Exploring the Connection Between Wealth and Health

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Exploring the Connection Between Wealth and Health

“If only I could make more money, my life would be better. I could afford to eat healthier, make better decisions, live a happier life for my and my family!! I just need to find a way to obtain more wealth.”

We all sing the same song at some point in our lives and you may wonder if this is actually true.

I believe it was the great hip hop mogul P. Diddy who coined the phrase, “More Money More Problems.” And this seems to resonate a bit because we are seeing celebrities, whom we deem to perceive as being wealthy and shouldn’t have a care in the world, committing suicide for what ever reason. Take Anthony Bourdain for example, a successful high-profile chef, who hung himself in a hotel room in France this past month.

Makes you wonder where the disconnect is.

Now that I’ve gotten your attention… The main purpose of this posts… Is there a true Connection between Wealth and Health?

Well… The answer is obvious. Of course there is. Its all based on the connection that we create. In this post we will talk about the importance of forming smart physical and financial habits for the long term.

“Investing in your health is just as critical as investing in your retirement… this represents the future of sound advice,” quoted by Joseph Coughlin, Director at MIT.

Furthermore, living well tomorrow starts with the habits that we create today. The same is true of the financial decisions we make as well. Good health allows you to enjoy your wealth.

Could you imagine being wealthy but not being able to enjoy it because you’re spending all of your money on health issues? It’s pointless.

It is extremely important to have a financial professional who considers your health when creating a financial strategy as opposed to only the numbers. As a matter of fact, 80% of people prefer this being implemented within their financial plan.

According to Rutgers New Jersey, People can save up to $6,000 a year with healthier habits. And according to Virginia commonwealth university Center on Society and Health, “Income and Health Initiative,” An affluent 25-year-old will live six years longer than someone the same age who is less financially secure.

Locating the Connection Between Wealth and Health

  • The average life expectancy in America has increased by almost 30 years over the last century. (1 Gerontological Society of America, “Optimizing Health in Aging Societies,” 2015 )
  • People who take at least 10,000 steps a day are 21% more likely to maintain a budget. (Communicating on Wealth and Health, Deloitte Consulting LLP)
  • The average person can save $6,000 per year with healthier habits ( Rutgers New Jersey Agricultural Experience, 2016 )
  • Average person has Savings of $2,500 in annual medical costs for those with heart cardiovascular disease who exercise regularly (American Heart Association, 2016)

Things to Consider when Planning for Future Health and Wealth

  • Life Insurance
    • The better your health, the more affordable and accessible your life insurance can be
  • Annuities
    • Helps you to build a reliable income stream for retirement and can help to pay for health insurance after the age of 65
  • Investments and Retirement
    • Helps to keep up with inflation as life expectancy has increased, thus preventing you from outliving your money.

Our professionals are able to help you with each one of these aspects to help you locate a plan that works for you, your goals, and your future.

Contact us today to connect with a financial service professional…