When we decide to get serious about our financial wellbeing, we often neglect one of the most important components to our overall financial picture—our health. Poor health, either mental or physical, will hinder our ability to generate and sustain the kinds of good money habits and financial outlook that leads to long-term success. The impact could be catastrophic. They’re all interconnected.
It’s easy to fall into the trap of focusing all our attention on life’s financial challenges and stresses. Prices are getting higher and higher, attributed to ever-growing inflation, tariffs, life events, and any number of other real world complications. These all have a direct impact on the pocketbook, making it easy to become almost tunnel visioned on those more obvious issues consequential to our finances.
But what about some of the more indirect things that impact our financial wellness? Have you subconsciously developed a scarcity mindset that’s limiting your financial growth? Or maybe you’re making poor physical health choices now that will come back to haunt you in a decade or two with crippling financially consequences. These are avoidable money traps
You must be intentional in your approach to financial, mental, and physical wellness.
Take a serious look in the proverbial mirror and ask yourself some hard questions. What do you feel about your ability to ‘win’ financially? Are feelings of fear, worry, or anxiety present? If so, this is a sign that you might have some subconscious negativity regarding your overall concept of money that can—and most likely will—impact your financial wellness, both in the short and long term. This can form some very real mental barriers between you and your best financial self.
Okay. So, what do you do about it?
Here are three actionable things you can do to help overcome mental barriers that will absolutely have a detrimental effect on your financial future:
#1 Consider therapy
This first one is both the easiest and probably the most difficult to accomplish. It’s easy in the sense that the action itself is pretty straight forward. You research a mental health professional and book some time. Simple enough, right? There are so many free or low-cost options available that money should not be an obstacle. But it’s not that simple is it? The difficulty, of course, lies in the sessions themselves, particularly if you struggle with unresolved trauma. Facing your inner demons can be downright paralyzing.
Difficult as it might be, taking this difficult step will absolutely be worth it. A healthier mind will make overall healthier decisions in all aspects of life, including finances.
#2 Meditation and introspection to become more self aware
Believe it or not, for many people, myself included, taking that first hard look in the mirror is the first step toward a better overall mental outlook. Honest introspection is powerful, if you have the courage to face what you see. For a lot of people, shining a light on some of those subconscious mental anchors is enough to gradually bring about change.
So how do you do it exactly? How do you take that look in the mirror? There are many good ways, but meditation has helped me immensely. Daily affirmations are another powerful tool that works for so many people. The things you tell yourself often seep into your subconscious, so make sure you’re pouring nothing but positivity into your mental cup. Affirm your own present and future success. Affirm your resilience from all the things that have caused you harm and all the hardships to come. Strengthen your mind, sharpen your focus on your mental wellbeing. Envision your success.
#3 Daily exercise to improve mental heath and wellbeing
This one is as tried and true as finding a mental health professional. Daily exercise, particularly something rigorous and physically challenging, will leave you feeling physically exhausted but mentally reinvigorated. Exercise promotes the release of feel-good chemicals like endorphins, norepinephrine, and serotonin. The best part is you can take advantage of these benefits after the very first exercise session.
Do speak to your doctor before beginning any new exercise program. But if you get the green light, definitely get started as soon as possible. Your mind, body, and wallet will thank you!
Equally as important to your overall health is your physical well-being. Mental health can be such a challenging topic that it makes topics like improving physical fitness seem far more approachable. And, well, that’s because it is. Now, don’t get me wrong, there is absolutely nothing easy about improving your physical wellness, particularly if you have years of poor health choices to overcome. But compared to some of the more debilitating mental health struggles, improving your physical wellness is pretty straight forward.
Before we go any further, though, I think it’s important to note I’m not referring to getting ripped, building muscle, or chasing whatever is your version of the perfect body. No matter who you are, what your physical limitations are, or what your current level of fitness, we can all take steps to improve our overall physical wellness. This has nothing at all to do with aesthetics. That means doing what you can to maximize your general physical health and longevity.
Actionable items to improve your physical wellness:
#1 Daily exercise (because yes, you get a physical benefit as much or more than a mental benefit from physical exercise)
#2 Eating according to what’s best for your body.
#3 Making sure you get enough sleep.
Do all three of these, and your physical health will improve. I guarantee it. If the result means you love what you physically see in the mirror, awesome. But the goal is to live as long and as healthy a life as possible, and the best way to maximize that is a mindful approach to your physical wellness.
Mental, physical, and financial wellness all influence each other.
Your mental health and overall outlook on life, particularly regarding money, will determine the financial decisions you make, for better or worse. A person that struggles with unchecked depression, anxiety, or any number of serious mental health issues will struggle more to improve any aspect of their lives. If so many aspects of a person’s life is suffering, there’s a high likelihood that their financial wellness will suffer just the same, regardless of what resources they may or may not have.
Likewise, particularly as you get older, your physical health has a direct impact on your overall financial wellness. Medical expenses account for most bankruptcies in the United States. In fact, according to Cornell research, a whopping 66% of all bankruptcies are exclusively due to medical expenses alone. To put a whole number to that percentage, that’s over 550,000 people file bankruptcy every year because of medical bills. If for this reason alone, it’s a good idea to invest in your physical wellness to mitigate the risk factors that are in your control.
