There are a lot of aspects that go into feeling your best. While physical health often comes to mind first, it’s just one piece of the larger puzzle.
Mental health and financial health factor into your wellness just as much as your ability to run a mile or touch your toes. When you connect the dots on how these three distinct areas of your life impact your overall wellbeing, you give yourself the opportunity to improve your health in multiple areas at once, potentially creating a ripple effect. With the new year here, this is the perfect time to consider adopting a holistic view of your health, not just to save you money, but potentially save your life.
Our human brains have evolved to promptly respond to stress. This was an adaptive feature for our ancestors to keep them alert and alive, but unfortunately, our biology has not caught up to the fact most of us are no longer hunter-gatherers in the Sahara dealing with predators on a day-to-day basis. And while we are no longer being chased by saber-tooth tigers we still face stressors every day that can influence our safety in society, particularly around money. A bill itself won’t kill you, but the human drive to survive can make us perceive financial stress as a life-or-death situation. In fact, as many as 77% of Americans are anxious about their personal finances, with 58% feeling that their personal finances are controlling their life.
Once we are stressed, we really expose ourselves to a whole host of potential issues, putting both our mental and physical well-being at risk, and nearly half of Americans surveyed say that money negatively impacts their mental health. If left untreated, stress around money can create chronic issues that can take more and more time and resources to solve or mitigate, often causing more financial strain. A money worry can easily become an ongoing anxiety that gets exacerbated with every increasing bill to the point of spiraling. Even more concerning, mental health can manifest into physical ailments. Chronic stress may weaken the immune system’s ability to fight disease, with a recent study linking high stress levels to reduced NK-cell activity, cells shown to have the strongest links to fighting certain forms of cancer. This combined with the fact that medical expenses are the leading cause of bankruptcy, can be frightening. But there are actions you can take to support your health!
Mindfulness and social support systems can be your biggest tools in preserving your long-term well-being during times of financial stress, which can include engaging the services of a financial professional. Practicing mindfulness increases metacognition, the awareness of your own thoughts, and decrease rumination, the pattern of thinking negative thoughts. These benefits can help you notice signs of anxiety and depression before they become bigger problems. Mindfulness is typically practiced through meditation and journaling, but any activity that supports your awareness to your body and mind can help you reap the benefits of it!
Additionally, strong social support is linked to improved overall health, reduced stress levels, better mental well-being, and a lower risk of chronic diseases. Social support gives you people to rely on when you need it. This can mean having a friend or counselor to talk to when your thoughts become too negative, having a doctor you trust when you feel unwell, and having a financial advisor to turn to when money becomes overwhelming.
A financial advisor can help you create a plan that addresses not only wealth and investments, but also helps mitigate financial risks from unforeseen adverse health issues. Whether it’s through life insurance, long term care planning, or annuities created to provide income for life, an advisor can work to help keep you afloat in sickness and in health.
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