With tax season upon us, it’s a good time to assess how your finances may be impacting your health (and vice versa).
Spending Habits Impact Your Health
Our finances – and financial habits – can contribute to, or diminish, our overall health and well-being. Of course, living within one’s means – and planning for retirement – will reduce financial stress. But, several research studies also suggest that paying for great experiences, such as entertainment or vacation, has significant and longer-lasting impacts on overall happiness – significantly more so than buying material goods. And, the greater the alignment between the experience and one’s values and priorities, the greater the positive impact.
Good Health Is Also Good for Your Wealth
On the flip side, investing in your health can save you substantial amounts of money in health care costs over your lifetime. For example, according to HealthyCapital, a 45-year old patient with high blood pressure could – with minor lifestyle changes – save $100,000 in lifetime healthcare costs. According to the Centers for Disease Control, half of all Americans have one or more chronic health conditions (e.g., high cholesterol, obesity, or high blood pressure). Quite apart from longevity and quality of life, minor investments in personal health can dramatically impact your financial profile over the course of your life.
What is one step you can take today to enhance your health and wealth in 2018?
Sincerely,
Leesa Klepper
Director, Thrivewell Coaching