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You’re probably wondering why we would write a blog asking a question like this. After all, we are in the business of Financial Planning and Wealth Management. However, it is important to dig deeper into this question. What truly is the meaning of wealth?
According to Merriam-Webster, wealth is defined as the “abundance of valuable material possessions or resources.” It is also defined as “abundant supply.”
Often times when we think of the term wealth, we think about large homes, fancy vehicles, big bank accounts, million dollar investment portfolios, and a life of luxury. While these are certainly attributes of wealth, there is more to it than just money and material things. Wealth is a combination of money, health, relationships, and overall well-being.
While we have addressed an obvious form of wealth, which is money, let’s address other areas. Many of you have heard the old saying “health is wealth.” But what does that mean? “Health is a priceless wealth. Invest while you can.” This is a quote from Bryant McGill, and we couldn’t agree more. As of 2021, healthcare spending was 18.3% of GDP, according to the Centers for Medicare & Medicaid Services. This share has more than doubled since 1960, when healthcare expenditures were 5% of GDP. (CMS) This means that in 2021, $4.3 trillion, or $12,914 per person, was spent on healthcare services. It is important to take into consideration that the population of America is aging and we are living longer, but this post is meant to highlight ways to focus on health as a form of your wealth.
This is by no means meant to be a post about specific healthcare recommendations. That is a conversation to have with a medical professional or nutritionist. The goal of this writing is to simply provide tips on how maintaining a healthy lifestyle can potentially save you more money to do the things you enjoy like traveling and going out to eat.
Those who exercise at least 3 times per week are more productive and take less sick leave from work than those who don’t. Higher productivity and less time away can help you earn more in income and also help you when being considered for that next promotion. Those who exercise regularly save on average $2,500 more than those who don’t. (AAAS) The American Heart Association recommends “at least 150 minutes per week of moderate-intensity aerobic activity or 75 minutes per week of vigorous aerobic activity, or a combination of both, preferably spread throughout the week.” (Heart.org) Moderate-intensity could involve a brisk walk, gardening, or water aerobics. Vigorous aerobic activity includes activities such as tennis, running, or swimming laps.
Exercising regularly, even moderately, can help treat or prevent illnesses such as osteoporosis, hypertension, anxiety, depression, diabetes, and can lower your risk of cancer. The amount of money that can be saved by avoiding these diseases is enormous and can give you much more financial freedom than you could ever imagine. (US News)
Stay tuned for Part 2…
Blake
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.
Investing involves risk including loss of principal. No strategy assures success or protects against loss.
The economic forecasts set forth in this material may not develop as predicted and there can be no guarantee that strategies promoted will be successful.
W. Blake Branham
LPL Financial Advisor
1034 Broad Street Camden, SC 29020
Tel: 803-272-0700
Email: blake.branham@lumensc.com
Securities and Financial Planning offered through LPL Financial, a Registered Investment
Advisor, Member FINRA/SIPC
