The Economic Impact of Love on Finances

Trillions of dollars are being lost or mismanaged each year due to the lack of love in our society and within our families. This figure cannot be verified, but it is my personal estimate.

There is no doubt in my mind that one of the best investments in life is to choose the actions of love.

After nearly thirty years of being professionally involved as an advisor and working with families and business owners in creating clarity for their current and future needs, I have witnessed tremendous financial losses and personal conflict as a result of selfish greed and unforgiveness. This attitude often flows over into health issues, with increased expenses and the loss of enjoyment and happiness in life. Businesses that were once successful see production reduced, key persons leave, and turnover become a major hurdle because of an unpleasant workplace.

The other side of the equation is to see families that care about the family and/or their employees. They realize the importance of proper planning and often see significant financial benefits as a result. Planning takes time and is not at the top of the list of things we enjoy doing, but that relates to the issue of love. When we love others, we do things for others because we care about them.

We cannot predict the future, but we can prepare for the future. As an investment advisor, we are trying to prepare for the impact of the unknowns over which we have no control. Who will be the next President? What will the impact of the coronavirus be in the months ahead? In the past few weeks, we have seen families and businesses have their worlds changed by wildfires and hurricanes.

How many of us could have imagined the uncontrolled violence and destruction of life and property we are witnessing on the nightly news? These are not acts of love. Acting in love does not mean that we do not face issues that need to be changed, but love does not devalue the lives of others, disrespect law and order, and destroy the property of others.

When the family breaks down, it affects all elements of society. It begins at home. When we love our family, we treat each other with respect and we take action to protect and care for each other. When we buy insurance products, we do so to avoid or reduce the loss of property or life and to reduce the impact of loss on us personally and on our family. When we invest part of our income to create wealth for the future, we do so because we want to enjoy life in the future and prepare for the unexpected.

Healthy love actually begins with self. We need to value the life that we have and realize that our lives have an impact on the others that we love. Healthy love makes me want to have a healthy life and a happy wife. When my wife is happy, I am certainly happier, but it begins with the fact that I love her and want what is best for her. That also applies to my children, and my friends, and those I work with. It applies as well to my clients and so many others that I care about.

The loss of love comes with a tremendous financial and emotional impact. It goes without saying that acting in love is often extremely hard. It is hard to be loving to others who are hateful and disrespectful. It is also important to know that having love for others does not mean we have to like them.

In closing, I hope that each of us will choose to add to the quality of our lives and the lives of those who are affected by our actions. There is no doubt in my mind that one of the best investments in life is to choose the actions of love. What do we have to lose? Only happiness, relationships with family and friends, and a life filled with purpose that is bigger than ourselves.

Picture of Thomas Herlong

Thomas Herlong

Thomas H Herlong, CLU, ChFC, CLTC: General Partner, Herlong & Doran Financial Group
Picture of Thomas Herlong

Thomas Herlong

Thomas H Herlong, CLU, ChFC, CLTC: General Partner, Herlong & Doran Financial Group

In the know

Related Stories

‘Tis the Season to Prepare for Your New Year’s Job Hunt | Palmetto Bella

‘Tis the Season to Prepare for Your New Year’s Job Hunt

The holidays are a season of hope, but they should also be a season of preparation if you are thinking of changing jobs in the new year. According to Monster.com, January is the busiest month for job searches, although we typically see hirings begin to ramp up in February. We have found that when you apply for a job — as in, how soon you apply after the job is posted — can decide whether you get selected for an interview. That means you cannot wait until a job is posted to refine your resume, cover letter, and LinkedIn profile. We call these your personal brand, and we recommend you

Read More »
How much do you know about employee benefits? | Palmetto Bella

How much do you know about employee benefits?

It is the time of year when employees make their benefit selections. Many of them do not know what they are selecting, but next year thousands of dollars will be deducted from their paychecks to pay for benefits they know very little about. Many employees select the lowest premium plan without realizing that it does not cover the spouse’s prescription medications or the child’s therapy. A friend of mine recently came to me for assistance in selecting her family’s benefit plans for next year. She was handed an enrollment form to make her selections and no other information. When I started asking her questions, she could not answer them. There

Read More »
What Should I Do With My Money? | Palmetto Bella

What Should I Do With My Money?

The point is that every person’s situation is unique, and there is hardly ever a cookie cutter answer to the question, “What should I do with my money?” This is the question I hear just about every day of my life. It is an excellent question and can only be answered with another question. Some days the answers in life are simple and other days the complexity of life is beyond our imagination. The answer to this question is somewhere in between. It begins with a couple of simple questions. First of all, what is the purpose of the money you are referring to, and what is the time frame?

Read More »
Celebrate Low Interest | Palmetto Bella

Celebrate Low Interest

There are a lot of reasons to celebrate today. Sure, we are in a pandemic and many people are divided by the who’s who in politics, but there are still so many reasons to celebrate, at least in the real estate industry. Low interest rates, great mortgage incentives — for both new and seasoned buyers — and lower credit scores are celebration enough. When interest rates go down, people qualify for a higher priced home for the same monthly payment. As Chris Marr, a mortgage sales manager says, “Current rates are still low and underwriting standards have also been lowered and modified in order to help first-time homeowners with approvals.”

Read More »