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Healthy Priority

Work may be a top driver for many of us, but a survey by U.S. Trust of 640 high net worth individuals found that it ranks No. 10 on their list when it comes to a life well-led. The three most essential factors were health, family and financial security.

However, there’s variation in what’s most important, depending on the generation. For millennials, meaningful work is most important, while for Gen Xers, financial security is most important.

Overall, half of the respondents said they struggle to balance priorities, says Keith Banks, president of U.S. Trust, which is part the private wealth management arm of Bank of America (NSYE: BAC). For millennials, 83 percent said they struggle to balance their work, family, social and financial lives. 

An overwhelming 98 percent of respondents said that investing in their health was their most important asset, says Chris Heilmann, chief fiduciary of U.S. Trust.

Scott Farber, a U.S. Trust wealth strategist in South Florida, says he’s seen a shift in the past 10 years that has elevated the importance of preparing to handle health care expenses “People are living longer and they want to live comfortably; it’s definitely a concern,” he says.

That’s been coupled with a low interest rate environment for investors, he notes. “The idea of only investing in bonds and living on the interest is long gone.” 

Millennials today have a different perspective when it comes to priorities, compared to what previous generations had when they were that age, Farber says. “I think you see a lot more consideration given to meaningful activities. People are buying smaller homes and having fewer possessions. It’s a new trend. I think it’s a different mindset in general.” 

Gen Xers are putting weight on being financially secure, since that’s the way they can enjoy life, Farber says. That security can also allow them to pursue entrepreneurial opportunities. “They have the work habits to be successful. They have the ideas. Now, they try to do something that’s fun.” ?

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.