Your Health and Your Wealth are Intertwined
Are you one of those people who feel like a fitness giant when your financial situation is looking gigantic? It’s no wonder, suggest the most recent survey data. Many people find themselves in this situation. There’s a definite correlation between looking and feeling great and a well-stocked bank account.
Certain conditions enjoyed by women and men who have good health and a bit of wealth set the stage for a lifestyle that can amplify both physical well-being and their asset level.
Good Health can give Rise to Wealth
A survey conducted by TD Bank has discovered that approximately sixty-five percent of their clients who were financially secure also expressed being physically sound. This might make more sense to you once you reflect on all the expensive medical costs that you personally need to pay for yourself and your family.
There are routine medical check-ups for everyone. Young family members might need braces on their teeth, a treatment that is often quite expensive and that is ongoing over the long-term. The much older members of your family need to have frequent blood tests to detect or monitor a range of potentially debilitating diseases such as high blood pressure and diabetes.
Screening for more serious conditions such as cancer need to be undertaken by costly specialists. As a woman, you must have regularly-scheduled screenings to detect any possible development of breast cancer. These are just a few of the recurring medical expenses that all families normally need to pay!
In reality, however, the real financial setback occurs when you have poor health. Illnesses like flu or fever are just minor additional medical expenses in comparison to life-long or even terminal illnesses like anaemia, cancer, stroke or heart disease.
When health issues such as osteoporosis or back pain come into play, you’d need to consult a professional chiropractor who would surely charge a hefty fee for each visit. You probably cannot even begin to imagine the sky-high health expenses a smoker would be responsible for over the course of his or her lifetime due to this harmful habit.
How you maintain good health for your family and yourself can be a factor when you’re looking to take out health insurance or a retirement savings plan. The level of premium and service fees you pay for such plans depends on your medical condition and medical history, including your family’s medical background.
This is why Ruth H. Clark, a former Connecticut State Senator, lived a healthy lifestyle for most of her life after she realised these financial ramifications. Her clever way of life kept her out of the hospital ever since the mid-70s with the exception of one serious nosebleed event. She had stopped smoking in 1960, four years before smoking tobacco products was officially declared to be damaging to one’s health.
The Senator strictly followed a healthy diet consisting primarily of vegetables and fruit rather than oily and fatty junk foods. Thanks to this nutritious diet, she avoided chronic illnesses. She blamed regular meat-and-potato meals for the relatively early loss of her parents. Furthermore, she remained physically active throughout her lifetime, often walking in the morning or exploring the water off the coast of Florida.
According to Senator Clark, exercise always gave her energy and strength. She continues her exercise regime well into her 90’s, regularly practising aerobics. As a result, she’s avoiding employing costly home health care nurses. She deals with her arthritis issue on her own through aerobic stretching and bending exercises that help keep her joints moving.
She even adds two-pound weight exercises to her workouts on certain days. Her 30-minute aerobic workouts seven days a week help her save tens of thousands of dollars while she remains healthy and continues to fully enjoy life.
Experts also believe that health can give rise to wealth since good health can promote positive performance in the workplace. If you have a sound mind and a healthy body, you’ll be more efficient and innovative in your job. This can help put you in line for promotions and raises relatively quickly as you advance along your career path.
Being Rich can Lead to Excellent Health
The Urban Institute and Virginia Commonwealth University recently conducted a study that showed that the rate of health complications like disease and early death decreases as an individual rises in socioeconomic status.
This correlation can mostly be explained by the fact that wealthier individuals generally are in a position to receive the highest education, make use of the best facilities and capitalise on the most attractive opportunities, all of which influence one’s health in a positive way.
Being well-off means that you can purchase the nicest house with the best facilities located in the most favourable neighbourhood. Your well-chosen personal space ensures your security and comfort. An ideal community would promote health insofar as it probably offers fitness services such as a nearby gymnasium or ample space for exercise (for example, a park).
Being wealthy also means that you could be in a position to install your very own gym at home. You would also likely be sufficiently well-off to be able to attend a renowned school offering high-quality education and services. A good education ensures in part that people learn the importance of hygienic lifestyle practises and acquire a sound knowledge of one’s own medical needs and the services that can meet them.
An ideal educational institution should encourage physical activity and hold physical education classes. Some educational institutions have gymnasiums and even psychological units to help reinforce a student’s good health. This means that an individual may need to have the means to be healthy in terms of physique, cognition, mentality and spirituality.
Professionals such as Lauren E. Storck (PhD) are currently conducting research on ways to remove or lessen socioeconomic stresses. Anyone can clearly perceive the raised level of stress experienced by less wealthy individuals relatively to those who are well-off. Less wealthy individuals are under constant pressure to manage their financial problems as well as other issues that crop up in their lives due to a lack of money.
This stress can result in poor mental/emotional health. It can also easily drag down an individual’s physical health as he or she might become a smoker, an alcoholic or even a drug addict!
She was nominated and selected for FORTUNE Most Powerful Women conference in 2016 (Asia) and 2015 (San Francisco, Next Gen).
Anna has 10 years of experience in the financial sector and is currently a Director in Tera Capital. Her previous work experience includes positions at Citigroup, United Overseas Bank, a regional role in Business Monitor and a boutique private equity firm based in Shanghai. She graduated from Singapore Management University (Finance and Quantitative Finance).
Latest posts by Anna V. Haotanto (see all)
- Should I Take That Job Offer? Here’s 5 Reasons Why You Shouldn’t. - April 24, 2017
- Should We Give Customize Financial Advice for Women? - April 22, 2017
- 7 Ways to Trick Your Brain Into Getting Rich & Achieving Your Financial Goals - April 21, 2017