Investing in Your Health | Rational Reminder 377

Episode Overview

• Ben Wilson is officially introduced as the new permanent co-host, and the hosts provide a positive update on a recapitalization of PWL's parent company, OneDigital, by Stone Point Capital and CPP Investments.
• The episode's main theme is the importance of investing in personal health as a form of human capital, distinguishing between "lifespan" (how long you live) and "healthspan" (how long you live in good health).
• Key pillars of personal health are explored, including proactive health screenings, the critical role of sleep, and strategies for improving mental well-being, such as fostering strong social relationships.
• The conversation concludes with practical advice for investors on why and how to ask their financial advisor about their formal succession plan to ensure continuity of care and investment philosophy.

Key Concepts

• OneDigital Recapitalization: PWL's parent company, OneDigital, was recapitalized by Stone Point Capital and CPP Investments, a move framed as a strong vote of confidence in the business and a positive development for PWL's Canadian presence.
• Lifespan vs. Healthspan: The discussion distinguishes between lifespan (the total number of years lived) and healthspan (the number of years lived in good health), arguing that the goal of financial independence is to fund a long and healthy life.
• Proactive Health Investment: Using a personal story about testicular cancer as a powerful example, the hosts advocate for proactive health checks and breaking stigmas around discussing men's health.
• Pillars of Health: The episode details three key areas for health investment: quality sleep (described as a "superpower"), mental health (using the PERMA model and emphasizing relationships), and physical health.
• Advisor Succession Planning: The hosts highlight the aging advisor population and provide specific questions clients should ask their financial advisors to ensure a documented succession plan is in place, stressing the importance of philosophical alignment with a potential successor.
• The Power of Relationships: Citing the Harvard Study of Adult Development, the conversation emphasizes that strong social relationships are a critical predictor of long-term health, happiness, and longevity.

Quotes

• At 23:55 - "Hearing me talk about my testicle... prompted them to go and get theirs checked out, which ultimately led to their own cancer diagnosis and treatment and all that stuff." - Benjamin Felix sharing the profound, life-saving impact his personal health story had on podcast listeners.
• At 24:38 - "I think most people are familiar with the concept of lifespan... but I think people are less familiar... with the concept of healthspan, which is how long you can expect to live in good health." - The speaker defining the core framework for the episode's discussion on health.
• At 55:51 - "I think sleep, if you can get it, is really a superpower." - Emphasizing the significant and compounding benefits of consistently getting high-quality sleep.
• At 1:07:28 - "Does your successor share your investment philosophy and planning approach?" - Highlighting the most crucial question for a client to ask their advisor to ensure continuity and avoid a shift in strategy.
• At 5:37 - "It's a pretty exciting Canadian story and probably the best outcome for PWL directly." - Ben Wilson commenting on the positive implications of having a major Canadian institution like CPP Investments become a significant shareholder in their parent company.

Takeaways

• Prioritize investing in your "healthspan" by focusing on foundational pillars like proactive medical check-ups, quality sleep, and mental well-being, as these are prerequisites to enjoying financial independence.
• Cultivate and maintain strong social relationships, as research shows they are one of the most significant predictors of long-term happiness and longevity.
• Proactively question your financial advisor about their formal, documented succession plan to ensure your financial strategy and philosophy will be maintained seamlessly in their absence.