Before we begin, we would be remiss not to discuss the week’s unrest in our nation’s capital. Given the harrowing images, the inclination to panic is understandable. As always, we believe reactionary moves are seldom in your best interest, and we encourage everyone to share their concerns with their adviser. If your adviser is uncomfortable or unwilling to discuss your concerns, well, get a new one.
That said, 2021 is upon us! Especially this year, many folks are looking to turn over a new leaf. This is the time of year when people famously set fitness and nutritional goals. We’d like to give you some added incentive.
The economic benefits
Of course, getting in better shape has its own benefits, but it can also save you money. In fact, researchers at Johns Hopkins estimate that losing weight can save you $18,262 to $31,447 over the course of your lifetime.
If you are healthier, you have more latitude to choose a high deductible plan, which will lower your health insurance premiums. Fewer medical visits mean fewer out of pocket expenses and falling ill less frequently means less disruption at work and in life.
Set concrete goals
Talk is cheap. So are resolutions. Instead of making promises, set a series of concrete goals for your personal fitness.
Think beyond just “working out” or “going on a diet.” Maybe you want to snack less or get outside five times a week. Especially during the pandemic, think about mental well-being.
Get your finances in order to improve health
Conversely, getting your finances in order is good for your financial health. Being financially stressed can lead to poor sleep, bad eating habits and major medical events. Use tax season as a time to get your paperwork in order, set a budget and get a better picture of where you are financially.
Make your health a financial priority
People are usually willing to spend on gym memberships to help them get in shape, but using your resources to ensure your health is taken care of down the road is important as well.
Consider a health savings account, which allows you to invest your dollars pre-tax. Over time, your money can grow tax free, and you can withdraw that money for health expenses tax free and without penalty.
If you are in your 50s, now is the time to look into long-term care insurance. More than just nursing homes, long-term care insurance covers rehabilitation, assisted living, and even forms of mental health. You can be turned down for health reasons, so all the more reason to get in shape and plan ahead.
By thinking of your financial and personal health as one, you’ll experience a symbiotic relationship between the two. In 2021, make a plan for your health and keep it.