off, his eighteen-year-old son stormed out of the house one day, yelling, "I want a divorce from my parents! I want to move in with some parents who know how to use drugs and do things I like!"

Health. Family. Money. Jim had taken a major hit in each of these areas of his life.

I know Jim professionally as a financial advisor in the Northwest. For years, he has been telling his clients that financial planning is more than finances. Jim and I share the philosophy that money is just a tool to help you get what you want out of life.

Years ago, Jim developed the concept of a "non-traditional balance sheet." You may recall from accounting class that a balance sheet is a listing of your assets and your liabilities (debts) to determine if you have a positive or negative net worth.

Jim’s "non-traditional balance sheet" included his faith, marriage, family, time allocation, personal and business relationships, his personal history, his network of help, his self-discipline and his money. Notice that money was just one component of his balance sheet.

When a crisis of health, family and finances hit him, he realized more than ever that he still had other assets on his non-traditional balance sheet to see him through. It was enough to see him through. Today, times are much better for Jim. His health is better and his son is home.

Financially-speaking, your father’s greatest asset is his ability to earn an income. But that ability will be directly impacted by the many elements on his own non-traditional balance sheet.

You may not have money to give, but you do have time and love -- share both amply with your father. He needs them during this time when other aspects of his non-traditional balance sheet (i.e., his health and finances) are lacking. Your courage of one can be transferred to him, giving him the emotional lift he needs to go the next step.

If it is medically reasonable to do so, encourage him to return to meaningful work as soon as possible. Medical studies and common sense tell us that people of purpose experience greater degrees of ultimate physical recovery than those who have nothing to live for.

Your Dad needs to identify and nourish those items on his own non-traditional balance sheet that are still healthy.

By focusing on and nourishing what you have, you can lean on the strengths of your situation, giving the weaker points the time and space they need to catch up.

What did the old hymn say? Count your blessings.

Byron R. Moore is a Certified Financial Planner professional. E-mail him at bmoore@argentmoney.com, write him at 500 E. Reynolds Drive, Ruston, LA 71270 or call him at (800) 375-4646. Visit the Web site at www.mooreforyourmoney.com.