Wealth management is not only about having a diverse, robust portfolio. Maintaining your health is also fundamental to your estate or retirement planning.
“Staying healthy is not only key for enjoy your life at every stage, but it’s also important for your finances,” explains Richard Cayne of Meyer International. “Your physical and emotional health is tied to your financial health in so many ways.”
Your Health Can Save Money
It may not be the first thing you think of, but when you do, it makes sense. Your health is a factor in certain key financial matters, specifically life and health insurance. Most life insurance policies will depend on a physical exam – those that don’t may not be the robust coverage you want. And if you want health insurance for any reason that too will usually depend on your medical history and current physical state.
Even with medical coverage, health conditions such as high blood pressure or cholesterol may lead to a regime of medications that become regular out of pocket expenses. Or, in a worst-case scenario, you may find yourself needing regular medical care or hospital stays for chronic conditions due to an unhealthy lifestyle.
Your Health Can Extend Your Wealth
The cost savings mentioned above, of course, means more money to save and invest in your future. But there are also other ways your health can bring more wealth. Physical health aids emotional health so that you can be more focused on your work. Business success then can lead to greater income, adding to your wealth.
A healthy lifestyle can also be a financial boon. Walking or biking instead of driving saves on fuel consumption and wear and tear on your vehicle. Watching your diet by cooking at home more than eating out can mean reduced expenses if you plan properly. If you enjoy gardening, you can get a double bonus of a fiscally and physically healthy lifestyle and diet.
Always Make Sure Your Finances Are Healthy
Investing in your future, as you can see, can come in many forms. Saving money is excellent but making sure that you do not have to spend those savings on preventable medical conditions is even better. Taking some time to review your lifestyle and making a few changes here and there can make all the difference to your future. There is no need to join a fancy gym or embark on some trendy diet – getting reasonable daily exercise and practicing healthy eating habits should not cost much. An annual check-up can go a long way to pointing you to a long and healthy life.
And while you are reviewing your physical health, make sure to review your financial health regularly too. Consult with a trusted financial advisor such as Richard Cayne who can help you with a financial check-up to make sure your portfolio is as healthy as you can be.
