Your Financial Health Matters Too
Which one do you take better care of?
My own response is rather obvious. I don’t procrastinate half as much with my financial health as I do with my physical health. I’m still trying to figure out why.
It’s been a while since I’ve been in tip top physical condition but I’m working on it. Definitely get’s harder with age. I remember how good I felt when I was in better physical shape. Full of energy, motivation and productivity. Able to accomplish more than I thought possible. Ready and willing to tackle life’s challenges head on.
It goes without saying that financial and physical health are BOTH essential. When you don’t take care of something important, it eventually catches up with you. For me, I’m working on the area with the biggest gap and a regular fitness regimen has always been a struggle.
Canadians worry far more about money than health according to a 2014 survey conducted by the Financial Planning Standards Council. I guess I’m part of the minority. Would people worry less if they learned, planned, and focused more on their money?
Good FINANCIAL health can give you some of the very same benefits as good physical health!
A 2014 study from the journal of Psychological Science found that people who are good at planning their financial future are more likely to take steps to improve their physical health — and then actually become healthier. WOW! There’s hope for me yet! For those who aren’t as financially prepared, perhaps it works the other way around too?
I’m not one to enjoy motivating others by fear but, unfortunately, it often works.
If you’re not taking care of your finances, here are some facts that might help you change your ways…
1) When people are dealing with significant debt, they are much more likely to report health problems (AP-AOl health poll, 2008)
2) Chronic financial stress is linked to increase workplace absenteeism, reduced workplace performance and depression (Study from Centre for Credit Union Innovation & Filene Research Institute 2002)
3) Chronic financial stress can have a nasty and lasting effect on your children. A recent decade long study from Iowa State University shows that kids who experience socioeconomic adversity at an early age are at risk of experiencing mental health challenges during their teen years.
Please Enter My Lucky Draw
When it comes to money, I find that people don’t know what they don’t know. Hence, the importance of a good financial health review.
As mentioned last week, to celebrate my 2nd anniversary of Let’s Talk About Money, one reader will win a free mini financial health review/plan.
To enter the draw, please send me your name and email address by APRIL 15th.
I can’t help you with your physical health but I would LOVE to assist with your financial well being!
Best of luck (and here’s to your very best financial health)!
Proud founder of this blog Let’s Talk About Money, Patricia Gass, CPA, CA, provides personal finance coaching and education to improve your money skills. Follow her on linkedin, twitter or pinterest
Photo courtesy of business.financialpost.com