Takeaways:
Periodic reviews and cleanup of yards and finances can be helpful.
Consider actions with potential to benefit all generations.
Earlier this year, anticipating a busy spring, I enjoyed the winter sun (and temporarily warmer temps) and did some yard work.
Trim, simplify, and improve when there’s time to do it leisurely
For years, I have been taming a “natural area” that borders on a neighbor’s yard and my street’s larger, undeveloped space. By natural, I mean a chaotic mess of volunteer trees and plants. They morph from manageable in dormancy to overwhelming in the summer. The area is sloped and sometimes slippery, complicating the process of clearing the area. There’s poison ivy lurking underneath the leaves and soil.
On the bright side, there are some lovely daffodils that appear in the spring on one end and roses and cultivated bushes at the other. Last year, I accelerated my shaping of the area with border plants, such as liriope which is easily transplanted, and other flowering plants that grow in this mostly shaded area.
My goal is to keep the overall natural look, with greenery from trees as a border in the back while mixing in plants, flowers, and more that will improve the health of my yard’s ecosystem. I was excited to make progress early in the year, when much of the foliage is gone. Not only can I more clearly see what to trim but I can more readily move to those spaces in order to do the trimming.
I plan to do more during this warm spell. And then I wondered - why in the world have I not done this before?
There are reasons: there are few warm days in the winter; on those precious warm days, instead of doing yard work, I often ride bikes or go on hikes; I have other, more pressing things to do; and so on.
But — what happened in the past doesn’t matter so much anymore.
What matters now is I can get ahead of this problem. My next growing season could be more productive and enjoyable, if I have less work to do overall and the yard is more pollinator friendly.
Pursue quality of life today and simplified legacy tomorrow
This early yardwork situation reminds me of generational wealth tasks I’m bringing up to friends and family. Some may be relatively easy and beneficial to do now, and will likely save significant time, money, and effort later. When I consider these, I prioritize things that benefit elderly parents now and could simplify estate settlement later.
Selling land that’s no longer needed or desired can eliminate property taxes and bring in cash for living expenses (less taxes owed on the sale proceeds). When the time comes for estate settlement, it’s easier to divide cash than sell and split up land. A similar process and rationale can be applied to other real estate holdings – former primary residences, vacation homes, and commercial property. These sales could be especially useful if the properties are in another state or jointly owned.
Home repairs, certain renovations, and landscaping are candidates for spending now, especially if they’ll improve quality of life for an older parent. These might include repairs of appliances, leaking toilets, fallen fences, and broken pavement. They may also help caregivers and visiting family members. Such moves may benefit the resale value of homes later or reduce the workload in preparing a home for resale.
Small and/or dormant savings and investment accounts could be closed. Fewer accounts mean less monitoring for activity and fraud now, and fewer financial institutions to deal with later.
Eliminating what Low Risk Rules author Geoff Saab calls Headache investments and simplifying investments can reduce the time and money needed to manage a portfolio now. “Headache” investments in particular often require specialized knowledge to handle; they can be especially time sensitive while also being illiquid. Caring for the elderly and settling an estate both benefit from quick access to cash so illiquidity is not your friend.
What steps we take now to reap benefits later depend on our circumstances, priorities, and resources. I often challenge myself to discover ways to improve life quality today and benefit my family and me years from now.
What can you do easily today that will make your life simpler and better tomorrow?
Very nice read! My father is doing this now for us as a family he has been downsizing and making this simpler since retiring. also you reminded me that I need to trim my bushes out by the house at some point and plan for a little garden. It's all rocks here but we used grow bags one year and it worked out great!
The metaphor of gardening keeps producing in the world of investment. Thanks Julie!