Your Path to Financial Wellness (2 min. read)
By Michael Franks, Iraq/Afghanistan Combat Infantry Veteran, Vantage Senior Wealth Advisor
Eat well, work out at least 3 times a week, go on long walks, get 7-9 hours of sleep. You may know these as the key pillars to having physical health and wellness. But there is another pillar that is not talked about enough: financial wellness.
According to Purdue University, “High levels of financial stress can manifest itself through physical symptoms such as anxiety, headaches/migraines, compromised immune systems, digestive issues, high blood pressure, muscle tension, heart arrhythmia, depression and a feeling of being overwhelmed” [1]. (Purdue 2021)
In plain terms, financial stress can and will derail your health.
We have discussed the disease, so what is the cure? The constant financial information and disinformation during these more volatile times can make a person feel helpless in the face of so many obstacles, so focus on what you can control.
- Have little to no debt.
- Contently live below your means. Contentment is a super-power.
- Create a financial plan and goal and sensibly save and invest towards that goal. Making solid strides towards your financial goals reduces uncertainty and anxiety.
- Have 3-6 months of cash on-hand for financial emergencies. The knowledge that you and your family can weather a financial emergency will further reduce uncertainty and stress.
- Have an appropriate amount of life insurance for your family’s needs. The peace of mind that your family will be financially protected after losing you, can further decrease your stress and anxiety.
- Be generous! Money is not the goal; it is a tool to reach your goals. At Vantage financial Partners, we believe generosity is a powerful goal.
According to The Cleveland Clinic, there are many physical and mental wellness benefits associated with generosity[2]:
- Lower blood pressure
- Increased self-esteem
- Less depression
- Lower stress levels
- Longer life
- Greater happiness and satisfaction
Continue to follow your nutritional protocols (I hate the word diet), get to the gym or park, and darn it, turn off that cell phone a couple of hours before bedtime so your body can relax and prepare for sleep.
But remember to prioritize the pillar of financial wellness.
Sources:
[1] Purdue Today “Mental Well-being Inherently Connected to Financial Wellness” January 27th, 2021
[2] The Cleveland Clinic “Why Giving is Good for Your Health” October 28th, 2020
https://health.clevelandclinic.org/why-giving-is-good-for-your-health/