The goal of good health is embedded in our culture, and billions of dollars are invested each year in marketing, research, and promoting industry and government activities to offer individuals with improved health practices. With all of the emphasis on physical health, shouldn't there also be a focus on financial health? Is there a possibility of a conflict between the two?
Q: Health and wealth, why the focus on these two topics?
A: Whether you know it or not, there is much crossover between the two domains. Most of us understand what it means to be in good health, or at least we believe we do, but financial wellness is a far less popular concept. While definitions differ, financial health is essentially the successful management of financial pressures in an individual's life through the establishment of sound financial foundations, the formulation of objectives, and the control of one's lifestyle. 1 Living within your means, diversifying and protecting your assets, and keeping debts within reasonable limits are just a few of the broad topics that can fall under that umbrella. Similar to how one approaches good health, good financial wellness takes preparation, discipline, and frequently the assistance of professionals to ensure individuals are held accountable and goals are met.
Q: What are some common elements of having good health and good financial wellness?
A: The connection between excellent health and financial wellbeing is crucial since they both play an important part in an individual's total well-being. A badly managed household's finances usually produce stress among its members, and that persistent, long-term strain may have a slew of physiological repercussions on the body, as well as a number of negative coping techniques. 2 Unhealthy eating, rage outbursts, and drug, alcohol, or cigarette abuse are just a few of the repercussions of financial stress. While persons experiencing financial difficulty or unpleasant lifestyles may believe they are alone, statistics show that they are not. According to an Employee Financial Wellness Survey, half of stressed-out employees report that finances have been a source of distraction at work. 3 While tracking the subsequent stress and potentially dangerous actions that may come from such worries is more challenging, it is obvious that there is a need for assistance with these types of challenges in society.
Q: What are some elements of staying financially and physically healthy?
A: Seeking counsel or advice may make a significant impact in one's financial well-being. Humans have a tendency to be fearful and stressed about things they don't comprehend or know, but working with an adviser who acts as your champion may make a significant difference in making long-term decisions that have a good influence on financial results. Going to see your doctor can alleviate your concerns about that suspicious mole on your arm, much as meeting with a financial adviser can help you decide the pros and disadvantages of investment vehicles or if your estate plan is up to date. Those people are likely to be more knowledgeable about your money and family dynamics than anybody else.
Q: Are there any good resources I can look to for guidance in financial wellness and good health?
A: There are several websites dedicated to excellent health habits on the internet. From medication to meditation, you can discover almost anything with a simple Google search, but one of the finest tools that many people neglect is their primary care physician. For many years, the prevalent attitude in the healthcare community has been to treat problems as they develop, with less emphasis on the preventative steps that individuals may apply in their daily lives to avoid those difficulties in the first place. It's worth asking your doctor the next time you go: "Given your unique health state and history, what are some things you may be doing in your daily life to prevent difficulties in the road?"
The same thought process may be used to your financial adviser, or it might serve as a motivation for you to seek out someone who will work as your financial champion. Rather than reaching out while the market is volatile, consider doing so when the market is calm. Advisors should be able to help you with planning elements and aspects that you may not have considered on your own. Financial wellness, like good health, is an ongoing journey, and having a fiduciary to assist you in anticipating and navigating life's numerous obstacles may have an immense influence on your total wealth and long-term good health.
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