Everyone wants to learn how to be a financial success. It is what we were groomed to be right from the beginning. When we were young, we were encouraged to study well so we can get into good colleges. We were told that a college education will help us get a great paying job that will allow us to succeed financially.
Everything about our life seems to be about this pursuit of richness. We think that wealth is what will help us feel accomplished in life. We believe that if we have a certain amount of money, it will bring us happiness, contentment and a long-fulfilled life.
While being rich certainly has its perks, you need to be wise about how you will reach that goal. It is true that being wealthy will allow you to be happy – since most of what makes us happy costs money. But make sure you achieve that goal without losing sight of the other priority things in life.
You see, some people think that if they work longer hours, spend more time in the office and less on their personal lives, they will be financially successful. Well financial success goes beyond what you earn. That is a very important truth that you should know about being a real success.
2 ways your health can make you financially successful
Health is wealth. That is true. We are not trying to go on cliches but this is one of the vital truths that most of us fail to consider. When you fail to take care of your health, it will cost you – a lot. But if you keep yourself healthy, you will be more likely to achieve financial success.
There are 2 ways that a good health can make you successful financially.
Getting enough sleep
This may seem trivial to some people but it is very important if you think about what lack of sleep will cost you. According to a study published on Harvard.edu, scientific evidence linking sleep and mental performance go way back in the 1930s. This discovery was done by Nathaniel Kleitman, one of the pioneers in the sleep medicine field. He observed a pattern in the cognitive performance of people who are deprived of enough sleep. It is discovered that even one night of sleep deprivation will have a significant effect on the ability of your mind to focus. Not only that, it has a negative effect on our ability to perform cognitive functions – like decision making.
So if you are on the verge of making an important financial decision and you feel yourself losing sleep over it, you have to stop that habit. Force yourself to have a good nights sleep. That is the only way that you can condition your mind to logically weigh the pros and cons of your decision.
The same article from the Harvard website also mentioned that lack of sleep affects our mood too. So it is not just your brain that is going to be compromised – your emotions too. Whether you like it or not, your financial success is also affected by your emotions. If your mind is weak and your emotions are fluctuating, you might be more inclined to rely on your feelings to make decisions.
If there is an important decision to be made, make sure you sleep it over before you make your choice. According to WebMD.com, sleep allows you to put energy back into your body bank every time you go to sleep. Your body is being repaired on a cellular level – that makes you more fit to make the right decisions that will lead to your financial success.
Another contribution that a good health has on your way to being financially successful is it keeps you from spending on high medical treatments. According to the HuffingtonPost.com, Americans pay more on healthcare compared to other countries in the world. The International Federation of Health Plans compared various drugs and medical services from other developed countries and they found out that we pay a lot more. For instance, American pay $215 for a prescription of Nexium – a common remedy for acid reflux. This is the most expensive of all. The second most expensive is in Switzerland and they only pay $60 for the same medical need. In Netherlands, they only pay $23.
For Copaxone, a popular remedy for multiple sclerosis, Americans pay $3.903 while those in Switzerland, the second most expensive, pay only $1,357. Those living in England only pay $862.
Imagine the amount of money that you have to spend on getting yourself healed from illnesses. If you live a healthy lifestyle by eating the right diet and getting enough exercise, you may not need these prescriptions. What you save by not spending on medical expenses can be used on something else. Things like investing more money is the first that comes to mind. Contributing to your retirement fund is another. Boosting your emergency fund is also something that can help you achieve financial success. Even if you think that you are physically okay now because you are still young, you should not abuse your body. Because your irresponsible behavior now will cost you a lot of medical expenses when you get old. That might compromise what you have worked so hard to accomplish in your financial standing.
3 steps to achieve a healthier you and improved finances
When it comes to keeping yourself healthy, what you need to focus on is your habits. You have to identify the old habits that will ruin your health because eventually, it will lead to you being a financial failure.
In truth, the way towards a healthier lifestyle is similar to improving your financial situation. Here are three steps that you need to follow.
- Eliminate the excuses. Most people believe that the first step is always the hardest. That is because this is when all the excuses will try to bring you down. You can blame your work, your need to buy stuff and to provide for your family. These are the excuses that you usually make to make abusing your body okay. Stop the excuses and focus on the benefits of living a healthier lifestyle.
- Strategize. Once you have gotten rid of the excuses, you can now concentrate on making a plan. Nobody accomplishes anything worthwhile by going with the flow. What you need is a detailed plan that will allow you to meet your new goals while still satisfying the old ones. It will also help you identify the old habits that are compromising your good health. Just like you need financial planning, you also have to plan how to live a healthier lifestyle.
- Implement. The last step is to implement your plan. Some people are so enthusiastic in creating a plan but end up failing because they did not do a good job at following through their plan. Make sure that you follow your plan to the letter. If you have exerted all the effort needed to make it work but it still fails, check your plan. It might not be realistic. If that is the case, then you may have to change your plan.
Being a financial success is not really a rocket science. But you have to make sure you understand all the factors that will help you reach it. Do not think that something that is seemingly non-financial can contribute to your finances. Nothing is too small when it comes to your finances. One mistake can be enough to put you down a spiral of debts.