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Health & Wealth: what’s the connection?

August 12, 2020

This can be different for each one of us. Sometimes it means getting more sleep, or learning to say no. Sometimes it means making a little luxury purchase, such as a massage or a wine-tasting adventure. The specific method of self-care can vary, but prioritizing it is more important than many people realize.Finding ways to pay yourself first also opens the discussion about a broader concept.

We've invited Maurice Kennedy to tell you more about the connection between health and wealth, and what we can do to improve both! Let's hear her out:

Health & Wealth 🧘

"We know that financial issues can impact mental health directly. It’s been suggested that concerns about money can trigger mental illness — though this is of course something that requires a professional diagnosis. It makes perfect sense that a day-to-day concern about financial stability, if it’s persistent or escalating, impacts people’s wellbeing.

However, the connection goes both ways: declining mental health can also have a negative impact on one’s financial standing. How? People dealing with mental health issues often cannot work as diligently or handle problems as strategically. Less energy, a lack of focus, and an unwillingness to address burdensome issues can all be typical, and they can all impact personal financial management and job performance.

Let’s talk wealth 💸

Naturally, once you connect your mental health to your financial standing, one of your first thoughts are: how do I improve this?

One good way to address this need is to work on personal investments. This can be a productive step itself, because it feels proactive; investing means taking control of your financial future, and the mere act of doing so can serve as a positive boost.

‍By the way, this does not mean that you need to jump head-first into the stock market. While maintaining a stock portfolio can certainly be a wise way to plan for the future, it's a daunting step to take if you're unfamiliar with the markets. Luckily, there are a few more alternatives.

A safe and simple option is to invest in a retirement fund as a direct means of setting up future financial stability. This can sometimes be done through your employer (in which case you likely already have a fund building up), but it is also an option you can explore independently. In either case, this fund will slowly grow with what you put into it, giving you peace of mind.

‍In case you are looking to build up a stock portfolio, make sure you do your research, start small and seek the advice of experts. There are plenty of options today, from trading CFDs to easy apps for investing, so choose whatever works best for you.

‍Finding a way to put money away for your future, without the stress of ordinary, high-volume day trading, can be very beneficial. Addressing financial security is helpful for a positive mindset, and of course it actually puts you in better financial shape for the future. 2 in 1!

Let’s talk health 🧑‍⚕️

Now that we’ve covered some investment safety tips, let’s talk about mental health, so you can handle your finances like a pro!

This brings us back to where we started: paying yourself first, and quite literally investing in your own wellbeing. While you might direct some funds toward savings and the future, you should also set some aside to take care of personal wants (not needs). Get that massage every now and then, visit a favorite restaurant once a week, or do whatever else makes your soul happy!

Beyond general treat-yourself concepts, there are plenty of other little ways to address mental health that you can begin to take advantage of. You can try to improve your bedtime and sleep habits, embrace meditation (with help from the dozens of apps that have emerged in this category), work on your diet or even seek professional help if you think it’s necessary. Any of the above can positively impact your mental wellbeing, and likely your financial standing by extension.

You’re all set🌈

Solving mental and financial health is not the easiest thing to do, but with a little bit of advice, guidance and small steps, you’ll get there. It’s super important to recognize the connection between health and wealth, and when you start to address both sides of the equation, you’ll see improvements right away!"

These are some great insights!

If you're looking for a bank that makes savings easy so you can focus on you, check out bunq and see how we can help!

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