Throughout my career as a wealth advisor, I’ve noticed some interesting parallels between an individual’s health and their ability to create more wealth. This isn’t simply a result of my own bias, as health is something I prioritize as an integral part of my own well-being. Research consistently backs the notion that the connection between health and wealth runs deep.
The jury is out on the exact correlation, of course, but we’ll dive into that shortly.
When I talk about ‘wealth,’ I’m looking at it purely from a financial angle. Think: building assets and growing them to pass on to the next generation. When I talk about ‘health,’ on the other hand, I block it into a few categories: physical, mental, and spiritual.
Optimizing your physical health has a trickle-down effect.
One of the reasons I think physical health gets so much attention—above mental or spiritual health—is that it tends to trickle down into the other two. It’s widely understood that the healthier you are, the better you’re going to perform in life. This makes it easier to access a healthier mindset.
Nourishing your body properly with the right foods, indulging in the less-helpful substances less frequently, along with moving your body and strengthening it all lead to higher physical performance. When you physically feel good, it’s a lot easier to access a positive mental state.
And, as you’ll soon read, your mental state is a critical ally in building wealth.
So, how do you leverage your health for financial gain?
Be proactive about your healthcare expenses.
One of the more obvious (or maybe not so obvious) ways being healthy impacts your bank account is that a healthier body tends to use the healthcare system less. Statistically, younger people are less likely to use the healthcare system because their bodies have fewer ailments. As you age, lifestyle choices start to compound. Visits to doctors and other specialists increase.
All bodies get slower with age, but prioritizing your health can enable you to keep those medical expenses to a minimum. And making sure you’re visiting your doctors proactively—to catch problems before they evolve—is also going to save you money long-term.
Treat your wealth management like your health management.
Speaking of thinking ahead, a proactive mentality—visiting doctors even when you’re healthy—can be applied to your finances, as well.
Financial advisors are a lot like medical specialists. I say ‘specialists’ because while most people see the advantage of an annual primary care visit, specialists often fall under the radar.
For example, when I was younger, I never even thought to see a dermatologist. It just wasn’t on my radar. But then, my sister discovered a patch of melanoma that needed to get removed. That triggered a realization that, as someone who spends a lot of time outside in Colorado, I should probably check my skin once a year. A specialist can catch an issue before it becomes a problem.
Similarly, you might feel pretty confident about your earning potential and ability to stockpile a savings account. Maybe you’re watching TikTok and Instagram and seeing your favorite influencers talking about money and that’s where you’re getting your guidance. But incorporating some real-life professionals—like myself, like a tax professional, a business attorney, or an estate planning attorney—these are the financial specialists in your life. Working with a financial advisor—particularly a fiduciary advisor—can help you catch minor red flags early. A CFP® professional can also create a personalized roadmap necessary to capitalize on what you’re already working with.
Do the things you enjoy.
Generally speaking, when you’re able-bodied and healthy, you have more opportunities to go out and do the things you enjoy. Maybe that’s biking, walking, running, hiking. You’re likely to get involved in whatever gets you moving.
How does that relate to your wealth? Well, when you’re pursuing hobbies that get you out into the world, you’re more likely to build a community around it. The old adage is, “you’re the sum of the five people you spend the most time with.” And if you’re not spending time with anybody, that’s not only challenging to your health, but it keeps you away from conversations and connections that could positively impact your wealth.
Think about what happens when you build relationships. You start talking about other areas of your life—maybe you build business relationships. Communities share information. They share resources. When you’re around people who are as driven as you are, it’s a major value-add.
Recognize how your health correlates to your productivity.
One of the great benefits of physical health is that you have greater opportunity to be productive.
What I mean is: when you’re not sick, you can be more productive. That’s pretty logical, right? When you’re healthier, you’re sick less. When you’re sick less, you have more opportunities to be productive.
This has a greater impact than you might think. When you’re sick, the last thing you want is to expend energy. And I’m not even talking about flu-like illnesses. Even low-grade ailments, or poor diets, can contribute to sluggishness and malaise.
It goes without saying that increased productivity increases the impact and value that you can provide in your job and in your community. This is certainly true within the areas of your life where wealth can be built and capitalized upon.
View discipline as a wealth building virtue.
I’ve seen this regularly. People who are disciplined about their physical and mental health tend to have discipline in other areas of their lives. When you create a strong habit in one field, it’s easier to apply the same strategy to another.
A disciplined mind is excellent for building wealth. If you’re already in the mindset of making decisions for the sake of your future self, you’re more likely to future-cast your finances, as well.
Saving, investing, having the right amount of life insurance, putting the right protocols in place in the case of something unexpected—these are disciplined behaviors that relate to a healthy lifestyle.
Recognize that greater wealth can also lead to greater health.
Earlier I noted that research has been inconclusive about whether health leads to better wealth outcomes or wealth leads to better health outcomes. The correlation is strong, but it’s a bit of a chicken-or-the-egg conundrum. It might be safest to say there’s a positive effect in both directions.
I have noticed that a lot of folks I’ve worked with who have greater wealth also have better health. Some of that is tied to their habits. But the flip side is that greater wealth—while it may not buy happiness—can certainly buy services.
This is something many people overlook. By creating more financial stability, it opens the door to more specialized services that can further enhance your health. These services likely fall outside the range of traditional insurance and require out-of-pocket payment. We’re talking about personal trainers, acupuncturists, chiropractors, massage therapists, functional medicine doctors, and nutritionists. These kinds of practitioners could end up being the key that helps you unlock the next level to your health.
Financial stability grants you access to more health-optimizing opportunities.
Do not ignore your mental health.
I promised I’d get to it and here it is: I believe mental health is the next level of wealth management.
It may sound a little woo-woo, but there’s a reason why I think people need to optimize their ‘health’ beyond the physical and into the mental and spiritual. I’ve seen it time and time again. An unhealthy mind makes unhealthy choices.
For years, financial experts have emphasized the importance of the nuts-and-bolts of investing. That was what you’d get from a financial advisor. But I’ve noticed that a person’s behavior is incredibly impactful to the success or failure of a financial outcome.
Now, I’m not a psychiatrist or psychologist on any level, but I have witnessed people using their money to fill emotional voids in their life. Doing this never leads to real fulfillment. And in some cases, it can lead to financial decisions that don’t align with your actual values and long-term goals.
You might feel that you were propelled into great financial success as a reaction to past trauma (i.e. the bad relationship you had with your father growing up) but does that success really fix the problem?What you really need to do is repair whatever mental wound you’ve suffered. If you keep looking at money as the fulfillment, you’ll be constantly chasing your tail. That can be hugely detrimental to the well-being of your life. You might be building wealth, but you could be doing it in a way that neglects what’s actually fulfilling. I’m talking about family, relationships, hobbies, and other elements that foster a sense of meaning, connection, and life purpose.
Do not over-identify with status.
Another area where under-prioritizing your mental health gets in the way is when you over-identify with external things that require you to spend a lot of money.
You might start racking up credit card debt by buying the hottest new trends, or keeping up with the Joneses. Buying that next cool thing will give you a little shot of dopamine, but over time it fades away. Think about the last major purchase you made. You got a little dose of excitement when you hit the “buy” button or swiped your card at the store. Then you bring it home, and after a short time the coolness fades away. Or the gadget isn’t quite as cool as you thought it would be. Once that buyer’s high goes away, you tend to crave more of it. It’s the drug that can build on itself.
Doing the inner work aligns you with what really matters to you. Rather than chase the next purchase, you’re more likely to consider delaying that gratification. Maybe you want to stock up for a rainy day or save for an adventure that will really light you up.
Getting intentional about who you are and what you care about saves you from chasing purchase-after-purchase in an effort to look worthy in the eyes of others.
Inner work will help you ride the waves of the financial market.
Lastly, and this one leans a little more into the spiritual compartment of health, is that by doing the inner work, you have an opportunity to learn your nature. That is to say: how do you really react when things go a little sideways? And can you offer yourself the appropriate tools to navigate obstacles with resilience, patience, and trust?
When it comes to investing and growing wealth, you are going to be confronted with fluctuations in the market. It’s just a fact. There will always be times when the market is challenging.
A scarcity mindset can lead to panic when the market takes a downturn. For example, if your investments temporarily drop by 30%, you might feel as if the sky is falling, the economy is collapsing, or another financial crisis is imminent. This mindset can make the world feel very small and overwhelming.
If you’ve done the work—if you’ve practiced and understand who you are—you can breathe through it and see the forest through the trees. You understand why the markets do what they do. You can create a plan for yourself based on how you know you’ll react when markets dip. Maybe you structure a portfolio that can withstand the lows with a little more flexibility.
Health and wealth are holistically connected.
It’s really important not to compartmentalize your health and wealth, and to see them as intrinsically connected. Doing so not only builds a stronger sense of self, but stronger financial foundations that create a greater legacy.
The correlation is real. They are mutually beneficial. The benefits work in both directions. And the beautiful thing about this is that it means taking a step forward in either direction will benefit the other.
You can become the matriarch or patriarch of the next generation. That’s the beauty: if you follow the right principles and have the right guide on your journey, you are setting yourself up for almost guaranteed success.
If you’re looking to get proactive with your financial health, don’t hesitate to reach out to my team at Four Points Wealth today. We take this holistic approach to financial planning seriously and would be happy to set you up with a financial roadmap that is as fulfilling as it is achievable.
Four Points Wealth Management
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