Insights Blog
The Intersection of Health and Wealth
Jun 19, 2023 // Adam Bruderly
A recent study conducted by Fidelity found that healthcare and medical expenses for a 65-year-old retiring in 2021 are expected to surpass $300,000 throughout retirement. This represents a 30% increase from a decade ago and a staggering 88% rise from twenty years ago. The majority of financial plans address this issue by suggesting that individuals save more or work longer. However, incorporating exercise and nutrition into one’s lifestyle is an often-overlooked recommendation and perhaps would have the greatest impact on both your finances and your health.
At Journey, we uphold the principles of Purpose-Based Planning, which involves considering all dimensions of our clients’ lives and acknowledging the importance of addressing each one of them. Our philosophy is rooted in the belief that the three foundational pillars of wellness, namely mental, financial, and physical, constitute the bedrock for the life we aspire to have. We are steadfast in our belief that integrating exercise and nutrition into our clients’ strategies should not be a novelty, but a necessity. One that leads to a more profound sense of well-being that will last for generations to come.
What is Wealth?
According to Investopedia “wealth is measured by taking the value of all the assets of worth owned by a person. This is determined by taking the total market value of all physical and intangible assets owned, then subtracting all debts. Essentially, wealth is the accumulation of scarce resources.”
How Many Summers?
After my first son was born, I began to think about what the next phase of our lives looked like. We went from two busy professionals who could hop on a plane for a weekend trip, grab dinner, or chase endless weekend adventures to first time parents. We were 2,000 miles away from family trying to plan the one or two trips a year that we could see them which led me to ask this question, how many summers do we have left?
The Power of Time
Our humans are brains are instinctively wired to prioritize immediate needs and wants, such as quenching hunger, ensuring safety, or yielding to the allure of instant gratification. This is a survival mechanism that has evolved over tens of thousands of years to help us respond to threats, opportunities, and ultimate survival. However, this tendency to emphasize the short term can be counterproductive and have a detrimental effect when it comes to planning and our financial success.