Want to be truly healthy? Make sure you consider your finances too!
Living a healthy life requires more than just eating healthy and exercising; you must have your financial life in order too.
At some point we have all been consumed by a poor financial choice or circumstance. Maybe you had overwhelming debts you could not repay. Or a costly emergency you did not have the funds to meet. These types of worries are all part of our financial journey—and for many of us, until we experience this mental and emotional financial turmoil will we begin building a more effective financial future.
I know very well the amount of stress poor financial choices can bring. Personally, my leap to financial success was sparked about a decade ago by a terrible financial mistake that cost me everything I had, and amassed an enormous amount of high-interest debt. When I think back, the emotional stress I felt then is still palpable—but at that time it consumed my every moment. Poor financial choices and catastrophes will mentally consume you, causing you to neglect other areas of your life. This type of prolonged or chronic stress leads to long-term physical and psychological problems.
So how can we get healthy in our financial life?
Getting healthy, in any realm of life, physical or financial requires the same behaviors. By practicing the following, you will advance your financial health, and ultimately improve your overall health:
1. Discipline. Implementing discipline in any aspect of your life will help you stay focused on your priorities; it gives you the self-control necessary to work for success. Example of financial discipline: saving 10% of your income from your paycheck before you spend it on anything else (pay yourself first).
2. Routine. Having a routine for your finances helps you by reducing any excess mental energy required to make financial decisions. Remember, you only have so much energy; spending it on your finances regularly means you drain valuable energy that you could direct towards other aspects of your life. Example of a financial routine: pay your bills and review your spending weekly on the same day at the same time.
3. Learning. Understanding why you are taking certain actions and their long-term benefits is the foundation of your financial health. If you do not understand why you need to save and invest for your future, you are much less likely to take that action. Example of financial learning: take an online course about retirement. Or even watch some videos about financial strategies that are pertinent to your situation.
4. Delayed Gratification Mindset. Understanding that accomplishing your future financial objective requires you do hard work now. Think about it like losing weight: if you want to fit into your “goal pants” or your favorite shirt from college, you have to put the donut down and do the squats or crunches now. Because finances is often not a significant part of our daily routine—we have to eat and look in the mirror everyday—it can be a little harder to see. But the results are just as rewarding. Example of delayed gratification: saying no to an expensive car payment and driving a less desirable car now, so you can save that money for your future.
These changes might be simple, and even obvious, but they are not easy. But like anything, start small. Think about one or two things you can do this month that will lead to a healthier and more financially rewarding life. Once you stack some financial wins, continuing to modify and adjust your behavior becomes easier!
P.S. I cover this very topic live on Youtube, be sure to check it out. Remember, we have a live every Friday, 10am EST where we answer your questions!