How to Improve Your Financial Health by Tending to Your Physical Health
Health and wealth are inextricably linked in many ways. Taking good care of yourself by living a healthy lifestyle can put (or keep) money in your pocket both directly and indirectly. The immediate savings are important, but there are long-term financial benefits to making healthy choices, as well. Here, we’ll provide some examples of how tending to your physical health now improves your fiscal health presently and long into the future.
Smoking
The net worth of light smokers is estimated to be about 50% lower than that of typical non-smokers, who will net roughly TWICE what heavy smokers do. Additionally, many companies are offering financial incentives to employees who quit and requiring those who don’t to pay higher health insurance premiums than non-smokers. Those are the immediate benefits of quitting smoking, but there are also long-term penalties to smokers’ financial and physical health. Individuals who don’t quit are at a greatly heightened risk of developing a slew of diseases and disorders, including emphysema, chronic bronchitis, lung disease, and stroke. These life-changing or fatal illnesses that occur as the result of smoking are not only terrifying—they’re expensive to treat.
Overweight and Obesity
Overweight workers, particularly women, incur what’s known as a “fat penalty.” Studies show that those who are overweight or obese earn less than their slimmer coworkers. Additionally, “plus size” and “big and tall” clothing is estimated to cost between 10% and 15% more than their regularly-sized counterparts. Those who are overweight and obese often pay an increased rate for health, disability, and long-term care insurance and, of course utilize that insurance more frequently to treat increased occurrences of illnesses and medical conditions. However, insurance doesn’t cover everything, so those who are overweight or obese will be saddled with the ongoing costs of prescription drugs, copayments, deductibles, and other sundry medical expenses.
Inactivity
Overweight and obesity can’t be considered as in the same category as inactivity, since the two don’t always coincide. For example, someone who eats a calorie-restrictive diet of Twinkies and french fries will not be as vital or healthy as someone else who eats a whole foods, plant-based diet comprising the same number of calories. In the same way, if a person of normal weight is completely sedentary, then that individual is not, many studies now show, healthier than an overweight person who regularly exercises. What does an inactive lifestyle mean for your financial health? inactivity is estimated to cost between $670 and $1125 per person annually. Exercise also increases your odds of living a long and healthy life into your 90’s. Thanks to the power of compound interest, those extra years allow for wealth growth that can contribute to a legacy which leaves your heirs in a comfortable financial position.
Regular maintenance is an important part of any well-functioning system. If you didn’t invest a small portion of your time and funds every few months into getting an oil change, your car would soon fail, leaving you with a bill far greater than you would have paid if you’d have consistently maintained your vehicle. Our bodies operate in the same way. For example, if we overwork our muscles without getting regular massage therapy, we’ll be sore, tired, and unable to perform optimally. So, invest the time now to stop smoking, start moving, and create a meal plan full of nutritious foods. Your mind, body, and pocketbook will all thank you!
