With So Much Focus on Building and Preserving Wealth; It’s Easy to Neglect Your Health
We spend an inordinate amount of time focusing on careers and our financial lives, but not enough on our mental and physical well-being.
With a solid financial plan in place, guided by your advisor, you can spend less energy worrying about things you cannot control, like the stock market, and more on health and relationships.
Sometimes it takes a medical scare to prevent you from taking good health for granted. Don’t skip regular checkups, exercise, healthy eating, and adequate sleep.
As a financial planner, I often talk with my clients about the importance of saving and investing for their future. While financial wealth is certainly important, there is another type of wealth that is even more important and valuable: your health.
Your health is your greatest asset because it enables you to enjoy life to the fullest. Without good health, it can be difficult to work, play, and participate in activities that bring you joy. Additionally, poor health can lead to high medical bills and other expenses that can put a strain on your finances.
But despite the great importance of good health, it’s amazing how many people take it for granted. They engage in other behaviors that can harm their health, such as neglecting to exercise, eating unhealthy foods, drinking, smoking, and not getting enough sleep. In the short term, these habits may not seem to have any negative effects, but over time, they can take a serious toll on your well-being. I am certainly guilty of this. As a father of young children, life can get busy and overwhelming. When mental and physical fatigue sets in sometimes we just take the path of least resistance.
Keeping things in perspective.
For some reason, 2022 was a very difficult year for many people I know and 2023 could be a continuation of that theme. Stressors range from financial and geopolitical turmoil to being diagnosed with new medical ailments, to succumbing to terminal illnesses with COVID always lingering in the background. Some health issues hit very close to home, such as when my infant son spent 9 scary days in the hospital after contracting RSV. He’s fine now, but it made me take a step back and reflect on how much time and energy we spend focusing on our financial lives – and not enough on our mental and physical well beings. It has given me new perspective on life and has allowed me to take the time to be more appreciative of the people in my life.
I am not saying that having financial stability and a well-thought-out financial plan isn’t important. But once you have a solid financial plan in place, guided by your financial advisor, you should spend less energy focusing on the things you cannot control. You can stop worrying about the stock market or about which political party is in control; you can spend more time on your mental and physical being and enjoying time with the people you care about most. When your financial and retirement plans are constructed, they are built with stock market volatility (and sporadic declines) in mind. As planners, we understand there will be many downturns in the market over one’s lifespan. We want you to understand you’ll be okay with a good plan in place. If your planner has any concerns about the strength of your plan, they will let you know, and get you back on the right path.
So now that we have prioritized health to the top of the list, what can you do to protect our greatest asset? Here are a few tips:
Enforce healthy habits. Make sure to get regular exercise, eat a healthy diet, and get enough sleep. These habits will help keep your body strong and your mind sharp.
Take care of your mental health. In addition to physical health, it's important to take care of your mental health as well. Make sure to manage stress, practice self-care, and seek professional help if you need it.
Get regular check-ups. Regular check-ups with your doctor can help catch potential health issues early before they become more serious. Be sure to schedule regular check-ups and follow your doctor's recommendations.
Invest in your health. While it may require some upfront cost, investing in your health can pay off in the long run. This could include things like gym memberships, personal trainers, healthy food, or medical treatments that can help prevent or manage health conditions.
“Time and health are two precious assets that we don’t recognize and appreciate until they have been depleted.” – Motivational speaker Denis Waitley
If you or someone close to you has concerns about your financial plan’s ability to withstand a downturn in the stock market or economy, please don’t hesitate to reach out. We’re very experienced in this area and happy to help.
DAN SATZ MS, CFP® is a Wealth Manager at Novi Wealth