100 Years Old Or 10 Million Dollars? Debating Health Vs. Wealth
If you had to name a valuable asset, what would be the first thing that came to mind?
For most people, it would be something tangible: gold, Apple stock, paintings by European masters, or real estate on Central Park West.
But what about education, experience, loyalty or happiness? While these types of intangible assets may not appear on a company's balance sheet, their value cannot be denied. You can't sell them. But when it comes to finding high-paying jobs, promotions, and the willingness and ability to work hard, they are indispensable.
The saying "health is wealth" comes into play here. In the famous quote of the Roman poet Virgil, "the greatest wealth is health," our physical and mental well-being is undoubtedly our most valuable asset.
Read on for this insight and why the pursuit of health over wealth makes so much (financial) sense.
© Image courtesy of Wealthtender .What does the phrase "health is wealth" mean?
In fact, "health is wealth" means that your physical and mental well-being is more important than wealth to be satisfied with life.
He says. Yes, the money is great. It can solve many problems and provide an excellent quality of life. But without health, it means little."
In other words, don't seek wealth at the expense of prosperity. After all, if you're in constant pain, can't move, have trouble breathing, go to the hospital every few months, or worry about your health, you won't get paid for your hard work...or die. You can use your wealth only if you are good . Additionally, staying healthy is essential to reaching your full financial potential.
The Economic Importance of Physical and Mental Health
The phrase "health is wealth" reminds us that these two inseparable components of a happy life are interconnected. In fact, studies show that higher socioeconomic status generally improves health outcomes. But the opposite also happens. If your health is bad, so are your finances. Here's how.
being sick is expensive
It doesn't matter if you have a broken leg or suffer from severe depression. Illness has a price.
For example, you may not be able to work and may only have a limited number of paid sick days (unless you are self-employed, in which case you cannot). You may have to quit your job. Either way, it affects your income, which can lead to many additional financial problems. For example, you may not be able to save and/or have to take out high-interest loans to cover your expenses.
Mental illness is also closely related to financial distress. You may have a lack of energy or worry too much about work. Or maybe you have a manic episode and start shopping mindlessly. In any case, the debt can continue. In fact, National Debt Hotline reports that 50% of adult debtors have mental health issues.
Oh, dying of a preventable disease? All those years of stress and hard work to climb the corporate ladder, earn a high salary, and accumulate a large retirement savings just aren't worth it.
it's good to be healthy
Put yourself in the shoes of the employer. During the interview, the candidate is smiling, full of energy and has a resume full of relevant experience. The second candidate looks pale, lethargic and tired. The third one did not come because he had the flu.
You're going to hire number 1, aren't you? It doesn't matter who you choose to get a raise or promotion. And this is just one example of how being fit and healthy can financially benefit everyone. You need energy to work hard, take initiative, contribute to the team and show how you need it. Traits are often rewarded with higher pay.
And let's not forget that being healthy almost always means living longer. Therefore (among other things):
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- Earn more before you retire
- Reap the benefits of working longer
- More opportunities for professional development
- Get more time to reap the value of your investment
Healthcare is not cheap
Your health problems often mean that you need medical attention. And we all know how expensive that can be. Fortunately, paying good insurance will minimize the damage. However, it won't cover everything 100%.
In fact, there are countless examples of people having to pay out-of-pocket for basic health care even though they have insurance. And according to The Guardian, 530,000 bankruptcies occur each year due to medical debt. Also, the cost of health insurance depends on your health. patients pay higher premiums; healthy people pay less.
Health Happiness Equals Wealth
The saying "money does not bring happiness" is not true. A 2010 Princeton study found that a) low income increases emotional pain and b) emotional well-being increases when your annual income reaches $75,000 (at which point happiness stops increasing because you earn more, so what).
Therefore, if you want to be happy, it makes sense to pursue wealth. Unfortunately, it's hard to be happy when you're not feeling well. So chasing wealth at the expense of well-being can backfire, especially when you realize that happiness makes people rich.
This is so. From fewer sick days to more productive work, the happy earn more than their unhappy counterparts. The result? Make health a priority (literally).
Find health and wealth to be truly happy.
"Health is wealth" is a saying and most of us would do well to remember from time to time.
After all, it is very easy to fall into the trap of searching for money at any cost, forgetting that life is not so pleasant without our physical and mental health. Plus, by prioritizing our health, we'll make more money in the long run (and actually enjoy it without the hassle, pain, discomfort, or lack of energy).
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This article originally appeared on Wealthtender. To make Wealthtender free for our readers, we earn money from advertisers, including financial professionals and pay-per-view businesses. When we support your promotion, this creates a natural conflict of interest. Wealthtender is not a client of these financial service providers.
Disclaimer. This article is for informational purposes only and should not be construed as financial advice. You should consult a financial professional before making any important financial decisions.
Author biography
Danny is a digital nomad, freelance writer and travel enthusiast who wants to make the most of life. His new website wisehealthynwealthy.com is full of helpful resources on a variety of topics to help you do the same.
Health is wealth. What this means and why it's true appeared first on Wealthtender.
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