Most people throughout New Jersey, as well as everywhere else in the world, would likely agree that wealth can lead to health. Eating right often comes at a premium cost, access to health and fitness facilities can be expensive, and the same can be said for areas of medical care. But what if we took the equation and reversed it…could good health lead to more wealth? We think so. Here are a few situations in which your physical and mental well-being can have a positive impact on your financial wellness.
Staying Healthy for Retirement
A May 2014 study found that 81 percent of retirees indicated the most important ingredient for a happy retirement is enjoying good health. Smart answer! Staying mentally sharp and physically fit can reduce the amount you spend on health-related expenses—money that you could be saving for retirement plans, such as a weekend getaway in New York City, a cruise, or some other vacation. Additionally, if you want to, or have to retire early because of health issues, you’ll have fewer years to work and save. The result could be that your Golden Years become days of silver or less.
Exercising for Success
Studies have shown that physical exercise can have positive effects on brain function on multiple fronts, ranging from the molecular to behavioral level. One such study revealed that exercising for as little as 20 minutes a day facilitates information processing and memory functions. Exercise also raises your heart rate, causing more oxygen to be pumped to your brain and a number of hormones to be released in your body, all of which help your brain cells grow. According to another study, better ability to focus, improved confidence, and enhanced ability to follow through were directly attributed to improved fitness levels. All this indicates that being healthy can help you achieve professional success, which is often attached to higher income.
Avoiding Medical Bills
Exercising and eating right help to combat health conditions and diseases, which, aside from obvious wellness benefits, also means your medical bills are likely to be trimmed. For example, people suffering from diabetes have annual medical expenses of about $13,700— more than twice as much as those who do not suffer from the condition. Obviously, this creates financial hardship, as well as physical distress. Being active keeps your blood flowing smoothly, which decreases your risk of cardiovascular disease. In fact, regular physical activity can help you prevent or manage a wide range of health issues including stroke, metabolic syndrome, type 2 diabetes, depression, certain types of cancer, arthritis, and falls.
Healthy Employees = Healthy Business
If you’re a business owner in New Jersey, healthy employees can fatten your profits. According to the CDC, companies with wellness programs often experience less absenteeism, increased productivity, and a better bottom line. Healthier employees are generally more efficient, and are less likely to call in sick or use vacation time due to illness. Along those same lines, companies that support workplace health also have a greater percentage of employees at work every day.
There is a beneficial ripple effect, too. Because employee health frequently carries over into better health behavior, this can impact employees’ families, as well, potentially leading to less work missed due to caring for ill family members. The cost savings of reduced absenteeism, less overtime to cover absent employees, and lower costs to train replacement employees adds up. The proof is in the sugar-free pudding: businesses with employee wellness programs are setting themselves up for success.
So, it would appear that good health can lead to wealth. Start (or continue) making good choices today that can help you reach your goals tomorrow.
One smart way manage your wealth is to open a retirement account. To learn more about that and NVE’s other products and services, visit our website. You can also speak with one of our knowledgeable Branch Associates by visiting your convenient neighborhood branch, or call us at 1-866-NVE BANK (683-2265).