As financial consultants, we spend a lot of time focused on the health of your financial accounts. We take deep looks at your rates of return, cash flow, investment mix, and more to determine the ideal financial model for building your life. But we don’t often talk about your physical health, something that can have a huge impact on your financial future.
As the US has found itself in the midst of an obesity epidemic, skyrocketing health care costs, and uncertainty surrounding how to solve these issues, it is more important than ever that you take care of your physical health. Not only will this help you live longer, but maintaining a healthy lifestyle can mean a huge difference in your net worth and financial legacy.
Poor Health Can Cost You More Than $150K+ Over a Lifetime
Read that heading again. We aren’t referring solely to the costs of healthcare here. A National Bureau of Economic Research paper published in 2017 found that the average difference in net worth between a healthy 65-year-old man and an unhealthy 65-year-old man to be over $150,000. They also found that workers who led unhealthy lifestyles for more than 16 years lost approximately $4,000 in annual wages.
Think of the lost opportunity to make smarter investments! Imagine how you could grow your nest egg with the savings from fewer visits to the doctor’s office. Being more active contributes to the confidence necessary to compete for and win business opportunities that can increase your cash flow and your lifestyle. Taking time to maintain and improve your physical health can transform your present as well as your financial future. Some steps you can take to begin that transformation include.
- Eliminate Vices for Better Cash Flow – We all fall prey to vices sometimes. If your weakness is for smoking, alcohol, fast food, or sweets, reducing or eliminating that habit can have a twofold effect on the trajectory of your life. Not only will you have cost savings from going without, but your body’s health will improve as well. That discipline can go a long way in saving you the costs of medical treatment and expensive habits.
- Investing in Healthy Food Options – Eating healthily can be intimidating – not only is there the initial cash outlay of buying better produce and ingredients, but also the labor of shopping, preparing, and cooking the meals. However, eating healthier foods keeps you fuller longer due to better, more plentiful nutrients. There are numerous free recipe websites and how-to videos online to help you make healthy choices easier to make as well. And while it will take some time to get used to, once you’ve detoxed from processed junk foods you will feel better eating these healthy options.
- Alternative Transport Options – Commuting is a necessary evil in life. If you live close to your workplace, have you considered walking, jogging, or cycling to work? These options all save you money by reducing fuel and maintenance costs on your personal vehicle while pulling double-duty to help you get a little hidden exercise in your day. Sometimes this can help reduce insurance costs for your personal vehicle too, if your policy is based on an average annual mileage.
It’s not always easy to make these disciplined, healthy choices, but it’s worth it. Take some time to figure out how you can fit some healthier decisions into your daily life to help put a little juice behind your financial model.
While we aren’t certified personal trainers, we are qualified to take a look at your financial path for the future. Interested in improving your current financial situation and living the live you want today? Complete this questionnaire to get started!