You Don’t Realize How Much You Rely on It Until It’s Not Working
A couple of months ago, I broke my elbow.
It was an unseasonably warm Friday morning, and my wife and I were out walking our dog, heading to the park. I was not doing anything adventurous and even looking at my phone. Simply walking the same neighborhood route I've taken almost every day for the last seven years. I tripped on a piece of a tree sticking out onto the sidewalk and fell. (Later, when an occupational therapist fitted me for a splint that I had to wear for over a month, she joked, “You need to come up with a more interesting story!”) One second I was upright, the next on the ground, disoriented and in pain. Just like that, a joint I’d never thought much about became central to my everyday life, affecting nearly everything I did.
Getting dressed, preparing meals, carrying groceries and many other simple tasks now required extra effort. I quickly realized how much I had relied on this joint without even noticing it.
Throughout my recovery, I kept trying to figure out what lesson I could take away from this experience—beyond the obvious fact that shit happens when you least expect it. Eventually, it dawned on me that there’s another thing we rely on daily, often without realizing it: our financial systems. Like an elbow, financial stability quietly supports our daily routines. But when something unexpected happens, it can expose vulnerabilities we never knew were there.
Everything is Connected
The elbow is just one part of your body, yet when it’s injured, other areas inevitably feel the strain. In the days after my injury, I found my shoulder and wrist aching from trying to compensate for the elbow’s lack of mobility. It became painfully clear how interconnected everything was.
Similarly, financial planning isn’t just a set of isolated tasks. It’s a system where each part affects and supports each other. When one part falters, the whole structure can feel the pressure.
For example, if your savings plan is robust, but you lack proper health insurance, one unexpected medical event can quickly drain the savings you’ve built. Likewise, without proper disability insurance, an illness or injury could jeopardize your income and your long-term financial goals.
Health Insurance: The Safety Net You Don’t Want to Need
During my elbow recovery, it quickly became apparent that health insurance was more than just an annoying monthly expense. Having it was crucial! Medical costs add up fast, even for seemingly minor injuries: doctor visits, imaging tests, and follow-ups become expensive quickly. And since I needed surgery, those costs became significant.
It was reassuring to know I was protected, at least partially, from the uncertainty of healthcare expenses. But this experience also reminded me that coverage varies significantly, and the difference between having adequate and inadequate coverage can profoundly impact your financial well-being.
Health insurance isn’t a luxury. It’s a foundational piece of a solid financial system. Fully understanding your current coverage or carefully assessing a new policy, is well worth your time to ensure you're adequately protected before you actually need it.
Disability Insurance: Protecting Your Greatest Asset
Another important aspect we often overlook until it’s desperately needed is disability insurance. In my case, I was “fortunate": it was my left elbow, and I could still manage some work. But what if it had been my dominant arm, leaving me unable to work altogether? The financial consequences could have been serious.
Disability insurance provides income replacement if you’re unable to work due to injury or illness. It’s a crucial safeguard that helps protect one of your most valuable assets: your earning ability. Despite its importance, it’s often an afterthought, especially for people who feel healthy or safe in their jobs. Yet, just as I didn’t expect to trip during my routine walk, no one plans to become injured or ill.
Taking the time to evaluate and secure disability coverage is a critical step in protecting your financial life. It ensures your plans for the future aren’t derailed by events entirely beyond your control.
Building a Strong, Interconnected Financial System
Just to be clear, the main lesson here isn’t about buying one particular type of insurance. Instead, it's recognizing that insurance forms part of a larger, interconnected financial system. Your emergency savings, cash flow management, health insurance, and disability coverage all support one another.
When you view our finances as an interconnected system rather than separate tasks, you build a financial life that’s resilient to withstand life's inevitable surprises.
Ask yourself:
Could I manage financially if I faced unexpected medical costs right now?
How long could I sustain my lifestyle if I suddenly couldn’t earn my regular income?
Is my current financial setup strong enough to handle an unexpected event?
These questions help identify where your financial system might need attention, ensuring each component effectively supports the others.
A Gentle Reminder
Breaking my elbow was inconvenient. It was frustrating and painful. But it also served as a powerful reminder of how much I depend on things I usually take for granted, and how reassuring it felt knowing I had protections in place.
It also became clear that financial planning isn't about predicting every fall; it's about creating a structure capable of absorbing life's unexpected moments. The goal isn’t perfection. It’s peace of mind.
So, if you’ve been delaying reviewing your insurance, understanding your benefits, or building up your emergency savings, consider this your gentle, slightly bruised nudge from someone who's been there: first on the sidewalk and then wearing a splint, trying to figure out how to type with only one working elbow.
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Igor Aronov, the publisher of this content, is a registered investment adviser representative and owner of FAR Financial Inc.