Exercise for your physical, mental, and financial health
By When I was in college, I got really into working out at the gym. But like a lot of folks, after graduation, I became busier and less motivated to go, so I got lazy and took a bit of a hiatus. During that time, I pretty quickly started to see my health decline and realized, this needed to become a priority again.
You already know that taking care of your body by working out, eating well, and getting good sleep is incredibly important for your physical and mental health. But what a lot of people don’t consider is that it can help improve your financial health as well, both in the short and long term.
One of the biggest expenses that retirees face is healthcare costs. Just as we want to start saving and investing early to let compound interest work in our favor, the same goes for our health. Taking care of yourself today can drastically reduce the health challenges you may face as you age.
I’ve seen a lot of people who haven’t quite made it to full retirement age and their bodies start to break down because they never really took the time to tend to it. They’re in a bad place where they haven’t built up enough of a nest egg to retire early, but if they wait, their retirement is going to involve lots of doctor visits and hospital stays rather than enjoying their hard-earned savings.
Staying healthy can be a boost financially in the short term, as well. Health and life insurance policies are often tied to your overall health. Your insurer will want to know if you have risk factors like high blood pressure, cholesterol, or blood sugar, and your premiums will likely rise as a result. A healthy routine can help mitigate those factors today and pay off big time in the long run. Locking in those low premiums now while you’re young and in good health is a great way to have more money each month to save, invest, or just enjoy life with.
As a reminder, September is Life Insurance Awareness Month. Life insurance is an important piece of everyone’s financial plan. If you’re not covered, under-covered, or aren’t sure, reach out to us at Family Financial Partners today. We can help make sure your family is protected.
Article by Kyrk Davis, Wealth Advisor at Family Financial Partners — a financial services firm in Lexington, Kentucky.