• Olivia Royal

How Health Impacts Wealth

Your health has a pretty big impact on your wealth whether you realize it or not. Various studies have been conducted throughout the world that demonstrates a correlation between health and wealth. Forbes states in an article, “A study out of the Olin Business School at Washington University in St. Louis found that future-minded people who contributed to a 401(k) were more likely to take steps to improve their health.” Our article will explain how various aspects of health are impacting your finances.


Diet

We all know the convenience of running through a drive-thru for a quick bite, however, this is terrible for your diet and wallet. Forbes states, “According to the USDA, a family of four eating moderately at home will spend about $245 per week on food—that’s half of what they’d shell out eating at restaurants.” Not only can reducing how often you eat out save you money, but it can positively impact your health considering restaurants oftentimes do not have the healthiest options. Meal prepping is a great way to reduce the number of times you go out to eat each week.


Sleep

A lack of sleep seems to negatively impact all aspects of life, but did you know it also impacts your finances? Forbes states, “Going without sleep for 24 or more hours makes a person perform as if they had a blood-alcohol level of .1%—.02% more than the legal limit for drunk driving.” Not getting enough sleep negatively impacts your memory and decision making. This can impact not only you but also your work and family. Try to get at least eight hours of sleep each night to help prepare yourself for the next day.


Stress

While stress is a normal part of life, too much stress can have a negative impact on you and your finances. When you are stressed, it is easy to make hasty decisions on a whim without considering outcomes or alternatives. There are small steps you can take that will have a big impact on your stress level, such as working out, getting fresh air, talking to family and friends, and focus on things that make you happy.


We often do not consider health when we think about wealth, but there is a correlation between the two. Keeping your body in check can help keep your finances in check.


https://www.forbes.com/sites/learnvest/2015/01/22/5-ways-your-health-can-affect-your-money/#4cfadb9428b6


The information provided here is for general information only and should not be considered an individualized recommendation or personalized investment advice.

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Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through GWM Advisors, a registered investment advisor. GWM Advisors and SouthernPoint Investment Partners are separate entities from LPL Financial.

 

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