How Investing in your Health can lead to Greater Wealth
Our generations are fortunate enough to be educated on what to eat, what to avoid and know the importance of exercise and staying active. These are all actions to help us live longer. At the same time, advances in medicine to help extend our lives are being made. So, what does this have to do with our wallets? If you are making nutritious decisions and fitness goals to live a longer life but not preparing for your financial life to have the same kind of longevity, then you are not accurately preparing for your future.
This means investing in your health and wealth. While there is an inherent risk with investing, it is imperative for securing a healthy financial future.
- Create Healthy Habits: Creating a balance between work and play will help eliminate some stress for the long run. This includes staying active through exercise, going to the gym, a healthy diet and challenging yourself every day.
- Track Expenses and Budget: If you’ve never been able to stick to a budget, the new year is a great opportunity to start tracking your expense and developing a realistic budget. One way to start is by taking care of monthly obligations right after receiving your paycheck. This will allow you to get bills paid prior to indulging yourself in any luxuries.
- Boost Retirement Contributions: Get on track with retirement savings by boosting your contribution rates of your employer sponsored plan. If you don’t have access to an employer sponsored plan, consider opening an Individual Retirement Account (IRA) which have similar tax benefits to 401k’s.
- Know (and build) your Credit Score: Do you know your credit score? Your credit score is a huge financial factor that creditors look at to see how healthy your finances are. A good score ranges from 700-749 and excellent are 750 and higher. Building a healthy credit score can take time, so starting now can help get you on track sooner.
- Tackle Debt (seriously): Whether it’s credit card debt that has built up over time or student loans that are weighing you down—set a goal to pay back a certain amount this year. Set a goal to payback 20% of your high-interest debt this year. Spreading the big goal over the course of 12 months allows you to start small and helps create a new beneficial habit.
- Focus on Physical Health: There is a connection between physical, emotional and financial health. This means that the importance of getting your financial life in order can rely on exercising regularly and engaging in healthy social practices.
The correlation of health and wealth is something that has been explored before, but it is an important concept that constantly needs to be reviewed. Your health is your greatest wealth and best investment.
Money is one of the greatest causes of stress in an individual’s life. Prolonged stress can lead to some serious health consequences, and health consequences can often result in more financial struggles. This brutal cycle is why it is so vital to develop and maintain a lifelong plan to manage both.
Consult your doctor about your diet, exercise routine, and overall health before making any changes to your current health regimen.
Questions and Consultations
If you have questions or if you’d like to schedule an appointment to discuss your finances, contact us today.
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