What Your Health and Finances Have In Common

Recently on a drive up to my parents lovely new cabin, I decided to help pass the time by doing some adulting and learning about financial habits of millionaires. Because, who doesn’t want to be a millionaire?

So I downloaded the audio book, The Millionaire Next Door: The Surprising Secrets of America’s Wealthy.       

While I am only about halfway through the book currently, I made some interesting comparisons between some of the facts being said about Millionaire habits, and habits of people who tend to be very successful in their health ventures as well.

*NOTE: I am not a financial planner, nor financial advisor – but I will go by the title CHA – Certified Health Advisor, because that sounds pretty fancy.

1) Spend Less Than You Earn

This of course should make sense to most. In order to become financially independent, save money for retirement, and be able to help support some kids along the way – you need to somehow spend less than you earn.

Same thing goes for diet and lifestyle.

To increase your “health net worth” i.e. to improve your health status, whether it may be to lose some fat, improve glucose levels, decrease your risk for heart disease – you have to eat a little less than you burn.

Same goes for exercise.

To stay healthy, and pain free in the long run, maybe it’s time to stop doing those high plyometric style classes that force you to ice your knees after wards (high cost of risk), and focus on a solid strength training program coupled with more focus on diet. (better long term investment).

2) Avoid Buying Status Objects or Living a Status Lifestyle 

The authors talk frequently about Underacumulators of Wealth (UAW’s) – people who have a low net worth compared to their income.

One of the easiest ways to earn the title UAW is to live a luxury lifestyle without paying yourself first, making sure all your ducks are in a row when it comes to saving, and taking care of securing your retirement.

I would argue that if someone really likes their luxury vehicles, and is saving and investing to the max, and has no other debts – then sure buy that fancy watch.

This is analogous to the person who wants to buy that quick fix, diet pill, laser sculpt treatment, or latest supplement cleanse program – without even taking a look at their daily health habits, what they currently eat, or even trying to change any of that at all.

OR the person who wants that quick fix workout, and the body of their dreams in 21 days, when it took them 40 years to get their current body.

Just like buying the latest designer clothes can rack up crazy bills, spending your money and time on quick fixes and sketchy pills will rack up crazy bills against your time and efforts.

3) Be Willing to Take Risk if it is Worth the Reward

Prodigious Accumulators of Wealth (PAW’s) “net worth millionaires” – invest their money for good returns, and will consider riskier investments if they’re worth the reward. Many put money not only in the stock market, but invest in private businesses and venture capital. They do not gamble or speculate on long-odds stocks. 

Same thing goes for your health.

If you have to think twice about spending money on a gym membership, better quality food, working with a trainer, or working with your very own CHA, but barely bat an eye about throwing down for a new pair of designer shoes, or a night out of boozing and chowing down on junk food – you may need to change your investment strategies.

Investing in your health is definitely a good investment, with 100% guaranteed returns.

Say you enjoy a night out once per week with your “crew”. You spend $8-12 per drink, and maybe $40 on a dinner. We will assume some level of adulting is going on here, and you don’t need the late night bar food…

A night out per week of drinks and fancy dinners could cost you easily $100 MINIMUM.

You could also train in a 3 times weekly, semi-private training group for LESS than that cost.

You could even afford to meet with a personal trainer at least once or twice per week depending on rates.

You could buy an entire weeks worth of healthy, fresh, and delicious food.

I’m not saying to never go out for a nice dinner and drinks – but just take a good look at what you choose to “invest” your money in and what you claim you “can’t afford”.

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Stay healthy my friends,