By Libby Wildman
I took my mom to McMichael’s Art Gallery north of Toronto in the summer and she was discussing how so many of my articles in Living Luxe revolve around the men in my life — my dad, my grandpa, my husband. She was musing about how maybe her generation of women, mostly stay-at-home moms, are the forgotten ones. Perhaps their lot in life — where choices at school were narrow with options such as secretarial, nursing or teaching — really foretold their future and that it was expected of them to bring up the children and keep the home.
As someone whose favourite pastime is to delve into the personal and the societal triggers behind this feeling, it got me wondering how it pertained to wealth, my favourite subject. Is economic value solely determined by one’s ability to generate cash, or is it also measured by their capacity to inspire action and change? Should we prioritize building factories or nurturing the well-being of our young? At what point do we declare a society has achieved the ideal balance and structure? Can we consider those living in small towns with access to clean water and a pristine ocean, where tight-knit communities care for one another and their children, as wealthy?
Perhaps true wealth lies in the freedom to choose between a career driven life that allows personal growth and the ability to have children or dedicating oneself fully to raising and shaping the future through direct influence on our children’s growth and journey. The latter choice is immensely important, as our children are the foundation of our future. However, it seems that those who decide to stay with their kids often face judgment, while those who pursue a career may sometimes feel inadequate as mothers. When I was on my very short maternity leaves (three months for one child, two months for another and just three weeks for my last), I know I was frustrated by the feeling that I was neither being a mom 100 percent, nor was I being a present business owner during this time. If I am being honest, this struggle to do both well, and feel good about my roles and my influence on my children and clients, was something I knew would never be 100 percent. I have come to feel that both choices are noble and being able to choose is a privilege not enjoyed by all.
There are intriguing statistics that demonstrate the value of a fulltime stay-at-home mom, and it may come as no surprise that it exceeds monetary compensation. What truly deserves our respect, admiration and support is the fact that women fought for equality and now have the freedom to decide where their gifts and personal fulfillment lie. Whether it’s creating a fulfilling life for our children and family at home, pursuing an exciting career or business venture or finding a hybrid approach, these choices must be driven by how it makes us women feel about our contribution in life, not just money.
Nevertheless, economic freedom within families where one parent stays with our children requires careful consideration. The ability for the stay-at-home parent to support the other’s career growth necessitates trust, confidence, teamwork, and open communication. It’s also crucial to ensure that the parent at home is adequately insured, as their illness not only affects childcare, but also puts financial stress on the working spouse, who may need to take time off work to provide care.
As a breast cancer survivor, I am deeply thankful that I had the foresight to secure the appropriate insurance coverage to support both myself and my family during my journey toward recovery. Critical illness insurance provides a tax-free lump sum of money upon diagnosis of a severe illness. In Canada, the most common conditions covered by this insurance are heart attacks, strokes, and cancer, which together account for about 85 percent of all claims.
One of the advantages of critical illness insurance is that it does not require you to have earned income to be eligible for the financial benefits. This means that if you do fall ill, you can receive much needed financial support without the added burden of proving you can no longer do your job. Money, in this case, serves as a valuable resource that grants you the freedom to explore various options and relieve the stress that often accompanies a serious illness. Critical illness also offers the option to get a full refund of all your premiums paid if you do not make a claim in your lifetime.
Reach out if you would like to explore how best to protect yourself and your assets. Managing debt payments, depleting assets, or investment portfolios at a time of illness can be devastating for our futures. Making the time to explore and plan before a health change does wonders.
Libby Wildman is Head of Wealth Advisory at the Toronto-based investment firm Davis Rea, founder of The Collective, a women’s entrepreneur community and the founder of Liminal Escapes creative curated retreats.