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

Change Leads to No Change | Palmetto Bella

Change Leads to No Change

Buddy, can you spare a dime? Can you find a nickel in the couch cushions? Did you just roll up the pennies in your jar? If so, you might help resolve one of the pandemic’s unpredictable predicaments: the Unites States is facing a coin shortage. That’s right. A shortage of change. With everything else under undulating rules, zigzagging restart dates, and clouds of masking, one would think that things that clink in our pockets and rattle in the bottom of our purses would be something we can count on. Not so. The Fed convened a US Coin Task Force in July because it was so serious. Closer to home, Dollar

Read More »
What’s Next? | Palmetto Bella

What’s Next?

What’s next has many answers, but they fall into two categories: the areas beyond our control, and those that we can control. We can control our planning and who will help us make good decisions. Have you heard that pain is often beneficial? When we stop and realize this, awe know that it makes sense. I’m not sure about how you feel, but most of us do not like pain and will go to a lot of effort to avoid it. There are many situations in which we are dealing with the hurt of pain and we pray to have it taken away, but long-term, we are better off having

Read More »
Retirement Has Changed | It Isn’t What It Used To Be! | Aiken Bella Magazine

Retirement Has Changed | It Isn’t What It Used To Be!

Most of our parents started working around age 20 and retired when they were 65. Because life expectancy was shorter, the average retirement typically lasted about 10 years. That means people often had about 45 years to prepare for 10 years of retirement. With medical advancements and healthier lifestyles, people are living longer. This means you may enjoy 20 or 30 years or more in retirement. Back then, retirees counted on Social Security and company pensions. As a result, individuals didn’t need as much in personal savings. Today, Social Security can’t cover most retirees’ primary expenses, and Social Security faces an uncertain future. Fewer companies offer pension plans; rather they

Read More »
The Future of Tax Rates — Storm or Hurricane? | Aiken Bella Magazine

The Future of Tax Rates — Storm or Hurricane?

Get House in Order NOW We desperately need some good news at this period in life. I have good news for now through 2025 which I will comment on below! While I was already aware of the issues that I will discuss in this article, the need to act ASAP really hit me hard when I read The Power of Zero by David McKnight — I would strongly encourage you to read this book. On the very first page of the first chapter, McKnight quotes David Walker, CPA, former Comptroller General (CPA for the United States), stating that unless future tax rates double, our country could go bankrupt. If you

Read More »